Akbank announced its
operating plan yesterday. Akbank management believe that their strategy to increase profitability
by focussing on higher yielding assets is fully on track.. The management
maintain their 16% ROAE guidance for 2013e. In 2013e, the management expect:
22% TRY and 15% FX loan growth and 16% deposit growth – parallel with HSBC
estimates; broadly flat NIM y-o-y (c20bps negative impact on NIM due to lower
yields on securities to be compensated with rising spreads) – parallel with
HSBC estimate; 30bps rise in the NIM adjusted with swap costs -Trading item to
be positive (owing to expected realizations of unrealized gains on marketable
securities portfolio) despite the losses on swaps (USD2bn CCY swap with a cost
of 7% and USD2bn short term swap with a cost of 4.5-5%) – better than HSBC
estimate; 18-20% fee and commission income growth –slightly lower than HSBC
estimate; 14% operating expenses growth – slightly higher than HSBC estimate;
and 60bps net cost of risk (128bps of gross cost of risk) – parallel with HSBC
estimate. The ROAE target is slightly more optimistic compared to sell-side
average estimates.
Erdemir will spend USD300m for investments in 2013. Erdemir’s Chairman Fatih Tar announced that Erdemir will spend USD300m for investments in 2013. The announced figure is slightly higher than earlier company guidance. Based on earlier company guidance, Erdemir has spent USD187m in 2012 and plans to spend USD344m between 2013 and 2015 for capex.
Erdemir will spend USD300m for investments in 2013. Erdemir’s Chairman Fatih Tar announced that Erdemir will spend USD300m for investments in 2013. The announced figure is slightly higher than earlier company guidance. Based on earlier company guidance, Erdemir has spent USD187m in 2012 and plans to spend USD344m between 2013 and 2015 for capex.