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.
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