Türkiye Halk Bankasi (HALKB) Q4 2025 earnings summary

Executive summary

• Total assets rose 42.7% year-over-year and 6.5% quarter-over-quarter; operating revenues increased 105.2% and net interest income more than tripled.

• FX loans were a key growth driver, rising 59.8% year-over-year and gaining market share.

• Strong demand deposit growth and increased wholesale funding supported the funding base; wholesale funding remained below the sector average.

• Prudent underwriting and risk management supported asset quality, with increased loan-loss coverage.

Financial highlights

• Total assets reached TRY 4.3 trillion; net loans grew 35.9% year-over-year to TRY 1,929 billion.

• Deposits rose 46.4% year-over-year to TRY 3,487 billion, with demand deposits at 24.1% of total.

• Net income rose 78% year-over-year to TRY 6.9 billion; tax-adjusted net income increased 124% to TRY 12.6 billion.

• Operating revenues increased 105.2% year-over-year; net interest income rose 224%, and Q4 NIM improved to 3.3% from 1.9%.

• Cost-to-income ratio improved to 65.5% in Q4-25 from 80.1% in Q4-24.

Outlook and guidance

• 2026 loan growth forecast: mid-30s overall, low-30s in TL and mid-20s in FX loans in USD terms.

• 2026 year-end CPI assumption of ~23% and policy rate assumption of 28%.

• 2026 NIM expected above 4%, with an exit target of 4.5–5%.

• Net fees and commissions growth targeted above 40%; OpEx increase expected in the mid-40s.

• NPL ratio targeted below 3.5%; ROE expected to exceed the CPI assumption.