Q2 2024 Turkiye Halk Bankasi AS Earnings Call Transcript
Welcome, and thank you for all joining Halkbank's second-quarter financial results webcast. I hope you are all well. This is Muharrem Baykara speaking, Head of Investor Relations. Today, our Head of International Banking Group, Mr. Miraç TaÅ; me; and my colleagues, Kamer and Eylul, will host you in our earnings call.
We will update you on the operating environment and Halkbank's financials. At the end of the presentation, we will hold a Q&A session. Before delving into the specifics of our performance, I will start with the operating environment. As you know, Turkish economy grew by 5.7% in the first quarter. The unemployment rate remains at single-digit levels. So we are not observing any clear sign relating to hard landing in the Turkish economy by the first half of the year.
On the flip side, along with the lagged effects of the tightening in financial conditions, economic activity started to lose momentum by the second quarter. We expect that the cooling-down process in the economy will continue during the third quarter. On the
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