TSKB Reaches TL 164 Billion Asset Size in Third Quarter of the Year

31 October 2023
- 5 min. Read

TSKB has announced its financial results for the third quarter of 2023. According to the bank-only financial statements of the Bank, its total assets have reached TL 164 billion. In his assessment, TSKB CEO Murat Bilgiç said, “During the first nine months of 2023, our loan portfolio grew by approximately 2 percent on fx-adjusted basis. Over the past nine months, our primary focus has been contribution to the investments that prioritize sustainable development. On the occasion of the 100th anniversary of our Republic, under the motto ‘Bearing the Name of Türkiye, Walking in the Footsteps of the Republic,’ we dedicate ourselves to generate value for our nation through projects that shape the future. We are committed to elevating our already strong performance to greater heights in the second century of our Republic and to dedicating our efforts steadily towards the prosperity and sustainable future of our country.

TSKB (The Industrial Development Bank of Türkiye), which is focused on projects that shape the future through its development and investment banking mission, contributing to the sustainable growth of our country, has announced its financial results for the third quarter of 2023. TSKB’s total assets amounted to TL 164 billion in the third quarter of 2023, while its total loan portfolio reached TL 115.8 billion with an FX-adjusted growth of approximately 2 percent.

During the first nine months, the Bank primarily supported the financing of investments in climate finance, renewable energy projects, the reconstruction of earthquake-impacted areas, and investments aligned with SDGs across various sectors. At the same time, commission income from investment banking and advisory services significantly boosted banking revenues, showing an annual surge of 140 percent. The Bank’s return on assets stood at 42.3 percent.

TSKB CEO Murat Bilgiç: “During the third quarter of the year, our funding efforts persisted as we secured a syndicated loan indexed to sustainability criteria and successfully issued a sustainable bond in international markets.”

Commenting on TSKB’s third quarter financial results, TSKB CEO Murat Bilgiç made the following remarks: “We remain committed to prioritizing the redevelopment of earthquake-impacted areas through our fourth syndicated loan, which is indexed to sustainability criteria and was signed in July 2023. With this loan, renewed with a roll-over ratio of 113 percent, we plan to finance renewable energy projects and invest in sustainability-focused intellectual capital within the Bank. Our fourth sustainable bond, worth of USD 300 million and issued in September, was 2.5 times oversubscribed by investors. We view this as a significant indicator of investors’ trust in both our country and our Bank. With the proceeds from our issuance, as outlined in our sustainable finance framework, we will continue to taking tangible actions that contribute to the qualified development and prosperity of our country. Furthermore, we anticipate securing substantial additional funding by year-end, which will also be allocated to support the recovery and development of the areas impacted by the earthquakes.”

“We will continue to support the private sector with investments that shape the future.”

Bilgiç highlighted that in collaboration with VakıfBank, and with the goal of promoting sustainable and qualified development, they have extended USD 80 million in financing to support the investments of the green technology manufacturer, Pomega Enerji Depolama Teknolojileri (Pomega Energy Storage Technologies), adding that they are highly pleased to bring to Türkiye the “LIFEPO4” battery cell production facility, which is a first in the sector with its environmentally friendly technology. Upon full operation of all phases of the factory, established with the objective of making a multifaceted contribution to the Sustainable Development Goals, it is expected to generate job opportunities for 6,000 individuals.

Bilgiç also highlighted TSKB’s role in providing public offering services, which have played a significant part in the establishment and subsequent growth of capital markets in Türkiye and went on to add: “As part of our investment banking operations, we both finance the growth of companies by offering public offering brokerage services and help them enhance their credibility and prestige. Throughout this process, we offer our clients assistance in supply preparation, guidance on infrastructure transformation, supply and post-supply stabilization, and research support. In September, we spearheaded the IPO of Reeder Teknoloji, a manufacturer of cell phones and electrical devices. The company’s public offering was conducted with TSKB as the lead and co-leadership from Ziraat Yatırım and Yatırım Finansman, incorporating a joint sale and capital increase. In the coming period, we will continue to support the private sector with investments that shape the future.”

“In the aftermath of the earthquake disaster, we are striving to reinitiate development and prosperity in the affected region.”

“In the aftermath of the earthquake disaster that has deeply impacted us, we are striving to reinitiate development and prosperity in the affected region. With a focus on green transformation, regional development, and sustainable financing, as we celebrate the 100th anniversary of our Republic, we have inaugurated our Bank’s second development hub in Ankara, following the one in İstanbul. With our Ankara campus, where we consolidate all our banking services and subsidiary companies, we are determined to intensify our support for the earthquake-impacted region. We have placed the earthquake-impacted region at the center of our social responsibility initiatives designed to commemorate the 100th anniversary of our Republic. By 2025, we aim to establish enhanced school libraries in 11 provinces impacted by earthquakes. The initial one of these libraries, named the ‘TSKB Centennial of the Republic Library,’ has been inaugurated in Adıyaman. Through our Empower Through Education Fund, we are committed to offering educational assistance to 100 female university students hailing from the earthquake-impacted region this year.”

TSKB continues to crown its accomplishments with accolades

Emphasizing that TSKB has solidified its standing in the sector through its focus on the field of sustainable development, Bilgiç concluded: “We take pride in being an institution that is not only valued in Türkiye but also recognized globally for our efforts. Receiving awards for our integrated annual report, which was Türkiye’s first ‘Energy Efficient Annual Report,’ our unique human resources practices, and digital projects boosts our motivation to strive for even greater accomplishments. I would like to express my sincere gratitude to all my colleagues who have contributed to our Bank’s successful financial results and sustainability performance, allowing us to stand out positively in our industry.”