Akbank (AKBNK) published its earnings report for the first half of 2024. In the financial statements of the bank, it was seen that the 6-month consolidated net profit of 2024 was 24,104,442,000 TL. In the same period last year, net profit was announced as 31,018,352,000 TL.
Following the earnings report, Akbank also shared its expectations for the second half of the year. In the notification made to KAP, it was seen that the company reduced its return on equity expectation to 20% from its expectation of over 30%. The table shows the first half return on equity as 22.4%.
While there does not appear to be a revision in TL loan growth, the forecast for an increase in foreign currency loan growth was targeted to grow above 20%. While the bank made an upward revision in net fees and commissions, it predicted that the increase in operational expenses could be around 70%.
In the report, the net loan cost adjusted for exchange rate effect was revised as 100 basis points on average.
Following the earnings report announced for the first 6 months of 2024, Akbank General Manager Kaan Gür said the following about the second quarter results:
“Despite the ongoing geopolitical tensions and high interest rate environment, significant improvements were seen in the global economic outlook in the first half of this year. As a result of the steps taken in Turkey, positive results continued to be achieved in many areas, from the current account deficit to the country risk premium. During this period, the Turkish banking sector continued to maintain its strong structure. As a bank that believes in the future of Turkey, Akbank continued to provide resources to the economy and the real sector.”
"We provided 1 trillion 461 billion TL credit support to our economy in the first half of 2024"
Kaan Gür continued his statement and said:
"In the first half of 2024, we increased the credit support we provided to our economy to a total of 1 trillion 461 billion TL, of which 1 trillion 182 billion TL was in cash. Our total deposits reached 1 trillion 463 billion TL, and our assets reached 2 trillion 291 billion TL. We continued to support the growth and development of the real sector with our strong consolidated capital adequacy ratio of 18.3%.
Our bank made a consolidated net profit of 24 billion 104 million TL in the first half of the year. “I would like to thank my colleagues for their successful performance and all our stakeholders, especially our customers, for the trust they have placed in us.”
Latest situation in AKBNK
After Akbank announced its financial results after the market close yesterday, AKBNK started the day with a 0.23% decrease. Following the negative opening, the stock was volatile and fluctuated in the range of 63-65 TL, then moved in the 63 TL band, with a decrease of nearly 2% as of the last hour.
While AKBNK has continued its downward trend since last week, it has a partial decrease of 0.7% since the beginning of the month. The stock continues to increase in value by 80% since the beginning of the year. AKBNK's annual performance is currently above the banking index, which provides a 72% return.
-Investing.com
