09.08.2011

TSKB Disclosed Its First Half Financial Results

TSKB Posted a net bank only profit of 130 million TL

Turkey’s first privately-owned development and investment bank, the Industrial Development Bank of Turkey (TSKB) posted a net bank-only profit of TRY 130.3 million in the first half of 2011. TSKB’s profit before tax reads as TRY 159.8 million.

The Industrial Development Bank of Turkey (TSKB) disclosed its financial results of June 30th, 2011. TSKB’s bank-only profit before tax reads as TRY 159.8 million, with a yearly increase of 5.2%, and its net profit as TRY 130.3 million, with a yearly increase of 6.4%.

TSKB’s total assets surged by 17.2% compared to the second quarter of 2010, rising to TRY 8.5 billion, while the year to date asset growth is 7.4%. As of 30th of June 2011, TSKB sustained its strong capital structure, raising its equity to TRY 1.3 billion while delivering a ROAE of 20.3% and a ROAA of 3.2%.

TSKB’s loan portfolio reached USD 3.4 billion with an increase of 9.7% in USD terms during the first six months.

Parallel to its sound credit growth, net interest income reached TRY 166 million with a yearly increase of 10.5%. Total operating income increased by 9.4% to TRY 206 million.

TSKB, with its solid asset quality, has maintained long term and low cost funding in the first 6 months of the year. TSKB signed The “Additional Loan for the Fourth Export Finance Intermediation Project” Agreement with the World Bank under the guarantee of Turkish Treasury with an amount of USD 180 million and EUR 87.8 million. Additionally, TSKB received a loan for SMEs from the European Investment Bank (EIB) under the guarantee of the Turkish Treasury with an amount of EUR 75 million. On the other hand, TSKB raised a syndicated loan facility with equivalent dual tranche of USD 141 million with the participation of 10 key relationship banks of TSKB from 7 countries.

While assessing 2011 first half results, TSKB’s CEO Fevzi Onat expressed that TSKB posted once again successful results in the first half of this year despite the volatility in global and local market conditions. He also stated that in line with previous years, TSKB will continue supporting Turkish industry and their investments. TSKB’s main goal will be to carry on the expansion of both development and investment banking activities.

Türkiye Sınai Kalkınma BankasıTurkey’s comprehensive environmental portal cevreciyiz.com is supported by TSKB.