Turkey-based Akbank has
posted a net income for the 12 months to 31 December of TRY2.53bn
($1.43bn), down 15.8% from the year ago period.
Akbank’s result was hit
by margin pressure with net interest income falling by 6.3% to
TRY4.15bn.
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On a more positive note,
net fees and commission rose sharply, by 20.1% to
TRY1.63bn.
Other positive metrics
included:
- Total deposits increased by 12.7%
year-on-year to TRY80.8bn; - Total loans soared by 28.8% to
TRY74.4bn; - Total assets rose by 16.5% to
TRY139.9bn; - Akbank’s retail lending and retail credit
card loans exceeded TRY25bn, increasing by 27% in fiscal 2011; its
market share of the credit card market rose by 2.2 percentage
points during the year, and - Akbank’s non performing loan ratio fell
by 50 basis points to 1.7% from 2.2%.
Akbank’s ongoing channel
investment was reflected in a net increase of 35 outlets in its
branch network to 926 in 2011; ATM numbers increased by 18% to
3,695, the second-largest in Turkey.
Akbank’s retail banking
cross-sell ratio improved to 3.0 products per person (2010: 2.9
ppp) by the end of 2011.
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