INVESTMENT Q1 2026 Profit Expectations In the banking sector, net interest income is expected to grow in the mid-single digits, while net profits are forecasted to expand in the mid-to-high teens. Although this outlook is slightly below年初 expectations, it reflects that market volatility since March has not yet fully impacted financials. Commission income as a percentage of operating expenses has declined, while credit risk costs have remained flat at Q4 2025 levels. On a bank-by-bank basis, Yapı Kredi and Garanti are leading, while İş Bankası is expected to see a profit decline due to base effects, and VakıfBank is anticipated to decline due to the normalization of TÜFE-linked bond revenues.