TSKB’s support to Turkish economy reached TL 46.8 Billion in the first half of 2020

4 August 2020
- 4 min Read

Türkiye Sınai Kalkınma Bankası A.Ş. (TSKB) announced its 2020 first half financial results. TSKB’s total assets has increased to TL 46.8 billion, according to its bank-only financial statements.

TSKB Deputy CEO Ece Börü, in her evaluation of 1H-2020 financial results, stated: “In a period when the effects of the coronavirus pandemic were strongly felt, our bank continued its activities with full efficiency while giving priority to the health of its employees and stakeholders. In the current days where we hope to leave COVID-19 behind, we will continue to create value for our customers and our country by using our capital elements most effectively with our responsible banking approach and sustainable development focus, which are the building blocks of TSKB culture.”

The total assets of the Industrial Development Bank of Turkey (TSKB) amounted to TL 46.8 billion with an increase of 12.8% compared to the year-end 2019. The Bank's total loans grew by 11.5% in the same period and stood at TL 35.1 billion.

TSKB’s first half pre-provisions&tax net income has reached TL 868.9 million. Having posted a cumulated net profit of TL 322 million, the Bank delivered a ROTE of 12.4%. Its CAR excluding forbearance has been 16.6%.

“We continued supporting Turkish economy with high motivation”

In her statement, Ms. Börü continued: “Without any slowdown, we continued the cash financing of investments, especially renewable energy loans, regardless if their investment period has coincided with the pandemic. Besides, we supported our customers in sectors such as food and cleaning-hygiene by granting investment loans to enable them to meet the surged demand that is created by the precautions against the pandemic and to be able to go to product diversification that may be suitable for the 'new normal'.

We also tried to meet companies’ the working capital needs to maintain efficient operation of production lines and to ensure the security of supply. In line with our Development Banking mission, we provided case-based solutions for working capital needs to our clients whose cash flows are relatively negatively affected by taking into consideration the operations of the next period and necessary amendment plans.”

“We continued to lead the way in investment banking”

Ms. Börü has also noted a first in Turkey transaction which was carried out by TSKB. "On behalf of Zorlu Energy, we issued Turkey's first Sustainable Sukuk in early-June. We successfully completed the first TL 50 million issuance within the framework of the TL 450 million Sukuk Issuance Programme with the sustainability theme. We will continue our expert banking by meeting the needs of our customers with pioneering and innovative products.”

“We have successfully completed our syndicated loan facility”

Ms. Börü reminded that successful completion of a syndicated loan is an indicator of valuable relationships and strong collaborations with stakeholders and she continued: “As a proof of our ongoing strong fundraising ability and our strong collaborations with international financial institutions over the years, there was a high demand for our syndicated loan facility. We managed to add a new participant to our loan facility and enriched our geographical distribution. Our syndicated loan facility of 150 million dollars was realized with the participation of 12 banks from 12 different countries in early-July. In line with our needs and sustainability principles, we renewed our syndicated loan facility by 85 percent and maintained our strong liquidity structure. I thank once again to all our participating institutions for their trust in TSKB and in our country.”