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UPDATE 1-Turkey's Yapi Kredi Q3 net profit beats f'casts
November 13, 2012 / 5:06 PM / 5 years ago

UPDATE 1-Turkey's Yapi Kredi Q3 net profit beats f'casts

(Adds details, quote, share prices)

ISTANBUL, Nov 13 (Reuters) - Turkish lender Yapi Kredi , partly owned by Italy’s biggest bank UniCredit , said third-quarter net profit rose by a third on higher net interest income.

According to quarterly results, third-quarter net profit rose 33.3 percent to 541.5 million lira ($300.65 million), exceeding a Reuters forecast of 447 million lira. Yapi Kredi posted net profit of 406.1 million lira in the same period of 2011.

Net interest income, a measure of the income generated by a bank’s core lending activities, rose 39 percent to 1.2 billion lira, versus 864.5 million lira a year ago. The bank’s loans also increased by 7.2 percent from end-2011 to 72.7 billion lira ($40.4 billion).

“Yapi Kredi is focused on growth in lira denominated loans. Thus, individual loans of the bank grew 20 percent above the sector average,” CEO Faik Acikalin said in a statement to the Istanbul Stock Exchange.

Shares in Yapi Kredi closed up 1.08 percent at 4.67 lira.

Yapi Kredi is Turkey’s fourth largest private bank in terms of consolidated assets, worth 118.2 billion lira ($65.63 billion). ($1 = 1.8011 Turkish liras) (Writing by Ece Toksabay; Editing by Louise Heavens)

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