TSKB posted a net profit of TRY 56 million in the first quarter of 2010

TSKB disclosed its first quarter financial results

TSKB posted a net profit of TRY 56 million in the first quarter of 2010

The Industrial Development Bank of Turkey (TSKB), Turkey’s first privately-owned development and investment bank, posted a net bank-only profit of TRY 56 million in the first quarter of 2010. While TSKB’s profit before tax reads as TRY 68 million, its total assets have increased by 6% year-on-year reaching to TRY 7 billion.

TSKB disclosed its financial results as of March 31st, 2010. TSKB’s bank-only profit before tax reads as TRY 68.3 million with an increase of 60.1%, and its net profit as TRY 55.6 million, with an increase of 63.2%.

TSKB’s total assets surged by 6.1% compared to the first quarter of 2009, rising to TRY 7.1 billion, while the year to date asset growth is 3.2%. As of 1Q 2010, TSKB’s loan portfolio reached TRY 4.1 billion with an increase of 2.4% compared to the end of 2009. In line with the healthy growth in assets and loans, asset quality continued to improve. The NPL ratio stands at 0.5%, well below the sector average.

As of March 31st, 2010, TSKB has maintained its strong capital structure, raising its equity to TRY 1,115 million, and delivering a ROE of 20.7% and ROA of 3.2%.

Regarding the Investment Banking activities, the Initial Public Offering (IPO) of TSKB Real Estate Investment Trust (REIT) was completed successfully just after the first quarter. By this IPO, TSKB conducted first of the upcoming REIT IPOs planned for 2010 in the sector. The establishment of two real estate subsidiaries has assured TSKB’s firm position and proven its knowledge and experience in the real estate sector. TSKB Real Estate Brokerage and TSKB Real Estate Advisory companies started their operations in the first quarter of 2010.