By Yeliz Candemir
ISTANBUL--Akbank TAS (AKBNK.IS), Turkey's second-largest bank by
market value, Thursday nearly doubled its fourth-quarter net profit
due to trading gains stemming from declining swap interest rates
and falling deposit costs.
According to a statement to the Istanbul Stock Exchange, the
Istanbul-based bank said its unconsolidated net profit for the
period rose to 1.08 billion Turkish lira ($611.5 million) from
TRY550 million a year earlier and above the TRY985 million forecast
of six analysts polled by Dow Jones Newswires.
Net interest income rose to TRY1.5 billion from TRY1.16
billion.
For the full year 2012, Akbank's net profit rose to TRY2.94
billion from TRY2.4 billion a year earlier.
Akbank's results were released just after the end of first
session of Istanbul Stock Exchange. Akbank's shares closed trading
in the first session 1.5% lower at TRY8.96, while the overall
Istanbul market was down 0.44%. Trading in the second session will
resume at 1200 GMT.
Write to Yeliz Candemir at yeliz.candemir@dowjones.com
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