TSKB disclosed its financial statements for March 31, 2009

TSKB posts a net profit of TRY 34 million for the first quarter of 2009

The Industrial Development Bank of Turkey (TSKB) disclosed its financial statements for the first quarter of 2009. TSKB’s profit before tax reads as TRY 42.7 million with an increase of 11%, and its net profit as TRY 34.1 million, rising by 19%

TSKB’s assets surged by 20.3% compared to the first quarter of last year, rising to TRY 6.7 billion, asset growth rate hit 8.1% year to date. As of 1Q09 TSKB carried its equity up to 800 million TRY while showing a performance well over the legal obligation level with a capital adequacy ratio of 20.6%.

TSKB’s focus on energy sector loans goes on undisturbed . At the end of the first quarter of 2009, the loan portfolio reached TRY 4.1 billion with an increase of 24.6% compared to the same period of last year and 4.4% compared to year end 2008. The NPL ratio stands at 0.6% ,which is well below the sector average.