Akbank Falls to Lowest Since January After Profit Drops 25%

Akbank TAS (AKBNK), the Turkish lender in which Citigroup Inc. is seeking to reduce its stake from 20 percent to less than 10 percent, slumped to the lowest since January after saying first-quarter profit fell 25 percent.

The shares dropped 2.7 percent to 6.52 liras at the close in Istanbul, their lowest since Jan. 25.

First-quarter net income fell to 555.6 million liras ($316 million), according to a statement to the Istanbul Stock Exchange today.

To contact the reporter on this story: Benjamin Harvey in Istanbul at bharvey11@bloomberg.net

To contact the editor responsible for this story: Gavin Serkin at gserkin@bloomberg.net

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