UPDATE 1-Turkey’s Akbank Q1 net profit beats forecasts

* Q1 net profit 967.8 mln lira vs forecasts 784 mln

* Total loans up 6.2 percent to 47.4 bln lira

* Non-performing loans fall to 2.9 percent.

* Shares down 3.8 percent in weak market

(Adds details, shares, background)

ISTANBUL, May 14 (BestGrowthStock) – Turkey’s Akbank (AKBNK.IS: ) on
Friday posted a first-quarter net profit of 967.8 million lira
($632 million), beating forecasts and up from 618 million a year
earlier, helped by loan growth in fast-recovering Turkey.

A decline in bad loans and the central bank’s dovish stance
on interest rates also provided a boost.

In a Reuters poll, net profit had been forecast to rise 27
percent to 784 million lira. In the fourth quarter net profit
was 700 million lira.

Total loans were up 6.2 percent at the end of the first
quarter at 47.4 billion lira.

Akbank shares were down 3.8 percent at the end of the first
session in a widely weaker market, with the main index down 2.5
percent.

Akbank, in which Citigroup (C.N: ) has a 20 percent stake and
which is controlled by family conglomerate Sabanci Holding
(SAHOL.IS: ), enjoyed strong increases in net interest income last
year as the central bank slashed interest rates to a record low.

Non-performing loans fell to 2.9 percent in the first
quarter from 3.8 percent at the end of last year.

Investing Basics

($1=1.5320 lira)
(Writing by Daren Butler; Editing by Hans Peters)

UPDATE 1-Turkey’s Akbank Q1 net profit beats forecasts