Bloomberg News

Bank Asya Drops to 4-Month Low as FinansInvest Cuts Rating

May 17, 2012

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.

“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


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