Halk Yat\u0131r\u0131m, Garanti BBVA’n\u0131n 2026 y\u0131l\u0131 ikinci \u00e7eyrek finansal sonu\u00e7lar\u0131na ili\u015fkin yay\u0131mlad\u0131\u011f\u0131 de\u011ferlendirme raporunda, bankan\u0131n beklentilerin \u00fczerinde net kar a\u00e7\u0131klad\u0131\u011f\u0131n\u0131 belirterek hisse i\u00e7in “AL” tavsiyesini korudu.\u00a0<\/p>\n
Kurum, hedef fiyat\u0131n\u0131 ise makroekonomik varsay\u0131mlar ve jeopolitik geli\u015fmeler do\u011frultusunda 208,37 TL’den 187,17 TL’ye revize etti.<\/p>\n
Rapora g\u00f6re Garanti BBVA’n\u0131n 2026 y\u0131l\u0131 ikinci \u00e7eyrek solo net k\u00e2r\u0131, \u00e7eyreklik bazda y\u00fczde 8,8 gerilerken y\u0131ll\u0131k bazda y\u00fczde 7,3 art\u0131\u015fla 30,38 milyar TL olarak ger\u00e7ekle\u015fti. A\u00e7\u0131klanan k\u00e2r, Halk Yat\u0131r\u0131m’\u0131n 27,36 milyar TL ve piyasa beklentisi olan 28,07 milyar TL seviyelerinin \u00fczerinde ger\u00e7ekle\u015fti.<\/p>\n
Analizde, net kardaki \u00e7eyreksel gerilemede swap dahil net faiz gelirlerindeki y\u00fczde 5,8’lik d\u00fc\u015f\u00fc\u015f, net provizyon giderlerindeki y\u00fczde 45 art\u0131\u015f ve ticari k\u00e2r\/zarar kalemindeki y\u00fczde 43’l\u00fck azal\u0131\u015f\u0131n etkili oldu\u011fu belirtildi.<\/p>\n
Halk Yat\u0131r\u0131m, kredi getirilerinin y\u00fczde 10,8 artmas\u0131na ra\u011fmen mevduat maliyetlerindeki y\u00fczde 22,3’l\u00fck y\u00fckseli\u015fin ikinci \u00e7eyre\u011fin en \u00f6nemli temalar\u0131ndan biri oldu\u011funa dikkat \u00e7ekti. Raporda, yeniden yap\u0131land\u0131rma d\u00fczenlemesinin sona ermesi, perakende kredi portf\u00f6y\u00fcn\u00fcn a\u011f\u0131rl\u0131\u011f\u0131n\u0131n artmas\u0131 ve makroekonomik senaryolardaki g\u00fcncellemelerin net provizyon giderlerini y\u00fckselten ba\u015fl\u0131ca unsurlar oldu\u011fu ifade edildi.<\/p>\n
Y\u00f6netimin de\u011ferlendirmesine g\u00f6re ticari kar\/zarar kalemindeki zay\u0131flama ise ilk \u00e7eyrekte swap e\u011frisindeki hareketlerden kaynaklanan de\u011ferleme kazan\u00e7lar\u0131n\u0131n ikinci \u00e7eyrekte normalle\u015fmesi ve m\u00fc\u015fteri kaynakl\u0131 d\u00f6viz i\u015flem hacimlerindeki gerilemeden kaynakland\u0131.<\/p>\n
Buna kar\u015f\u0131n net \u00fccret ve komisyon gelirlerindeki g\u00fc\u00e7l\u00fc art\u0131\u015f ile operasyonel giderlerde g\u00f6r\u00fclen s\u0131n\u0131rl\u0131 gerilemenin k\u00e2rl\u0131l\u0131\u011f\u0131 destekledi\u011fi vurguland\u0131.<\/p>\n
Raporda, bankan\u0131n T\u00dcFE’ye endeksli menkul k\u0131ymet (T\u00dcFEKS) portf\u00f6y\u00fc de\u011ferlemesinde kulland\u0131\u011f\u0131 enflasyon varsay\u0131m\u0131n\u0131 ilk \u00e7eyrekteki y\u00fczde 23 seviyesinden ikinci \u00e7eyrekte y\u00fczde 27’ye \u00e7\u0131kard\u0131\u011f\u0131 belirtildi.<\/p>\n
Bu de\u011fi\u015fikli\u011fin T\u00dcFEKS gelirlerini ve net faiz marj\u0131n\u0131 destekledi\u011fi ancak artan fonlama maliyetlerini tamamen telafi edemedi\u011fi ifade edildi. Swap dahil net faiz marj\u0131n\u0131n, T\u00dcFEKS gelirlerindeki y\u00fczde 34,4’l\u00fck art\u0131\u015fa ra\u011fmen \u00e7eyreklik bazda 80 baz puan gerileyerek y\u00fczde 5,9 seviyesine indi\u011fi hesapland\u0131.<\/p>\n
Halk Yat\u0131r\u0131m, aktif kalitesi taraf\u0131nda takipteki alacak oran\u0131n\u0131n ilk \u00e7eyrekteki y\u00fczde 3,7 seviyesinden ikinci \u00e7eyrekte y\u00fczde 4,1’e y\u00fckseldi\u011fini belirtti. Net kredi riski maliyeti ise y\u00fczde 2,49’dan y\u00fczde 3,4 seviyesine \u00e7\u0131kt\u0131.<\/p>\n
Bununla birlikte kurum, y\u0131l sonuna ili\u015fkin net kredi riski maliyeti beklentisinin bankan\u0131n \u00f6ng\u00f6r\u00fcleriyle uyumlu olmaya devam etti\u011fini kaydetti.<\/p>\n
Garanti BBVA y\u00f6netimi, 2026 y\u0131l sonu beklentilerinde TL kredi b\u00fcy\u00fcmesini y\u00fczde 30-35, d\u00f6viz kredisi b\u00fcy\u00fcmesini dolar baz\u0131nda orta tek haneli seviyelerde ve net kredi riski maliyetini y\u00fczde 2-2,5 aral\u0131\u011f\u0131nda korudu.<\/p>\n
Banka ayr\u0131ca \u00fccret ve komisyon gelirlerinde y\u00fczde 30-35, faaliyet giderlerinde ise y\u00fczde 45-50 b\u00fcy\u00fcme \u00f6ng\u00f6r\u00fcs\u00fcn\u00fc s\u00fcrd\u00fcrd\u00fc.<\/p>\n
Y\u00f6netim, beklenenden y\u00fcksek fonlama maliyetleri nedeniyle swap dahil net faiz marj\u0131nda \u00f6ng\u00f6r\u00fclen yakla\u015f\u0131k 75 baz puanl\u0131k y\u0131ll\u0131k geni\u015fleme hedefi \u00fczerinde a\u015fa\u011f\u0131 y\u00f6nl\u00fc risk bulundu\u011funu ifade etti.<\/p>\n
\u00dc\u00e7\u00fcnc\u00fc \u00e7eyrekte marjlar\u0131n yatay seyretmesi, toparlanman\u0131n ise a\u011f\u0131rl\u0131kl\u0131 olarak d\u00f6rd\u00fcnc\u00fc \u00e7eyrekte ger\u00e7ekle\u015fmesi bekleniyor.<\/p>\n
Raporda, y\u0131l sonu T\u00dcFEKS de\u011ferleme varsay\u0131m\u0131n\u0131n y\u00fczde 30’a y\u00fckseltilmesi halinde swap dahil net faiz marj\u0131na yakla\u015f\u0131k 20 baz puan ilave katk\u0131 sa\u011flanabilece\u011fi de belirtildi.<\/p>\n
Halk Yat\u0131r\u0131m, Garanti BBVA hissesi i\u00e7in hedef fiyat\u0131n\u0131 208,37 TL’den 187,17 TL’ye d\u00fc\u015f\u00fcr\u00fcrken, mevcut 123,10 TL hisse fiyat\u0131na g\u00f6re yakla\u015f\u0131k y\u00fczde 52 getiri potansiyeli \u00f6ng\u00f6rd\u00fc ve “AL” tavsiyesini korudu.<\/p>\n
Kurum, hedef fiyat revizyonunda makroekonomik tahminlerde yap\u0131lan g\u00fcncellemeler ile jeopolitik geli\u015fmelerin geli\u015fmekte olan \u00fclke piyasalar\u0131 \u00fczerindeki etkilerinin dikkate al\u0131nd\u0131\u011f\u0131n\u0131 belirtti.<\/p>\n
Raporda, a\u00e7\u0131klanan ikinci \u00e7eyrek finansal sonu\u00e7lar\u0131 ise “s\u0131n\u0131rl\u0131 pozitif” olarak de\u011ferlendirildi.<\/p>\n
<\/strong> \u0130stanbul, 31 Temmuz (Hibya) – Halk Yat\u0131r\u0131m, Garanti BBVA’n\u0131n 2026 y\u0131l\u0131 ikinci \u00e7eyrek finansal sonu\u00e7lar\u0131na ili\u015fkin yay\u0131mlad\u0131\u011f\u0131 de\u011ferlendirme raporunda, bankan\u0131n beklentilerin \u00fczerinde net kar a\u00e7\u0131klad\u0131\u011f\u0131n\u0131 belirterek hisse i\u00e7in “AL” tavsiyesini korudu.\u00a0<\/p>\n","protected":false},"author":1,"featured_media":124566,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"googlesitekit_rrm_CAow07ekDA:productID":"","footnotes":""},"categories":[4,1,10,9],"tags":[],"class_list":["post-124565","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-dunya","category-ekonomi","category-otomobil","category-manset"],"_links":{"self":[{"href":"https:\/\/ekonomigundemi.com.tr\/index.php\/wp-json\/wp\/v2\/posts\/124565","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ekonomigundemi.com.tr\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ekonomigundemi.com.tr\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ekonomigundemi.com.tr\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/ekonomigundemi.com.tr\/index.php\/wp-json\/wp\/v2\/comments?post=124565"}],"version-history":[{"count":0,"href":"https:\/\/ekonomigundemi.com.tr\/index.php\/wp-json\/wp\/v2\/posts\/124565\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ekonomigundemi.com.tr\/index.php\/wp-json\/wp\/v2\/media\/124566"}],"wp:attachment":[{"href":"https:\/\/ekonomigundemi.com.tr\/index.php\/wp-json\/wp\/v2\/media?parent=124565"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ekonomigundemi.com.tr\/index.php\/wp-json\/wp\/v2\/categories?post=124565"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ekonomigundemi.com.tr\/index.php\/wp-json\/wp\/v2\/tags?post=124565"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
\nEKONOM\u0130 GAZETES\u0130 <\/p>\n","protected":false},"excerpt":{"rendered":"