News Column

Turkish state-owned lender Halkbank's EUR 921mn 2013 net profit in line with expectations.

February 18, 2014



State-owned lender Halkbank's unconsolidated net profit rose by 6% y/y to TRY 2.75bn (EUR 921mn) in 2013. This is in line with the market forecast of TRY 2.73bn. In 2012, the lender's unconsolidated net profit was up 27% y/y to TRY 2.6bn.

The lender's unconsolidated net interest income increased by 7.9% y/y to TRY 4.8bn in 2013 from TRY 4.5bn in 2012.

Halkbank's unconsolidated net income in January-September had increased by 8% y/y to TRY 2.01bn from TRY 1.85bn.

The lender's unconsolidated assets grew 29% y/y to TRY 139.9bn at end-2013 from TRY 108.3bn at end-2012 while unconsolidated total loans grew 29% y/y to TRY 84.8bn from TRY 65.9bn. The bank's loan growth rate was lower than the banking industry's 31.8% y/y loan expansion in 2013. The lender's share in domestic credit market remained unchanged at 8% at end-2013 from end-Q3 while the share slightly increased from 7.9% in Q2/2013, however, declined from 8.1% at end- Q1 and 8.2% at end-2012.

The lender's non-performing loan ratio declined to 2.6% at end-2013 from 2.66% at end-Q3, 2.7% and at 2.97% at end-2012. 

Halkbank's unconsolidated deposits increased 26% y/y to TRY 100.8bn at end-2013 from TRY 80bn at end-2012. The lender's share in domestic deposits market stood at 11% at end-2013.

The number of Halkbank branches increased to 877 at end-2013 from 867 branches at end-Sep and 861branches at end-Jun.

Halkbank recently appointed a general manager. The previous general manager of the bank, Suleyman Aslan, was detained in connection with a corruption probe.

The privatization administration OIB holds a 51.06% stake in Halkbank and a 48.9% freely-floats on the BIST.

Halkbank currently has a representative office in Tehran/Iran, according to information on the lender's official website. Its affiliate banks are Demir-Halkbank in the Netherlands, Magyarorszagi Volksbank RT in Budapest/Hungary and International JS Bank-Garagum in Ashgabat/Turkmenistan. Halkbank also has a subsidiary in Skopje, namely Halk Banka. The lender has three branches in Northern Cyprus and one branch in Manama/Bahrain.



Halkbank (unconsolidated) Financials



(bn TRY)



2012



2013



y/y



Asset Total



108.3



139.9



29%



Deposits



80.0



100.8



26%



Cash Loans



65.9



84.8



29%



 



2012



2013



y/y



Net Income



2.60



2.75



6%



Source: PDP



 



 



 



 


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Source: IntelliNews - Weekly Reports


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