NIM pressure peaks in 2Q26; strategic optionality emerging

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Yapi Kredi Bank

NIM pressure peaks in 2Q26; strategic

optionality emerging

Reiterate Rating: NEUTRAL | PO: 42.40 TRY | Price: 32.76 TRY

Reiterate Neutral rating

03 August 2026

Yapi Kredi's 2Q26 net income of TRY10.7bn was in line with consensus. The quarter was

characterised by NIM contraction, lower trading income and higher provisions, resulting

in a 15.4% RoE (vs. 30% in 1Q26). Management maintained FY26 guidance despite

lower NIM and the asset quality pressure, arguing that 2Q26 represented the weakest

quarter of the year and that earnings should improve through 2H26. We would also note

that Yapi Kredi entered the year with relatively conservative NIM and RoE guidance. We

make only minor EPS revisions and reiterate our Neutral rating.

Equity

NIM recovery expected in 2H26

Key Changes

(TRY)

8.17

2027E EPS

13.59

13.70

2028E EPS

16.52

16.49

David Taranto >>

Research Analyst

MLI (UK)

Asset quality remains the key watchpoint

Price

Strategic actions could support capital and fees

Estimates (Dec) (TRY)

Net Profit (TRY mn)

EPS (Adjusted Diluted)

EPS change %

Consensus EPS (Visible Alpha)

Dividend per share

ROE

Valuation (Dec)

P/E

P/BV

P/ Tangible BV

Dividend Yield

2024A

29,017

3.44

-57.3%

2025A

47,090

5.57

62.3%

0

15.6%

9.54x

1.44x

1.47x

0%

Stock Data

0

21.0%

2026E

69,006

8.17

46.5%

9.82

0

23.8%

2027E

115,725

13.7

67.7%

13.26

0

30.3%

2028E

139,308

16.5

20.4%

16.04

3.30

27.3%

5.88x

1.08x

1.11x

0%

4.01x

0.85x

0.87x

0%

2.39x

0.63x

0.64x

0%

1.99x

0.48x

0.49x

10.1%

>> Employed by a non-US affiliate of BofAS and is not registered/qualified as a research analyst

under the FINRA rules.