Summary and investment conclusions…………………………………………………….. 3
2Q09 sector’s review………………………………………………………………………....... 9
2Q09 review – Performance per banks ……………………........................................... 12
Economic outlook ……………………………………………..……………………………... 20
Sector update……………………………………………………………………………………24
Market Comments………………………………………………………………………………28
Valuation………………………………………………………………………………………… 31
Macro Estimates……………………………………………………………………………….. 32
Company Section……………………………………………………………………………… 33
Akbank…………………………………………………………………………………… 33
Garanti…………………………………………………………………………………… 39
Halkbank………………………………………………………………………………… 45
Isbank…………………………………………………………………………….……… 51
Vakifbank…………………………………………………………………………………57
YKB………………………………………………………………………………….…… 63