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Ziraatbank of Turkey 2011 Profit Slumps to 2.1 Billion Liras

TC Ziraat Bankasi AS, Turkey’s second-biggest bank by assets, said full-year profit almost halved as interest expenses surged.

Net income at Ankara-based Ziraat, wholly owned by the government and included in a program of asset sales, fell 43 percent last year to 2.1 billion liras ($1.2 billion), it said in a filing with the Istanbul Stock Exchange today.

Interest costs jumped 20 percent to 8.47 billion liras, outpacing an 11 percent increase in revenue from interest, as interest paid in money market operations more than doubled, the earnings statement showed.

Commissions and charges revenue rose 23 percent last year to 625.6 million liras, the bank said.

To contact the reporter on this story: Aydan Eksin in Istanbul at aeksin@bloomberg.net

To contact the editor responsible for this story: Shaji Mathew at shajimathew@bloomberg.net

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