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Turkish Islamic bank profit up 61pc

Istanbul, July 8, 2012

Turkish Islamic bank Turkiye Finans, which is majority-owned by Saudi's National Commercial Bank, said its net profit rose 61 per cent year-on-year to 145 million lira ($80.3 million) in the first half.

The bank has also plans to issue a $300 million sukuk (Islamic bond) in the next 6 to 9 months, revealed Turkiye Finans' general manager Derya Gurerk in an interview with Reuters.

The bank said previously it planned a sukuk issue by the end of the year.

Gurerk told Reuters that the bank's net profit target for the whole year was 278 million lira, up 20 per cent from 2011.

The bank was focused on organic growth after a board decision last month to increase its capital by 122 per cent to 1.78 billion lira ($986 million).-Reuters




Tags: Saudi | National Commercial Bank | sukuk | Turkey | profit | Turkiye Finans | Islamic bank |

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