Update: Akbank 1q Net Profıt Up 76%
Turkish private lender Akbank (AKBNK.IS) Friday posted a consolidated net profit of 1 billion Turkish lira ($655 million) in the first quarter of the year.
The bank's net profit was TRY568.7 million in the corresponding period of 2009, according to the Istanbul Stock Exchange's Web site.
Akbank didn't give a reason for the increase in net profit, but the exchange attributed it mainly to rising net interest income.
Its net interest income increased to TRY1.4 billion in the first quarter of the year from TRY1.1 billion a year earlier, while its net operating profit rose to TRY1.27 billion from TRY707.1 million.
The bank's deposits rose to TRY64.1 billion in the first quarter of the year from TR60.9 billion at the end of 2009.
(YC-YC-E-ENG)