Akbank T.A.S.

First-half net income was TRY 34.333 billion, up 38% year over year, with ROE of 22.2% and ROA of 1.9%. First-half revenue was TRY 140.320 billion, up 45% year over year, and net interest income rose 95% year over year. Fee income grew 35% year over year in the first half, and swap-adjusted NIM declined 25 basis points quarter over quarter to 3%. Management revised full-year ROE guidance to 23% to 25% from the high 20s, year-end swap-adjusted NIM guidance to 3.2% to 3.5% from around 4%, cost-to-income guidance to the high 40s from the low 40s, TL loan growth guidance to over 30%, and FX loan growth guidance to high single digits. They said fee income should remain above 30%, OpEx growth should moderate toward the low 30s, and cost of risk guidance remains around 200 basis points excluding currency.

Kaan Gur said the operating environment became more challenging, with geopolitical tensions, slower disinflation and delayed policy easing all extending the path to sustainable real ROE. He emphasized disciplined balance sheet management, a stronger asset mix, prudent provisioning, and a resilient customer franchise as the bank’s response. He also framed AI, digital capabilities, advisory coverage, and ecosystem partnerships as strategic investments to strengthen the franchise for the longer term.

Kamile Ebru Güvenir said higher funding costs are delaying both margin recovery and real ROE generation, despite strong first-half performance. She cited the 38% rise in net income to TRY 34.333 billion, 45% revenue growth to TRY 140.320 billion, 95% growth in net interest income, and 35% fee income growth, while noting swap-adjusted NIM fell to 3% and year-end NIM guidance was cut to 3.2% to 3.5%. On capital and balance sheet, she highlighted total capital of 16.4%, Tier 1 of 13.3%, provisions near TRY 85 billion, and a $500 million Tier 2 issuance at an 8.25% yield with an order book above $1.2 billion.

Analysts focused on NIM recovery timing, cost control, asset quality, capital, and whether lending caps would slow repricing. Management said NIM improvement should come gradually, mainly in the third and fourth quarters, if Central Bank funding rates normalize and deposit pricing eases. On costs, they said discipline remains ongoing and they still expect full-year OpEx growth in the low 30s; on credit, they said cost of risk is slightly above 200 basis points now but they remain confident in the full-year guidance, helped by strong provisioning and tighter underwriting. They also said the IRB process could add about 2% to capital ratios eventually, but it depends on regulatory approval, and they are not yet discussing next year’s payout.