Akbank (AKBNK) Q2 2025 earnings summary

Executive summary

• Net income for the first half of 2025 rose 3% year-over-year to TL 24,852 million, with ROE at 20.1%–20.3% and ROA at 1.8%–1.9%.

• Revenues increased 39% year-over-year to TL 96.83 billion, driven by robust fee income growth and a balanced growth strategy focused on asset quality and margin enhancement.

• Active customer base expanded 73% since 2021, reaching 14.7 million, with digital customer penetration at 87%.

• Strong capital position with CAR at 17.4%–20.32% and Tier 1 at 13.8%, supporting profitable growth.

• Fee/opex ratio improved to 96% in 1H25, reaching 100% in 2Q25, exceeding strategic targets.

Financial highlights

• Net interest income for 1H25 was TL 27,769–36,444 million, with net fees and commissions up 60% to TL 48,468–51,219 million.

• Operating expenses rose 35% year-over-year, with cost/income ratio at 54.5% and cost-to-assets at 3.8%.

• NPL ratio stood at 3.4%–3.6%, with Stage 2+3 loans at 8.7% and coverage at 32.7%.

• Total assets reached TL 2,984,030 million, and deposits TL 1,890,099 million as of 1H25.

• Earnings per share for the period was TL 0.04779, up from TL 0.04636 year-over-year.

Outlook and guidance

• 2025 guidance: TL loan growth above 30%, FX loan growth mid-single digits, ROE above 25%, and fee income growth ~60%.

• Swap-adjusted NIM guidance revised to 3%–3.5%, with cost/income ratio targeted at high-40% range.

• NPL ratio expected to remain around 3.5%, with net total cost of credit (excluding currency impact) at 150–200 bps.

• Policy rate expectation revised up to 36% from 30.5%.

• Margin recovery expected as policy rates ease in 2H25.