We expect the bank to improve its bottom line by 38.7% in 3Q11 to TRY 42mn; which also marks 26% y/y growth, mainly driven by strong top line profitability. The bank's volume growth performance should be in line with its peer average. We also foresee 5% quarterly growth in total loans. (source)
Meanwhile, on the funding side, the bank raised USD 100mn Murabaha syndication in the quarter, and an additional US$ 150mn in wakala from the Gulf region. The NIM is expected to expand by 10 bps in 3Q11 thanks to declining deposit costs. And on the fee front, our assumptions point to a robust 15.8% q/q surge thanks to volume growth. We also expect a slowdown for Albaraka Turk in 3Q11 in terms of NPL additions which should also contribute positively to provisioning expenses.
Source ; http://www.balkans.com/open-news.php?uniquenumber=124903 - Oct 31, 2011
