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Isbank Q1 profit rises 10.5% YOY despite higher provisions

Türkiye Is Bankasi AS reported first-quarter net income of 1.81 billion Turkish lira, up 10.5% from 1.63 billion lira in the year-ago period.

Net interest income for the quarter rose on a yearly basis to 3.75 billion lira from 3.24 billion lira, while net fees and commissions also increased, to 921 million lira from 801 million lira.

The Turkish lender booked a net trading loss, excluding swap cost, of 166 million lira, widening from the year-ago loss of 47 million lira.

The bank booked provision charges of 1.13 billion lira, an increase from the year-ago 870 million lira.

Total operating expenses came in at 1.96 billion lira, up from 1.64 billion lira in the first quarter of 2017.

As of May 11, US$1 was equivalent to 4.30 Turkish lira.