Akbank T.A.S. : Akbank Net Profit Boosted By Trading Gains

07/25/2013 | 11:54am US/Eastern

By Yeliz Candemir

ISTANBUL–Akbank TAS (AKBNK.IS), Turkey’s second-largest bank by market value, Thursday posted a 71% rise in its second-quarter net profit, boosted by trading gains, rising net interest income and growth in fee income.

The Istanbul-based bank said in a statement to the Bourse Istanbul that its unconsolidated net profit for the period rose to 914.08 million Turkish lira ($474.8 million) from TRY535 million a year earlier. The net profit was slightly lower than the forecast of TRY957.3 million by five analysts surveyed by Dow Jones Newsires.

Net interest income rose to TRY1.5 billion from TRY1.196 billion.

Its trading gains were TRY363 million in the second quarter of this year compared with a TRY64 million loss in the same period of last year.

Akbank’s shares closed 0.5% higher at TRY7.58, while the overall Istanbul market closed 0.2% lower.

Write to Yeliz Candemir at yeliz.candemir@dowjones.com

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