By Yeliz Candemir
ISTANBUL--Akbank TAS (AKBNK.IS), Turkey's second-largest bank by
market value, Wednesday posted a 56% rise in its first-quarter net
profit, reflecting trading gains from lower swap costs and strong
fee income.
According to a statement to the Bourse Istanbul, the
Istanbul-based bank said its unconsolidated net profit for the
period rose to 868 million Turkish lira ($481 million) from TRY556
million a year earlier. The net profit compares with a consensus
forecast of TRY884 million.
Net interest income rose to TRY1.57 billion from TRY1.137
billion.
Its trading gains were TRY309 million in the first quarter of
this year compared with a TRY67.86 million loss in the same period
of last year.
Akbank's shares were trading 1.9% higher at TRY9.46, while the
overall Istanbul market was up 1.06% at 1050 GMT.
Write to Yeliz Candemir at yeliz.candemir@dowjones.com
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