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UPDATE 1-Turkey's Denizbank reports skewed 93 pct profit fall
November 13, 2012 / 1:16 PM / 5 years ago

UPDATE 1-Turkey's Denizbank reports skewed 93 pct profit fall

(Adds details, shares)

ISTANBUL, Nov 13 (Reuters) - Turkish lender Denizbank’s third-quarter net profit tumbled 93 percent, distorted by the large gain made on the sale of its pension business in the corresponding period last year.

The bank, owned by Russia’s Sberbank, on Tuesday posted quarterly net profit of 30.7 million lira ($17 million), against 471.8 million lira last year.

Analysts said that profit had normalised after the one-off boost last year from selling its Deniz Emeklilik pension and life insurance operation to MetLife for 161.9 million euros ($205.8 million).

Denizbank said that its lending had increased to 26.21 billion lira from 22.42 billion lira at the end of 2011. Third-quarter net interest income of 495 million lira was up 21 percent on the same period last year.

Shares in the bank were trading virtually flat at 9.94 lira at 1251GMT. ($1 = 1.8011 Turkish liras) ($1 = 0.7867 euros)

Writing by Ece Toksabay and Seda Sezer; Editing by David Goodman

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