Akbank declares 2.5 bln TL net profit

ISTANBUL (A.A) - Turkey's Akbank declared 2.5 billion Turkish lira (TL) net profit in 2011. (one USD equals 1.762 TL) Akbank stated on Friday that gross profit of the bank had been 3.2 billion TL last year. Founded as a local bank in Adana, the southern part of Turkey, in 1948, Akbank moved its headquarters to Istanbul in 1954. 28.84 percent of Akbank's shares are listed on the Istanbul Stock Exchange. The Bank's Level 1 ADRs are traded on the OTC in the United States. Akbank's market capitalization stood at 22.3 billion USD as of December 31, 2010, identifying it as the most valuable company on the ISE. Akbank is planning to open 70 new branches in 2012.