VakifBank General Manager Abdi Serdar Ustunsalih: “Our first quarter financial results have once again demonstrated our bank’s strong position”
VakifBank achieved a net fold of ₺4 billion 503 million in the first quarter of the year.
According to VakifBank statement, the financial support provided by the bank to the Turkish economy through cash and non-cash loans increased by 60% on an annual basis and reached ₺1.4 trillion. In the same period, VakifBank’s cash loans reached ₺1.1 trillion with an annual increase of 69%, while its total assets exceeded 1.8 trillion with an annual increase of 64%.
Thus, the bank’s market shares for cash loans and total assets rose to 12.8% and 11.5%, respectively, from 11.7% and 10.9% in the same period of the previous year.
VakifBank further strengthened its equity with the ₺32 billion dedicated capital increase transaction with its controlling partner, Turkiye Wealth Fund, which had a positive effect of approximately 284 basis points on capital ratios.
The bank, which donated a total of ₺12 billion in the first quarter of 2023 in order to heal the wounds of the earthquake disaster that deeply upset all of Turkiye and to support the citizens in the region, achieved a net fold of ₺4 billion 503 million in the first quarter of the year.
TL deposits increased by 22% quarter-on-quarter
VakifBank left behind a successful period on the deposit side, which is its main funding item. While the bank’s total deposits reached ₺1.3 trillion with an increase of 11% on a quarterly basis and 83% on an annual basis, TL deposits increased by 22% on a quarterly basis and by 139% on an annual basis, reaching ₺829 billion.
VakifBank continued to reduce the asset-liability maturity difference on the Turkish lira side, thanks to its currency protected deposit accounts product group, which reached approximately ₺184 billion, and its effective balance sheet management.
Continuing to contribute to the Turkish economy with the funds it obtained from abroad, VakifBank obtained a total of $2 billion in new funds from international markets thanks to the DPR securitization process. This transaction, which consists of two tranches with maturities of 4 and 5 years, with the participation of a total of 9 foreign banks, is both the largest one-time securitization transaction and the largest one-time funding transaction among Turkish banks.
VakifBank General Manager Abdi Serdar Ustunsalih, whose views are included in the statement, wished God’s mercy to those who lost their lives in the earthquake disasters on February 6 and stated that VakifBank provided all necessary support to return life to normal in the region with the spirit of solidarity it has.
Stating that as one of the two largest banks in Turkiye, they continue to work with their strong technological infrastructure by prioritizing their sustainable financial service approach, Ustunsalih said, “Our first quarter financial results have once again demonstrated the strong position of our bank. We continue our support to the national economy without slowing down by making a quick start to the year with our asset size, the loan supports we provide, the point we have reached in deposits and the foreign financing transactions we have carried out. In our 69th year, we will continue to grow our country’s economy and achieve many successes while reaching all segments of society.’
Source: AA / Prepared by Irem Yildiz