Bloomberg News

Halkbank Rises 1st Day in Seven as 2nd Quarter Profit Surges

July 24, 2012

Turkiye Halk Bankasi AS (HALKB), the country’s biggest listed state-run lender, rose for the first time in seven days after second-quarter profit jumped, beating estimates.

The stock climbed 3.4 percent to 13.90 liras at 4:30 p.m. in Istanbul, the biggest advance since July 4.

Net income surged 38 percent to 709 million liras ($388 million) in the second quarter, the lender said in a statement to the Istanbul Stock Exchange today. The bank was expected to earn 617.3 million liras, according to the average of six analyst estimates compiled by Bloomberg.

“Income from interest on loans increased while deposit costs went down,‘‘ Duygun Kutucu, an analyst at EFG Istanbul Securities, said today in a telephone interview. ‘‘The growth in deposits is also above the industry average. The bank’s had an extraordinary quarter.’’

Net interest income jumped 49 percent to 1.18 billion liras in the three months through June, the bank said in an e-mailed statement. Income from fees and commissions leaped 48 percent to 269.5 million liras. Revenue from dividends catapulted to 64 million liras from 5.4 million liras. Return on equity on a consolidated basis was 26.6 percent in the first six months, compared with an industry average of 15.5 percent.

To contact the reporters on this story: Aydan Eksin in Istanbul at aeksin@bloomberg.net; Sibel Akbay in Istanbul at sakbay@bloomberg.net

To contact the editor responsible for this story: Dale Crofts at dcrofts@bloomberg.net


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