Akbank (AKBNK) investor relations material

Executive summary

• 9M26 net income was TL45,933m, up 18% YoY; excluding the TL1,714m Competition Board penalty provision, net income was TL47,647m, up 22%.

• 9M ROE was 19.4%, or 20.1% excluding the penalty provision; Q3 marked the NIM trough, with gradual recovery expected as funding-cost pressure eases.

• Strong capital, diversified funding and disciplined underwriting support selective growth amid elevated rates and subdued activity.

Financial highlights

• 9M26 revenue was TL203,581m, up 31% YoY; net interest income including swap cost was TL75,141m, up 59%, and net fees were TL106,531m, up 23%.

• 9M26 operating expenses were TL112,135m, up 35%; pre-provision income was TL94,348m, up 23%.

• Q3 net income was TL11,600m, down 24% QoQ; excluding the penalty provision, it was TL13,314m, down 12% QoQ.

• 9M net total cost of credit was 189 bps, including a positive 20 bps impact from a model update; adjusted and quarterly figures remained in line with 200 bps FY guidance.

Outlook and guidance

• Revised FY26 guidance: TL loan growth >30%, FX loan growth high single digits, swap-adjusted NIM 3.2–3.5%, and net fee growth >30%.

• FY26 guidance also indicated operating expense growth in the low-30% range, cost/income in the high-40% range, NPL ~3.5%, net total cost of credit ~200 bps and one-off-adjusted ROE of 23–25%.

• Q4 NIM was already above 3.2%, the lower end of revised guidance; FY NIM could finish slightly below guidance, while exit NIM was expected above 3.5% even without a December rate cut.

• Gradual NIM improvement is expected into 2027; securities redemptions may add support from 2H 2027.

• 2027 disinflation is expected to continue, with inflation at 25%–27% and year-end policy rates near 30%; monetary policy is expected to remain tight.