Turkcell, Akbank Post Steady 2014 Earnings

Akbank posted a 10 percent rise in net income during the first nine months of the year, according to a statement released by the bank on Thursday, while cellular phone service provider Turkcell announced on Friday that it enjoyed a record-breaking third quarter.

The bank took in TL 3.1 billion in gross earnings during the first three quarters of 2014, accounting for TL 2.4 billion in net earnings.

It is focusing on a growth model based on investment, production and exports, according to General Manger Hakan Başgil. “We are attaching particular importance to small and medium-sized enterprises. We have supported such enterprises by providing TL 91 billion in cash credit, amounting to TL 122 billion in total credit,” said Başgil in the statement.

He added that the bank was pleased to report an 8 percent increase in the bank's personal savings accounts, adding that 200,000 account holders make monthly contributions to their savings account. Economists have repeatedly emphasized Turkey's need to increase its low savings ratio.

The Turkish lender on Thursday posted a 28 percent increase in third-quarter net income to TL 720.9 million ($322 million).

İstanbul-based Akbank was expected to report a net profit of TL 783 million, according to a Reuters poll of eight banks and brokerages. Last year's third-quarter profit at Akbank, which is owned by Sabancı Holding, was TL 563 million.

Meanwhile, cellular phone provider Turkcell posted TL 3.16 billion in revenues for the third quarter of 2014, the highest ever in that quarter. The third quarter revenues rose by 6 percent to reach record-breaking levels.

The number of subscribers using smartphones reached 12 million by the end of the third quarter, while Turkcell's T50 smartphone was the highest selling of its kind in Turkey during the quarter. The company's number of plan subscribers increased, accounting for 42.6 of all Turkcell users. The company has 34.7 million total users.

(Cihan/Today's Zaman)