Best bank - Akbank
Best debt house - Citigroup
Best M&A - Goldman Sachs
Best equity house - Garanti Securities
It's been another tough year for Turkish banks, though 2002 showed good signs of recovery from 2001. The positive news, for the best privately owned banks, is that unfair competition from state banks looks to be on the wane, and the better banks will gain customers from expected consolidation among smaller or weaker banks.
At the top of the market, Akbank, Garanti, Yapi Kredi and Isbank still dominate. Akbank is in the best shape after the crisis of 2001, thanks to its more conservative banking strategy. Analysts say, however, that Garanti, which is perhaps the most innovative wholesale bank, is set to do well if the economy recovers. But in difficult times, Akbank can be proud of its results. In 2002 it made a profit of TL680.3 trillion ($411 million), compared with a loss of TL308.8 trillion in 2001.
These results were supported by Akbank's strong reserves position. It has a capital ratio of 37.4%, which is much stronger than, say Garanti's, at 13.2%. It is also helped by its efficiency - Fitch Ratings says that it has the lowest cost-income ratio of any of the Turkish banks rated by Fitch.