Akbank Quarterly Profit Fell 35%, Missing Estimates
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Akbank TAS, the Istanbul-based bank part-owned by Citigroup Inc., said third-quarter profit fell 35 percent as income from inflation-linked bonds dropped.
Net income was 439.2 million liras ($307 million) compared with 677.2 million liras in the third quarter last year, Akbank said in a filing with the Istanbul Stock Exchange today. Akbank was expected to earn 489.3 million liras, the average estimate in a Bloomberg survey of 12 analysts showed.