TODAYSZAMAN.COM – Turkey’s Garanti, YapI Kredi see lower profits

Turkey’s Garanti, YapI Kredi see lower profitsTwo of Turkeyand#39s largest private lenders, Garanti BankasI and YapI Kredi, posted a decline in profits in the first nine months of this year when compared to the same period of 2013, the banks announced late on Monday.YapI Kredi said its net profits in the first three quarters equaled TL 144 billion, a remarkable decline when compared to the TL 31 billion in net profits in the same period of 2013.

The bank posted a larger-than-expected 9 percent fall in net profit to TL 404.7 million in its third-quarter Its loans and receivables were TL 112.

6 billion at the end of the third quarterGaranti on Monday posted a profit of TL 286 billion in the first three quarters, its balance sheet showed on Monday. The Istanbul-based lender had posted a net profit of TL 289 billion in the same period of 2013.

The bank posted a third-quarter profit of TL 851.9 million.

ABank was another to share its financial details on Monday the bank earned a net profit of TL 87.1 million.

Meanwhile, Turkeyand#39s biggest steelmaker, Erdemir EreIli, posted a net profit of TL 437.3 million in the third-quarter, a 96 percent rise from the same period of 2013, the firm said on Tuesday.

Turkish markets were firm as traders squared positions ahead of a market holiday starting after Tuesdayand#39s morning session. The lira was stronger at 2223 against the dollar by Tuesday morning, down from 2232 late on Monday.

Main share index Borsa Istanbul (BIST) traded just 045 percent higher than Mondayand#39s close at 79.589 points.

The 10-year benchmark bond yield slipped to 862 percent from 885 percent on Monday.Turkeyand#39s central bank kept interest rates on hold last week and repeated its commitment to maintain a tight monetary policy until the inflation outlook improved, a decision that has supported the liraTurkish markets will be closed for public holidays until Thursday morning.

SOURCE: Today’s Zaman

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