11 March 2005 -

Report Summary


Yapi Kredi Bank reported YTL 58.9 mn (US$ 44.1 mn) bank-only net loss for 2004. The consensus and Ata Invest expectations were US$ 84 mn US$ 39 mn net profit. The variation stems from higher than expected provisions for "available for sale securities". The real estate portfolio that was acquired due to NPLs was revalued and the difference of YTL146 (US$109 Mn) was recorded as impairment loss at year-end 2004.

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