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Yapı ve Kredi Bankasi posts YOY rise in Q1 profit, but provisions tick up

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Yapı ve Kredi Bankasi posts YOY rise in Q1 profit, but provisions tick up

Yapi ve KrediBankasi AS posted a consolidated first-quarter net profit of 704.3million Turkish lira, up from a restated net profit of 500.7 million lira inthe same period a year ago.

The earnings are based on Turkish accounting standards, orBRSA.

Net interest income rose on a yearly basis to 1.95 billionlira from 1.52 billion lira, while net fees and commission income rose to 752.3million lira from 631.8 million lira.

Net trading profit for the quarter reached 48.1 millionlira, compared to a loss of 18.3 million lira in the year-ago quarter. Thefirst-quarter net operating profit increased year over year to 896.4 millionlira from 640.7 million lira.

Provisions for impairment of loans and other receivables forthe quarter stood at a negative 723.1 million lira, compared to a negative571.0 million lira in the year-ago period.

The group's consolidated capital adequacy ratio was 13.5% atthe end of the quarter, up from 12.9% at Dec. 31, 2015. That of the parent bankwas 14.5%, up from 13.8%.

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