Q3 2024 Yapi ve Kredi Bankasi AS Earnings Call Transcript
Key Points
- Yapi Ve Kredi Bankasi AS (IST:YKBNK) achieved a 32% quarterly increase in pre-provision profits, indicating strong top-line growth.
- The bank successfully widened its loan deposit spread by 236 basis points quarterly, outperforming peers in net interest margin contribution.
- The bank's fees coverage over operating expenses reached 98%, the highest among peers, demonstrating strong operational efficiency.
- Yapi Ve Kredi Bankasi AS maintained a solid customer base with 16.5 million customers, with more than 60% being efficient in terms of penetrated products.
- The bank secured around $7 billion worth of external funding within the last 12 months, strengthening its funding base for future growth.
- The bank experienced a 30% quarterly decline in net profit, reflecting challenges in the current operating environment.
- Prolonged high rate environment and macro prudential measures have delayed the expected improvement in net interest margin.
- The bank's return on tangible equity was 16.4%, which may be considered low given the challenging operating environment.
- There was a significant increase in operating costs, primarily driven by HR costs due to salary increases, impacting overall profitability.
- The bank's NPL inflow was driven by unsecured consumer loans, indicating potential risks in asset quality.
Ladies and gentlemen , thank you for standing by. I'm Constantino Yacos cooperator. Welcome and thank you for joining the Yapi credit conference call and live webcast to present and discuss the Yapi Kredi nine months, 2024 financial results conference call and live webcast.
At this time. I would like to turn the conference over to Mr Kusd Kec, CSO and M Hal Varol, head of investor relations and strategic analysis. Mr Kec. You may now proceed.
Good afternoon and thank you all for joining our 91 2024 earnings call.
Before going into details of our performance. I would like to share some information about the operating environment.
T's gradual normalization process continues and the preliminary positive results are being observed. On the other hand, the tight monitor policy stance remains in place due to uncertainty regarding the pace of this inflation process.
Although inflation readings indicate a decline in the
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