Bloomberg the Company & Products

Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

Albaraka Turk Falls After First-Quarter Profit Misses Estimates

Don't Miss Out —
Follow us on:

April 30 (Bloomberg) -- Albaraka Turk Katilim Bankasi AS, a Turkish Islamic bank, fell after its first-quarter profit trailed estimates.

The shares dropped 3.1 percent to 1.87 liras at 10:58 a.m. in Istanbul.

Albaraka reported a net income of 39.2 million liras ($22 million), according to a statement to the Istanbul Stock Exchange on Friday, lagging the 51.2 million liras average forecast by six analysts on Bloomberg. The bank earned 41.2 million liras in the first quarter of last year.

The bank’s relatively low capital adequacy ratio “is a drag against loan growth,” and will probably lead it to make a rights issue in coming months, according to a report e-mailed today by Muge Dagistan, a banks analyst at BGC Partners in Istanbul. “Although a potential rights issue is positive for the bank in the short term, it could bring some negative pressure on the shares in the short term.”

The Islamic bank’s capital adequacy ratio is 12.3 percent, according to BGC.

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

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.