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Turkey's Garanti Bank 2017 profit rises YOY

Türkiye Garanti Bankasi AS reported full-year 2017 consolidated net profit attributable to equity holders of the bank of 6.33 billion Turkish lira, compared to 5.11 billion lira for the previous year.

Net interest income for the year was 15.69 billion lira, up from 12.26 billion lira the previous year. Net fee and commission income was 3.86 billion lira, compared to 3.28 billion lira in 2016.

Provision for losses on loans and other receivables amounted to 3.68 billion lira, up from 3.39 billion lira a year ago. The bank also booked a net trading loss of 1.84 billion lira, compared to a loss of 743.7 million lira in 2016.

The bank, which is 49.85%-owned by Spain-based Banco Bilbao Vizcaya Argentaria SA according to S&P Global Market Intelligence data, will pay a net dividend of 35.42 kurus per share for 2017, equivalent to a payout ratio of 23.45%. The bank's board of directors had resolved to increase its dividend payout ratio to 30% from 25% at a Jan. 31 meeting.

As of Jan. 31, US$1 was equivalent to 3.75 Turkish lira.