www.bloomberg.com - Albaraka Turk Katilim Bankasi AS (ALBRK), a
Turkish Islamic bank, fell after its first-quarter profit
trailed estimates.
The shares dropped 3.1 percent to 1.87 liras at 10:58 a.m.
in Istanbul.
Albaraka reported a net income of 39.2 million liras ($22
million), according to a statement to the Istanbul Stock
Exchange on Friday, lagging the 51.2 million liras average
forecast by six analysts on Bloomberg. The bank earned 41.2
million liras in the first quarter of last year. (source)
The bank’s relatively low capital adequacy ratio “is a
drag against loan growth,” and will probably lead it to make a
rights issue in coming months, according to a report e-mailed
today by Muge Dagistan, a banks analyst at BGC Partners in
Istanbul. “Although a potential rights issue is positive for
the bank in the short term, it could bring some negative
pressure on the shares in the short term.”
The Islamic bank’s capital adequacy ratio is 12.3 percent,
according to BGC.
To contact the reporter on this story:
Benjamin Harvey in Istanbul at
bharvey11@bloomberg.net
To contact the editor responsible for this story:
Gavin Serkin at
gserkin@bloomberg.net
Source: http://www.bloomberg.com/news/2012-04-30/albaraka-turk-falls-after-first-quarter-profit-misses-estimates.html - April 30, 2012
