• Most Popular
  • Most Shared

Turkey's Akbank Q1 net profit 720 million lira

ISTANBUL
Fri May 9, 2008 6:01pm EDT

Stocks

   

ISTANBUL (Reuters) - Akbank, Turkey's largest publicly traded bank in terms of market capitalisation, posted a first quarter net profit of 720 million lira ($567 million), its Deputy General Manager Hayri Culhaci said on Friday.

He did not provide comparative figures but data on the stock exchange website showed Akbank, which is 20 percent-owned by Citigroup (C.N), reported net profit of 448 million lira in the same period last year.

Total assets of the bank rose to 81.1 billion lira in the first quarter from 72.1 billion lira during the same period last year.

Income from loans grew 11 percent quarter-on-quarter to 44.3 billion lira.

Shares in AK Bank fell 2.34 percent on Friday after Citigroup (C.N) said that it will sell $400 billion in assets over two to three years.

Culhaci said in a conference call loan growth was expected to be 20-25 percent in 2008.


More from Reuters

Photo

New security restrictions could hurt airlines

NEW YORK (Reuters) - Tighter security measures at U.S. airports following an attempt to blow up a Detroit-bound jet could dampen enthusiasm for air travel, hurting the airline industry just as it seemed poised to recover from a period of bruising losses, some industry experts say.

» More Top News
A Delta Airbus 330 airliner sits on a runway at Detroit Metropolitan Airport in Romulus, Michigan in this video grab made December 25, 2009. Credit: REUTERS/WDIV TV/Handout

The battle in mid-air

The attraction of bombing airliners means the aviation industry has to be constantly vigilant in its fight against attackers.  Full Article 

U.S.
A caution sign is seen next to a stock board at the Australian Securities Exchange (ASX) in Sydney September 5, 2008. REUTERS/Daniel Munoz
Political Risk in 2010:

Don't say we didn't warn you

With the financial crisis (mostly) in the past, U.S. investors are eying a fresh start to the coming year. Here's a look at what speedbumps lie ahead.  Full Article 

Global Markets