Gedik Yat\u0131r\u0131m\u2019\u0131n Bankac\u0131l\u0131k Sekt\u00f6r\u00fc Toplant\u0131 Notlar\u0131 raporunda Akbank, Garanti BBVA, \u0130\u015f Bankas\u0131, Yap\u0131 Kredi ve TSKB\u2019ye ili\u015fkin de\u011ferlendirmelere yer verildi. Raporda bankalar\u0131n net faiz marj\u0131, kredi b\u00fcy\u00fcmesi, komisyon gelirleri, aktif kalitesi ve 2026 beklentileri ele al\u0131nd\u0131.<\/p>\n
Gedik Yat\u0131r\u0131m analizinde, Akbank y\u00f6netiminin 2\u00c726 finansallar\u0131 sonras\u0131nda 2026 beklentilerini g\u00fcncelledi\u011fi belirtildi. Bankan\u0131n net faiz marj\u0131 beklentisi y\u00fczde 3,2-3,5, \u00f6zsermaye karl\u0131l\u0131\u011f\u0131 beklentisi ise y\u00fczde 23-25 seviyesinde bulunuyor.<\/p>\n
Mevcut makro varsay\u0131mlar\u0131n y\u0131l sonu enflasyonunun y\u00fczde 30, politika faizinin ise y\u00fczde 37 seviyesinde ger\u00e7ekle\u015fmesine i\u015faret etti\u011fi aktar\u0131ld\u0131.<\/p>\n
Raporda, 3\u00c726\u2019n\u0131n ba\u015flang\u0131\u00e7ta beklendi\u011fi kadar g\u00fc\u00e7l\u00fc ilerlemedi\u011fi ve bu nedenle net faiz marj\u0131nda \u00e7eyreklik bazda belirgin bir iyile\u015fme olu\u015fmayabilece\u011fi kaydedildi.<\/p>\n
2\u00c726\u2019da yap\u0131lan T\u00dcFEKS de\u011ferlemesinin y\u00fcksek kar\u015f\u0131la\u015ft\u0131rma baz\u0131na yol a\u00e7mas\u0131 nedeniyle TL kredi-mevduat makas\u0131ndaki iyile\u015fmenin marjda anlaml\u0131 geni\u015fleme yaratmas\u0131n\u0131n zor olabilece\u011fi ifade edildi. Y\u00f6netimin 4\u00c726\u2019da daha belirgin bir net faiz marj\u0131 toparlanmas\u0131 bekledi\u011fi belirtildi.<\/p>\n
Akbank\u2019\u0131n kredi taraf\u0131nda se\u00e7ici yakla\u015f\u0131m\u0131n\u0131 s\u00fcrd\u00fcrd\u00fc\u011f\u00fc ve 3\u00c726\u2019da belirgin bir pazar pay\u0131 kazan\u0131m\u0131 hedeflemedi\u011fi aktar\u0131ld\u0131. Aktif kalitesinde ise takipteki alacak art\u0131\u015f\u0131n\u0131n sekt\u00f6r seviyelerinin alt\u0131nda seyretti\u011fi, yeni takipteki kredi giri\u015flerinin a\u011f\u0131rl\u0131kl\u0131 olarak kredi kartlar\u0131 ve ihtiya\u00e7 kredilerinden kaynakland\u0131\u011f\u0131 ifade edildi.<\/p>\n
Bankan\u0131n kredi risk maliyetinin 2026 genelinde yakla\u015f\u0131k 200 baz puan seviyesinde ger\u00e7ekle\u015fmesinin beklendi\u011fi kaydedildi.<\/p>\n
Komisyon gelirlerindeki g\u00fc\u00e7l\u00fc seyrin s\u00fcrd\u00fc\u011f\u00fc belirtilirken, komisyon gelirleri\/operasyonel giderler oran\u0131n\u0131n y\u00fczde 90-100 band\u0131nda kalmas\u0131n\u0131n beklendi\u011fi aktar\u0131ld\u0131.<\/p>\n
Gedik Yat\u0131r\u0131m, Akbank i\u00e7in hedef fiyat\u0131n\u0131 98,15 TL olarak belirlerken, raporda \u201cEndeksin \u00dczerinde Getiri\u201d tavsiyesine yer verildi. Akbank hisselerinin 10 Eyl\u00fcl 2026 kapan\u0131\u015f\u0131 itibar\u0131yla 72,10 TL seviyesinde bulundu\u011fu ve hedef fiyata g\u00f6re y\u00fczde 36 potansiyel getiri hesapland\u0131\u011f\u0131 belirtildi.<\/p>\n
Rapora g\u00f6re Garanti BBVA y\u00f6netimi, faizlerdeki d\u00fc\u015f\u00fc\u015f\u00fcn beklentilerden daha erken ba\u015flad\u0131\u011f\u0131n\u0131 ve bunun mevduat maliyetlerine yans\u0131maya ba\u015flad\u0131\u011f\u0131n\u0131 belirtti. Mevduat maliyetlerinin y\u00fczde 38\u2019in alt\u0131na gerilemeye ba\u015flad\u0131\u011f\u0131 aktar\u0131l\u0131rken, bu geli\u015fmenin 2026 i\u00e7in yakla\u015f\u0131k 75 baz puanl\u0131k net faiz marj\u0131 geni\u015flemesine katk\u0131 sa\u011flayabilece\u011fi ifade edildi.<\/p>\n
Komisyon gelirlerinin y\u0131l\u0131n ilk yar\u0131s\u0131nda yakla\u015f\u0131k y\u00fczde 40 artt\u0131\u011f\u0131, y\u0131l sonu b\u00fcy\u00fcmesinin ise ba\u015flang\u0131\u00e7ta \u00f6ng\u00f6r\u00fclen y\u00fczde 30-35 band\u0131n\u0131n \u00fczerinde ger\u00e7ekle\u015febilece\u011fi belirtildi. Aktif kalitesinde kredi risk maliyetinin y\u00fcksek seyrini s\u00fcrd\u00fcrd\u00fc\u011f\u00fc, bozulman\u0131n a\u011f\u0131rl\u0131kl\u0131 olarak kredi kartlar\u0131 ve t\u00fcketici kredilerinden kaynakland\u0131\u011f\u0131 kaydedildi.<\/p>\n
Garanti BBVA Romanya\u2019n\u0131n sat\u0131\u015f\u0131n\u0131n d\u00fczenleyici izinlerin ard\u0131ndan 4\u00c726\u2019da tamamlanmas\u0131n\u0131n beklendi\u011fi, 591 milyon avro bedelli i\u015flemin tamamlanmas\u0131 halinde gelir tablosuna yakla\u015f\u0131k 100 milyon avro, \u00e7ekirdek sermaye oran\u0131na ise yakla\u015f\u0131k 80 baz puan olumlu katk\u0131 sa\u011flayabilece\u011fi belirtildi.<\/p>\n
Gedik Yat\u0131r\u0131m, Garanti BBVA i\u00e7in 189,65 TL hedef fiyat ve \u201cEndeksin \u00dczerinde Getiri\u201d tavsiyesi verdi. Hissenin 10 Eyl\u00fcl kapan\u0131\u015f fiyat\u0131 133,40 TL olarak yer ald\u0131.<\/p>\n
\u0130\u015f Bankas\u0131 taraf\u0131nda fonlama maliyetlerindeki d\u00fc\u015f\u00fc\u015f\u00fcn ba\u015flad\u0131\u011f\u0131 ve ortalama mevduat maliyetinin y\u00fczde 37 seviyesine yakla\u015ft\u0131\u011f\u0131 belirtildi. TL kredi-mevduat spreadinde geni\u015fleme g\u00f6r\u00fcld\u00fc\u011f\u00fc, kredi b\u00fcy\u00fcmesinin 2\u00c726\u2019ya genel olarak paralel seyretmesinin beklendi\u011fi aktar\u0131ld\u0131.<\/p>\n
Bankan\u0131n TL kredi b\u00fcy\u00fcmesinin 2026 sonunda yakla\u015f\u0131k y\u00fczde 35 seviyesinde ger\u00e7ekle\u015fmesinin \u00f6ng\u00f6r\u00fcld\u00fc\u011f\u00fc, 3\u00c726 ve 4\u00c726\u2019da beklenen kademeli net faiz marj\u0131 iyile\u015fmesiyle y\u0131l\u0131n y\u00fczde 3,2-3,4 band\u0131nda tamamlanmas\u0131n\u0131n hedeflendi\u011fi kaydedildi.<\/p>\n
Komisyon gelirlerinin 2026 y\u0131l\u0131 i\u00e7in yakla\u015f\u0131k y\u00fczde 40 b\u00fcy\u00fcme beklentisine paralel ilerledi\u011fi, operasyonel giderlerde ise y\u0131l\u0131n ikinci yar\u0131s\u0131nda bir miktar normalle\u015fme beklendi\u011fi ifade edildi. Aktif kalitesinde perakende ve KOB\u0130 segmentlerindeki takipteki kredi giri\u015fleri ile tahsilatlar\u0131n beklentiler do\u011frultusunda seyretti\u011fi belirtildi.<\/p>\n
Gedik Yat\u0131r\u0131m, \u0130\u015f Bankas\u0131 i\u00e7in 19,72 TL hedef fiyat ve \u201cEndeksin \u00dczerinde Getiri\u201d tavsiyesinde bulundu. Hissenin rapordaki fiyat\u0131 13,74 TL olarak a\u00e7\u0131kland\u0131.<\/p>\n
Yap\u0131 Kredi y\u00f6netimi, haftal\u0131k repo ihalelerine yeniden ba\u015flanmas\u0131n\u0131n fonlama ve mevduat maliyetlerine h\u0131zl\u0131 \u015fekilde yans\u0131d\u0131\u011f\u0131n\u0131 belirtti. Fonlama maliyetlerindeki d\u00fc\u015f\u00fc\u015f\u00fcn net faiz marj\u0131na etkisinin Eyl\u00fcl ay\u0131nda ba\u015flamas\u0131, as\u0131l katk\u0131n\u0131n ise 4\u00c726\u2019da g\u00f6r\u00fclmesi bekleniyor.<\/p>\n
Bankan\u0131n kredi taraf\u0131nda kademeli pazar pay\u0131 kazand\u0131\u011f\u0131, kredi kart\u0131 pazar pay\u0131n\u0131 korudu\u011fu ve bireysel bankac\u0131l\u0131kta b\u00fcy\u00fcmeyi s\u00fcrd\u00fcrd\u00fc\u011f\u00fc aktar\u0131ld\u0131. Komisyon gelirlerindeki g\u00fc\u00e7l\u00fc seyrin devam etti\u011fi, Yap\u0131 Kredi Portf\u00f6y\u2019\u00fcn Azimut ile da\u011f\u0131t\u0131m anla\u015fmas\u0131n\u0131n da orta vadede komisyon gelirlerini desteklemesinin beklendi\u011fi belirtildi.<\/p>\n
Yap\u0131 Kredi Portf\u00f6y sat\u0131\u015f\u0131ndan kaynaklanacak tek seferlik kazanc\u0131n 4\u00c726 finansallar\u0131na yans\u0131mas\u0131n\u0131n beklendi\u011fi, i\u015flemin solo net kara yakla\u015f\u0131k 250 milyon dolar katk\u0131 sa\u011flamas\u0131n\u0131n ve CET1 oran\u0131n\u0131 yakla\u015f\u0131k 70 baz puan desteklemesinin \u00f6ng\u00f6r\u00fcld\u00fc\u011f\u00fc kaydedildi.<\/p>\n
Gedik Yat\u0131r\u0131m, Yap\u0131 Kredi i\u00e7in 49,57 TL hedef fiyat ve \u201cEndeksin \u00dczerinde Getiri\u201d tavsiyesi verdi. Hissenin rapordaki fiyat\u0131 36,20 TL olarak yer ald\u0131.<\/p>\n
TSKB y\u00f6netiminin y\u0131l\u0131n mevcut seyrinin b\u00fct\u00e7eyle genel olarak uyumlu oldu\u011funu belirtti\u011fi aktar\u0131ld\u0131. Bankan\u0131n serbest kar\u015f\u0131l\u0131klar dahil y\u0131l sonu yakla\u015f\u0131k y\u00fczde 25 \u00f6zsermaye karl\u0131l\u0131\u011f\u0131 hedefini korudu\u011fu, y\u0131l\u0131n ilk yar\u0131s\u0131nda 700 milyon TL serbest kar\u015f\u0131l\u0131k iptali ger\u00e7ekle\u015ftirdi\u011fi belirtildi.<\/p>\n
Kredi b\u00fcy\u00fcmesinin kurdan ar\u0131nd\u0131r\u0131lm\u0131\u015f bazda d\u00fc\u015f\u00fck \u00e7ift haneli seviyelerde tamamlanmas\u0131n\u0131n beklendi\u011fi, net faiz marj\u0131n\u0131n ise y\u0131l sonunda yakla\u015f\u0131k y\u00fczde 4,5 seviyesinde ger\u00e7ekle\u015fmesinin \u00f6ng\u00f6r\u00fcld\u00fc\u011f\u00fc kaydedildi.<\/p>\n
TSKB\u2019nin uzun vadeli fonlama imkanlar\u0131n\u0131 art\u0131rmay\u0131 s\u00fcrd\u00fcrd\u00fc\u011f\u00fc, yat\u0131r\u0131m bankac\u0131l\u0131\u011f\u0131 faaliyetlerinde halka arz ve birle\u015fme-sat\u0131n alma i\u015flemlerinin komisyon gelirlerini destekledi\u011fi aktar\u0131ld\u0131. Aktif kalitesinde belirgin bir risk g\u00f6r\u00fclmedi\u011fi, y\u0131l sonu takipteki alacak oran\u0131 hedefinin yakla\u015f\u0131k y\u00fczde 2,5 oldu\u011fu belirtildi.<\/p>\n
Gedik Yat\u0131r\u0131m, TSKB i\u00e7in 17,31 TL hedef fiyat ve \u201cEndeksin \u00dczerinde Getiri\u201d tavsiyesinde bulundu. Hissenin rapordaki fiyat\u0131 11,29 TL olarak a\u00e7\u0131kland\u0131.<\/p>\n
Raporda ayr\u0131ca bankalar\u0131n 2026-2027 beklentileri do\u011frultusunda F\/K ve PD\/DD \u00e7arpanlar\u0131yla i\u015flem g\u00f6rd\u00fc\u011f\u00fc, hisse performanslar\u0131n\u0131n BIST 100 ve XBANK endekslerine g\u00f6re farkl\u0131la\u015ft\u0131\u011f\u0131 de\u011ferlendirildi.<\/p>\n
<\/strong> \u0130stanbul, 11 Eyl\u00fcl (Hibya) – Gedik Yat\u0131r\u0131m\u2019\u0131n Bankac\u0131l\u0131k Sekt\u00f6r\u00fc Toplant\u0131 Notlar\u0131 raporunda Akbank, Garanti BBVA, \u0130\u015f Bankas\u0131, Yap\u0131 Kredi ve TSKB\u2019ye ili\u015fkin de\u011ferlendirmelere yer verildi. Raporda bankalar\u0131n net faiz marj\u0131, kredi b\u00fcy\u00fcmesi, komisyon gelirleri, aktif kalitesi ve 2026 beklentileri ele al\u0131nd\u0131.<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"googlesitekit_rrm_CAow07ekDA:productID":"","footnotes":""},"categories":[4,1,9],"tags":[],"class_list":["post-147510","post","type-post","status-publish","format-standard","hentry","category-dunya","category-ekonomi","category-manset"],"_links":{"self":[{"href":"https:\/\/ekonomigundemi.com.tr\/index.php\/wp-json\/wp\/v2\/posts\/147510","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=147510"}],"version-history":[{"count":0,"href":"https:\/\/ekonomigundemi.com.tr\/index.php\/wp-json\/wp\/v2\/posts\/147510\/revisions"}],"wp:attachment":[{"href":"https:\/\/ekonomigundemi.com.tr\/index.php\/wp-json\/wp\/v2\/media?parent=147510"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ekonomigundemi.com.tr\/index.php\/wp-json\/wp\/v2\/categories?post=147510"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ekonomigundemi.com.tr\/index.php\/wp-json\/wp\/v2\/tags?post=147510"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
\nEKONOM\u0130 GAZETES\u0130 <\/p>\n","protected":false},"excerpt":{"rendered":"