TSKB Reaches TL 198,7 Billion Asset Size in First Quarter of the Year
TSKB has announced its financial results for the first quarter of 2024. According to the Bank’s unconsolidated financial statements, the size of its total assets reached TL 198,7 billion in the first quarter of 2024. Evaluating the results, TSKB CEO Murat Bilgiç commented, “We persist in our dedication to fueling the Turkish economy in accordance with our developmental vision and comprehensive targets. Our capital components are bolstered by fortified capital adequacy ratios, driven by the impetus of robust liquidity, particularly in areas impacted by the earthquake disaster. After achieving a 5% growth on an foreign exchange rate-adjusted basis in 2023, we entered 2024 with a growth target surpassing that of the previous year. As we approach our 75th anniversary, we are committed to pioneering innovative initiatives focused on sustainable and inclusive development for the second century of our nation, thereby magnifying our positive influence.”
TSKB (Industrial Development Bank of Türkiye), dedicated to fostering quality development and a sustainable future through socially beneficial projects alongside its core banking operations, has announced its financial results for the first quarter of 2024. In the first quarter of 2024, TSKB’s total asset size surged to TL 198,7 billion, while its total loan portfolio, primarily denominated in foreign currency, expanded by 3 percent on an exchange rate-adjusted basis, reaching TL 144,4 billion.
Prioritizing financing for investments aligned with the Sustainable Development Goals (SDGs), TSKB, through providing funding to the real sector in transformative areas such as renewable energy, energy efficiency, circular economy, and innovative manufacturing, as well as supporting the reconstruction of earthquake-affected regions and sustainability endeavors within the private sector, sustains its SDG-linked loan ratio of 90% within its total loan portfolio. With an annual increase of 104 percent, the Bank’s commission income from investment banking and advisory activities significantly bolstered banking revenues. TSKB reported a net profit of TL 1.934 million, coupled with a return on equity ratio of 34,7 percent.
In his remarks on TSKB’s financial results for the first quarter of 2024, TSKB CEO Murat Bilgiç noted, “We persist in our dedication to fueling the Turkish economy in accordance with our developmental vision and comprehensive targets. Our capital components are bolstered by fortified capital adequacy ratios, driven by the impetus of robust liquidity, particularly in areas impacted by the earthquake. After achieving a 5% growth on an exchange rate-adjusted basis in 2023, we entered 2024 with a growth target surpassing that of the previous year. Aligned with our 2024 targets established at the outset of the year, we have realized a 3 percent growth in our loan portfolio on an exchange rate-adjusted basis. Through our provision of medium and long-term loans, we have placed priority on addressing the aftermath of the earthquakes in Türkiye, while supporting investments that align with our country’s emission reduction targets.”
Highlighting the sustained commitment to maintaining the share of SDG-linked loans in TSKB’s total portfolio at 90% by the end of March, and ensuring that the share of climate and environment-focused investments remains above 60%, TSKB CEO Murat Bilgiç went on to add, “Throughout the first quarter of the year, we persistently pursued funding from our international stakeholders. In March, we successfully concluded our first additional Tier 1 capital bond issuance, raising USD 300 million, backed by nearly three times the investor demand. This move not only enriched our investor base but also diversified our product offerings on the funding side, fortifying our healthy and robust balance sheet structure. Through the Türkiye Green Fund Project, signed in collaboration with the World Bank under the guarantee of the Ministry of Treasury and Finance, we have intensified our endeavors to establish Türkiye’ and the world’s first venture capital investment fund within this domain. Our objective is to establish the fund during the second quarter of the year. During the same period, we released our second TSKB Climate Report, underscoring our steadfast dedication to addressing climate change and sustainability issues. In our report, we announced our heightened targets for climate finance. As of the end of March, our capital adequacy ratio stood at 19,5 percent, excluding the temporary measures implemented by the BRSA. As part of our ongoing efforts centered on quality development and sustainability, we achieved a net profit of TL 1.934 million. Commissions from successful investment banking and advisory projects remained a robust pillar of support for our revenues with a year-on-year increase of 104 percent. As we approach the 75th anniversary of the establishment of our Bank, we are committed to pioneering innovative initiatives focused on sustainable and inclusive development for the second century of our nation, thereby magnifying our multifaceted positive influence.”
