Vakıfbank falls after Q2 net profit plunges and misses expectations

Turkiye Vakiflar Bankasi TAO

10/08/2023 09:08

** Shares in Vakıfbank  VAKBN.IS  fall 2.34% after the
Turkish bank's net profit tumbled 85.6% compared to year ago and
missed analysts' expectations
    ** Vakıfbank's Q2 net profit dropped to 1.01 billion lira,
versus the profit of 7.02 billion lira year ago 
    ** "Vakıfbank announced its 2Q23 solo net income as 1.01
billion lira (-78% q/q, -86% y/y) slightly below both our
estimate of 1.2 billion lira and consensus estimate of 1.1
billion lira, corresponding to 2.9% quarterly ROE" Yatirim
Finansman says
    ** Yatirim Finansman adds that despite higher CPI-linker
income of 10.3 billion lira, net interest income  decreased  by 
88%  year-on-year  to  1.8 billion lira  (YFe:  1.7 billion
lira) due to lower TL spread
    ** Broker expected the initial market reaction to be
slightly negative before market open
    ** Vakıfbank is the third worst performer on Istanbul's main
BIST 100 index  .XU100 , which is up 0.96%


 (Reporting by Canan Sevgili)
 ((canan.sevgili@thomsonreuters.com))