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EEMEA Sector Report - Turkish banks: Fairly priced

  • In this report, we comment on the latest trends in the Turkish banking sector, discuss relevant macro drivers and summarize 1Q21 results of six Turkish banks in our coverage using scorecards.
  • We present our forecasts for the NPL ratio and capitalization ratios.
  • We also share our views on bond valuations for Turkish privately-owned and state-owned banks. Overall, we find them fairly priced relative to Turkish sovereign bonds.

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