Page 35 - TURKRptSep21

7.3.2 Dividend dynamics
VTB Capital expects a 20% dividend pay-out ratio by Akbank (AKBNK) and
Yapi Kredi Bank (YKBNK) from 2021 profits.
Akbank is controlled by Turkey’s Sabanci Holding (SAHOL). Yapi Kredi is a JV between Turkey’s Koc Holding (KCHOL) and Italy’s UniCredit.
Turkish banks were subject to first “advisories” not to distribute dividends from their 2018 and 2019 profits, while they have been banned from distributing dividends in 2020.
In 2021, the government allowed lenders to distribute up to 10% of their 2020 profits.
VTB did not cite any sources as to whether it has information on a removal or raising of the dividend cap.
Annual Gross Net Gross 2010-2020
Net Gross Dividend Dividend Dividend Dividend 11 years
Profit Dividend Payout per per Yield Yield
TRY TRY Ratio Share Share Payment Last Paid Average
mn mn % TRY TRY Date % Years %
Aksigorta (AKGRT) 432 202 47 0.66 0.56
Mar-2021 23-Mar 24-Mar 24-Mar 24-Mar 24-Mar 25-Mar 26-Mar 26-Mar 29-Mar 29-Mar 29-Mar 29-Mar 29-Mar 30-Mar 30-Mar 30-Mar 31-Mar 1-Apr 2-Apr 5-Apr 5-Apr 7-Apr 9-Apr 9-Apr
6.6 8 7.5
Tofas (TOASO) 1,784 1,500 84 3.00 2.55
8.2 11 6.2
Ford Otosan (FROTO) 4,195 2,253 54 6.42 5.46
3.3 11 6.2
Otokar (OTKAR) 618 400 65 16.67 14.17
4.2 11 4.2
Isdemir (ISDMR) 2,423 3,712 153 1.28 1.09
10.8 5(2016/IPO) 9.6
Erdemir (EREGL) 3,309 6,475 196 1.85 1.58
12.1 10 7.3
Turk Traktor (TTRAK) 776 850 109 15.93 13.54
7.0 11 6.1
Akbank (AKBNK) 6,267 626 10 0.12 0.10
2.0 9 2.1
Tat Gida (TATGD) 167 34 20 0.25 0.21
2.4 4 2.8
Avivasa (AVISA) 291 80 28 0.44 0.38
2.4 7(2014/IPO) 2.3
Arcelik (ARCLK) 2,848 1,500 53 2.22 1.89
6.4 9 3.6
TSKB (TSKB) 733 73 10 0.03 0.02
1.5 9 2.4
Anadol.Hayat(ANHYT) 519 360 69 0.84 0.71
7.6 11 4.7
Is Investment (ISYAT) 28 25 90 0.16 0.16
4.1 11 14.4
Brisa (BRISA) 540 246 46 0.81 0.69
2.9 8 4.2
Akcansa (AKCNS) 115 105 91 0.55 0.47
3.0 11 6.3
Anad.Sigorta(ANSGR) 461 160 35 0.32 0.27
4.0 7 3.5
Is Invest (ISMEN) 942 355 38 1.00 0.85
4.8 11 7.8
Yapi Kredi (YKBNK) 5,080 500 10 0.06 0.05
2.2 3 1.9
Isbank (ISCTR) 6,810 681 10 0.15 0.13
2.6 9 3.2
Sabanci (SAHOL) 4,768 714 15 0.35 0.30
3.3
11
2.1
Garanti (GARAN) 6,238 624 10 0.15 0.13
1.6 9 2.0
Aygaz (AYGAZ) -25 150 - 0.50 0.43
3.1 11 7.2
Turki.Sigorta(TURSG) 1,161 493 42 0.42 0.36
6.0 - -
Enerjisa (ENJSA) 1,088 1,134 104 0.96 0.82
7.3 3(2018/IPO) 6.9
35 TURKEY Country Report September 2021 www.intellinews.com