Akbank T : 2Q22 CONSOLIDATED FINANCIAL STATEMENTS

AKBANK T.A.Ş.

PUBLICLY ANNOUNCED CONSOLIDATED FINANCIAL STATEMENTS AND RELATED DISCLOSURES

AT 30 JUNE 2022 TOGETHER WITH AUDITOR'S REVIEW REPORT

(Convenience translation of publicly announced consolidated financial statements, related disclosures and auditor's review report originally issued in Turkish, See Note. I.b of Section three)

AUDITOR'S REVIEW REPORT ON INTERIM FINANCIAL INFORMATION

(Convenience translation of the independent auditor's review report originally issued in Turkish, See Note I of Section Three)

To the General Assembly of Akbank T.A.Ş.;

Introduction

We have reviewed the consolidated balance sheet of Akbank T.A.Ş. ("the Bank") and its consolidated subsidiaries (collectively referred to as "the Group") at 30 June 2022 and the related consolidated statement of profit or loss, consolidated statement of profit or loss and other comprehensive income, consolidated statement of changes in shareholders' equity, consolidated statement of cash flows and a summary of significant accounting policies and other explanatory notes to the consolidated financial statements for the six-month- period then ended. The Bank Management is responsible for the preparation and fair presentation of interim financial information in accordance with the Banking Regulation and Supervision Agency ("BRSA") Accounting and Financial Reporting Legislation which includes "Regulation on Accounting Applications for Banks and Safeguarding of Documents" published in the Official Gazette no.26333 dated 1 November 2006, and other regulations on accounting records of Banks published by Banking Regulation and Supervision Agency and circulars and interpretations published by BRSA and Turkish Accounting Standard 34 "Interim Financial Reporting" for those matters not regulated by the aforementioned regulations. Our responsibility is to express a conclusion on this interim financial information based on our review.

Scope of Review

We conducted our review in accordance with the Standard on Review Engagements (SRE) 2410, "Limited Review of Interim Financial Information Performed by the Independent Auditor of the Entity". A review of interim financial information consists of making inquiries, primarily of persons responsible for financial reporting process, and applying analytical and other review procedures. A review of interim financial information is substantially less in scope than an independent audit performed in accordance with the Independent Auditing Standards and the objective of which is to express an opinion on the financial statements. Consequently, a review of the interim financial information does not provide assurance that the audit firm will be aware of all significant matters which would have been identified in an audit. Accordingly, we do not express an opinion.

Basis for the Qualified Conclusion

As mentioned in Section Five Part II h.4 (i) of Explanations and Notes to the Consolidated Financial Statements; the accompanying consolidated financial statements as of 30 June 2022 include a free provision amounting to TL 1.400.000 thousand provided in prior years by the Bank management which is not within the requirements of BRSA Accounting and Financial Reporting Legislation.

Qualified Conclusion

Based on our review, except for the effects of the matter on the consolidated financial statements described in the basis for the qualified conclusion paragraph above, nothing has come to our attention that causes us to believe that the accompanying consolidated financial information do not present fairly in all material respects the financial position of Akbank T.A.Ş. and its consolidated subsidiaries at 30 June 2022 and the results of its operations and its cash flows for the six-month period then ended in accordance with the BRSA Accounting and Financial Reporting Legislation.

Report on other regulatory requirements arising from legislation

Based on our review, nothing has come to our attention that causes us to believe that the financial information provided in the accompanying interim activity report in Section Seven, is not consistent with the reviewed consolidated financial statements and disclosures in all material respects.

Additional Paragraph for Convenience Translation:

BRSA Accounting and Financial Reporting Legislation explained in detail in Section Three differ from International Financial Reporting Standards ("IFRS") issued by the International Accounting Standards Board including the application of IAS 29 - Financial Reporting in Hyperinflationary Economies as of 30 June 2022. Accordingly, the accompanying consolidated financial statements are not intended to present fairly the consolidated financial position, results of operations, changes in equity and cash flows of the Group in accordance with IFRS.

PwC Bağımsız Denetim ve

Serbest Muhasebeci Mali Müşavirlik A.Ş.

Zeynep Uras, SMMM

Partner

Istanbul, 27 July 2022

CONVENIENCE TRANSLATION

OF PUBLICLY ANNOUNCED CONSOLIDATED FINANCIAL STATEMENTS, RELATED DISCLOSURES

ORIGINALLY ISSUED IN TURKISH,

SEE NOTE I.b OF SECTION THREE

THE CONSOLIDATED FINANCIAL REPORT OF

AKBANK T.A.Ş. AS OF 30 JUNE 2022

Address	: Sabancı Center 34330, 4. Levent / İstanbul
Telephone	: (0 212) 385 55 55
Fax	: (0 212) 319 52 52
Website	:	www.akbank.com
E-mail	:	http://www.akbank.com/tr-tr/genel/Sayfalar/Iletisim-Formu.aspx

The consolidated financial report for the six-month-period, prepared in accordance with "Communiqué on the Financial Statements and the Related Policies and Disclosures to be Publicly Announced" as regulated by the Banking Regulation and Supervision Agency, is consist of the sections listed below.

∙	Section One	-	GENERAL INFORMATION ABOUT THE PARENT BANK
∙	Section Two	-	CONSOLIDATED FINANCIAL STATEMENTS OF THE PARENT BANK
∙	Section Three	-	EXPLANATIONS ON ACCOUNTING POLICIES
∙	Section Four	-	INFORMATION RELATED TO FINANCIAL POSITION AND RISK MANAGEMENT OF THE GROUP
∙	Section Five	-	INFORMATION AND DISCLOSURES RELATED TO CONSOLIDATED FINANCIAL STATEMENTS
∙	Section Six	-	INTERIM REVIEW REPORT
∙	Section Seven	-	INTERIM ACTIVITY REPORT

Investments in associates, joint ventures and subsidiaries whose financial statements have been consolidated in this reporting package are as follows:

	Subsidiaries		Investments in Associates	Joint Ventures
1.	Ak Finansal Kiralama A.Ş.		-	-
2.	Ak Yatırım Menkul Değerler A.Ş.		-	-
3.	Ak Portföy Yönetimi A.Ş.		-	-
4.	Akbank AG		-	-
5.	AkÖde Elektronik Para ve	Ödeme
Hizmetleri A.Ş.		-	-

A.R.T.S. Ltd., which is not subsidiary of the Bank has been included in the consolidation due to the reason that this company is "Structured Entity"

The accompanying consolidated financial statements and notes to these financial statements for six-month period which are expressed, unless otherwise stated, in thousands of Turkish Lira (TL), have been prepared based on the accounting books of the Bank in accordance with the Regulation on Accounting Applications for Banks and Safeguarding of Documents, Turkish Accounting Standards, Turkish Financial Reporting Standards, and the related appendices and interpretations on these, and have been independently reviewed.

27 July 2022

Suzan SABANCI DİNÇER	Eyüp ENGİN	Levent DEMİRAĞ	S. Hakan BİNBAŞGİL	Türker TUNALI	Gökhan KAZCILAR
Chairman of the	Head of the	Member of the	CEO	Executive Vice	Senior Vice
Board of Directors	Audit Committee	Audit		President	President
		Committee

Contact information of the personnel in charge of addressing questions regarding this financial report:

Name-Surname / Title	: Gökhan KAZCILAR / Senior Vice President
Phone No	: (0 212) 385 55 55
Fax No	: (0 212) 325 12 31

	SECTION ONE	Page
	General Information about the Bank
I.	Parent Bank's foundation date, start-up status, history regarding the changes in this status	1

1. Explanation about the Parent Bank's capital structure, shareholders of the Parent Bank who are in charge of the management and/or

auditing of the Bank directly or indirectly, changes in these matters (if any) and the Group that the Parent Bank belongs to

1

1. Explanation on the board of directors, members of the audit committee, president and executive vice presidents, if available,

	shares of the Parent Bank they possess and their areas of responsibility	1
IV.	Information on the individual and corporate shareholders having control shares of the Parent Bank	2
V.	Information on the Parent Bank's service types and fields of operation	2
VI.	A short explanation on the differences between the Communique on Consolidated Financial Statement Reporting and the consolidation
	procedures required by Turkish Accounting Standards and about institutions that are subject to full consolidation, proportional
	consolidation, by way of deduction from capital or those that are subject to none	2
VII.	Existing or potential, actual or legal obstacles to immediate transfer of capital between Parent Bank and its subsidiaries and repayment of debts	2
	SECTION TWO
	Consolidated Financial Statements of the Bank
I.	Consolidated Balance sheet	3
II.	Consolidated Off Balance Sheet Commitments	5
III.	Consolidated Income statement	6
IV.	Consolidated Statement of profit or loss and other comprehensive income	7
V.	Consolidated Statement of changes in shareholders' equity	8
VI.	Consolidated Statement of cash flows	10
	SECTION THREE
	Explanations on Accounting Policies
I.	Explanations on basis of presentation	11
II.	Explanations on strategy of using financial instruments and explanations on foreign currency transactions	12
III.	Explanations on equity investments	12
IV.	Explanations on forward transactions, options and derivative instruments	13
V.	Explanations on interest income and expense	13
VI.	Explanations on fee and commission income and expenses	14
VII.	Explanations on financial assets	14
VIII.	Explanations on expected credit loss	18
IX.	Explanations on offsetting financial instruments	19
X.	Explanations on sales and repurchase agreements and securities lending transactions	20
XI.	Explanations on assets held for sale and related to discontinued operations (Net)	20
XII.	Explanations on goodwill and other intangible assets	20
XIII.	Explanations on property and equipment	20
XIV.	Explanations on leasing transactions	21
XV.	Explanations on provisions and contingent liabilities	21
XVI.	Explanations on contingent assets	21
XVII.	Explanations on obligations related to employee rights	21
XVIII.	Explanations on taxation	23
XIX.	Explanations on borrowings	24
XX.	Explanations on issuance of share certificates	24
XXI.	Explanations on avalized drafts and acceptances	24
XXII.	Explanations on government grants	25
XXIII.	Explanations on segment reporting	25
XXIV.	Profit reserves and profit distribution	25
XXV.	Earnings per share	25
XXVI.	Related parties	25
XXVII.	Cash and cash equivalent assets	26
XXVIII.	Reclassifications	26
XXIX.	Disclosures of TFRS 16 Leases	26
	SECTION FOUR
	Information Related to Financial Position and Risk Management of the Group
I.	Explanations on equity	28
II.	Explanations on currency risk	36
III.	Explanations on interest rate risk	38
IV.	Explanations on position risk of equity securities	40
V.	Explanations on liquidity risk management and liquidity coverage ratio	40
VI.	Explanations on leverage ratio	46
VII.	Explanations on risk management target and policies	47
VIII.	Explanations on risk hedge transactions	54
IX.	Explanations on business segments	57
	SECTION FIVE
	Information and Disclosures Related to Consolidated Financial Statements
I.	Explanations and notes related to consolidated assets	59
II.	Explanations and notes related to consolidated liabilities	74
III.	Explanations and notes related to consolidated off-balance sheet accounts	81
IV.	Explanations and notes related to consolidated income statement	82
V.	Explanations and notes related to consolidated statement of cash flows	86
VI.	Explanations and notes related to risk group that the group belongs to	87
VII.	Explanations and notes related to subsequent events	89
	SECTION SIX
	Explanations on Auditor's Review Report
I.	Explanations on Auditor's Review Report	89
II.	Explanations and notes prepared by independent auditors	89
	SECTION SEVEN
	Explanations on Interim Activity Report
I.	Interim period activity report included chairman of the board of directors and CEO's assessments for the interim activities	90

CONVENIENCE TRANSLATION OF PUBLICLY ANNOUNCED CONSOLIDATED FINANCIAL STATEMENTS

ORIGINALLY ISSUED IN TURKISH, SEE NOTE I.b OF SECTION THREE

AKBANK T.A.Ş.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS AT 30 JUNE 2022

(Amounts expressed in thousands of Turkish Lira ("TL") unless otherwise stated.)

SECTION ONE

GENERAL INFORMATION ABOUT THE BANK

1. PARENT BANK'S FOUNDATION DATE, START-UP STATUS, HISTORY REGARDING THE CHANGES IN THIS STATUS:

Akbank T.A.Ş. ("the Bank", "the Parent Bank" or "Akbank") was established on 30 January 1948 as a private commercial bank, in accordance with the decision of the Council of Ministers, No.3/6710 and is authorized to perform all economic, financial and commercial activities, which are allowed by the laws of the Turkish Republic ("T.C."). The status of the Bank has not changed since its foundation.

1. EXPLANATION ABOUT THE PARENT BANK'S CAPITAL STRUCTURE, SHAREHOLDERS OF THE BANK WHO ARE IN CHARGE OF THE MANAGEMENT AND/OR AUDITING OF THE BANK DIRECTLY OR INDIRECTLY, CHANGES IN THESE MATTERS (IF ANY) AND THE GROUP THAT THE PARENT BANK BELONGS TO:

The Bank's shares have been quoted on the Borsa Istanbul (''BIST'') since 1990. In 1998, 4,03% of the outstanding share capital of the Bank was offered and sold in an international offering outside of Turkey in the form of Ordinary Shares and American Depository Receipts ("ADRs"). As of 30 June 2022, approximately 51% of the shares are publicly traded, including the ADRs (31 December 2021: 51%).

The major shareholder of the Parent Bank, directly or indirectly, is Sabancı Group.

1. EXPLANATION ON THE BOARD OF DIRECTORS, MEMBERS OF THE AUDIT COMMITTEE, PRESIDENT AND EXECUTIVE VICE PRESIDENTS, IF AVAILABLE, SHARES OF THE PARENT BANK THEY POSSESS AND THEIR AREAS OF RESPONSIBILITY:

Title	Name	Responsibility	Education
Chairman:	Suzan SABANCI DİNÇER	Chairman of the Board of Directors	Graduate
Board of Directors:	Eyüp ENGİN	Vice Chairman and Executive Board Member	Undergraduate
	A. Fuat AYLA	Executive Board Member	Undergraduate
	Ş. Yaman TÖRÜNER	Board Member	Undergraduate
	Emre DERMAN	Board Member	Graduate
	N. Orhun KÖSTEM	Board Member	Graduate
	K. Özgür DEMİRTAŞ	Board Member	PhD
	Mehmet Tuğrul BELLİ	Board Member	Graduate
	Levent DEMİRAĞ	Board Member	Undergraduate
	S. Hakan BİNBAŞGİL	Board Member and CEO	Graduate
CEO:	S. Hakan BİNBAŞGİL	CEO	Graduate
Head of Internal Audit:	Savaş KÜLCÜ	Head of Internal Audit	Graduate
Executive Vice Presidents:	Bülent OĞUZ	SME Banking	Graduate
	H. Burcu CİVELEK YÜCE	Consumer Banking and Digital Solutions	Graduate
	Ege GÜLTEKİN	Credit Monitoring and Follow-up	Graduate
	Levent ÇELEBİOĞLU	Corporate and Investment Banking	Undergraduate
	N. İlker ALTINTAŞ	Technology and Operation	PhD
	Mehmet Hakan TUGAL	Commercial Banking	Graduate
	Türker TUNALI	Financial Management	Undergraduate
	Şahin Alp KELER	Private Banking and Wealth Management	PhD
	Yunus Emre ÖZBEN	Credit Allocation	Graduate
	Zeynep ÖZTÜRK ŞARSEL	Special Credits	Graduate
	Gamze Şebnem MURATOĞLU	Treasury	Graduate
	Pınar ANAPA	People and Culture	Graduate
Internal Audit Committee:	Eyüp ENGİN	Head of the Audit Committee	Undergraduate
	Levent DEMİRAĞ	Member of the Audit Committee	Undergraduate

The shares of individuals above are insignificant in the Parent Bank.

1