Bloomberg News

Akbank Second-Quarter Profit Drops 16%, Missing Estimates

August 03, 2012

Akbank TAS (AKBNK), the Turkish lender part- owned by Citigroup Inc. (C:US), reported a drop in second-quarter profit, missing all estimates in a Bloomberg survey.

Net income fell 16 percent to 535.1 million liras ($300 million), compared with 640.3 million liras a year earlier. The average of 4 analyst estimates on Bloomberg was 607.3 million liras.

“Net income was below estimates as the bank had lower- than-expected other income and higher-than-expected effective tax rate,‘‘ Muge Dagistan, an analyst at BGC Partners in Istanbul, said in an e-mail today. ‘‘But expectations are high for the third quarter so I’m not negative.’’

The shares closed 2.1 percent higher at 6.82 liras today in Istanbul, the biggest jump since July 26. The benchmark ISE National 100 index rose 2.4 percent.

To contact the reporters on this story: Benjamin Harvey in Istanbul at bharvey11@bloomberg.net; Sibel Akbay in Istanbul at sakbay@bloomberg.net

To contact the editor responsible for this story: Gavin Serkin at gserkin@bloomberg.net


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Companies Mentioned

  • C
    (Citigroup Inc)
    • $50.03 USD
    • -0.06
    • -0.12%
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