Halkbank Profit Beats Estimates on Higher Trading Income

Turkiye Halk Bankasi AS (HALKB), Turkey’s biggest publicly-traded state-run bank, reported a 19 percent increase in third-quarter profit, exceeding analysts’ estimates, on higher trading income.

Net income rose to 600 million liras ($334 million) from 503.8 million liras in the same period of 2011, Halkbank said in a statement to the Istanbul Stock Exchange today. Earnings surpassed the 525.7 million-lira average estimate of seven analysts surveyed by Bloomberg.

“Trading income was very strong,” Aykut Saribiyik, an analyst at broker FinansInvest in Istanbul, said in a telephone interview. “Provision expenses and costs were down. But net interest income was lower than expectations.”

Halkbank’s trading income climbed to 224 million liras in the quarter from 48 million liras a year earlier, while net interest income rose 15 percent to 970 million liras.

Halkbank gained 0.3 percent to 15.45 liras by 3:19 p.m. in Istanbul trading. The shares are up 56 percent this year, compared with a 53 percent increase in Turkey’s main banking index.

To contact the reporters on this story: Aydan Eksin in Istanbul at aeksin@bloomberg.net; Sibel Akbay in Istanbul at sakbay@bloomberg.net

To contact the editor responsible for this story: Dale Crofts at dcrofts@bloomberg.net

Press spacebar to pause and continue. Press esc to stop.

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.