Last checked at 12 Nov 2008 17:23
12.11.2008 Net TRY 1,310 million Profit from Isbank
Isbank has made TRY 2,552 million gross profit in the first nine months of the year with 9.7% increase compared to same period of the previous year. Net profit for the period, on the other hand, was TRY 1,310 million.
In the first nine months of the year, Isbank's total loans increased 35%, which is higher than the sector growth rate, and reached TRY 45,749 million. While Isbank increased its market share in loans, the share of loans in total assets increased to 50%. As a result of Isbank's policy of diversification in lending, the loan portfolio has grown with minimum level of concentration in terms of sector and loan type.
Isbank improved both its market share and deposit volume while catching a higher growth rate than the sector and maintained its leading position among private banks in the third quarter of the year. During the first three quarters in 2008, total deposits increased 16%, and the growth in Turkish Lira savings deposits was 24% as an indicator of individual investors' confidence in an environment where 100% deposit guarantee is subject of a serious debate.
As of end of the third quarter, Isbank's net interest income grew by 26.1%, compared to the same period of the previous year, and net fees and commissions income increased 14.1%.
As the difficulties in foreign borrowing facilities of banks caused a concern on liquidity, the increase in costs in deposit market restricted the growth in net interest income in the third quarter of the year. On the other hand, the flee from emerging markets to developed markets due to the liquidity needs in global markets both made a pressure on currency rates and also increased the risks on emerging countries as well as raising the interest rates.
Deriving its force from its customers, employees, shareholders and capital strength, Isbank will continue its operations as usual, with the consciousness and dedication required by its mission to contribute to the country's economic growth even in today's crisis conditions.
http://www.rns-pdf.londonstockexchange.com/rns/0533I_-2008-11-12.pdf