BANKING - Albaraka Turk's target of 20 percent profit increase

www.dunya.com - ISTANBUL - Turkey's subsidiary in Bahrain, Al Baraka Banking Group Albaraka Turk General Manager Fahrettin Yahsi, Albaraka Turk said they expect an increase in the range of 15-20 percent in 2012, profitability, capital adequacy ratios, which is currently at 14 percent is one of the biggest constraints on growth, said it would evaluate building in the capital.

Yahsi also said they expect growth of around 20 percent of assets and loans.

A minimum level of regulatory capital adequacy ratio of 8 percent of the Turkish banking sector as 12 per cent is applied, is expected to be implemented this year, the banks' capital adequacy rules of Basel II is expected to create a print. (source)

BANKING - Asia Bank net profit of 216 million pounds

www.dunya.com - Bank of Asia fell 17 percent in net profit for the end of 2011 solo. Net profit share revenues increased by around 6 percent of the 631.2 million pounds.

ISTANBUL - Bank of Asia 17 per cent drop in net profit for solo end of 2011 amounted to 216.09 million pounds.

Solo in 2010, the Bank's net profit was 259.96 million pounds. (source)

BANKING - Participation banks, 596 million pounds profit

dunya.com - ISTANBUL - Joined the net profits of banks as of Sept. 30, a 7 percent increase over the same period of last year was 596 million pounds.

Participation Banks Association of Turkey (TKBB) announced on September 30, at the end of the funds collected from banks, by the end of 2010 increased 12 percent to TL 38 billion, rose 61 percent share of the funds collected funds in the TL, while 39 percent share of foreign currency funds amounted to. (source)

BANKING - Al-Omar: 25% increase in profits of KFH-Turkey by end of Q3

Kuwait Finance House in Turkey achieved net profits TL 160.5 million by the end of 3^rd Quarter of 2011 with 25% increase compared to same period last year. The bank managed to sustain a steady growth rate since the beginning of the year, where assets increased to reach TL 13.671 billion with 58.13% compared to same period last year. Capital adequacy rate reached 16.5 by end of September. The increase in assets played a role in strengthening total value of bank's assets by end of Q3, where assets increased to reach KD 13.3 billion with 10.4%increase. (source)

BANKING -Kuveyt Turk has 160.2 million TL profit over the last 9 months

ISTANBUL - Kuwait Turkish Participation Bank, the 9-month net profit was 160.5 million pounds.

Kuwait Turk, according to the bank, 9 months, 25 percent of its profits are upgrading, according to the same period of 2010 increased by 58.13 per cent of the assets of 13 billion 671 million pounds released. Loans increased by 54.39 percent compared to same period last year, 9 billion, has reached 437 million pounds. (source)

BANKING - Bank Asya 164 million TL profit in first 9 months

ISTANBUL - Bank of Asia, the 9-month period, has achieved a net profit of 164 million pounds.

Joined Bank of Asia Inc. Announced non-consolidated financial statements dated September 30, 2011. Total assets of Bank of Asia takes place at the level of 17 billion 212 million pounds in cash and cash loans through the financial support provided by the real economy has reached 22 billion 684 million TL.

9-month net profit of Bank of Asia in the year 2011 amounted to 164 million pounds. (source)

BANKING - Iranian Bank's Record Profit In Turkey

Bank Mellat showed the biggest increase in profits among all banks active in Turkey over the first six months of the year, even amid sanctions against Iranian financial institutions, Star newspaper reported, Bloomberg wrote.
Bank Mellat reported profits in Turkey of 32.6 million liras ($18.5 million) in the first half, a 217 percent increase over last year's figure for the same period of 10.3 million and the biggest increase among banks in Turkey.  (source)

CAPITAL MARKETS - Market review - Albaraka Turk

Albaraka Turk Katilim Bankasi AS (ALBRK) , an Islamic bank, dropped 4 kurus, or 2.2 percent to 1.81 liras. The bank said after the close yesterday that second-quarter profit increased to 29.7 million liras ($17 million), missing analysts’ estimates. (source)

BANKING - Albaraka Turk profit first half 2011 mounts to Tl 70,9 lillion

İSTANBUL - Albaraka Türk yılın ilk 6 aylık döneminde 70,9 milyon lira kar elde etti.

Albaraka Türk Katılım Bankası A.Ş'nin Kamuyu Aydınlatma Platformu'nda yayımlanan bilançosuna göre, yılın ilk yarısında Bankanın aktiflerinin toplamı 8 milyar 685 milyon 201 bin TL'ye, özkaynakları ise 908 milyon 478 bin TL'ye ulaştı. (source)

BANKING - ABG Al Baraka’s H1 income surges 15pc to $353m - expansion Albaraka Turk

Bahrain-based Al Baraka Banking Group (ABG), a leading Islamic bank, has posted a rise of 15 per cent in its operating income which reached $353 million in the first six months of the year.

After deducting all operating expenses, net operating income was up 13 per cent to $170m. (source)

BANKING - Turkey’s Bank Asya reports TRY 55mn net earnings

In its 2Q11 financials, Bank Asya reported TRY 55mn net earnings, versus our TRY 60mn forecast and TRY 60.5mn market consensus estimates. The quarterly net earnings imply 15% growth over 1Q11, which can be explained by a sharp dive in provisioning expenses in the period, and the weak base of 1Q11. (source)

CAPITAL MARKETS - Turkey Equity Movers: Arcelik, Bank Asya, Garanti, Yapi Kredi

Asya Katilim Bankasi (ASYAB TI), an Islamic bank, rose 7 kurus, or 3 percent, to 2.42 liras, the biggest gain since May 31. The company had second-quarter profit of 55.5 million liras, it said in a statement to the exchange after the close yesterday. (source)

BANKING - Albaraka, expects 20 percent increase in net profit

General Manager of Albaraka Fahrettin Yahsi, do not expect decline in profitability in 2011, predicting net profits increase again by around 20 percent.
ISTANBUL - General Manager of Albaraka Fahrettin Yahsi, do not expect decline in profitability in 2011, a net increase of around 20 percent of the anticipated profitability, the profit and loss would be one of the factors that support partnership based on the reported profits of real estate projects.
Yahsi, in his speech at a press conference, at the beginning of the year to achieve their goals they will reach the end of the year, so for them that looks like will not be a problem in terms of both profitability and growth, he said. (source)

BANKING - Participation banks post 169 mln Turkish Liras in profits

Participation banks in Turkey posted 169 million Turkish Liras in net profit in the first quarter of 2011.

Turkey Participation Banks Union stated on Tuesday that according to figures from Dec. 31, the funds raised 2 percent to 34.6 billion liras, while the share of lira funds was posted as 66 percent, and the foreign funds as 34 percent. (full story - hurriyet daily news)

BANKING - RATINGS - Yatirim Finansman Places Bank Asya Ratings Under Review, Possible Downgrade

Bank Asya reported TL 48.0mn net profit in 1Q11 (down by 32% q/q and down by 19% y/y). The results were head and shoulders below the market consensus estimate of TL 72mn and our estimate of TL 69mn. While quarterly RoE came at single digit level of 9.8%-lowest ever-, the trailing RoE continues its journey towards south with 13.3% (down by ~600bp y/y).

Deserves a recommendation downgrade, but we will wait for todays conference call. Bank Asyas 1Q11 can be described with muted growth both in loans and deposits, severe pressure on NIM and signals for asset quality deterioration. We are now biased for a recommendation downgrade for Bank Asya shares (from MP to UP) due to our key take away from 1Q11 results and the overall outlook of the bank. We will release a note following todays conference call. (full story)

BANKING - Bank Asya posts TL 48 million net profit in first quarter

Turkey's leading participation bank Bank Asya has said its net profit for the January-March period of this year is TL 48 million ($30.3 million), down from TL 59 million posted the same period a year ago.

 

The bank announced its unconsolidated financial results for the first quarter of this year on Thursday. According to the latest figures, the participation bank's total assets equal TL 14.51 billion, while its financial contribution to the Turkish economy – through the extension of loans -- has surpassed TL 21 billion.
The bank's statement also underlined that its loans extended went up by almost 30 percent, to TL 11.44 billion, in the first quarter of this year compared to the same period of 2010, while deposits in savings (participation) and checking accounts in the first quarter of this year increased by 18.08 percent to TL 11 billion. (full story)

BANKING - Turkey`s Bank Asya net profit lagging behind estimates

In its 1Q11 financials, Bank Asya reported TRY 48mn net earnings, lagging behind both Erste and consensus estimate of TRY 69mn and TRY 73mn respectively; which can be attributable to lower than expected NII. 1Q11 net income marks 32% qoq and 19% yoy decline.(full story)

BANKING - Kuveyt Türk Holds Its Twenty Third Regular General Assembly

Kuveyt Türk concluded its twenty third Regular General Assembly with a meeting in which members of the Board of Directors, Chief Executive Officer Ufuk Uyan and Kuveyt Türk partners were in attendance. The meeting began with Kuveyt Türk Chief Executive Officer Ufuk Uyan’s presentation of the agenda, after which participants were informed about the 2010 Annual Report and annual financial statement. (full story)

BANKING -Turkey's Kuveyt Turk posts 160 mln TL net profit in 2010.

ISTANBUL, Mar 23, 2011 (TUR) -- Turkey's Kuveyt Turk posted 159.6 million Turkish lira net profit in 2010. (One U.S. dollar equals 1.56 TL)

A statement by Kuveyt Turk said on Wednesday that the bank's net profit rose by 25.6 percent year-on-year in 2010.

The statement said that the number of Kuveyt Turk's branches reached 141 and number of its personnel became 2,837 last year. (full story)

BANKING - Turkey's Bank Asya posts $162.805 million of net profit in 2010

Turkey's Bank Asya posted on Tuesday 260 million Turkish lira (TL) or $162.805 million of net profit in 2010, Anadolu News Agency reported according to a bank statement.

Bank Asya increased its total assets by 25 percent to 14.5 billion TL year-on-year 2010, the statement said.
The bank's credits rose by 32.4 percent to 11 billion TL at the end of 2010 compared to the previous year.

Bank Asya's equity capital rose by 13.7 percent to 1.9 billion TL year-on-year 2010, it said. (source)