TSKB Reaches TL 112.8 Billion Asset Size in First Quarter
TSKB has announced its financial results for the first quarter of 2023. According to the Bank’s bank-only financial statements, it has reached a total asset size of TL 112.8 billion. In his statement, TSKB CEO Murat Bilgiç said, “We were deeply affected by the earthquake and flood that hit our country in early 2023. Immediately having mobilized all our resources, as TSKB and our subsidiaries, we continue our support for the recovery of the region. We are a 73-year-old institution that has contributed to various important milestones in the development journey of the Republican era. In the new century, we are moving forward with the vision of making a much stronger contribution to the sustainable future of our country and the world. In line with our targets, we have recently secured a EUR 100 million ‘Climate Finance Loan’ from the German Development Bank under the leadership of the Ministry of Treasury and Finance of the Republic of Turkey. We consider maintaining our SDG-linked loan portfolio ratio at the 90% level as one of our most important goals for the common future. In the period ahead, we will continue to take strong steps by creating a solid value chain with all our business lines, capitals, subsidiaries, and stakeholders.”
TSKB (Industrial Development Bank of Turkey) has announced its financial results for the first quarter of 2023. TSKB’s total assets amounted to TL 112.8 billion in the first quarter of 2023, while its total loan portfolio reached TL 84 billion with an FX-adjusted growth of 1.5%. In the first quarter, the Bank continued to support investments in different sectors, mainly focusing on climate finance and SDGs, while commission income from investment banking and advisory activities supported banking revenues with an annual increase of 102%. In the first three months of 2023, TSKB’s profit before provisions and taxes amounted to TL 1.8 billion, while its net profit for the same period was TL 1.4 billion. The Bank’s return on equity ratio stood at 42%.
TSKB CEO Murat Bilgiç: “We will resolutely continue our efforts for the short and medium-term re-development of the regions affected by the earthquake”
Commenting on TSKB’s financial results for the first quarter, TSKB CEO Murat Bilgiç said, “We remember with respect the citizens who lost their lives in the earthquake disaster that occurred on February 6, 2023, and left indelible marks in our memories with the destruction it caused in 11 cities. We sincerely believe that we will overcome these difficult days in a spirit of unity and solidarity. At TSKB, we will continue the support by mobilizing all our resources together with our subsidiaries.”
Asserting that they will focus on the earthquake region in the projects they have been carrying out within the scope of corporate social responsibility, Bilgiç went on to add, “These provinces account for a significant share of our country’s GDP production, renewable energy installed capacity, employment and exports. We consider it an important responsibility to support our affected customers with all our resources, from the very first day. With the responsibility we take from our development banking mission and our business model that puts sustainability at the center, we have enhanced our engagements with international development finance institutions to formulate permanent solutions against disasters both in the earthquake region and across the country. We will resolutely continue our efforts for the short and medium-term re-development of the regions and for the recovery of our country.”
“We continue to support investments that make a tangible contribution to Turkey’s sustainable development goals.”
Noting that they continue to support investments that make a tangible contribution to Turkey’s sustainable development goals, Bilgiç said, “We are constantly increasing our positive impact on green and inclusive development. Since 2021, we have provided new financing totaling over USD 2.5 billion, in line with our target of disbursing USD 8 billion of SDG-linked loans by 2030. With our new loans, we grew our loan portfolio by 1.5% on an FX-adjusted basis from the beginning of the year to date, in line with our expectations. We maintained SDG-linked loans ratio in our total portfolio at 91% as of end-March, while increasing the ratio of loans contributing to climate and environment-related SDGs to 62%. With our existing liquidity and the new resources we will provide, we will continue to support the environmental and social development-oriented investments of companies in Turkey in the coming period.”
“We signed a EUR 100 million ‘Climate Finance Loan’ agreement with the German Development Bank”
Murat Bilgiç emphasized that they continued to secure additional funding for sustainability investments in 2023: “In April, we completed the first transaction under the 2022 memorandum of understanding signed between the Republic of Turkey and development partners, including the German Development Bank (KfW), to enable Turkey to achieve the Sustainable Development Goals and fulfill its international commitments under the Paris Climate Agreement. With the EUR 100 million ‘Climate Finance Loan’ signed with KfW, we will finance climate-focused renewable energy, energy storage systems, energy efficiency, electric vehicles, and climate technology investments in Turkey. In addition to this fund, with a EUR 10 million grant from the International Climate Initiative, we will support investment projects that differentiate themselves with a focus on innovation.”
“In the new century of our Republic, we will make much more effective contributions for a sustainable future”
Underlining that the 100th anniversary of the Republic inspires us all for a better future, Murat Bilgiç concluded, “We are a 73-year-old institution that has contributed to many important milestones in the development journey of the Republican era. In the new century, we are moving forward with the vision of making a much stronger contribution to the sustainable future of our country and the world. In the period ahead, we will continue to take strong steps by creating a solid value chain with all our business lines, capital elements, subsidiaries, and stakeholders.”
