Q2 2024 Akbank TAS Earnings Call Transcript
Dear friends, this is Kaan Gür speaking, CEO, Akbank. I hope you are all well. Thank you for joining our second quarter earnings call. Before moving on to our bank, I would like to share my thoughts on the operating environment.
First of all, I would like to walk through with you about Turkish economy overview. First of all, economic activity remained strong in the first quarter of the year, growing by 5.7% year-on-year and 2.4% quarter-on-quarter.
GDP is projected to be almost flat on a quarter-on-quarter basis in the second quarter. The slowdown is expected to become more pronounced towards the end of the year due to tight financial conditions and prospective fiscal tightening. We maintain our growth forecast for 2024 at 3.5% as the weak global backdrop and the lag effects of the monetary tightening ways on economic activity.
There are good news from external balance. For example, Turkey's foreign trade balance improved considerably since last year. External balance and financing needs seem to be less of concern in the short term.
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