Türkiye Vakiflar Bankasi Türk Anonim Ortakligi (VAKBN) Q2 2026 earnings summary

Executive summary

• Achieved TL 30.1 billion net income in 1H26, up 30% year-over-year and 59% quarter-over-quarter, driven by CPI-linker revaluation and core spread improvement.

• ROAE at 17.8% in 1H26, with core banking revenue up 65% year-over-year.

• Digital transformation advanced, with 94% of transactions non-branch and 16.5 million digital banking customers.

Financial highlights

• Net interest income reached TL 103.7 billion in 1H26, up 111.7% year-over-year.

• Net fee and commission income rose 27.5% year-over-year to TL 41.7 billion.

• Operating expenses increased 57.4% year-over-year, mainly due to front-loaded promotion expenses.

• Cost/income ratio at 49.6% in 1H26, up from 38.3% in 1H25.

• NIM (swap-adjusted) at 3.7% in 1H26, with further expansion expected in 2H26.

Outlook and guidance

• NIM expansion anticipated in 2H26, supported by CPI-linker revaluation and improved TL core spreads.

• Front-loaded opex expected to normalize to sector average in 2H26.

• Conservative CPI estimate of 29% guides earnings projections.