Alternatifbank

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Due to its large per capita stock of accessible hydrocarbon reserves, Qatar has a more sustainable business model than its neighbours, as reflected in its superior fiscal position and consequently less aggressive need to diversify. Relative to the pr...

Bank-only ROE exceeded 20%: Like Isbank, Vakifbank (VAKBN) also published Q1 results on 8 May. This commentary is largely based on bank-only figures. Net income of over TRY1.7bn more than doubled yoy and was up 34% qoq. The annualised ROE was almost ...

Wide-ranging policy and regulatory changes have been announced in Turkey, which seem set to impact almost every line of lenders’ income statements. CET1Tier 1CARCET1Tier 1CARZiraat13.58%15.40%16.39%13.22%13.22%14.23%Halkbank9.32%11.08%13.65%10.36%10....

This week saw the coordinated international policy response to the coronavirus (COVID-19) that markets had recently been demanding. Still nothing from the ECB though (although it has asked banks for emergency plans to deal with the outbreak). If ALNT...

This week, we highlight five Turkish banks in our coverage that have reported FY 19 results. We make three changes to our recommendations: upgrade Akbank (AKBNK) 6.797% 2028 subordinated bond and the GARAN 6.125% 2027 subordinated bond to Buy; downgr...

A typical Q4 result:We reiterate our Hold recommendation on the Alternatifbank (ALNTF) 8.75% 2026 subordinated bond, which is callable next year. Provisions in Q4 19 equalled pre-provision profit. This compares to TRY1mn and TRY2mn in Q4 17 and Q4 18...