Turkiye Vakiflar Bankasi T A O : VakıfBank is Ranked 4th in Terms of Asset Size
November 08, 2019 at 04:30 pm EST
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PRESS RELEASE
08.11.2019
VakıfBank is ranked 4thin terms of asset size
VakıfBank, the 4th largest bank of Turkey, provided TL
330 billion support to the national economy
VakıfBank became the 4th largest bank of Turkey by asset size amounting TL 387 billion according to its unconsolidated financial results. Setting aside TL 415 million tax provisions from its TL 1 billion 937 million gross income in the same period, VakıfBank delivered TL 1 billion 522 million net income. The support to the national economy through cash and non-cash loans reached TL 330 billion.
Being the strength on the side of Turkey with its innovative products and services tailored to the expectations and needs of customers, VakıfBank contributed to the real economy TL 330 billion in the first nine months of 2019. Assessing the financial performance of the Bank, VakıfBank's CEO Mr. Üstünsalih stated in his speech that "We take pride of being the 4thlargest bank of Turkey with the total asset size exceeding TL 387 billion in the first nine months of 2019". Within this period, VakıfBank continued to support local production and export in particular with the national economy support packages and campaigns specific to various segments and thus, contributed to the national economy as always".
"The market share of cash loans exceeded the 10% threshold for the first time in
VakıfBank's history"
Remarking that VakıfBank financed the real sector uninterruptedly at a time when the cash loans contracted by 2.1% annually in the banking sector, VakıfBank's CEO Mr. Üstünsalih continued his speech "In this period, VakıfBank's cash loans reached TL 260 billion with a %10.2 increase on an annual basis. The market share of cash loans exceeded the 10% threshold for the first time in VakıfBank's history and rose to 10.3%. Thus, we have once again proved that we are the strength on the side of our national economy."
"VakıfBank's total deposit growth doubled the sector average"
Mr. Üstünsalih highlighted the successful period of VakıfBank in terms of deposit and non- deposit funding and continued his speech "Total deposit reached TL 230 billion with a growth of 20.3% annually, almost doubling the sector average of 10.5%. The share of total deposits which became more granular every day, exceeded 59% of total liabilities." Mr. Üstünsalih completed his speech:
"With its pioneering position in international debt capital markets, VakıfBank continued its effort in non-deposit funding. Following the Fitch's downgrade of the Turkish banks' DPR securitization programs below investment grade in July, we are proud to execute the first securitization transaction in Turkey, amounting USD 417 million with 7-year final maturity. Moreover, in order to contribute to deepening our domestic capital markets and product range, in September 2019, VakıfBank issued the first ever TLREF indexed Tier II bond out of Turkey with an amount of TL 725 million."
Significant financial indicators of unconsolidated balance sheet of VakıfBank as of 3Q19:
Turkiye Vakiflar Bankasi TAO published this content on 08 November 2019 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 08 November 2019 21:29:00 UTC
Turkiye Vakiflar Bankasi TAO is a Turkey-based company, which provides a range of banking products and services. It offers its products and services through its corporate, commercial and Small and Medium Enterprises (SME) banking, as well as through its retail and private banking business lines. The Bank is also active in investment banking and capital markets, as well as provides a range of financial services including insurance, financial leasing and factoring through its financial subsidiaries. Its banking products include: time and demand deposit, accumulating account, repos, overdraft facilities, spot loans, foreign currency indexed loans, consumer loans, automobile and housing loans, working capital loans, discounted bills, foreign currency loans, pre-export loans, letters of guarantee, letters of credit, export factoring, acceptance credits, leasing, insurance, futures, salary payments, investment account, bill payments, tax collections and payment orders, among others.
TÜRKIYE VAKIFLAR BANKASI TÜRK ANONIM ORTAKLIGI 
