24 February 2005 -

Report Summary

Sekerbank, 30% above our expectation, disclosed a net profit of YTL 82.4 mn (US$ 61.6 mn) on its 2004 year end bank only balance sheet. Despite the operational income is strictly in line with our estimation lower than expected provisions and other operational expenses raised the actual net income. Beside that we were expecting that Sekerbank will record a tax income due to deferred tax asset but the bank allocated tax provision for 2004 fiscal year.

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