Turkiye Is Bankasi (ISATR) AS, Turkey’s biggest bank by assets, said second-quarter profit gained 18 percent to 952.8 million liras ($532 million), beating analysts’ estimates, as trading income increased.
Net income rose from 808.7 million liras a year earlier, Isbank said in a statement to the Istanbul Stock Exchange today. The bank was expected to earn 816.8 million liras, the average of 13 analyst estimates compiled by Bloomberg.
Trading profit jumped to 193.7 million liras, from a loss of 29.4 million liras. Net fees and commission rose to 429.3 million liras, compared with 363.5 million liras. Isbank’s second-quarter net interest income climbed to 1.43 billion liras from 1.08 billion liras a year-ago, the lender said.
“Isbank increased its swap positions and the interest rates on these swaps were also at a suitable level,” Hakan Aygun, analyst at Ak Investment, said in a telephone interview today from Istanbul. “The exchange rate was influential as well. The bank also made gains from foreign exchange trading.‘‘
The lira fell less than 0.1 percent to 1.7879 per dollar at 4:48 p.m. in Istanbul, the lowest on a closing basis since Aug. 2. It has strengthened 5.8 percent this year, second-most after the Hungarian forint, among 10 currencies Bloomberg tracks in eastern Europe, the Middle East and Africa.
Isbank shares were down 1.9 percent at 5.20 liras at 4:55 p.m. on the Istanbul Stock Exchange, falling as much as 3 percent earlier, the biggest drop since August 1.
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