2/2/2010

Turkey’s Akbank sees loan growth of at least 20 percent

 

Reuters - Akbank, Turkey's second-largest bank by market capitalization, said it expects loan growth of at least 20 percent this year, with deposits also set to soar.

 

"Our loan growth not will be less than 20 percent this year. Our aim is to increase it", said the Chief Executive Ziya Akkurt to a Reuters insider in the Swiss resort of Davos. "On the deposit side, we are expecting not less than 16 percent."

 

Last month, Akkurt said he expected Akbank to register higher loan growth than the industry projection of 10 to 15 percent in 2010. He also told Reuters on the sidelines of the World Economic Forum that the bank expected its performance in 2010 to be more or less the same level in 2009.

 

Turkey's banking sector has proved resilient during the global downturn, benefiting from regulations in place since a 2001 domestic financial crisis and a lack of exposure to toxic or exotic assets.

 

Akbank, in which Citigroup owns a 20 percent stake, is controlled by Istanbul-based Sabanci Holding.

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