VAKBN Banking
🏢 Company Profile
Commercial banking; among the largest banks in the country by asset size (Türkiye Varlık Fonu 64%, Hazine 20% ownership structure). Source: Midas company cards, 24.10.2026.
- TURKISH WEALTH FUND — 73.26%
- T.R. MINISTRY OF TREASURY AND FINANCE — 14.75%
- TÜRKİYE VAKIFLAR BANKASI T.A.O OFFICERS AND SERVANTS RETIREMENT AND HEALTH AID FOUNDATION — 4.31%
- Last quarter (2026/6): sales 103701000000 TL, net profit margin 29.0% (high)
- Sales growth: YoY %+111.7 (increase).
- Net profit growth: YoY +0.1% (negligible).
- Owners' Equity Growth: YoY %+6.5 (increase)
- Asset turnover 0.1 (TTM revenue / total assets) — heavy asset base (may be the norm for a capital-intensive sector).
- Financial liabilities / owners' equity 0% (low leverage); total liabilities (short+long) / owners' equity 0%.
- Current ratio (TradingView balance sheet section) 0.3 — short-term liability pressure.
- Multiples: P/E 4.4 · P/B 0.9.
- Source: İş Yatırım quarterly financial statements + TradingView TTM (06.10.2026); comments are generated with fixed threshold rules and are not investment advice.
| Total Assets | 5.810.8 mlr TL | Total Debt | 3.567.0 mlr TL |
| Current Assets | 790.8 billion TL | Equity | 353.0 mlr TL |
| Financial Debt | — | Net Profit | 30.1 mlr TL |
📋 Announced Financial Statements· manually added financial table summary · last pull: 2026-09-23
| Period | Net Interest Income (mlr TL) | Net Profit (mlr TL) | Profit Margin | Total Assets (mlr TL) | Equity (mlr TL) |
|---|---|---|---|---|---|
| 2026/6 | 103.7 (+ 111.7% YoY) | 30.1 (+ 0.1% YoY) | 29.0% | 5,810.8 | 353.0 |
| 2026/3 | 53.8 (+ 156.2% YoY) | 15.0 (- 25.0% YoY) | 27.9% | 5,550.1 | 331.5 |
| 2025/12 | 152.4 (+ 54.0% YoY) | 70.1 (+ 73.5% YoY) | 46.0% | 5,388.3 | 322.4 |
| 2025/9 | 86.1 (+ 53.4% YoY) | 42.0 (+ 54.2% YoY) | 48.8% | 4,994.3 | 263.6 |
| 2025/6 | 49.0 (+ 34.8% YoY) | 30.1 (+ 56.6% YoY) | 61.4% | 4,555.2 | 246.5 |
| 2025/3 | 21.0 (+ 18.7% YoY) | 20.0 (+ 66.6% YoY) | 95.3% | 4,189.8 | 233.0 |
| 2024/12 | 99.0 | 40.4 | 40.8% | 4,021.5 | 219.2 |
| 2024/9 | 56.1 | 27.2 | 48.5% | 3,569.0 | 201.2 |
| 2024/6 | 36.3 | 19.2 | 52.8% | 3,237.5 | 191.3 |
| 2024/3 | 17.7 | 12.0 | 67.9% | 3,026.3 | 184.5 |
Income statement items (net interest income and net profit) are cumulative from the beginning of the year; balance sheet items are period-end balances. Source: İş Yatırım financial statements (based on KAP disclosures).
🔎 Fundamental Analysis Summary · automatic
- Net profit margin 6.1% (normal net profit margin).
- Current ratio 0.25 — under short-term liability pressure.
Rule-based summary: It is generated from İş Yatırım financial statements (TTM) and TradingView base data with fixed thresholds; no LLM, no hallucination risk. It is not investment advice.
Valuation and Profitability · single source, last 12 months
Last 5 trading days return: -1.7%
| Market value | 295.3 billion TL |
| Equity (2026/6) | 353.0 mlr TL |
| Net profit (last 12 months) | 70.1 mlr TL |
| P/E (last 12 months) | 4.2 |
| P/B | 0.84 |
| ROE (last 12 months) | 19.9% |
| Financial debt / equity | — |
Source: İş Yatırım financial statements (KAP disclosures) — same source as the balance sheet table.
Macro Sensitivity · Banking sector
Regime: high inflation + tight monetary policy (6.27 point real interest) · moderate domestic demand
| Trend | positive |
| Score | +2 |
| Channels | interest rate increase, domestic demand increase |
Sector sensitivity matrix x current macro regime; detail Macroeconomic Evaluation.
Technical Status
| General | STRONG SELL |
| Short term (EMA 5-8-13-21) | SELL |
| Medium term (EMA 34-55) | SELL |
| Long term (EMA 89-144) | SELL |
| Wave Trend (indicator) | SELL |
| Channel position | %-0 |
| Trend strength (r) | 0.22 |
| Score | 0 |
EMA sequence + Wave Trend + 60-day regression channel. Details: Technical Scan · Stock Center
Last 7 Days News
- Eylül Akarçeşme will undergo surgery at VakıfBank — birgun.net · 28.10
- Vakıfbank bought back 143,761 shares for payment to qualified employees — Investing.com Türkiye · 28.10
- VakıfBank provides 10 billion lira financing support for the circular economy... — Para Analiz · 28.10
- VakıfBank'ın stars spoke to A Spor! — A Spor · 27.10
- VakıfBank’tan Eylül Akarçeşme Yatgın statement! — Ajansspor · 25.10
- Vakıfbank’a was to become general manager, now in prison from the fund - İsmail Saymaz — Sözcü Gazetesi · 25.10
📋 KAP Notifications
- 23 Ekim 14:43 — Circuit Breaker Notification on a Share Basis→
- 1 Ekim 10:15 — Default Transaction→
- 30 September 11:48 — Default Transaction→
- 30 September 10:54 — Default Transaction→
All notifications: KAP →
📝 Evaluations· prepared manually · last update: 23.09.2026
📈 Technical Analysis
Vakıfbank, on September 23, 2026, rose to 34.44 TL with a 1.18% premium, renewing its 60-day peak. With a BUY signal across all horizons, it upgraded to a 4/4 STRONG BUY chart; the channel position at 61% and trend strength (r) of 0.56 formed a healthy uptrend structure. The stock is priced 42% above its 60-day low of 24.28 TL; with a 60-day return of 5.26%, it ranks among the leading names in the rotation within the banking index.
🌍 Macroeconomic Evaluation
State-owned banks are affected in two ways during the interest rate cut cycle: valuation gains in securities portfolios and credit volume growth are supportive, while their role in policy lending can limit net interest margins. The decline in inflation to 31.5% and the Central Bank of the Republic of Turkey's (CBRT) measured easing are revising profitability expectations upward for the banking sector; Vakıfbank's 2Q momentum is an early reflection of this trend. The balanced movement of USD/TL at the 48.83 level and the decrease in CDS premiums are encouraging the return of foreign investors to Turkish banks; limited foreign ownership due to low free float makes the stock sensitive to domestic corporate demand. The decline in deposit costs and KGF mechanisms support the funding side. With gram gold at 6.786 TL, stability in the deposit base is being monitored. Main risks; rigidity in inflation, regulatory burdens, and margin limitations dependent on the state bank role.
🧾 Balance Sheet Evaluation
Vakıfbank kept its net profit flat in the first half of 2026 with a 0.1% annual increase, but achieved strong quarterly momentum with 15.1 billion TL net profit (+50.3%) in the second quarter. The bank, which generated a total of 70.1 billion TL net profit in the last four quarters, has a market value of ~342 billion TL; with multiples of ~4.9x P/E and ~1.0x P/B, it is trading at a valuation that has partially closed the state bank discount, approaching private bank thresholds. Since FD/EBITDA is not meaningful in banking, the evaluation is conducted on P/E, P/B, and ROE axes. ROE of 19.9% in the last four quarters is strong; normalization in net interest margin and securities valuation gains supported 2Q profitability. The decline in the profit/revenue ratio from 61.4% in the first half of the previous year to 30.2% reflects the normalization of the inflation accounting base and the return of profit composition to core banking. The state-owned bank identity creates sensitivity to policy direction in credit growth while providing advantages in deposit base and funding access. Dividend distribution is limited; adding profit to equity supports capital adequacy. In summary, Vakıfbank; with strong ROE, reasonable multiples, and improvement in technical outlook, is one of the names to follow in the bank rotation; main risks are low free float and policy sensitivity specific to state-owned banks.
This section is manually updated; for informational purposes only, not investment advice.