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Turkey-based Yapı ve Kredi Bankası posts 8.7% YOY fall in Q2 net income

Turkish bank Yapı ve Kredi Bankası AŞ reported a second-quarter consolidated net income of 1.12 billion Turkish lira, down from 1.23 billion lira in the same period in 2018.

Return on tangible equity fell on a yearly basis to 11.8% from 15.9%.

Net interest income including swap costs rose on a yearly basis to 3.24 billion lira from 2.78 billion lira, while fee and commission income rose to 1.26 billion lira from 1.05 billion lira.

The lender reported trading and foreign exchange gains of 79 million lira in the second quarter, down from gains of 275 million lira a year earlier.

The second-quarter pre-provision profit stood at 2.89 billion lira, up from the year-ago 2.59 billion lira, while other provisions and costs came in at 5 million lira, compared to 196 million lira in the same period a year ago.

Yapı ve Kredi Bankası posted a first-half consolidated net income of 2.36 billion Turkish lira, down from 2.47 billion lira in the first half of 2018.

The bank's common equity Tier 1 ratio stood at 11.7% at the end of the first half, compared to 10.7% a year earlier.

As of Aug. 1, US$1 was equivalent to 5.57 Turkish lira.