{"id":69769,"date":"2026-10-15T10:44:38","date_gmt":"2026-10-15T10:44:38","guid":{"rendered":"https:\/\/www.vtmarkets.com\/tr-mena\/uncategorized\/bank-earnings-reveal-the-challenges-ahead-for-q4\/"},"modified":"2026-10-15T10:44:38","modified_gmt":"2026-10-15T10:44:38","slug":"bank-earnings-reveal-the-challenges-ahead-for-q4","status":"publish","type":"post","link":"https:\/\/www.vtmarkets.com\/tr-mena\/opinion\/bank-earnings-reveal-the-challenges-ahead-for-q4\/","title":{"rendered":"Banka K\u00e2rlar\u0131, 4. \u00c7eyrek \u0130\u00e7in \u00d6n\u00fcm\u00fczdeki Zorluklar\u0131 Ortaya Koyuyor"},"content":{"rendered":"<figure class=\"wp-block-post-featured-image\"><img loading=\"lazy\" decoding=\"async\" width=\"1250\" height=\"700\" src=\"https:\/\/www.vtmarkets.com\/tr-mena\/wp-content\/uploads\/sites\/9\/2026\/10\/BankEarns-Q4.webp\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" style=\"object-fit:cover;\" srcset=\"https:\/\/www.vtmarkets.com\/tr-mena\/wp-content\/uploads\/sites\/9\/2026\/10\/BankEarns-Q4.webp 1250w, https:\/\/www.vtmarkets.com\/tr-mena\/wp-content\/uploads\/sites\/9\/2026\/10\/BankEarns-Q4-300x168.webp 300w, https:\/\/www.vtmarkets.com\/tr-mena\/wp-content\/uploads\/sites\/9\/2026\/10\/BankEarns-Q4-1024x573.webp 1024w, https:\/\/www.vtmarkets.com\/tr-mena\/wp-content\/uploads\/sites\/9\/2026\/10\/BankEarns-Q4-768x430.webp 768w, https:\/\/www.vtmarkets.com\/tr-mena\/wp-content\/uploads\/sites\/9\/2026\/10\/BankEarns-Q4-500x280.webp 500w, https:\/\/www.vtmarkets.com\/tr-mena\/wp-content\/uploads\/sites\/9\/2026\/10\/BankEarns-Q4-400x224.webp 400w, https:\/\/www.vtmarkets.com\/tr-mena\/wp-content\/uploads\/sites\/9\/2026\/10\/BankEarns-Q4-350x196.webp 350w, https:\/\/www.vtmarkets.com\/tr-mena\/wp-content\/uploads\/sites\/9\/2026\/10\/BankEarns-Q4-200x112.webp 200w\" sizes=\"auto, (max-width: 1250px) 100vw, 1250px\" \/><\/figure>\n\n\n<p class=\"wp-block-paragraph\">Wall Street\u2019in en b\u00fcy\u00fck finans kurulu\u015flar\u0131 \u00c7ar\u015famba g\u00fcn\u00fc a\u00e7\u0131klad\u0131klar\u0131 \u00fc\u00e7\u00fcnc\u00fc \u00e7eyrek sonu\u00e7lar\u0131yla kar\u0131\u015f\u0131k bir tablo sundu: Faiz oranlar\u0131n\u0131n y\u00fckselmesi baz\u0131 i\u015f kollar\u0131n\u0131 desteklerken, y\u00fckseli\u015fin yaratt\u0131\u011f\u0131 belirsizlik di\u011fer alanlar\u0131 zorluyor.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Morgan Stanley hisse ba\u015f\u0131na 3,03 dolar k\u00e2r a\u00e7\u0131klad\u0131; 2,91 dolarl\u0131k beklentiyi (piyasan\u0131n tahmini) a\u015ft\u0131 ve 20,34 milyar dolar gelir elde etti. Buna ra\u011fmen hisseleri <a href=\"https:\/\/finance.yahoo.com\/markets\/stocks\/articles\/morgan-stanley-stocks-fall-3-180918123.html\" target=\"_blank\" rel=\"noopener nofollow\">%3,8 d\u00fc\u015ft\u00fc<\/a>. State Street, gelirinin tahminlerin biraz alt\u0131nda kalmas\u0131 sonras\u0131 <a href=\"https:\/\/finance.yahoo.com\/markets\/stocks\/articles\/statestreet-shares-fall-4-revenue-121516304.html\" target=\"_blank\" rel=\"noopener nofollow\">yakla\u015f\u0131k %4 geriledi<\/a>. Bank of America ise beklentileri ka\u00e7\u0131rd\u0131 ve 1,2 milyar dolarl\u0131k \u201cd\u00fczenleyici gider\u201d (reg\u00fclat\u00f6r kaynakl\u0131 ceza\/masraf) kaydederek %4,76 d\u00fc\u015ft\u00fc. <a href=\"https:\/\/au.investing.com\/news\/earnings\/blackrock-earnings-beat-sends-shares-higher-premarket-4689563\" target=\"_blank\" rel=\"noopener nofollow\">\u0130stisna BlackRock oldu<\/a>; hisse %0,72 y\u00fckseldi.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Genel piyasa da zay\u0131ft\u0131. Nasdaq g\u00fcn\u00fc %1,54 d\u00fc\u015f\u00fc\u015fle kapat\u0131rken, beklentiden s\u0131cak gelen (\u00f6ng\u00f6r\u00fclenden y\u00fcksek) enflasyon verisi, faizlerin uzun s\u00fcre y\u00fcksek kalabilece\u011fi endi\u015fesini art\u0131rd\u0131. Riskten ka\u00e7\u0131\u015f g\u00fcnlerinde (yat\u0131r\u0131mc\u0131lar\u0131n g\u00fcvenli varl\u0131klara y\u00f6neldi\u011fi zay\u0131f risk i\u015ftah\u0131 ortam\u0131), <a href=\"https:\/\/www.vtmarkets.com\/opinion\/beat-the-expectations-lose-the-stock-the-earnings-paradox\/\" target=\"_blank\" rel=\"noopener\">rapordaki k\u00fc\u00e7\u00fck kusurlar bile daha sert cezaland\u0131r\u0131lma e\u011filimindedir<\/a>; bu da bankalar\u0131n hisse d\u00fc\u015f\u00fc\u015flerini yaln\u0131zca k\u00e2ra ba\u011flamay\u0131 zorla\u015ft\u0131r\u0131yor.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Yine de sonu\u00e7lar daha \u00f6nemli bir ayr\u0131m\u0131 g\u00f6steriyor. Y\u00fcksek faizler bankalar\u0131n kredilerden, mevduattan ve menkul k\u0131ymetlerden (tahvil\/hisse gibi finansal yat\u0131r\u0131m ara\u00e7lar\u0131) daha fazla kazan\u00e7 sa\u011flamas\u0131na yard\u0131mc\u0131 olabilir; ancak faizlerdeki sert hareketler m\u00fc\u015fterilerin tahvil al\u0131m-sat\u0131m\u0131n\u0131 (trading: k\u0131sa vadeli al-sat i\u015flemleri) veya \u015firket birle\u015fmesi gibi i\u015flemleri (deal: birle\u015fme-sat\u0131n alma ve sermaye art\u0131r\u0131m\u0131) ertelemesine yol a\u00e7abilir. <strong>D\u00f6rd\u00fcnc\u00fc \u00e7eyre\u011fe girilirken soru \u015fu: G\u00fc\u00e7lenen faiz geliri, di\u011fer alanlardaki zay\u0131fl\u0131\u011f\u0131 telafi edebilir mi?<\/strong><\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Y\u00fcksek faizlerin e\u015fit olmayan etkisi<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Bir \u015firketin y\u00fcksek faizden ne kadar fayda sa\u011flayaca\u011f\u0131, paray\u0131 nas\u0131l kazand\u0131\u011f\u0131na ba\u011fl\u0131d\u0131r.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Geleneksel bankalarda y\u00fcksek faizler net faiz gelirini art\u0131rabilir \u2014 bu, krediler ve yat\u0131r\u0131mlardan kazan\u0131lan faiz ile mevduat sahiplerine \u00f6denen faiz aras\u0131ndaki farkt\u0131r. Faydan\u0131n b\u00fcy\u00fckl\u00fc\u011f\u00fc, faiz gelirinin fonlama maliyetlerine (bankan\u0131n mevduat ve bor\u00e7lanma i\u00e7in \u00f6dedi\u011fi maliyet) g\u00f6re ne kadar h\u0131zl\u0131 artt\u0131\u011f\u0131na ba\u011fl\u0131d\u0131r.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Al\u0131m-sat\u0131m (trading) taraf\u0131nda zorluk farkl\u0131d\u0131r. <a href=\"https:\/\/www.vtmarkets.com\/tag\/bonds\/\" target=\"_blank\" rel=\"noopener\">Tahvil<\/a> getirileri (yield: tahvilin sa\u011flad\u0131\u011f\u0131 y\u0131ll\u0131k getiri oran\u0131) sert oynad\u0131\u011f\u0131nda tahvil fiyatlar\u0131 daha az \u00f6ng\u00f6r\u00fclebilir olur; bu da m\u00fc\u015fterileri i\u015flem yaparken daha temkinli k\u0131lar. \u00d6te yandan daha y\u00fcksek getiriler, yat\u0131r\u0131mc\u0131lar\u0131 sabit getirili \u00fcr\u00fcnlere (fixed income: faizi\/kuponu b\u00fcy\u00fck \u00f6l\u00e7\u00fcde belli olan \u00fcr\u00fcnler) \u00e7ekebilir; bu da y\u00f6nettikleri para \u00fczerinden \u00fccret alan varl\u0131k y\u00f6neticilerine (asset manager: fon y\u00f6neten \u015firket) yarar sa\u011flar.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">State Street y\u00f6netimi, \u00e7eyrek boyunca faizlerin yakla\u015f\u0131k <a href=\"https:\/\/www.benzinga.com\/news\/26\/10\/62361764\/state-street-q3-2026-earnings-call-transcript\" target=\"_blank\" rel=\"noopener nofollow\">75\u2013100 baz puan<\/a> y\u00fckseldi\u011fini tahmin etti. (Baz puan: faiz oran\u0131nda 0,01 y\u00fczde puanl\u0131k de\u011fi\u015fim; 100 baz puan = 1 y\u00fczde puan.) Bu hareket, ayn\u0131 piyasa ko\u015fullar\u0131n\u0131n finans sekt\u00f6r\u00fcnde neden farkl\u0131 sonu\u00e7lar \u00fcretti\u011fini a\u00e7\u0131kl\u0131yor.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Temel ayr\u0131m \u015furada: <strong>y\u00fcksek faizden do\u011frudan gelir kazanan<\/strong> \u015firketler ile geliri daha \u00e7ok <strong>m\u00fc\u015fterilerin onlar\u0131n \u00fczerinden i\u015flem yapma iste\u011fine<\/strong> ba\u011fl\u0131 olan \u015firketler.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Bilan\u00e7olar g\u00fc\u00e7l\u00fc kald\u0131, ancak tahvil i\u015flemleri zay\u0131flad\u0131.<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Bank of America, <a href=\"https:\/\/www.cnbc.com\/2026\/10\/14\/bank-of-america-bac-q3-2026-earnings.html\" target=\"_blank\" rel=\"noopener nofollow\">tek bir raporda bu ayr\u0131\u015fmay\u0131 g\u00f6steriyor<\/a>. Net faiz geliri %7,9 artarak 16,6 milyar dolara \u00e7\u0131kt\u0131; bu, kredi verme ve yat\u0131r\u0131m faaliyetlerinde y\u00fcksek faizin sa\u011flad\u0131\u011f\u0131 katk\u0131y\u0131 yans\u0131t\u0131yor.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Buna kar\u015f\u0131n sabit getirili \u00fcr\u00fcnlerde i\u015flem (fixed-income trading: tahvil ve benzeri \u00fcr\u00fcnlerin al\u0131m-sat\u0131m\u0131) yapan birimi daha zay\u0131f bir \u00e7eyrek ge\u00e7irdi. Gelir %17 d\u00fc\u015ferek 2,55 milyar dolara geriledi; banka, konut kredilerine dayal\u0131 \u00fcr\u00fcnler (mortgage), belediye tahvilleri (municipal bonds: ABD\u2019de yerel y\u00f6netim tahvilleri) ve kredi \u00fcr\u00fcnlerinde zay\u0131fl\u0131k oldu\u011funu belirtti. Faizlerdeki h\u0131zl\u0131 y\u00fckseli\u015f bu piyasalarda m\u00fc\u015fteri faaliyetini bask\u0131lad\u0131.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Morgan Stanley de <a href=\"https:\/\/www.reuters.com\/business\/finance\/morgan-stanley-profit-rises-equity-trading-strength-2026-10-14\/\" target=\"_blank\" rel=\"noopener nofollow\">benzer bir ayr\u0131\u015fma<\/a> sergiledi. Sabit getirili \u00fcr\u00fcnlerde sat\u0131\u015f ve i\u015flem geliri yakla\u015f\u0131k %7,3 d\u00fc\u015ferek 2,01 milyar dolara indi; buna kar\u015f\u0131l\u0131k hisse senedi al\u0131m-sat\u0131m geliri %41 artarak 5,80 milyar dolara s\u0131\u00e7rad\u0131. M\u00fc\u015fteriler piyasalardan ka\u00e7mad\u0131; tahvilden hisseye y\u00f6neldi.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><em>Morgan Stanley\u2019nin \u00e7eyre\u011fini hisse senedi i\u015flemleri ta\u015f\u0131d\u0131. Bank of America\u2019n\u0131n \u00e7eyre\u011fini faiz geliri ta\u015f\u0131d\u0131.<\/em><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">State Street ve BlackRock\u2019ta bu \u00e7eyrekte faiz kaynakl\u0131 belirgin bir bask\u0131 g\u00f6r\u00fclmedi. State Street\u2019in net faiz geliri %21 artt\u0131; BlackRock ise sabit getirili \u00fcr\u00fcnlerine 78,2 milyar dolarl\u0131k net giri\u015f (net inflow: \u00e7\u0131k\u0131\u015flar d\u00fc\u015f\u00fcld\u00fckten sonra kalan yeni para giri\u015fi) \u00e7ekti.<\/p>\n\n\n\n<script type=\"module\" src=\"https:\/\/widgets.tradingview-widget.com\/w\/en\/tv-tickers.js\"><\/script>\n\n<tv-tickers symbols=\"NYSE:BAC,NYSE:MS,NYSE:STT,NYSE:BLK\" hide-chart><\/tv-tickers><br>\n\n\n\n<p class=\"wp-block-paragraph\"><br>Faizlerin do\u011frudan gelire akt\u0131\u011f\u0131 yerlerde \u00e7eyrek daha g\u00fc\u00e7l\u00fc g\u00f6r\u00fcnd\u00fc. <strong>VT Markets \u00fczerinden d\u00f6rt \u015firketin tamam\u0131n\u0131 <a href=\"https:\/\/www.vtmarkets.com\/cfd-shares\/\" target=\"_blank\" rel=\"noopener\">CFD Hisseleri<\/a> olarak takip edin.<\/strong> (CFD: \u201cfark s\u00f6zle\u015fmesi\u201d; hisseyi sat\u0131n almadan, fiyat hareketi \u00fczerinden i\u015flem yapmay\u0131 sa\u011flayan t\u00fcrev \u00fcr\u00fcn.)<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Y\u00fcksek faizin kazand\u0131rd\u0131\u011f\u0131 alanlar<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">State Street, faydan\u0131n en net \u00f6rneklerinden birini sunuyor.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Bir saklama bankas\u0131 (custody bank: kurumsal yat\u0131r\u0131mc\u0131lar\u0131n varl\u0131klar\u0131n\u0131 saklama, takas ve operasyon hizmeti veren banka) olarak, kurumsal yat\u0131r\u0131mc\u0131lar\u0131n varl\u0131k tutmas\u0131na ve y\u00f6netmesine yard\u0131mc\u0131 hizmetler verir. Ayr\u0131ca bankac\u0131l\u0131k faaliyetleri i\u00e7inde tutulan baz\u0131 bakiyeler \u00fczerinden faiz geliri elde eder; bu nedenle net faiz geliri k\u00e2r\u0131n ana belirleyicilerinden biridir.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Bu gelir \u00fc\u00e7\u00fcnc\u00fc \u00e7eyrekte %21 artarak 864 milyon dolara y\u00fckseldi. Y\u00f6netim ayr\u0131ca y\u0131l geneli i\u00e7in net faiz geliri b\u00fcy\u00fcme tahminini %15\u2013%16\u2019ya \u00e7\u0131kard\u0131.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Y\u00fcksek faiz, <a href=\"https:\/\/investors.statestreet.com\/filings-and-reports\/quarterly-results\/default.aspx\" target=\"_blank\" rel=\"noopener nofollow\">State Street\u2019in k\u00e2r\u0131na<\/a> do\u011frudan yans\u0131d\u0131. Ancak bu fayda s\u0131n\u0131rs\u0131z de\u011fil: mevduat maliyetleri, m\u00fc\u015fterilerin nakit bakiyelerindeki de\u011fi\u015fimler ve gelecekteki faiz kararlar\u0131, \u015firketin elde tutaca\u011f\u0131 geliri etkileyebilir.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">BlackRock ise ayn\u0131 piyasa ortam\u0131n\u0131n farkl\u0131 bir taraf\u0131nda avantaj sa\u011fl\u0131yor.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Varl\u0131k y\u00f6neticisi, \u00e7eyrek boyunca sabit getirili \u00fcr\u00fcnlerine 78,2 milyar dolarl\u0131k net giri\u015f \u00e7ekti. Toplam net giri\u015f 205 milyar dolara ula\u015ft\u0131 ve y\u00f6netilen varl\u0131k b\u00fcy\u00fckl\u00fc\u011f\u00fcn\u00fc (AUM: assets under management; \u015firketin y\u00f6netti\u011fi toplam para) 15,5 trilyon dolara ta\u015f\u0131d\u0131.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Y\u00fcksek getiriler, gelir arayan yat\u0131r\u0131mc\u0131lar i\u00e7in tahvilleri daha cazip hale getirebilir; bu da varl\u0131k y\u00f6neticilerinin yeni para \u00e7ekmesi ve bunun \u00fczerinden \u00fccret kazanmas\u0131 i\u00e7in f\u0131rsat yarat\u0131r. BlackRock\u2019\u0131n sonu\u00e7lar\u0131, faizlerdeki oynakl\u0131\u011f\u0131n baz\u0131 i\u015flem masalar\u0131n\u0131 zorlasa bile sabit getirili yat\u0131r\u0131mlara talebin g\u00fc\u00e7l\u00fc kald\u0131\u011f\u0131n\u0131 g\u00f6steriyor.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">D\u00f6rd\u00fc i\u00e7inde y\u00fckselen tek hisse BlackRock oldu; ba\u015fka yerlerde tahvil masalar\u0131n\u0131 bask\u0131layan ayn\u0131 ko\u015fullardan faydaland\u0131. \u0130leriye d\u00f6n\u00fck performans\u0131 yine de bu giri\u015flerin s\u00fcr\u00fcp s\u00fcrmeyece\u011fine ve piyasa hareketlerinin y\u00f6netilen varl\u0131klar\u0131n\u0131 nas\u0131l etkileyece\u011fine ba\u011fl\u0131 olacak.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Enflasyon ayr\u0131\u015fmay\u0131 derinle\u015ftirebilir<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">\u00c7ar\u015famba g\u00fcn\u00fc a\u00e7\u0131klanan beklentiden y\u00fcksek <a href=\"https:\/\/www.vtmarkets.com\/tag\/inflation\/\" target=\"_blank\" rel=\"noopener\">enflasyon<\/a> verisi, faizlerin daha uzun s\u00fcre y\u00fcksek kalma olas\u0131l\u0131\u011f\u0131n\u0131 art\u0131rd\u0131.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u0130nat\u00e7\u0131 enflasyon, ABD Merkez Bankas\u0131\u2019n\u0131n (Federal Reserve) faiz indirimini gerek\u00e7elendirmesini zorla\u015ft\u0131r\u0131r; fiyatlarda yeniden h\u0131zlanma olursa daha s\u0131k\u0131 politika (tighter policy: faiz art\u0131\u015f\u0131 ve s\u0131k\u0131 finansal ko\u015fullar) tekrar g\u00fcndeme gelebilir. Yakla\u015fan enflasyon verilerini <a href=\"https:\/\/www.vtmarkets.com\/economic-calendar\/\" target=\"_blank\" rel=\"noopener\">ekonomik takvimden<\/a> takip edin.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Bankalar i\u00e7in bu durum iki y\u00f6nl\u00fc etki yarat\u0131yor. Y\u00fcksek faiz, faiz gelirini desteklemeyi s\u00fcrd\u00fcrebilir; ancak kal\u0131c\u0131 oynakl\u0131k (volatility: fiyatlar\u0131n sert dalgalanmas\u0131) tahvil i\u015flemi yapan m\u00fc\u015fterileri temkinli tutabilir. Sonu\u00e7, faizin y\u00fcksek olup olmamas\u0131ndan \u00e7ok nas\u0131l hareket etti\u011fine ba\u011fl\u0131 olacak. Morgan Stanley beklentiyi a\u015ft\u0131 ama yine de %3,8 d\u00fc\u015ft\u00fc; \u015firket y\u00f6netimi y\u00fcksek faizin yan\u0131 s\u0131ra jeopolitik gerilimler ve y\u00fcksek varl\u0131k de\u011ferlemelerinden (valuation: hisse\/varl\u0131k fiyatlar\u0131n\u0131n k\u00e2r ve b\u00fcy\u00fcmeye g\u00f6re pahal\u0131\/ucuz seviyesi) kaynakl\u0131 risklere dikkat \u00e7ekti.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Yat\u0131r\u0131mc\u0131lar, mevcut ko\u015fullar\u0131n s\u00fcrd\u00fcr\u00fclebilir olup olmad\u0131\u011f\u0131n\u0131 anlamak i\u00e7in man\u015fet k\u00e2r\u0131n \u00f6tesine bak\u0131yor. Kazananlar bile temkinli konu\u015ftu\u011funda, iyi rakamlar hisseyi daha az destekliyor.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">4\u00c7 g\u00f6r\u00fcn\u00fcm\u00fcn\u00fc ne zorlayabilir?<\/h3>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>Beklentileri a\u015fmak zorla\u015f\u0131yor.<\/strong><\/h4>\n\n\n\n<p class=\"wp-block-paragraph\">State Street, ba\u015flang\u0131\u00e7ta 2029 i\u00e7in belirledi\u011fi takvimden \u00f6nce, <a href=\"https:\/\/www.investing.com\/news\/company-news\/state-street-q3-2026-slides-record-metrics-muted-market-response-93CH-4949783\" target=\"_blank\" rel=\"noopener nofollow\">orta vadeli hedeflerine<\/a> (vergi \u00f6ncesi marjda %35 ve somut \u00f6zkaynak getirisi\u2014ROTE\u2014mid-20% band\u0131) \u015fimdiden ula\u015ft\u0131. (ROTE: maddi\/elle tutulur \u00f6zkayna\u011fa g\u00f6re k\u00e2rl\u0131l\u0131k \u00f6l\u00e7\u00fct\u00fc.)<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Bu g\u00fc\u00e7l\u00fc bir uygulama performans\u0131na i\u015faret ediyor; ancak gelecekteki sonu\u00e7lar i\u00e7in de \u00e7\u0131tay\u0131 y\u00fckseltiyor. Bir \u015firket, yat\u0131r\u0131mc\u0131lar\u0131n birka\u00e7 y\u0131la yayarak bekledi\u011fi kazan\u0131mlar\u0131n \u00f6nemli b\u00f6l\u00fcm\u00fcn\u00fc erken verirse, k\u00fc\u00e7\u00fck bir gelir sapmas\u0131 bile piyasay\u0131 hayal k\u0131r\u0131kl\u0131\u011f\u0131na u\u011fratabilir.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">State Street\u2019in gelirde yakla\u015f\u0131k %1\u2019lik sapma sonras\u0131 %4 d\u00fc\u015fmesi, performans\u0131n yaln\u0131zca bir \u00f6nceki \u00e7eyre\u011fe g\u00f6re de\u011fil, beklentiye g\u00f6re \u00f6l\u00e7\u00fcld\u00fc\u011f\u00fcn\u00fc g\u00f6steriyor.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>Yava\u015flayan i\u015flem hacmi di\u011fer i\u015f kollar\u0131na da yay\u0131labilir.<\/strong><\/h4>\n\n\n\n<p class=\"wp-block-paragraph\">Bank of America\u2019n\u0131n yat\u0131r\u0131m bankac\u0131l\u0131\u011f\u0131 geliri %11 d\u00fc\u015ferek 1,8 milyar dolara indi. \u015eirketler belirsiz piyasa ko\u015fullar\u0131nda birle\u015fme-sat\u0131n alma (M&#038;A), sermaye art\u0131r\u0131m\u0131 veya halka arz planlar\u0131n\u0131 ertelerse, bu durum sabit getirili i\u015flem gelirinin \u00f6tesinde bask\u0131 yaratabilir.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u0130zlenmesi gereken daha yava\u015f ilerleyen bir risk de kredi kalitesi. Daha y\u00fcksek bor\u00e7lanma maliyeti, hanehalk\u0131 ve \u015firketlerin bor\u00e7 geri \u00f6demesini zorla\u015ft\u0131rabilir. Daha fazla bor\u00e7lu gecikmeye d\u00fc\u015ferse, bankalar olas\u0131 zararlar i\u00e7in daha fazla kar\u015f\u0131l\u0131k (provision: ileride do\u011fabilecek kredi zarar\u0131na kar\u015f\u0131 ayr\u0131lan gider) ay\u0131rmak zorunda kalabilir; bu da y\u00fcksek faiz gelirinden gelen kazan\u0131mlar\u0131n bir k\u0131sm\u0131n\u0131 silebilir.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Bu etkiler zamanla ortaya \u00e7\u0131kabilece\u011fi i\u00e7in, bankalar 4. \u00e7eyre\u011fe girerken kredi kalitesi yak\u0131ndan izlenmesi gereken bir g\u00f6sterge olacak.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>Bank of America\u2019da d\u00fczenleyici s\u00fcre\u00e7 ve uygulama (icra) sorunlar\u0131 \u015firkete \u00f6zel risk ekliyor.<\/strong><\/h4>\n\n\n\n<p class=\"wp-block-paragraph\">Bankan\u0131n <a href=\"https:\/\/www.reuters.com\/legal\/legalindustry\/bofa-fined-12-billion-by-us-government-failing-police-suspicious-activity-2026-10-13\/\" target=\"_blank\" rel=\"noopener nofollow\">1,2 milyar dolarl\u0131k d\u00fczenleyici gideri<\/a>, milyarlarca dolarl\u0131k \u015f\u00fcpheli i\u015flemi bildirmeme (suspicious activity: kara para aklama\/uyumsuzluk \u015f\u00fcphesi do\u011furan i\u015flem) sonras\u0131 geldi; bu da i\u00e7 kontrol s\u00fcre\u00e7leri hakk\u0131nda soru i\u015faretleri do\u011furdu.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u0130\u015flem performans\u0131 da beklentiyi kar\u015f\u0131lamad\u0131. Y\u00f6netim daha \u00f6nce i\u015flem gelirinin yataya yak\u0131n olaca\u011f\u0131n\u0131 belirtmi\u015fti; ancak hisse ve sabit getirili i\u015flem gelirleri toplam\u0131 %5 d\u00fc\u015ft\u00fc.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Wells Fargo analisti Mike Mayo, sermaye piyasalar\u0131 sonu\u00e7lar\u0131n\u0131 (capital markets: i\u015flem ve arac\u0131l\u0131k faaliyetleri) \u00e7eyrek i\u00e7in <a href=\"https:\/\/home.treasury.gov\/news\/press-releases\/sb0657\/\" target=\"_blank\" rel=\"noopener nofollow\">\u201cs\u0131n\u0131f\u0131n\u0131n a\u00e7\u0131k ara en k\u00f6t\u00fcs\u00fc\u201d<\/a> diye nitelendirdi.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Ancak bunlar\u0131n hi\u00e7biri faizle ilgili de\u011fil. Elveri\u015fli bir faiz ortam\u0131, zay\u0131f kontrolleri veya tutmayan y\u00f6nlendirmeyi (guidance: \u015firketin ileriye d\u00f6n\u00fck beklenti payla\u015f\u0131m\u0131) telafi edemez.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Banka bilan\u00e7olar\u0131 4\u00c7 i\u00e7in ne s\u00f6yl\u00fcyor?<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Kredi veren bankalar ve saklama bankalar\u0131 daha g\u00fc\u00e7l\u00fc faiz gelirinden yararlan\u0131rken, varl\u0131k y\u00f6neticileri sabit getirili \u00fcr\u00fcnlere para \u00e7ekiyor. Ayn\u0131 zamanda faizlerdeki oynakl\u0131k i\u015flem faaliyetinin baz\u0131 b\u00f6l\u00fcmlerini bask\u0131lad\u0131; zay\u0131flayan anla\u015fma (deal) trafi\u011fi de ek bask\u0131 yaratabilir.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">4\u00c7\u2019nin kaderi, faiz gelirinin tahvil i\u015flemleri ve anla\u015fma faaliyetindeki daralmadan daha h\u0131zl\u0131 b\u00fcy\u00fcy\u00fcp b\u00fcy\u00fcmeyece\u011fine ba\u011fl\u0131. Enflasyon y\u00fcksek kal\u0131r ve tahvil piyasas\u0131 dalgal\u0131 seyrederse, faizde kazanan \u015firketlerle i\u015flem hacmine dayanan \u015firketler aras\u0131ndaki fark a\u00e7\u0131labilir.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u00dc\u00e7 ba\u015fl\u0131k yak\u0131ndan izlenebilir:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Bir sonraki enflasyon verileri:<\/strong> Bunlar <a href=\"https:\/\/www.vtmarkets.com\/opinion\/the-inflation-measure-keeping-the-fed-cautious\/\" target=\"_blank\" rel=\"noopener\">Fed\u2019in faiz patikas\u0131na<\/a> ili\u015fkin beklentileri yeniden \u015fekillendirebilir.<\/li>\n\n\n\n<li><strong>\u0130\u015flem gelirleri ve yat\u0131r\u0131m bankac\u0131l\u0131\u011f\u0131 y\u00f6nlendirmesi:<\/strong> Sonraki sonu\u00e7lar, <a href=\"https:\/\/www.vtmarkets.com\/cfd-bonds\/\" target=\"_blank\" rel=\"noopener\">tahvil piyasas\u0131 faaliyetinin<\/a> ve anla\u015fma boru hatt\u0131n\u0131n (pipeline: bekleyen i\u015flem\/mandat sto\u011fu) toparlan\u0131p toparlanmad\u0131\u011f\u0131n\u0131 ya da daha da zay\u0131flay\u0131p zay\u0131flamad\u0131\u011f\u0131n\u0131 g\u00f6sterecek.<\/li>\n\n\n\n<li><strong>Kredi kalitesi ve d\u00fczenleyici maliyetler:<\/strong> Bor\u00e7lu \u00fczerindeki bask\u0131n\u0131n artmas\u0131, <a href=\"https:\/\/www.vtmarkets.com\/en-mena\/opinion\/the-ai-boom-just-opened-a-credit-line\/\" target=\"_blank\" rel=\"noopener\">yapay zek\u00e2 (AI) taraf\u0131nda g\u00f6rd\u00fc\u011f\u00fcm\u00fcz \u00f6rneklerdeki gibi<\/a>, faiz geliri kazan\u0131mlar\u0131n\u0131 a\u015f\u0131nd\u0131rabilir; \u015firkete \u00f6zel uyum (compliance: mevzuata uyum) sorunlar\u0131 da baz\u0131 bankalar \u00fczerinde bask\u0131 yaratmay\u0131 s\u00fcrd\u00fcrebilir.<\/li>\n<\/ul>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h2 class=\"wp-block-heading\">VT Markets ile CFD hisseleri \u00fczerinden banka hisselerinde i\u015flem yapmak<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\"><a href=\"https:\/\/www.vtmarkets.com\/discover\/earnings-season-trading-results-guidance-volatility\/\" target=\"_blank\" rel=\"noopener\">Bilan\u00e7o sezonu<\/a>, banka hisselerinde daha sert hareketler getirebilir; bu hafta da y\u00f6n\u00fcn iki tarafa gidebilece\u011fini g\u00f6sterdi. VT Markets ile Morgan Stanley, State Street, BlackRock ve Bank of America \u00fczerinde hisse CFD\u2019leri al\u0131p satabilirsiniz. Bu, hisselerin tamam\u0131n\u0131 sat\u0131n almadan fiyat\u0131n y\u00fckseli\u015fi veya d\u00fc\u015f\u00fc\u015f\u00fc hakk\u0131nda pozisyon alman\u0131za imk\u00e2n verir.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong><strong><a href=\"https:\/\/myaccount.vtmarkets.com\/login\/?utm_source=Opinion&amp;utm_content=BanksEarnbeat\" target=\"_blank\" rel=\"noopener\">Bug\u00fcn hesap a\u00e7\u0131n<\/a> | <a href=\"https:\/\/www.vtmarkets.com\/demo-account\/?utm_source=Opinion&amp;utm_content=BanksEarnbeat\" target=\"_blank\" rel=\"noopener\">Demo hesap deneyin<\/a> | <a href=\"https:\/\/www.vtmarkets.com\/vt-markets-app\/?utm_source=Opinion&amp;utm_content=BanksEarnbeat\" target=\"_blank\" rel=\"noopener\">VT Markets Uygulamas\u0131n\u0131 indirin<\/a><\/strong><\/strong><\/p>\n\n\n\n<details class=\"wp-block-details is-layout-flow wp-block-details-is-layout-flow\"><summary><strong>Yat\u0131r\u0131mc\u0131 i\u00e7in TL;DR (k\u0131sa \u00f6zet) i\u00e7in dokunun<\/strong><\/summary>\n<p class=\"wp-block-paragraph\"><br><strong>G\u00fc\u00e7l\u00fc 3\u00c7 k\u00e2rlar\u0131na ra\u011fmen banka hisseleri neden d\u00fc\u015ft\u00fc?<\/strong> <br>Beklentiden y\u00fcksek enflasyon ve genel piyasa sat\u0131\u015flar\u0131 (geni\u015f \u00e7apl\u0131 d\u00fc\u015f\u00fc\u015f) risk alg\u0131s\u0131n\u0131 bozdu; daha zay\u0131f i\u015flem gelirleri ve \u015firkete \u00f6zg\u00fc sorunlar yat\u0131r\u0131mc\u0131lar\u0131 hayal k\u0131r\u0131kl\u0131\u011f\u0131na u\u011fratt\u0131.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Faiz oranlar\u0131n\u0131n y\u00fckselmesi banka k\u00e2rlar\u0131n\u0131 nas\u0131l etkiler?<\/strong> <br>Y\u00fcksek faiz, krediler ve yat\u0131r\u0131mlardan net faiz gelirini art\u0131rabilir; ancak faizlerdeki h\u0131zl\u0131 hareketler tahvil al\u0131m-sat\u0131m\u0131n\u0131 ve anla\u015fma (birle\u015fme-sat\u0131n alma, sermaye art\u0131r\u0131m\u0131) faaliyetini zay\u0131flatabilir.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>2026 3\u00c7\u2019de hangi finans \u015firketleri y\u00fcksek faizden faydaland\u0131?<\/strong> <br>State Street net faiz gelirinde %21 art\u0131\u015f bildirdi; BlackRock ise sabit getirili \u00fcr\u00fcnlerine 78,2 milyar dolarl\u0131k net giri\u015f \u00e7ekti.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>2026 4\u00c7\u2019de banka hisseleri i\u00e7in ba\u015fl\u0131ca riskler neler?<\/strong> <br>Kal\u0131c\u0131 enflasyon, zay\u0131f i\u015flem faaliyeti, yava\u015flayan anla\u015fma trafi\u011fi, bozulan kredi kalitesi ve d\u00fczenleyici maliyetler k\u00e2rl\u0131l\u0131\u011f\u0131 bask\u0131layabilir.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Yat\u0131r\u0131mc\u0131lar 4\u00c7 bilan\u00e7olar\u0131 \u00f6ncesinde banka hisselerinde neyi izlemeli?<\/strong> <br>Enflasyon verileri, Fed\u2019in faiz beklentisi, tahvil i\u015flem gelirleri, yat\u0131r\u0131m bankac\u0131l\u0131\u011f\u0131 faaliyeti ve kredi kalitesi; hangi finans \u015firketlerinin daha iyi konumland\u0131\u011f\u0131n\u0131 g\u00f6stermeye yard\u0131mc\u0131 olabilir.<\/p>\n<\/details>\n\n\n\n\n<p class=\"wp-block-paragraph\"><b>Hemen i\u015flem yapmaya ba\u015flay\u0131n \u2014 ger\u00e7ek VT Markets hesab\u0131n\u0131z\u0131 olu\u015fturmak i\u00e7in <a href=\"https:\/\/www.vtmarkets.com\/tr-mena\/trade-now\">buraya<\/a> t\u0131klay\u0131n.<\/b>\n\n<\/p>","protected":false},"excerpt":{"rendered":"<p>Wall Street\u2019te 3\u00c7 bilan\u00e7o s\u00fcrprizi: K\u00e2rlar beklentiyi a\u015fsa da hisseler d\u00fc\u015ft\u00fc. Y\u00fcksek faiz net faiz gelirini b\u00fcy\u00fct\u00fcrken tahvil i\u015flemi ve deal trafi\u011fini bask\u0131lad\u0131; BlackRock ayr\u0131\u015ft\u0131.<\/p>\n","protected":false},"author":87,"featured_media":69768,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[49],"tags":[],"class_list":["post-69769","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-opinion"],"acf":{"acf_article_selection_author":null},"aioseo_notices":[],"aioseo_head":"\n\t\t<!-- All in One SEO Pro 5.0.1.1 - aioseo.com -->\n\t<meta name=\"description\" content=\"Wall Street\u2019te 3\u00c7 bilan\u00e7o s\u00fcrprizi: K\u00e2rlar beklentiyi a\u015fsa da hisseler d\u00fc\u015ft\u00fc. 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