【出版时间及名称】:2010年1月土耳其银行业研究报告
【作者】:德意志银行
【文件格式】:PDF
【页数】:34
【目录或简介】:
Table of Contents
Investment summary ........................................................................ 3
4Q09: initial signs of normalization ...........................................................................................3
Valuation ..................................................................................................................................4
Risks ........................................................................................................................................5
Glance at 4Q performance................................................................ 6
The strongest quarter of the year in many aspects...................................................................6
System loans expanded 5% in one single quarter after nine months of immobility .................6
Have NPL ratios peaked in 4Q? ................................................................................................7
Margins are still at elevated levels, but flexibility in deposit pricing is coming to an end .........8
Improvement in cost of risk to help bottom-line earnings remain flat over 3Q.........................9
Operating expenditures remain under control ..........................................................................9
Bottom-lines to remain stable on relative improvement in specific cost of risk......................10
Akbank – 4Q earnings preview....................................................... 11
Bank Asya – 4Q earnings preview.................................................. 14
Garanti – 4Q earnings preview....................................................... 17
Halkbank – 4Q earnings preview.................................................... 20
Isbank – 4Q earnings preview ........................................................ 23
Vakifbank – 4Q earnings preview................................................... 25
Yapi Kredi – 4Q earnings preview.................................................. 28
Valuation methodology .................................................................. 31


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