Akbank General Manager Ziya Akkurt said the Turkish lender would target 15-16% loan growth in 2010, outstripping banking sector growth as a whole, which he forecast at 12-13%.
The bank, which is Turkey's largest company by market value and in which Citigroup has a 20% stake, would take a more aggressive stance next year and open 50-60 new branches, John Deere Lawn Mower Parts, he told reporters.
Turkey's banking sector has proved highly resilient during the global downturn, benefiting from strict regulations in place since a 2001 domestic financial crisis and a lack of exposure to toxic or exotic assets.
Eleven months of rate cuts by the central bank have also boosted Turkish banks' profits by making the cost of funding cheaper and allowing them to increase net interest income.
Istanbul-quoted Akbank, which reported a 44% rise in second-quarter net profit, is controlled by the Sabanci family, one of Turkey's richest.
The family also controls Aksigorta, Turkey's largest insurer by market value. Akkurt said they could seek a strategic partner for Aksigorta.
Akbank Chairwoman Suzan Sabanci said in May the bank expected loan growth to slow to 5% in 2009 as the country's record economic contraction saps demand. In 2008, Akbank's loan book rose 20%.
Source: Reuters, Balkans.com Business News
Saturday, October 10, 2009
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