UPDATE 1-Yapi Kredi 2007 net profit up 57 pct at 870 mln lira

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ISTANBUL, March 12 (Reuters) - Turkish lender Yapi Kredi Bank YKBNK.IS, part-owned by Italy's UniCredit (CRDI.MI: Quote, Profile, Research), said on Wednesday consolidated net profit rose 57 percent to 870 million lira ($715 million) year on year.

In a statement to the stock exchange Yapi Kredi said unconsolidated net profit rose 38 percent to 709 million lira year-on-year.

The bank said that total assets rose to 50.35 billion lira in 2007 compared with 49.02 billion lira in the previous year.

The bank's total deposits rose to 32.17 billion lira in 2007 from the previous year's 31.13 billion lira.

It gave no outlook figures for 2008.

Yapi Kredi is owned by Turkish conglomerate Koc Holding KCHOL.IS and Italy's UniCredit (CRDI.MI: Quote, Profile, Research), which has a presence in several central and eastern European countries.

Turkey's Yapi Kredi Bank said earlier this year that it aims to grow faster than the sector average in all areas this year and wants to open 160 new branches. (Reporting by Thomas Grove; Editing by David Cowell)