Turkiye Is Bankasi (ISATR) AS, Turkey’s biggest listed bank by assets, first-quarter profit unexpectedly gained to 708.2 million liras ($397 million).
Net income rose 6.1 percent from 667.3 million liras in the first quarter of 2011, the bank said in a filing with the Istanbul Stock Exchange today. It was expected to report a decline in profit to 607.6 million liras, according to the average of 15 analyst estimates compiled by Bloomberg.
“Isbank has had good net interest income,” Hasan Demir, an analyst at Tera Brokers in Istanbul, said by phone. “Other income on the balance sheet is also looking good, as is its asset quality.”
Interest income, net of expenses, climbed 17 percent annually to 1.31 billion liras in the quarter, Isbank said. Earnings from fees and commissions climbed 22 percent to 370.1 million liras, it said.
To contact the reporter on this story: Sibel Akbay in Istanbul at email@example.com
To contact the editor responsible for this story: Riad Hamade at firstname.lastname@example.org