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Akbank FY'16 profit rises YOY on higher trading income

Akbank TAS reported full-year 2016 consolidated net income from the group of 4.85 billion Turkish lira, up from 3.23 billion lira the previous year.

EPS amounted to 1.21 kurus, compared to 0.81 kurus a year earlier.

Net interest income rose on a yearly basis to 8.49 billion lira from 7.59 billion lira. Net fees and commission income also increased to 2.57 billion lira from 2.49 billion lira.

Net trading income amounted to 946.0 million lira, compared to the year-ago 66.1 million lira.

The bank booked provision for loan losses and other receivables of 2.25 billion lira, compared to 2.22 billion lira a year earlier.

The capital adequacy ratio stood at 14.16% at group level as of Dec. 31, 2016. At the end of 2015, the group's capital adequacy ratio stood at 14.46%, which was calculated in accordance to former regulations.

As of Jan. 31, US$1 was equivalent to 3.77 Turkish lira.