UPDATE 1-Vakifbank Q3 net profit beats forecast

Fri Nov 9, 2012 7:34am EST

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ISTANBUL Nov 9 (Reuters) - Turkish state lender Vakifbank has beaten expectations for quarterly net profit thanks to higher-than-expected net interest income.

Vakifbank said on Friday third-quarter net profit fell 3.4 percent to 305 million lira ($171 million), compared with a forecast for 254 million in a Reuters poll. The result was driven by a 43.6 percent rise in net interest income.

Loans and receivables rose 12.3 percent from the end of 2011 to 64.4 billion lira.

Vakifbank shares were down 2.1 percent at 4.27 lira at 1225 GMT. ($1 = 1.7859 Turkish lira) (Writing by Ece Toksabay; Editing by Dan Lalor)

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