UPDATE 1-Turkish Is Bank 2007 net profit jumps 53 percent

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ISTANBUL, Feb 15 (Reuters) - Turkey's Is Bank ISCTR.IS said on Friday its 2007 net profit rose 53 percent to 1.7 billion lira ($1.4 billion).

Is Bank, Turkey's third-largest by market capitalisation, said its assets reached 80.2 billion lira at the end of the year. It gave no comparison, but according to stock market records, were 75.2 billion lira a year earlier.

As at the end of 2007, total loans accounted for 42 percent of assets, it said in a short statement. Full results were not immediately available.

Before the results were released, Is Bank stock fell 4.3 percent, underperforming a 3.4 percent fall on the banking index .XBANK.

European Union candidate Turkey's banking sector has seen a series of acquisitions by foreign banks in recent years as investors seek exposure to fast economic growth -- seen at around 5 percent this year -- and a young and growing population.

But analysts say competition is fierce as banks race to grab market share, while some of the highest interest rates in emerging markets are holding back potential loan growth.

Is Bank's owners include the main opposition party CHP. (Reporting by Emma Ross-Thomas; Editing by Quentin Bryar)