www.bloomberg.com - Asya Katilim Bankasi AS (ASYAB), a Turkish
Islamic bank, fell the lowest level in almost four months as
FinansInvest downgraded the stock on concern the bank’s
“problematic” loans will increase.
The shares dropped 3.5 percent to 1.64 liras at the close
in Istanbul, the lowest since Jan. 23. The benchmark ISE
National 100 Index sank 1.3 percent and the gauge for the
banking industry slipped 2.9 percent.
Bank Asya’s recommendation was cut to neutral from
outperform and its 12-month price estimate was lowered to 2.20
liras from 2.31 liras at FinansInvest, the Istanbul-based
brokerage of Finansbank AS, the Turkish lender owned by National
Bank of Greece. (source)
“Bank Asya continues to disappoint investors with its poor
risk management,” Aykut Saribiyik and Metin Kocas Ulutasli,
analysts at FinansInvest in Istanbul, wrote in a report e-mailed
to clients today. “The bank’s problematic loan stock continues
to grow.”
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/2012-05-17/bank-asya-drops-to-4-month-low-as-finansinvest-cuts-rating.html - May 17, 2012
