Vakifbank came in slightly under expectations, with profits of TL240 million ($134 million). Yapi Kredi and Akbank came in broadly in line with expectations, with earnings of TL567 million and TL640 million respectively. Three outperformed consensus expectations: Garanti came in at TL1.01 billion, Isbank at TL809 million and Halk at TL512 million.
However, even the banks with strong numbers had to use one-off gains to get where they wanted. Garanti included proceeds from the sale of its insurance joint venture to Eureko.
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