Akbank Best debt house
Best equities house
Best M&A house
Best local partner
Several Turkish banks have turned in strong performances in the past 12 months, with Garanti and HSBC doing particularly well as the economy picked up after a tough 2002.
However, Akbank has set new heights for the sector.
Akbank?s profit in 2003 was TL1,508 trillion ($1 billion), which was the highest ever in the history of Turkish banking. Its record-breaking performance was in part attributable to its consumer loans business, which grew by 328%. It is now the number one bank in consumer loans, mortgages and car loans. It is the number one provider of corporate and commercial loans as well, and its Turkish lira loan business grew by 183% in 2003.
Key loans included a $200 million funding for Turkcell, arranged in February 2004. Akbank?s securities custody business also grew by 64%. Its mutual fund business grew by 99%, bringing the bank to the number two position in the market.
Akbank?s net fees and commission income grew by 167% in the first quarter of 2004 year on year, in large part thanks to its credit card business.