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Garanti Bank has sold TRY260mn worth of NPL portfolio to Gelisim Varlik for TRY18.5mn. 7.1% compared better than a 2.8% obtained by Yapi Kredi Bank in June, Seker Invest said on August 1 in its daily market watch. The sold amount accounted for 1.9% of Garanti’s overall NPLs as of Q2 and it will cut the lenders NPL ratio by 11bp.
S&P said on July 31 that it has affirmed Garanti Bank at B+ but cut the outlook to negative due to highly challenging operating conditions in Turkey.
● Akbank
Akbank’s net income declined by 20% y/y to TRY1.3bn in Q2 and by 19% y/y to TRY2.7bn in H1.
● Yapi Kredi Bank
52 TURKEY Country Report September 2019 www.intellinews.com
