TSKB discloses its 2014 year-end financial results

The total loan volume of TSKB has reached TL 11 billion in 2014

Industrial Development Bank of Turkey (TSKB) has announced its financial results for 2014 year end. Total assets of TSKB have reached TL 15.7 billion in 2014, whereas its total loan volume has been TL 11 billion. TSKB CEO Özcan Türkakın comments, “The additional funds we have obtained thanks to our strong balance sheet and good reputation in the international markets have allowed us to achieve a balanced growth in 2014. The loans we have transferred to the investments of the Turkish private sector throughout the year have totaled USD 1.5 billion”.

In 2014, TSKB has expanded its total assets to TL 15.7 billion and its total loans to TL 11 billion with an annual growth of 21.6% and 19.7% respectively. The Bank's equity capital has reached TL 2.3 billion with 21.4% pick up in 2014 compared to the previous year, and the average annual return on equity stood at 17.7%. The Bank's return on assets was recorded as 2.6%.

The net profit of TSKB has reached TL 369.3 million in 2014 with a yearly growth of 13.3%. In addition, the total resources obtained by TSKB from the international markets in 2014 have exceeded USD 1.4 billion.

Commenting on the status of the markets and the Bank's 12-month balance sheet, TSKB CEO Özcan Türkakın said that the most important development of the global economy in 2014 was the unpredicted sharp decline in oil prices. Türkakın noted that this fall had a positive impact on current deficit, inflation and growth outlook of Turkey for 2015. Stating that the European Central Bank (ECB) will take clear and consistent measures against the stagnancy and deflation tendencies in the Euro Zone, Türkakın added that ECB’s strong stance on the issue is also making a positive impact on the outlook of capital markets.

Highlighting that TSKB has been striving, since its very first day, to channel funds into the real economy and contribute to employment and to private sector investments, Özcan Türkakın added "Having been established to improve the Turkish industry in 1950, our bank stands out today among others with its exemplary sustainable banking practices while adding value for the improvement of quality in development. We take great pride welcoming 2015, which marks our 65th anniversary, with successful financial results. The additional funds we have secured thanks to our strong balance sheet and good reputation in the international markets have allowed us to achieve a balanced growth in 2014. The loans we have transferred to the investments of the Turkish private sector throughout the year have totaled USD 1.5 billion. We will also continue to support the growing economy and real sector with high quality and cost advantantage financial contribution".

The resources obtained from the international markets reach USD 1.4 billion

Having boosted its funds in 2014, TSKB has secured additional loans worth USD 1 billion from 8 different finance institutions. The demand from international investors for TSKB's first Eurobond issue worth USD 350 million, which was launched in accordance with our diversification policy, was four-fold. With the syndicated loan the Bank rolled over in July 2014 with a renewal rate above 100%, the total funds obtained from the international markets have reached USD 1.4 billion.

USD 2.15 billion loan for sustainability investmentsi

As of the end of 2014, total USD 2.15 billion was provided for financing sustainability investments, which have an important place within TSKB’s total loan portfolio with a share of 52%. In this regard, USD 1.3 billion was disbursed to renewable energy, USD 419 million to energy and resource efficiency and environmental investments and USD 230 million to sustainable tourism.

The Company with the Highest Corporate Governance Rating Score

Having increased its corporate governance rating score up to 9.44 thanks to its performance with respect to full compliance with CMB’s Corporate Governance Principles amended in 2014, TSKB has once more been awarded ‘The Company with the Highest Corporate Governance Rating Score in BIST Corporate Governance Index’.