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UPDATE 1-Turkey's Isbank Q3 profit more than doubles
November 14, 2012 / 3:37 PM / 5 years ago

UPDATE 1-Turkey's Isbank Q3 profit more than doubles

(Adds details on provisions)

ISTANBUL, Nov 14 (Reuters) - Isbank, Turkey’s largest private bank by assets, said on Wednesday third-quarter net profit more than doubled to 685.2 million lira ($379 million), supported by higher net interest income and lower provisions.

Net profit rose from 327.4 million lira in the third quarter of 2011 and beat a forecast in a Reuters poll of 567 million lira.

The bank said net interest income rose to 1.52 billion lira in the quarter from 1.05 billion lira a year earlier, according to a statement released to the Istanbul Stock Exchange.

The lender set aside 104 million lira of provisions in the third quarter compared to 411.2 million lira set in the same period of last year.

Isbank in September changed its practice from the third period of 2012 of setting aside 100 percent provisions for its receivables under the non-performing loans account. ($1=1.8074 Turkish liras) (Writing by Seda Sezer; Editing by Mike Nesbit)

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