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Akbank outlines reasons for success

Akbank outlines reasons for success

Turkish banks have posted record profits for fiscal 2009 ahead of analyst forecasts. Akbank, the country’s second-largest lender by assets, posted a 53 percent rise in full-year net profits and according to deputy CEO Hakan Binbasgil, is well placed to target further growth in 2010. Douglas Blakey reports.


Latest Headlines

  • (Free) Bank of America (BoA), America’s largest bank by deposits, will scrap overdraft charges on debit card purchases from the third quarter, ahead of the Federal Reserve’s new rules that prevent banks from automatically enrolling customers in overdraft programmes.
  • (Free) Australia’s Westpac, the country’s largest banking group by branches, will reopen a retail branch in London by the end of 2011 to tap into the expatriate banking segment.
  • (Free) Metro Bank has been given the go-ahead to enter the UK retail banking market after the Financial Services Authority (FSA) officially approved it for a banking licence.
  • (Free) Ziraat Bankasi, Turkey’s largest public-sector bank, has posted a 67 percent increase in net profits to TRY3.5 billion ($2.26 billion), up from TRY2.1 billion the previous year.
  • (Free) Toronto Dominion (TD), Canada’s second-largest bank, has reported first quarter net earnings of C$1.3 billion ($1.26 billion), almost double the $653 million earned in the same period last year.
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