Akbank (AKBNK) Q3 2025 earnings summary

Executive summary

• Net income rose 17% year-on-year to TL 38.9 billion for the first nine months of 2025, with ROE at 20.4% and ROA at 1.8%.

• Revenue grew 48% year-on-year to TL 155,970 million, driven by robust fee generation and renewed NII momentum.

• Maintained strong capital adequacy, with CAR at 17.2%-19.3% and Tier 1 at 13.6%.

• Operational efficiency improved, with a fee/opex ratio at 104% and cost discipline.

• Prudent risk management kept NPL ratio at 3.5% and Stage 2+3 coverage at 34.3%.

Financial highlights

• Quarterly swap-adjusted NII improved by 48% quarter-on-quarter, supporting recurring revenue.

• TL loan growth reached 28% year-to-date, with strong market share gains in business and consumer loans.

• FX loan book grew 5.1% year-to-date, mainly driven by multinationals and infrastructure projects.

• Fee income advanced 67% year-on-year, led by payment systems (+76%) and bancassurance (+77%).

• Operating expenses increased 35% year-on-year, below revised full-year guidance.

Outlook and guidance

• 2025 guidance: TL loan growth above 30%, FX loan growth mid-single digit, NIM (swap adjusted) 3%-3.5%.

• ROE expected between 20.4% and above 25%, with NPL ratio around 3.5%.

• Fee income growth to remain strong but may moderate if commission caps are adjusted.

• Cost/income ratio targeted at 40%-high 40%s, with opex growth below 40%.

• Cost of risk for next year expected to evolve at similar levels to 2025.