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Isbank reports YOY drop in Q1 profit, despite rise in NII

Türkiye IsBankasi AS reported first-quarter net profit attributable to thegroup of 892.8 million Turkish lira, down from 907.5 million lira a year ago.

Net interest income increased year over year to 2.87 billionlira from 2.24 billion lira in the first quarter of 2015. Net fee andcommission income also rose to 499.1 million lira from 423.6 million lira.

For the quarter, the lender booked a net trading loss of474.4 million lira, compared to net trading income of 178.9 million lira a yearago.

Provision for losses on loans and other receivables stood at694.8 million lira, compared to 687.9 million lira a year earlier.Net operating income dropped on a yearly basis to 1.19 billion lira from 1.26billion lira.

As of May 2, US$1 wasequivalent to 2.80 Turkish lira.