The bank's consolidated net income fell 5.2% y/y to TRY 3.2bn (
Consolidated assets of the bank grew 20.2% y/y, reaching TRY 241.6bn at end-2013. The bank's consolidated loans increased 26.5% y/y to TRY 145.7bn.
Consolidated deposits grew 14.9% y/y to TRY 121.8bn at end-2013.
Earlier this week, Standard & Poor's revised its outlook to negative from stable on Is Bankasi, and affirmed all ratings on the lender. Turkish banks' financial profile and performance would remain highly correlated with sovereign creditworthiness, S&P said, adding that the weakened economic growth prospects could negatively affect Turkish banks' asset quality, earnings, and capitalization. A negative rating action on the foreign currency ratings on the sovereign, all other things being equal, would trigger a negative rating action on the lender, S&P noted. However, the Turkish banking sector's sound asset quality, earnings, and capitalization should provide an adequate buffer to absorb the elevated risks over the next 12 months, without dramatically damaging the bank's financial profile, according to the rating agency.
Last week, S&P revised its outlook on
In December again, the lender informed that it was handed a tax fine of TRY 54.6mn for the years 2009, 2010 and 2011. Total fine for this period was expected to reach TRY 171mn, Is Bankasi said, adding that it would appeal.
Is Bankasi (consolidated) Financials
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