Akbank Declines After Fourth-Quarter Earnings Miss All Estimates
February 10, 2012, 8:20 AM ESTBy Mark Bentley
Feb. 10 (Bloomberg) -- Akbank TAS, Turkey’s second biggest bank by market value and part-owned by Citigroup Inc., fell in Istanbul after earnings in the fourth quarter declined, missing all analysts’ estimates.
Akbank dropped 2 percent to 6.90 liras at 2:20 p.m., reversing earlier gains. It was the second-straight daily decrease.
Net income at Akbank fell to 551 million liras ($313 million) versus 690 million liras in the fourth quarter of 2010, when subtracting full-year earnings reported today from nine-month profit. That was less than all 13 estimates in a Bloomberg survey, which averaged 635.8 million liras.
To contact the reporter on this story: Mark Bentley in Istanbul at mbentley3@bloomberg.net
To contact the editor responsible for this story: Aydan Eksin at aeksin@bloomberg.net
