09.06.2009

TSKB posts a net profit of TRY 91 million with 23 % increase for the first half of 2009

TSKB disclosed its financial statements for June 30, 2009

The Industrial Development Bank of Turkey (TSKB) disclosed its financial statements for the first half of 2009. TSKB’s profit before tax reads as TRY 108.5 million with an increase of 22%, and its net profit as TRY 90.8 million, rising by 23% compared to the same period of last year.

TSKB’s assets surged by 21.4% compared to the second quarter of last year, rising to TRY 6.3 billion, asset growth rate is 1.2% year to date. As of 2Q09, TSKB carried its equity to TRY 900 million with a year-to-date growth rate of 20%, while showing a performance well over the legal obligation level with a capital adequacy ratio of 22%. Also, the total operating income increased by 20% compared to 2Q08 and, reaching TRY 153 million.

TSKB’s focus on energy sector loans goes on undisturbed. At the end of the second quarter of 2009, the loan portfolio reached TRY 3.9 billion with an increase of 19.9% compared to the same period of last year. The NPL ratio stands at 0.6%, which is well below the sector average.

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