Turkey · Delayed Price · Currency is TRY Türkiye Vakiflar Bankasi Türk Anonim Ortakligi Earnings Call Transcripts
Fiscal Year 2025
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Q4 2025 saw net income surge 73% year-over-year, with strong net interest margin and fee income growth. Asset quality remained stable, capital ratios improved, and 2026 guidance targets further margin expansion, high ROE, and robust lending growth.
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Q3 2025 net income rose 20% QoQ to TRY 11.9B, with YTD net income up 54% YoY. Strong fee and interest income, robust SME lending, and improved NIMs support a high-20s ROE outlook, while asset quality normalizes and capital ratios remain solid.
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Second quarter net income exceeded expectations, with strong core revenue and fee growth. Lending and deposit growth outpaced the sector in key areas, while capital and liquidity positions improved. Full-year guidance was revised upward for lending, fee income, and ROE.
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Q1 2025 net income surged 67% year-over-year to TRY 20 billion, with strong core revenue and efficiency gains. NIM faces short-term pressure from higher funding costs, but CPI-linked adjustments are expected to offset much of the impact. NPL ratio is guided to rise to 2.5% by year-end.
Fiscal Year 2024
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Q4 2024 saw record net income and strong core revenue growth, with full-year profitability and capital ratios outperforming sector averages. 2025 guidance is conservative, with upside potential in ROE and NIM, and manageable asset quality risks expected mainly from SMEs.
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Quarterly net income rose 12% sequentially to TRY 8 billion, with nine-month net income up 81% year-over-year. Asset size surpassed $100 billion, and strong lending and fee income growth outpaced sector averages. Q4 is expected to deliver peak profitability due to CPI-linked income.
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Q1 2024 net income surged 167% year-over-year, with strong core revenue and fee growth, outperforming sector averages. Full-year ROE guidance was raised to 30% amid robust lending and improved deposit granularity.