TSKB announces its year-end results for 2008

TSKB posts a net profit of TRY 119 million in 2008.

The Industrial Development Bank of Turkey (TSKB) disclosed its financial statements for the end of the year. TSKB’s profit before tax reads as TRY 148 million, and its net profit as TRY 118.9 million Except one-time income gained from the sale of fixed assets in 2007,TSKB’s net profit increased by %17 compared to the same period of last year.

TSKB’s assets surged by 27% compared to the same period of the last year, rising to TRY 6.2 billion.TSKB’s equity reached TRY 750 million.The Bank’s capital adequacy ratio stood at %21, well above the industry average.

As a result of cooperation with supranational establishments over many years and despite all the negative market circumstances, TSKB secured USD 565 million long term funds in 2008. By the end of 2008, the ratio of long term funds (over 2 years) to total liabilities reached %58.

TSKB’s focus on energy sector loans goes on undisturbed. At the end of December, the loan portfolio has reached TRY 3.9 billion with an increase of 40% compared to 2007, following the uptrend at the same rate of growth as last year. The NPL ratio stands at %0.7.