Table of Contents
Sector Overview 8
How is the 7% loan growth estimate derived? 11
Relentless hike in NPLs is the big worry… no short-term hope of a recovery 12
Which bank suffered most? 14
A helpful move from the BRSA for problem loans 16
Liquidity is not a concern 16
Rebuilding the securities book 17
A less profitable outlook for 2009, with waning earnings quality 18
Provisioning to continue to dent the bottom line 19
How much of the additional provisioning can be covered by reducing OPEX? 19
Margins are likely to improve amid monetary easing, despite possible deterioration in profitability 20
Capital Adequacy 20
2008 Earnings are mostly retained 21
Wholesale Funding 22
Concerns Related to Foreign Shareholders 23
Banks Section 24
Akbank 25
Albaraka Turk 28
Bank Asya 31
Garanti Bank 34
Halkbank 37
Isbank 40
Sekerbank 43
TEB 48
TSKB 49
Vakifbank 52
Yapi Kredi 55
Global Comparison 58