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Akbank posts YOY rise in Q2 net income

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Akbank posts YOY rise in Q2 net income

Akbank TAS reported second-quarter net income of 1.59 billion Turkish lira, up from 1.57 billion lira earned in the year-ago period.

Net interest income amounted to 3.89 billion lira, up from 2.75 billion lira in the second quarter of 2017. Net fees and commission income increased on a yearly basis to 926.5 million lira from 744.9 million lira.

The Turkish lender reported a net trading loss of 75.2 million lira, compared to 152.5 million lira a year earlier.

Akbank's first-half net income totaled 3.28 billion lira, up from 3.02 billion lira a year ago.

Provisions for loan losses, net of collections, amounted to 2.03 billion lira, compared to 356 million lira in the first half of 2017.

First-half return on equity stood at 15.9%, compared to 17.1% a year ago.

The bank's Tier 1 ratio stood at 13.3% as of June 30, compared to 13.6% at March-end and 14.2% a year earlier. The capital adequacy ratio was 15.5% at the end of June, down from 16.0% a year earlier.

The 2018 figures are based on the new International Financial Reporting Standards, while those of the prior-year period were calculated under Turkish accounting standards, Akbank said.

As of July 25, US$1 was equivalent to 4.83 Turkish lira.