AKBTY Akbank Turk Anonim Sirketi (QX)

   Akbank (AKBNK.IS): 2Q Earnings 
   Due: July 23 
   DJ Survey of 5 Analysts 
 
   Average Net Profit: TRY771M, down 16% (TRY914M in 2Q 2013) 
   Average Net Interest Income: TRY1.64B, up 9.3% (TRY1.5B in 2Q 2013) 
 

Note: Unconsolidated net profit is seen down due to contraction on the core margin spread and high swap costs, according to analysts. However, analysts expect the bank's net interest margins to increase, thanks to higher CPI linkers yield. "We project the bank to record strong trading gains on its securities book, which is likely to neutralize the negative impact of TRY200 million swap costs on the bottom line," says Finansinvest. Analysts will focus on the impact of the trading gains on the bank's bottom line. (yeliz.candemir@wsj.com)

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