TSKB posted a net bank-only profit of TRY 66.6 million
The Industrial Development Bank of Turkey (TSKB) posted a net bank-only profit of TRY 66.6 million in the first quarter of 2011 and its net profit before tax reads as TRY 81.8 million.
TSKB disclosed its first quarter financial results. TSKB’s bank-only profit reads as TRY 66.6 million with an increase of %20.
TSKB’s total assets surged by 5.3% compared to the year 2010, rising to TRY 8.3 billion while the year-on-year asset growth is 16.9%. As of 31st of March 2011, TSKB sustained its strong capital structure, raising its equity to TRY 1.3 billion while delivering a ROAE of 21% and a ROAA of 3.3%.
TSKB’s total loan portfolio reached to TRY 5.2 billion with an increase of 6.8% during the first three months.
Net interest income increased by 11% year-on-year during the first quarter of 2011, reaching to TRY 88.3 million. The Bank generated TRY 105.9 million of operating income with a year-on-year increase of 18%.
TSKB signed a loan agreement with the World Bank “The Additional Loan for the Fourth Export Finance Intermediation Project” in April, providing a total equivalent amount of USD 300 million.
TSKB, with its leading role in the capital markets, has expanded its investment banking activities in line with its mission. In this context, TSKB provided advisory services in bank bond origination to Turkish banks. TSKB was awarded together with Unicredit by the Privatization Administration of Turkey to act as an advisor for the sale of 49.12 % public share of Turkish Airlines.
TSKB received the prize of “Best Equity House in Turkey” within the scope of EMEA Finance 2010 European Banking Awards due to its successful deals in the field of investment banking. As a consequence of TSKB’s prominent role in project finance in Turkey, the leading magazine of Euromoney Publications, named Uludağ and Çamlıbel Electricity Distribution Privatization Project, as “the Best Energy Infrastructure Project of Europe.” Also, the magazine granted the award for “the Best Hydroelectric Project of Europe” to Boyabat Dam and Hydroelectric Power Plant Project.
