TSKB's support for the economy approaches TL 30 billion.
Türkiye Sınai Kalkınma Bankası A.Ş. (TSKB) announced its operating results for the first nine months of 2019. According to TSKB's unconsolidated financial statements, its total cash credit volume reached TL 29.7 billion. Having maintained its contribution to the economy with its strong financial performance, as we approach the end of 2019, the Bank continued its activities in the field of sustainable and inclusive banking. In his assessment of the financial results, the General Manager of TSKB, Suat İnce, said, “In the third quarter of the year, we have diversified and increased our financial resources that we extend in order to support private sector investments in our country. TSKB will continue its multi-faceted contribution that it has been providing to Turkey's development and sustainable growth for 69 years, and build on it with the services which TSKB provides in the field of crediting and consulting.”
Türkiye Sınai Kalkınma Bankası A.Ş. (TSKB) announced its operating results for the first nine months of 2019. In the first nine months of 2019, the Bank’s total cash credit size reached TL 29.7 billion, marking an increase of 5.1%. The Bank's asset volume stood at TL 40.3 billion.
TSKB's shareholders' equity expanded by 4.2% in the nine-month period to reach TL 4.9 billion. The net profit for the nine-month period increased by 8% YoY to reach TL 530.3 million. The Bank's capital adequacy ratio increased to 17.8% on the back of the strong shareholders' equity.
TSKB continues to diversify and increase its financing resources.
Evaluating the Bank's financial results, Mr. Suat İnce, the General Manager of TSKB, said “In the first nine months of the year, we closely monitored the signals of recovery in Turkey's economy and the supportive regulations implemented by the authorities. While planning our Bank’s long-term future in light of these developments, and in order to adapt to the dynamics and developments in domestic and international markets, we maintain our intensive efforts in both the financial and sustainability fields.”
Mr. İnce stated that in the third quarter of the year, TSKB had diversified and stepped up the funding sources it extended to support Turkey's private sector investments, adding, “We renewed our syndicated loan, which was due in July, at an 80% rollover rate, exceeding our target. Our syndicated loan was realized with the participation of different 12 international banks from 12 countries, with a maturity of 1 year and a total amount of USD 177 million.”
“In September, we signed a new resource agreement with the Development Bank of China amounting to USD 200 million. This source of funding has the distinction of being the first and the longest-term credit provided by the Development Bank of China under the guarantee of the Ministry of Treasury and Finance to a bank in Turkey. With the resource under the Belt and Road Initiative conducted by the People's Republic of China, we will support production, industry, SMEs, energy, infrastructure, and health and education projects in our country in the coming period.”
TSKB joins UNEP FI Principles for Responsible Banking as a Founder Signatory.
Mr. İnce also took the opportunity to state that TSKB was one of the founding signatories of the UNEP FI Principles for Responsible Banking, saying, “We have been working for the sustainable development of our country since the day we were founded and we implement all our activities within the framework of globally accepted sustainability principles. The UNEP FI Principles for Responsible Banking, of which we are a signatory, are of great importance in terms of strengthening our commitments in this field. We are delighted to be a signatory of these principles, which will support our transition to a sustainable world.”
Mr. İnce added that TSKB would maintain the multi-faceted contribution it has been providing to Turkey's development and sustainable growth for the last 69 years, and would develop it further with the services which the bank provides in the field of crediting and consulting; “as well as our themed credits which we offer to private sector investments, in addition to our foresighted and innovative financing capacity, and our experience in the field of development banking, we also create added value for the business world through our consultancy services. Our Bank's specialist teams, which distinguish themselves with their economists, finance specialists and technical advisors, guide organizations in their journey of transformation, development and sustainability. In the field of corporate finance and investment banking, we have adopted a brand-new working model in order to increase the effectiveness of our bank. Prioritizing credits with the theme of inclusive development and sustainability in the coming period, we will continue to stand by investors with our both financing and consultancy products.”
