Bloomberg News

Akbank May Say Fourth-Quarter Profit Dropped 9.6 Percent

February 09, 2012

Feb. 9 (Bloomberg) -- Akbank TAS, the Turkish bank part- owned by Citigroup Inc., may say fourth-quarter profit decreased an annual 9.6 percent due to lower net interest margins and weaker loan growth.

Net income will probably be 624 million liras, compared with 690.5 million liras in the fourth quarter of 2010, according to the average estimate of ten analysts questioned by Bloomberg. Predictions ranged from 572 million liras to 727 million liras. Akbank had a profit of 459.9 million liras in the third quarter of 2011, a decrease of 4.7 percent from a year ago.

“I see a small decrease year-on-year in fourth quarter profit, in particular due to lower interest margins. There will be an increase compared to the third quarter, though,” Sevda Sarp, an analyst at Erste Securities in Istanbul, said in a phone interview today.

Akbank, a partnership between Citigroup and Haci Omer Sabanci Holding AS, Turkey’s second biggest group of companies, is expected to report the earnings tomorrow.

To contact the reporter on this story: Sibel Akbay in Istanbul at sakbay@bloomberg.net

To contact the editor responsible for this story: Aydan Eksin at aeksin@bloomberg.net


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