Akbank seeks sound growth, rising credits

Akbank seeks sound growth, rising credits

ISTANBUL - Hürriyet Daily News
Akbank seeks sound growth, rising credits

Akbank aims to raise its loan volume worth 160 billion Turkish Liras by a 20 percent increase in 2015, says General Manager Hakan Binbaşgil. DHA photo

The loan volume of Turkish lender Akbank will grow around 20 percent in the next three years, reaching a volume of 160 billion Turkish Liras as of 2015, General Manager Hakan Binbaşgil has said.

Turkey’s upcoming large privatization and infrastructure projects may support the goal, he said.

The share of credits in Akbank assets will also keep increasing, Binbaşgil said during a dinner hosted by the lender in Istanbul on Feb. 11. This ratio stood at 56.5 percent last year, according to an annual report by the lender released last week. The bank increased its credit volume by 16 percent to generate a 3.4 percent rise from 2011, Binbaşgil said.

“Large projects are being undertaken in Turkey,” he said. “For example, the third airport [slated to be built] in Istanbul is a large one. We might undergo some variety in credits when these projects are considered.”

The bank’s 2012 net profits reached 2.95 billion liras, up 23 percent from a year earlier.

Last year, Akbank created around 1,000 jobs, giving it a workforce of 16,500. However, with 50 new branches set to open across Turkey, the lender expects to add about 400 or more 500 people this year, Binbaşgil said. Akbank will also invest around 110 million liras in information technology, he said. The lender forecasts 5 percent in gross domestic product growth for Turkey.