{"id":5591,"date":"2025-10-28T17:04:37","date_gmt":"2025-10-28T14:04:37","guid":{"rendered":"https:\/\/datakapital.com\/blog\/?p=5591"},"modified":"2025-10-28T17:08:58","modified_gmt":"2025-10-28T14:08:58","slug":"akbank-2025-yili-birinci-ve-ikinci-ceyrek-hisse-analizi","status":"publish","type":"post","link":"https:\/\/datakapital.com\/blog\/akbank-2025-yili-birinci-ve-ikinci-ceyrek-hisse-analizi\/","title":{"rendered":"Akbank 2025 y\u0131l\u0131 birinci ve ikinci \u00e7eyrek hisse analizi"},"content":{"rendered":"

Borsa \u0130stanbul’daki reel de\u011fer kay\u0131plar\u0131n\u0131n s\u00fcrmesi ile birlikte AKBNK gibi sermaye yap\u0131s\u0131 g\u00fc\u00e7l\u00fc olan<\/a> \u015firketlere y\u00f6nelimler nispeten art\u0131yor. Akbank 2025 y\u0131l\u0131 birinci ve ikinci \u00e7eyrek hisse analizi<\/strong>ni sizin i\u00e7in a\u015fa\u011f\u0131da mukayeseli olarak derledik.<\/p>\n

2025 Birinci \u00c7eyrek<\/strong><\/h4>\n

Kar ve Karl\u0131l\u0131k<\/strong><\/p>\n

Akbank’\u0131n 2025 y\u0131l\u0131n\u0131n ilk \u00e7eyre\u011fi (1\u00c725) finansal sonu\u00e7lar\u0131, piyasa beklentilerini a\u015fan bir net k\u00e2r performans\u0131 sergilemi\u015f ancak bankan\u0131n iddial\u0131 ba\u015flang\u0131\u00e7 hedeflerine ula\u015fma konusundaki yap\u0131sal zorluklar\u0131 da g\u00f6zler \u00f6n\u00fcne sermi\u015ftir. Banka, 1\u00c725’te 13,7 milyar TL net k\u00e2r<\/strong> ile net k\u00e2rda y\u0131ll\u0131k bazda %49, \u00e7eyreklik bazda ise %4’l\u00fck g\u00fc\u00e7l\u00fc bir art\u0131\u015f kaydetmi\u015ftir.<\/p>\n

Net k\u00e2rda beklentilerin a\u015f\u0131lmas\u0131na ra\u011fmen, Ortalama \u00d6zkaynak K\u00e2rl\u0131l\u0131\u011f\u0131 (ROE) %19 seviyesinden %22,7’ye y\u00fckseli\u015fi, bankan\u0131n 2025 y\u0131l\u0131 i\u00e7in belirledi\u011fi ba\u015flang\u0131\u00e7 hedefi olan %30’un olduk\u00e7a alt\u0131nda alt\u0131nda sonu\u00e7lanm\u0131\u015ft\u0131r. Bu karl\u0131l\u0131k a\u00e7\u0131\u011f\u0131, g\u00fc\u00e7l\u00fc net k\u00e2ra ra\u011fmen yat\u0131r\u0131mc\u0131lar aras\u0131nda k\u0131smi bir hayal k\u0131r\u0131kl\u0131\u011f\u0131 yaratm\u0131\u015f ve hisse senedi \u00fczerinde hafif negatif bir piyasa tepkisi olu\u015fmas\u0131 beklentisine yol a\u00e7m\u0131\u015ft\u0131r. Bu durum, bankac\u0131l\u0131k sekt\u00f6r\u00fcnde k\u00e2rl\u0131l\u0131k s\u00fcrd\u00fcr\u00fclebilirli\u011finin tek \u00e7eyreklik net k\u00e2r rakamlar\u0131ndan daha \u00f6nemli oldu\u011funun a\u00e7\u0131k bir g\u00f6stergesidir.<\/p>\n

Ticari Alanda Diren\u00e7<\/strong><\/p>\n

Akbank’\u0131n ilk \u00e7eyrekteki net k\u00e2r fazlas\u0131, beklenenden daha iyi ger\u00e7ekle\u015fen Net Faiz Marj\u0131 (NFM) performans\u0131, kredi risk maliyetlerindeki olumlu seyir ve ticari k\u00e2rl\u0131l\u0131ktan gelen g\u00fc\u00e7l\u00fc 6 milyar TL’lik katk\u0131 sayesinde ger\u00e7ekle\u015fmi\u015ftir. Bu yap\u0131, Akbank’\u0131n kurumsal ve ticari bankac\u0131l\u0131k alan\u0131ndaki g\u00fc\u00e7l\u00fc konumunu ve disiplinli kredi politikalar\u0131n\u0131 teyit etmektedir.<\/p>\n

Ancak, k\u0131sa vadede, \u00f6zellikle \u00f6zkaynak k\u00e2rl\u0131l\u0131\u011f\u0131n\u0131n hedeflenen seviyelerin alt\u0131nda kalmas\u0131 ve s\u0131k\u0131la\u015fan para politikas\u0131n\u0131n faiz marjlar\u0131 \u00fczerindeki bask\u0131s\u0131, hisse \u00fczerinde hafif bir bask\u0131 unsuru olmaya devam edecektir. 1\u00c725 sonu\u00e7lar\u0131, bankan\u0131n 2025 hedeflerinde revizyon yap\u0131lmas\u0131 ihtiyac\u0131n\u0131 ortaya \u00e7\u0131karm\u0131\u015ft\u0131r.<\/p>\n

Temel Finansal Verilere Genel Bak\u0131\u015f<\/strong><\/p>\n

Sonu\u00e7lar ve Sapma Analizi<\/strong><\/p>\n

Akbank, 1\u00c725’te net k\u00e2r beklentilerini %6 oran\u0131nda a\u015farak g\u00fc\u00e7l\u00fc bir ba\u015flang\u0131\u00e7 yapm\u0131\u015ft\u0131r. Net k\u00e2r\u0131n tahminlerin \u00fczerinde gelmesinin ard\u0131ndaki ba\u015fl\u0131ca \u00fc\u00e7 fakt\u00f6r; Net Faiz Marj\u0131’<\/strong>ndaki beklenenin \u00fczerindeki ger\u00e7ekle\u015fme, kredi risk maliyetlerindeki daha iyi performans ve \u00f6zellikle ticari bankac\u0131l\u0131k alan\u0131nda sa\u011flanan 6 milyar TL’lik g\u00fc\u00e7l\u00fc k\u00e2rl\u0131l\u0131k katk\u0131s\u0131 olmu\u015ftur.<\/p>\n

Bu k\u00e2r fazlas\u0131na ra\u011fmen, \u00e7ekirdek faiz gelirlerinde yap\u0131sal bask\u0131lar g\u00f6zlenmi\u015ftir. Bankan\u0131n Net Faiz Gelirleri<\/strong> 17,875 milyon TL olarak ger\u00e7ekle\u015firken, bu rakam y\u0131ll\u0131k bazda %5’lik bir d\u00fc\u015f\u00fc\u015fe i\u015faret etmektedir. Bu gerilemede sekt\u00f6r genelindeki dinamiklerin etkileri bulunmakta; s\u00fcre\u00e7 i\u00e7erisinde y\u00fcksek politika faizlerinin mevduat maliyetlerini art\u0131rmas\u0131 ve reg\u00fclasyonlar\u0131n kredi getiri\u015fleri \u00fczerindeki bask\u0131s\u0131, faiz makas\u0131n\u0131 \u00f6nemli \u00f6l\u00e7\u00fcde daraltm\u0131\u015ft\u0131r. NFG\u2019deki bu d\u00fc\u015f\u00fc\u015f, bankan\u0131n k\u00e2rl\u0131l\u0131k stratejisini faiz d\u0131\u015f\u0131 gelirlere kayd\u0131rma zorunlulu\u011funu peki\u015ftirmi\u015ftir. Analizler, AKBANK 1\u00c725 net k\u00e2r\u0131n\u0131n geni\u015flemeci NFG b\u00fcy\u00fcmesinden \u00e7ok, defansif fakt\u00f6rlerden (d\u00fc\u015f\u00fck risk maliyeti ve sabit ticari gelir) kaynakland\u0131\u011f\u0131n\u0131 g\u00f6stermektedir. Bu, k\u00e2rl\u0131l\u0131\u011f\u0131n s\u00fcrd\u00fcr\u00fclebilirli\u011fi i\u00e7in bankan\u0131n pazar genelindeki marj geni\u015flemesinden ziyade, sermaye tahsis etkinli\u011fine ve maliyet kontrol\u00fcne ba\u011f\u0131ml\u0131 oldu\u011funu ortaya koymaktad\u0131r.<\/p>\n

Bilan\u00e7o Dinamikleri ve Kredi Hacmi<\/strong><\/p>\n

Akbank, 1\u00c725 d\u00f6neminde reel sekt\u00f6re sa\u011flad\u0131\u011f\u0131 finansal deste\u011fi s\u00fcrd\u00fcrm\u00fc\u015ft\u00fcr. Banka, 2025 y\u0131l\u0131n\u0131n ilk \u00e7eyre\u011finde T\u00fcrk ekonomisine toplam 1 trilyon 839 milyar TL tutar\u0131nda kredi deste\u011fi sa\u011flam\u0131\u015ft\u0131r. Toplam canl\u0131 kredi bakiyesi 1,305 milyar TL seviyesine ula\u015fm\u0131\u015f ve \u00e7eyreklik bazda %3’l\u00fck kontroll\u00fc bir b\u00fcy\u00fcme sergilenmi\u015ftir. Bu kontroll\u00fc b\u00fcy\u00fcme h\u0131z\u0131, analistlerin i\u015faret etti\u011fi gibi, Akbank\u2019\u0131n risk y\u00f6netimine odaklanan disiplinli kredi politikas\u0131 yakla\u015f\u0131m\u0131yla uyumludur.<\/p>\n

Karl\u0131l\u0131k Analizi<\/strong><\/p>\n

Net Faiz Marj\u0131 (NFM),<\/strong> 1\u00c725’te %2,30 seviyesinde ger\u00e7ekle\u015fmi\u015f ve \u00f6nceki \u00e7eyre\u011fe g\u00f6re yaln\u0131zca 3 baz puanl\u0131k (bps) marjinal bir art\u0131\u015f g\u00f6stermi\u015ftir. Bu rakam, bankan\u0131n y\u0131l ba\u015f\u0131nda belirledi\u011fi iddial\u0131 ~%5 NFM hedefinin \u00f6nemli \u00f6l\u00e7\u00fcde alt\u0131nda kalm\u0131\u015ft\u0131r.<\/p>\n

NFM’deki bu b\u00fcy\u00fck sapma, T\u00fcrk bankac\u0131l\u0131k sekt\u00f6r\u00fcnde faiz giderlerinin y\u00fcksek politika faizleri nedeniyle h\u0131zla y\u00fckselirken, kredi faizlerinin hem reg\u00fclasyonlar hem de s\u0131n\u0131rl\u0131 talep nedeniyle ayn\u0131 h\u0131zda art\u0131r\u0131lamamas\u0131ndan kaynaklanan yap\u0131sal bask\u0131n\u0131n bir sonucudur. Bu yap\u0131sal bask\u0131, banka y\u00f6netiminin y\u0131l\u0131n ilerleyen d\u00f6nemlerinde NFM hedefini %3\u20133.5 aral\u0131\u011f\u0131na \u00e7ekerek a\u015fa\u011f\u0131 y\u00f6nde revize etmesini zorunlu k\u0131lm\u0131\u015ft\u0131r.<\/p>\n

Faiz D\u0131\u015f\u0131 Gelirlerdeki Stratejik Hamle<\/strong><\/p>\n

Net Faiz Gelirlerindeki (NFG) y\u0131ll\u0131k %5’lik d\u00fc\u015f\u00fc\u015f , bankan\u0131n gelir stratejisinde acil bir kaymaya neden olmu\u015ftur. S\u0131k\u0131la\u015fan para politikas\u0131 ortam\u0131nda marj bask\u0131s\u0131n\u0131 dengelemek amac\u0131yla, y\u00f6netimin Net \u00dccret ve Komisyon <\/strong>Gelirleri art\u0131\u015f\u0131 beklentisini %40’tan %60’a y\u00fckseltme karar\u0131, bu stratejik ge\u00e7i\u015fin en net g\u00f6stergesidir.<\/p>\n

Bu agresif revizyon, AKBANK’\u0131n gelir oda\u011f\u0131n\u0131 faiz marjlar\u0131na olan ba\u011f\u0131ml\u0131l\u0131ktan azalt\u0131p, i\u015flem bankac\u0131l\u0131\u011f\u0131 ve hizmet tabanl\u0131 gelir kaynaklar\u0131na y\u00f6nlendirdi\u011fini do\u011frulamaktad\u0131r. Bu, zorlu bir makroekonomik ortamda beklenen 150-200 bps’lik NFG kayb\u0131n\u0131 telafi etmeyi ama\u00e7layan kritik bir dengeleme \u00e7abas\u0131d\u0131r. Yeni yat\u0131r\u0131m tezi, b\u00fcy\u00fck \u00f6l\u00e7\u00fcde bu %60’l\u0131k \u00fccret geliri b\u00fcy\u00fcme hedefine ula\u015f\u0131l\u0131p ula\u015f\u0131lamayaca\u011f\u0131na ba\u011fl\u0131d\u0131r.<\/p>\n

Operasyonel Verimlilik ve Maliyet Y\u00f6netimi<\/strong><\/p>\n

Banka, 1\u00c725 d\u00f6neminde g\u00fc\u00e7l\u00fc ticari k\u00e2rl\u0131l\u0131\u011f\u0131 destekleyen disiplinli maliyet y\u00f6netimine devam etmi\u015ftir. Y\u0131lsonu operasyonel gider art\u0131\u015f\u0131 hedefi %40 olarak sabit tutulmu\u015ftur. Bu hedefin korunmas\u0131, makroekonomik ortamda t\u00fcketici enflasyonunun beklentilerin \u00fczerinde ger\u00e7ekle\u015fti\u011fi g\u00f6z \u00f6n\u00fcne al\u0131nd\u0131\u011f\u0131nda, operasyonel giderler \u00fczerindeki disiplinin s\u00fcrd\u00fcr\u00fcld\u00fc\u011f\u00fcn\u00fc g\u00f6stermektedir. S\u0131k\u0131\u015fan marjlar ortam\u0131nda, Rekabet\u00e7i bir Gider\/Gelir Oran\u0131n\u0131 (CIR) s\u00fcrd\u00fcrmek, revize edilen %25 \u00d6zkaynak Karl\u0131l\u0131\u011f\u0131 hedefine ula\u015fmada hayati \u00f6neme sahiptir.<\/p>\n

Temel K\u00e2rl\u0131l\u0131k ve Verimlilik Oranlar\u0131 (1\u00c725)<\/em><\/p>\n\n\n\n\n\n\n\n
Oran<\/td>\n1\u00c725 Ger\u00e7ekle\u015fen<\/td>\n12A24 (\u00d6nceki D\u00f6nem)<\/td>\n2025 Ba\u015flang\u0131\u00e7 Hedefi<\/td>\nHedeften Sapma Durumu<\/td>\n<\/tr>\n<\/thead>\n
Ortalama \u00d6zkaynak K\u00e2rl\u0131l\u0131\u011f\u0131 (ROE)<\/td>\n22.7%<\/td>\n19.0%<\/td>\n>%30<\/td>\n\u00d6nemli Negatif<\/td>\n<\/tr>\n
Net Faiz Marj\u0131 (NFM)<\/td>\n2.30%<\/td>\n~2.27%<\/td>\n~%5.0<\/td>\n\u00d6nemli Negatif<\/td>\n<\/tr>\n
Net Risk Maliyeti<\/td>\n1.97%<\/td>\nN\/A<\/td>\nN\/A<\/td>\nBeklenenden \u0130yi<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

Aktif Kalitesi, Kredi Portf\u00f6y\u00fc Dinamikleri ve Risk Y\u00f6netimi<\/strong><\/p>\n

Akbank’\u0131n toplam TL kredi bakiyesi 1,01 trilyon TL seviyesine ula\u015fm\u0131\u015ft\u0131r. Portf\u00f6y da\u011f\u0131l\u0131m\u0131 (2\u00c725 itibar\u0131yla trendler dikkate al\u0131nd\u0131\u011f\u0131nda) %44 ticari, %32 bireysel ve %24 bireysel kredi kartlar\u0131ndan olu\u015fmaktad\u0131r. Bireysel kredilerdeki nominal art\u0131\u015f %17, bireysel kredi kartlar\u0131ndaki art\u0131\u015f ise %15 olarak ger\u00e7ekle\u015firken, ticari kredilerdeki art\u0131\u015f %9 ile daha s\u0131n\u0131rl\u0131 kalm\u0131\u015ft\u0131r.<\/p>\n

Yabanc\u0131 Para (YP) kredi taraf\u0131nda ise y\u0131l ba\u015f\u0131ndan itibaren %3,7’lik bir b\u00fcy\u00fcme kaydedilmi\u015ftir. Bu d\u00fc\u015f\u00fck b\u00fcy\u00fcme oran\u0131, bankan\u0131n y\u0131l sonu YP kredi b\u00fcy\u00fcme hedefini “y\u00fcksek %10’lu seviyelerden” “orta tek haneli seviyelere” \u00e7ekmesine yol a\u00e7an temel makroekonomik k\u0131s\u0131tlamalar\u0131 ve merkez bankas\u0131n\u0131n kredi geni\u015flemesini s\u0131n\u0131rlama \u00e7abalar\u0131n\u0131 do\u011frular niteliktedir. Kredi hacminin b\u00fcy\u00fcme potansiyelindeki bu k\u0131s\u0131tlamalar, bankan\u0131n hisse de\u011feri yarat\u0131m\u0131 i\u00e7in verimlilik ve sermaye y\u00f6netimi stratejilerinin mutlak \u00f6nem ta\u015f\u0131d\u0131\u011f\u0131n\u0131 g\u00f6stermektedir.<\/p>\n

Aktif Kalitesi Metrikleri ve Geli\u015fen Riskler<\/strong><\/p>\n

Bankan\u0131n genel risk maliyeti performans\u0131 beklentilerin \u00fczerinde ger\u00e7ekle\u015fmi\u015f ve net risk maliyeti %1,97 seviyesinde kalm\u0131\u015ft\u0131r. Bu d\u00fc\u015f\u00fck risk maliyeti, bankan\u0131n g\u00fc\u00e7l\u00fc ticari portf\u00f6y\u00fcn\u00fcn ve genel disiplininin bir yans\u0131mas\u0131d\u0131r.<\/p>\n

T\u00fcm bu\u00a0genel olumlu risk maliyetine kar\u015f\u0131n,\u00a0yeni takibe d\u00fc\u015fen kredilerde, \u00f6zellikle bireysel krediler kaynakl\u0131 olarak bir art\u0131\u015f g\u00f6ze \u00e7arpmaktad\u0131r. <\/strong>Bu g\u00f6r\u00fcn\u00fcm, bankan\u0131n %44’l\u00fck paya sahip olan ticari\/kurumsal portf\u00f6y\u00fcn\u00fcn hala g\u00fc\u00e7l\u00fc oldu\u011funa ve perakende segmenti \u2013 bireysel bankac\u0131l\u0131k faaliyetlerinden kaynaklanan stresi ba\u015far\u0131l\u0131 bir \u015fekilde bast\u0131rd\u0131\u011f\u0131na i\u015faret etmektedir.<\/p>\n

Bu segmentler aras\u0131ndaki ayr\u0131\u015fan kredi kalitesi, bankan\u0131n bireysel kredilerdeki risk e\u011filimlerini daha yak\u0131ndan izlemesi gerekti\u011fini ve gelecekteki \u00e7eyreklerde perakende kar\u015f\u0131l\u0131k ihtiya\u00e7lar\u0131n\u0131n artabilece\u011fi potansiyelini g\u00f6stermektedir. Bunlara ra\u011fmen, bankan\u0131n y\u00f6netimince Tahsili Gecikmi\u015f Alacak (TGA) oran\u0131 hedefini %3,5 seviyesinde sabit tutmas\u0131 y\u00f6netimin ticari portf\u00f6y\u00fcn dayan\u0131kl\u0131l\u0131\u011f\u0131na ve mevcut tahsilat mekanizmalar\u0131n\u0131n etkinli\u011fine g\u00fcvendi\u011fini g\u00f6sterse de; bu durum perakende Takipteki Kredilerinin beklenen seviyenin \u00fczerine \u00e7\u0131kmas\u0131 durumunda bankan\u0131n y\u0131l\u0131n ikinci yar\u0131s\u0131nda b\u00fct\u00e7elenenden daha y\u00fcksek provizyon y\u00fck\u00fc riski ta\u015f\u0131yaca\u011f\u0131 anlam\u0131na gelmektedir.<\/p>\n

2025 \u0130kinci \u00c7eyrek<\/strong><\/h4>\n

Kar ve Karl\u0131l\u0131k<\/strong><\/p>\n

Akbank, 2025 y\u0131l\u0131n\u0131n ikinci \u00e7eyre\u011finde piyasa beklentileriyle neredeyse tam olarak uyumlu olarak 11.1 Milyar TL solo net k\u00e2r a\u00e7\u0131klad\u0131. Bu sonu\u00e7, bankan\u0131n y\u0131l\u0131n ilk yar\u0131s\u0131n\u0131 konsolide olarak 24.8 milyar TL net k\u00e2rla tamamlamas\u0131n\u0131 sa\u011flam\u0131\u015f olup,\u00a0ge\u00e7en y\u0131l\u0131n ayn\u0131 d\u00f6nemindeki 24.1 milyar TL’lik konsolide k\u00e2ra k\u0131yasla, \u0131l\u0131ml\u0131 bir seyir g\u00f6stermektedir.<\/p>\n

Bu rakam\u0131n ard\u0131ndaki dinamiklerin daha iyi anla\u015f\u0131lmas\u0131 i\u00e7in \u00e7eyreklik bazdaki de\u011fi\u015fimlere odaklanmak \u00f6nem arz etmektedir. Akbank’\u0131n ilk \u00e7eyrekte a\u00e7\u0131klad\u0131\u011f\u0131 13.7 Milyar TL’lik net k\u00e2ra k\u0131yasla, ikinci \u00e7eyrek k\u00e2r\u0131 y\u00fczde 19 oran\u0131nda d\u00fc\u015fm\u00fc\u015ft\u00fcr.\u00a0Tek ba\u015f\u0131na bak\u0131ld\u0131\u011f\u0131nda olumsuz bir tablo \u00e7izen \u00e7eyrekten \u00e7eyre\u011fe bu d\u00fc\u015f\u00fc\u015f, piyasa konsens\u00fcs\u00fc olan 11 Milyar TL ile uyumlu olmas\u0131 y\u00f6n\u00fcyle yat\u0131r\u0131mc\u0131lar\u0131n bu gerilemeyi \u00f6nceden fiyatlad\u0131\u011f\u0131n\u0131n ve mevcut ekonomik ko\u015fullar\u0131n bir sonucu olarak g\u00f6rd\u00fc\u011f\u00fcn\u00fcn bir ifadesidir. Bu, kazan\u00e7lar\u0131n niceli\u011finden ziyade kalitesinin ve gelece\u011fe y\u00f6nelik beklentilerin daha belirleyici oldu\u011funun \u00f6nemli bir vurgusudur.<\/p>\n

Net Faiz Gelirleri (NII) ve Marj\u0131 (NIM)<\/strong><\/p>\n

Bankan\u0131n temel faiz geliri olan net faiz gelirleri (NII), 2025 y\u0131l\u0131n\u0131n ilk yar\u0131s\u0131nda 2024’\u00fcn ilk yar\u0131s\u0131ndaki 38.4 Milyar TL’den 39.8 Milyar TL’ye y\u00fckselerek m\u00fctevaz\u0131 bir art\u0131\u015f g\u00f6stermi\u015ftir.\u00a0Ancak, bu art\u0131\u015f oranlar\u0131, y\u00fcksek enflasyon ortam\u0131 g\u00f6z \u00f6n\u00fcne al\u0131nd\u0131\u011f\u0131nda reel b\u00fcy\u00fcme potansiyelindeki zorluklar\u0131 i\u015faret etmektedir. Daha da \u00f6nemlisi, bankan\u0131n swap giderleri dahil net faiz marj\u0131 (NIM), ilk \u00e7eyrekteki y\u00fczde 2,3 seviyesinden ikinci \u00e7eyrekte y\u00fczde 1,95 seviyesine gerilemi\u015f,\u00a0alt\u0131 ayl\u0131k ortalama Net Faiz Geliri ise y\u00fczde 2,1 olarak ger\u00e7ekle\u015fmi\u015ftir.<\/p>\n

Bu marj daralmas\u0131n\u0131n ard\u0131ndaki temel neden, uzun s\u00fcre sonra faiz d\u00fc\u015f\u00fc\u015f d\u00f6ng\u00fcs\u00fcne ge\u00e7i\u015f yapan TCMB’nin 2025 Nisan ay\u0131nda politika faizini y\u00fczde 46’ya ve gecelik bor\u00e7 verme faizini y\u00fczde 49’a y\u00fckseltti\u011fi agresif parasal s\u0131k\u0131la\u015fma hamlesiyle do\u011frudan ili\u015fkilidir. Geli\u015fmelerin ard\u0131ndan bankalar\u0131n fonlama maliyetlerinin (mevduatlara \u00f6denen faizler gibi) h\u0131zla artmas\u0131 ve kredi portf\u00f6ylerinden elde edilen faiz gelirlerinin ayn\u0131 h\u0131zda y\u00fckselememesi sonucu bankac\u0131l\u0131k sekt\u00f6r\u00fcndeki faiz marjlar\u0131 \u00f6nemli \u00f6l\u00e7\u00fcde bask\u0131lanm\u0131\u015ft\u0131r.<\/p>\n

Faiz D\u0131\u015f\u0131 Gelirler: \u00dccretler ve Komisyonlar<\/strong><\/p>\n

Akbank’\u0131n stratejik \u00e7evikli\u011finin en belirgin kan\u0131t\u0131, y\u0131l\u0131n ilk \u00e7eyre\u011finde de oldu\u011fu gibi faiz d\u0131\u015f\u0131 gelirlerindeki ola\u011fan\u00fcst\u00fc performans\u0131d\u0131r. Bankan\u0131n net \u00fccret ve komisyon gelirleri, 2025’in ikinci \u00e7eyre\u011finde y\u0131ll\u0131k bazda y\u00fczde 60 artarak 27.2 Milyar TL’ye ula\u015fm\u0131\u015ft\u0131r.\u00a0Bu, y\u0131l\u0131n ilk yar\u0131s\u0131 i\u00e7in toplamda 51.2 milyar TL’lik bir gelire denk gelmektedir.\u00a0Bu g\u00fc\u00e7l\u00fc b\u00fcy\u00fcme, kredi kartlar\u0131, sigorta, para transferi ve varl\u0131k y\u00f6netimi gibi alanlardaki performans\u0131n devam etmesi beklentisiyle bankan\u0131n 2025 y\u0131l\u0131 i\u00e7in \u00fccret ve komisyon art\u0131\u015f hedefini y\u00fczde 40’tan y\u00fczde 60’a revize etmesinin itici g\u00fcc\u00fc olmu\u015ftur.<\/p>\n

Bu hedefin y\u00fckseltilmesi, banka y\u00f6netiminin faiz marjlar\u0131ndaki d\u00fc\u015f\u00fc\u015fe kar\u015f\u0131 aktif olarak tepki verdi\u011fini ve k\u00e2rl\u0131l\u0131\u011f\u0131 daha istikrarl\u0131, faiz d\u0131\u015f\u0131 kaynaklarla destekleme yolunu se\u00e7ti\u011fini g\u00f6stermektedir. \u00a0Bu stratejik y\u00f6nelim, bankan\u0131n gelecekteki kazan\u00e7lar\u0131n\u0131 faiz oran\u0131 d\u00f6ng\u00fclerinin etkisinden daha ba\u011f\u0131ms\u0131z hale getirmekte ve makroekonomik dalgalanmalara kar\u015f\u0131 daha diren\u00e7li bir yap\u0131 in\u015fa etme \u00e7abas\u0131n\u0131 ortaya koymaktad\u0131r.<\/p>\n

Ticari K\u00e2rlar: Volatilite ve D\u00f6n\u00fc\u015f\u00fcm<\/strong><\/p>\n

Bankan\u0131n ticari faaliyetlerden elde etti\u011fi sonu\u00e7lar, dikkat \u00e7ekici bir d\u00f6n\u00fc\u015f\u00fcm sergilemi\u015ftir. Akbank, 2024 y\u0131l\u0131n\u0131n ilk yar\u0131s\u0131ndaki 376 Milyon TL’lik net ticari zarardan, 2025 y\u0131l\u0131n\u0131n ilk yar\u0131s\u0131nda 6.7 Milyar TL’lik etkileyici bir net ticari k\u00e2ra ge\u00e7i\u015f yapm\u0131\u015ft\u0131r.\u00a0Bu dramatik de\u011fi\u015fimin ard\u0131nda yatan ana fakt\u00f6r, t\u00fcrev i\u015flemlerden elde edilen kazan\u00e7lard\u0131r. T\u00fcrev i\u015flemler, 2024’\u00fcn ilk yar\u0131s\u0131ndaki 29.4 Milyar TL’lik zarardan, 2025’in ilk yar\u0131s\u0131nda 3.5 Milyar TL’lik bir k\u00e2ra d\u00f6nm\u00fc\u015ft\u00fcr.<\/p>\n

Ancak bu performans, beraberinde \u00f6nemli bir volatiliteyi de bar\u0131nd\u0131rmaktad\u0131r. Bu noktada t\u00fcrev i\u015flemlerden elde edilen kazan\u00e7lar, d\u00f6viz ticareti taraf\u0131nda ya\u015fanan \u00f6nemli kay\u0131plar\u0131 k\u0131smen dengeleme g\u00f6revi g\u00f6rm\u00fc\u015ft\u00fcr. Nitekim d\u00f6viz ticareti k\u0131sm\u0131na bak\u0131ld\u0131\u011f\u0131nda, bankan\u0131n 2024 y\u0131l\u0131n\u0131n ilk yar\u0131s\u0131nda 20.1 Milyar TL’lik d\u00f6viz k\u00e2r\u0131ndan, 2025’in ilk yar\u0131s\u0131nda 3.7 Milyar TL’lik bir zarara ge\u00e7ti\u011fi g\u00f6r\u00fcl\u00fcr. Ancak bankan\u0131n genel g\u00f6r\u00fcn\u00fcm\u00fc, bankan\u0131n farkl\u0131 ticari pozisyonlar\u0131n\u0131 y\u00f6netme konusundaki \u00e7evikli\u011fini ortaya koyup, t\u00fcrev kazan\u00e7lar\u0131n\u0131n d\u00f6viz zararlar\u0131n\u0131 fazlas\u0131yla telafi etti\u011fini g\u00f6stermektedir.<\/p>\n

Varl\u0131k ve Y\u00fck\u00fcml\u00fcl\u00fck -Bilan\u00e7o- Y\u00f6netimi<\/strong><\/p>\n

Akbank’\u0131n toplam aktifleri, y\u0131ll\u0131k bazda y\u00fczde 30’luk bir art\u0131\u015fla 2.984 trilyon TL’ye ula\u015farak bilan\u00e7osunu \u00f6nemli \u00f6l\u00e7\u00fcde b\u00fcy\u00fctt\u00fc\u011f\u00fcn\u00fc g\u00f6stermektedir.\u00a0Toplam kredi b\u00fcy\u00fckl\u00fc\u011f\u00fc de y\u0131ll\u0131k y\u00fczde 30 artarak 1.560 Trilyon TL seviyesine y\u00fckselmi\u015ftir.\u00a0Bu, Akbank’\u0131n 2025’in ilk yar\u0131s\u0131nda T\u00fcrk ekonomisine 1.980 trilyon TL kredi deste\u011fi sa\u011flad\u0131\u011f\u0131 daha geni\u015f bir g\u00f6r\u00fcn\u00fcm\u00fcn par\u00e7as\u0131d\u0131r.<\/p>\n

Bilan\u00e7o y\u00f6netimindeki bir di\u011fer \u00f6nemli geli\u015fme, mevduat kompozisyonundaki de\u011fi\u015fimdir. T\u00fcrk Liras\u0131 cinsinden toplam kredilerin y\u00fczde 44’\u00fc ticari, y\u00fczde 32’si bireysel ve y\u00fczde 24’\u00fc bireysel kredi kartlar\u0131ndan olu\u015fmaktad\u0131r.\u00a0Bankan\u0131n mevduat dinamikleri incelendi\u011finde, kur korumal\u0131 mevduat (KKM) bakiyesinin y\u00fczde 50 oran\u0131nda azald\u0131\u011f\u0131, yabanc\u0131 para (YP) mevduatlar\u0131n\u0131n ise y\u00fczde 13 artt\u0131\u011f\u0131 g\u00f6r\u00fclmektedir.\u00a0Bu durum, devletin KKM uygulamas\u0131ndan kademeli olarak \u00e7\u0131kma stratejisinin bir sonucu olup mevduat sahiplerinin d\u00f6viz cinsinden varl\u0131klara y\u00f6neldi\u011fine i\u015farettir. Bu e\u011filim, bankan\u0131n fonlama yap\u0131s\u0131n\u0131 etkilemekte ve potansiyel kur risklerine kar\u015f\u0131 y\u00f6netimini \u00f6nemli hale getirmektedir.<\/p>\n

\u00a0<\/strong>Risk Y\u00f6netimi ve Kar\u015f\u0131l\u0131klar<\/strong><\/p>\n

Akbank’\u0131n risk y\u00f6netimi yakla\u015f\u0131m\u0131, 2025 ikinci \u00e7eyrek raporunda belirgin bir \u015fekilde \u00f6ne \u00e7\u0131kmaktad\u0131r. Bankan\u0131n y\u0131l\u0131n ilk yar\u0131s\u0131nda ay\u0131rd\u0131\u011f\u0131 beklenen kredi zarar\u0131 (ECL) kar\u015f\u0131l\u0131klar\u0131, bir \u00f6nceki y\u0131l\u0131n ayn\u0131 d\u00f6nemine g\u00f6re iki kattan fazla artarak 18.2 Milyar TL’ye ula\u015fm\u0131\u015ft\u0131r.\u00a0Bu rakam, bankan\u0131n potansiyel kredi d\u00f6ng\u00fcs\u00fc risklerine kar\u015f\u0131 proaktif ve muhafazak\u00e2r bir duru\u015f sergiledi\u011fini g\u00f6stermekte olup, y\u00f6netimin “bor\u00e7lular i\u00e7in daha zorlu ekonomik zamanlar” beklentisinin a\u00e7\u0131k bir i\u015faretidir.<\/p>\n

Bu ihtiyatl\u0131 duru\u015fa ra\u011fmen, takipteki kredilerin (TGA) olu\u015fumunda bir yava\u015flama g\u00f6r\u00fclmektedir. \u0130lk \u00e7eyrekteki 10.1 Milyar TL’lik yeni net TGA olu\u015fumu, ikinci \u00e7eyrekte 6.1 milyar TL’ye gerilemi\u015ftir.\u00a0Takibe d\u00f6n\u00fc\u015f\u00fcm oran\u0131 ise y\u00fczde 3.3’ten y\u00fczde 3.4’e hafif\u00e7e y\u00fckselmi\u015ftir.\u00a0Bu veriler, bankan\u0131n kar\u015f\u0131l\u0131k politikas\u0131n\u0131n, mevcut bir krizden ziyade, gelecekteki potansiyel risklere kar\u015f\u0131 bir \u00f6nlem niteli\u011finde oldu\u011funu do\u011frular niteliktedir.<\/p>\n

Sermaye ve Operasyonel G\u00fc\u00e7<\/strong><\/p>\n

Akbank’\u0131n sermaye yeterlilik rasyosu (SYR), y\u00fczde 17.4 ile istikrarl\u0131 bir seviyede kalm\u0131\u015ft\u0131r.\u00a0Bu stabilite, aktiflerdeki y\u00fczde 30’luk b\u00fcy\u00fcme kar\u015f\u0131s\u0131nda bankan\u0131n sa\u011flam sermaye tamponlar\u0131n\u0131 korudu\u011funu ve gelecekteki geni\u015fleme hedeflerini destekleyebilecek g\u00fc\u00e7l\u00fc bir pozisyonda oldu\u011funu g\u00f6stermektedir.<\/p>\n

Operasyonel verimlilik cephesinde ise, bankan\u0131n net \u00fccret ve komisyon gelirlerinin operasyonel giderleri kar\u015f\u0131lama oran\u0131 10 puan artarak y\u00fczde 96’ya y\u00fckselmi\u015ftir.\u00a0Bu, faiz d\u0131\u015f\u0131 gelirlerin yaln\u0131zca k\u00e2rl\u0131l\u0131\u011f\u0131 desteklemekle kalmay\u0131p ayn\u0131 zamanda bankan\u0131n operasyonel giderlerini kar\u015f\u0131lama kapasitesini de \u00f6nemli \u00f6l\u00e7\u00fcde art\u0131rd\u0131\u011f\u0131n\u0131 ve genel verimlili\u011fini y\u00fckseltti\u011fini g\u00f6stermektedir.<\/p>\n

Rekabet Ortam\u0131 ve Akran Analizi: Akbank’\u0131n G\u00f6receli Konumu<\/strong><\/p>\n

Temel Akran Metrikleri (2\u00c7 2025)<\/strong><\/p>\n

Akbank’\u0131n performans\u0131n\u0131 sekt\u00f6r\u00fcn geneline g\u00f6re de\u011ferlendirmek, stratejik pozisyonunu daha iyi anlamak i\u00e7in hayati \u00f6nem ta\u015f\u0131maktad\u0131r. A\u015fa\u011f\u0131daki tablo, Akbank’\u0131n 2025’in ikinci \u00e7eyrek sonu\u00e7lar\u0131n\u0131 kendisi gibi \u00f6zel sermayeli ba\u015fl\u0131ca rakipleri olan Garanti BBVA, \u0130\u015f Bankas\u0131 ve Yap\u0131 Kredi’nin a\u00e7\u0131klad\u0131\u011f\u0131 verilerle kar\u015f\u0131la\u015ft\u0131rmaktad\u0131r.<\/p>\n\n\n\n\n\n\n\n
Banka<\/td>\n2\u00c725 Net Kar (Milyar TL)<\/td>\n1Y25 Net Kar (Milyar TL)<\/td>\n1Y25 \u00d6zkaynak Karl\u0131l\u0131\u011f\u0131 (%)<\/td>\n<\/tr>\n
Garanti BBVA<\/td>\n28.3<\/td>\n53.6<\/td>\n30.7<\/td>\n<\/tr>\n
\u0130\u015f Bankas\u0131<\/td>\n17.4<\/td>\n29.8<\/td>\n18.0<\/td>\n<\/tr>\n
Yap\u0131 Kredi<\/td>\n11.3<\/td>\n22.75<\/td>\n22.4<\/td>\n<\/tr>\n
Akbank<\/td>\n11.1<\/td>\n24.8<\/td>\n20.1<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

 <\/p>\n

Bu kar\u015f\u0131la\u015ft\u0131rma, bankac\u0131l\u0131k sekt\u00f6r\u00fcndeki k\u00e2rl\u0131l\u0131k dinamiklerinin ve risk y\u00f6netimi stratejilerinin \u00e7e\u015fitlili\u011fini de g\u00f6zler \u00f6n\u00fcne sermektedir. Garanti BBVA’n\u0131n net k\u00e2r\u0131, Akbank’\u0131n neredeyse \u00fc\u00e7 kat\u0131 olup, bu durum Garanti’nin aktif sat\u0131\u015flar\u0131ndan ve kredi kar\u015f\u0131l\u0131klar\u0131n\u0131 serbest b\u0131rakmas\u0131ndan elde etti\u011fi kazan\u00e7larla desteklenmi\u015ftir.\u00a0\u0130\u015f Bankas\u0131’n\u0131n k\u00e2rl\u0131l\u0131\u011f\u0131 ise i\u015ftirak gelirleri ve vergi avantaj\u0131 gibi tek seferlik kalemlerden \u00f6nemli destek alm\u0131\u015ft\u0131r.<\/p>\n

Buna kar\u015f\u0131n, Akbank’\u0131n k\u00e2rl\u0131l\u0131\u011f\u0131, hem volatil ticari kazan\u00e7lara hem de proaktif olarak art\u0131r\u0131lan kar\u015f\u0131l\u0131klara ba\u011fl\u0131 kalm\u0131\u015ft\u0131r. Garanti’nin “kar\u015f\u0131l\u0131klar\u0131 serbest b\u0131rakma” stratejisi ile Akbank’\u0131n “kar\u015f\u0131l\u0131klar\u0131 art\u0131rma” stratejisi aras\u0131ndaki keskin tezat, bu bankalar\u0131n farkl\u0131 risk alg\u0131lar\u0131na ve bilan\u00e7o y\u00f6netimi yakla\u015f\u0131mlar\u0131na sahip oldu\u011funu g\u00f6stermektedir. Akbank’\u0131n yakla\u015f\u0131m\u0131, k\u0131sa vadeli k\u00e2r\u0131 feda ederek gelecekteki potansiyel dalgalanmalara kar\u015f\u0131 daha g\u00fc\u00e7l\u00fc bir duru\u015f sergileme y\u00f6n\u00fcndedir.<\/p>\n

\"AKBNK<\/p>\n

Akbank Temel Finansal Metrikleri (2\u00c7 2025)<\/em><\/strong><\/p>\n

\"Akbnk<\/em><\/p>\n

SONU\u00c7<\/strong><\/p>\n

Akbank’\u0131n 2025 y\u0131l\u0131 ikinci \u00e7eyrek raporu, bankac\u0131l\u0131k sekt\u00f6r\u00fcn\u00fcn dinamik ve zorlu bir makroekonomik ortamda nas\u0131l bir adaptasyon s\u00fcreci ya\u015fad\u0131\u011f\u0131n\u0131 net bir \u015fekilde ortaya koymaktad\u0131r. Net k\u00e2rdaki \u00e7eyreklik gerileme ve net faiz marj\u0131ndaki bask\u0131, s\u0131k\u0131 para politikas\u0131n\u0131n do\u011frudan bir sonucudur. Ancak bu tablo, bankan\u0131n stratejik \u00e7evikli\u011fi ve y\u00f6netimin ileriyi g\u00f6rme becerisiyle dengelenmektedir.<\/p>\n

Faiz d\u0131\u015f\u0131 gelirlerdeki g\u00fc\u00e7l\u00fc art\u0131\u015f ve bu alandaki hedeflerin yukar\u0131 y\u00f6nl\u00fc revize edilmesi, Akbank’\u0131n k\u00e2rl\u0131l\u0131k modelini \u00e7e\u015fitlendirme ve daha s\u00fcrd\u00fcr\u00fclebilir gelir kaynaklar\u0131 yaratma konusundaki kararl\u0131l\u0131\u011f\u0131n\u0131 g\u00f6stermektedir. Ayn\u0131 zamanda, beklenen kredi zarar\u0131 kar\u015f\u0131l\u0131klar\u0131ndaki \u00f6nemli art\u0131\u015f, bankan\u0131n proaktif bir risk y\u00f6netimi yakla\u015f\u0131m\u0131 benimsedi\u011fini ve olas\u0131 ekonomik zorluklara kar\u015f\u0131 kendini konumland\u0131rd\u0131\u011f\u0131n\u0131 kan\u0131tlamaktad\u0131r. Bu muhafazak\u00e2r tutum, k\u0131sa vadede k\u00e2r\u0131 d\u00fc\u015f\u00fcrse de, uzun vadeli bilan\u00e7o sa\u011fl\u0131\u011f\u0131 ve direncini desteklemektedir.<\/p>\n

Akbank, her ne kadar ikinci \u00e7eyrekte Garanti BBVA gibi sekt\u00f6r liderlerinin<\/a> k\u00e2r rakamlar\u0131n\u0131n gerisinde kalsa da, kendi beklentilerini kar\u015f\u0131lamas\u0131 ve temel operasyonel verimlili\u011fini art\u0131rmas\u0131yla sa\u011flam bir finansal yap\u0131ya sahip oldu\u011funu g\u00f6stermi\u015ftir. Dolay\u0131s\u0131yla, Akbank hisseleri, risklerini proaktif olarak y\u00f6neten ve k\u00e2rl\u0131l\u0131\u011f\u0131n\u0131 \u00e7e\u015fitlendiren, gelecekteki olumlu makroekonomik geli\u015fmelerden faydalanmaya haz\u0131r bir de\u011ferli bir kurum olarak \u00f6ne \u00e7\u0131kmaktad\u0131r.<\/p>\n","protected":false},"excerpt":{"rendered":"

Borsa \u0130stanbul’daki reel de\u011fer kay\u0131plar\u0131n\u0131n s\u00fcrmesi ile birlikte AKBNK gibi sermaye yap\u0131s\u0131 g\u00fc\u00e7l\u00fc olan \u015firketlere y\u00f6nelimler nispeten art\u0131yor. Akbank 2025 y\u0131l\u0131 birinci ve ikinci \u00e7eyrek hisse analizini sizin i\u00e7in a\u015fa\u011f\u0131da mukayeseli olarak derledik. 2025 Birinci \u00c7eyrek Kar ve Karl\u0131l\u0131k Akbank’\u0131n 2025 y\u0131l\u0131n\u0131n ilk \u00e7eyre\u011fi (1\u00c725) finansal sonu\u00e7lar\u0131, piyasa beklentilerini a\u015fan bir net k\u00e2r performans\u0131 sergilemi\u015f<\/p>\n","protected":false},"author":19,"featured_media":5593,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7,522],"tags":[541,542,540],"class_list":{"0":"post-5591","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-alternatif-veri-ve-hisse-analizi","8":"category-temel-teknik-analiz","9":"tag-akbank-t-a-s","10":"tag-akbnk","11":"tag-temel-analiz"},"better_featured_image":{"id":5593,"alt_text":"Akbnk 2025 \u0130kinci \u00c7eyrek Rasyolar\u0131","caption":"","description":"","media_type":"image","media_details":{"width":733,"height":333,"file":"2025\/10\/Adsiz2.jpg","filesize":44629,"sizes":{"medium":{"file":"Adsiz2-300x136.jpg","width":300,"height":136,"mime-type":"image\/jpeg","filesize":6059,"source_url":"https:\/\/datakapital.com\/blog\/wp-content\/uploads\/2025\/10\/Adsiz2-300x136.jpg"},"thumbnail":{"file":"Adsiz2-150x150.jpg","width":150,"height":150,"mime-type":"image\/jpeg","filesize":3149,"source_url":"https:\/\/datakapital.com\/blog\/wp-content\/uploads\/2025\/10\/Adsiz2-150x150.jpg"},"bunyad-small":{"file":"Adsiz2-150x68.jpg","width":150,"height":68,"mime-type":"image\/jpeg","filesize":1910,"source_url":"https:\/\/datakapital.com\/blog\/wp-content\/uploads\/2025\/10\/Adsiz2-150x68.jpg"},"bunyad-medium":{"file":"Adsiz2-450x204.jpg","width":450,"height":204,"mime-type":"image\/jpeg","filesize":11630,"source_url":"https:\/\/datakapital.com\/blog\/wp-content\/uploads\/2025\/10\/Adsiz2-450x204.jpg"}},"image_meta":{"aperture":"0","credit":"","camera":"","caption":"","created_timestamp":"0","copyright":"","focal_length":"0","iso":"0","shutter_speed":"0","title":"","orientation":"0","keywords":[]}},"post":5591,"source_url":"https:\/\/datakapital.com\/blog\/wp-content\/uploads\/2025\/10\/Adsiz2.jpg"},"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/datakapital.com\/blog\/wp-json\/wp\/v2\/posts\/5591","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/datakapital.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/datakapital.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/datakapital.com\/blog\/wp-json\/wp\/v2\/users\/19"}],"replies":[{"embeddable":true,"href":"https:\/\/datakapital.com\/blog\/wp-json\/wp\/v2\/comments?post=5591"}],"version-history":[{"count":1,"href":"https:\/\/datakapital.com\/blog\/wp-json\/wp\/v2\/posts\/5591\/revisions"}],"predecessor-version":[{"id":5594,"href":"https:\/\/datakapital.com\/blog\/wp-json\/wp\/v2\/posts\/5591\/revisions\/5594"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/datakapital.com\/blog\/wp-json\/wp\/v2\/media\/5593"}],"wp:attachment":[{"href":"https:\/\/datakapital.com\/blog\/wp-json\/wp\/v2\/media?parent=5591"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/datakapital.com\/blog\/wp-json\/wp\/v2\/categories?post=5591"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/datakapital.com\/blog\/wp-json\/wp\/v2\/tags?post=5591"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}