TSKB Disclosed Its Financial Results as of 1st Quarter

Turkey’s first privately-owned development and investment bank, the Industrial Development Bank of Turkey (TSKB) posted a net bank-only profit of TRY 81.2 million in the first quarter of 2012. TSKB’s profit before tax reads as TRY 99.6 million.

The Industrial Development Bank of Turkey (TSKB) disclosed its financial results of March 31st, 2012. TSKB’s bank-only profit before tax reads as TRY 99.6 million, with a yearly increase of 21.7%, and its net profit as TRY 81.2 million, with yoy increase of 22%.

TSKB’s total assets surged by 14.1% compared to first quarter of 2011, rising to TRY 9.5 billion. As of 31st of March 2012, TSKB sustained its strong capital structure at TRY 1.4 billion while delivering a ROAE of 23.2% and a ROAA of 3.4%. TSKB’s loan portfolio reached TRY 6.3 billion with an increase of 22.6% compared to first quarter of the last year in TRY terms. The loan growth in basket terms during the first three months of 2012 was 4.5%. Net interest income reached TRY 104.2 million with a 18% increase compared to the first quarter of the last year. Total operating income increased by 12.3% to TRY 119 million. TSKB, which has become one of the leading financial institutions in renewable energy and energy efficiency finance with the funds it has lent to finance related type of projects for 7 years, signed a multilateral funding agreement amounting to USD 75 million with IFC in March, 2012.

According to TSKB’s CEO Mr.Fevzi Onat’s assessment with respect to first quarter financial results of the Bank; the successful performance and sustainable growth, achieved in 2011, have been maintained in 2012 as well. Mr.Onat asserted that the Bank’s financial and operational results render proof for the strong steps taken towards fulfilling long term sustainable growth targets. Finally, he concluded that TSKB will continue to analyze and finance projects from target sectors in line with the Bank’s commitments for 2012.