TSKB Posted a net bank only profit of TRY 307 million

Turkey’s first privately-owned development and investment bank, the Industrial Development Bank of Turkey (TSKB) posted a net bank-only profit of TRY 307.3 million in 2012. TSKB’s profit before tax reads as TRY 382.8 million. The Industrial Development Bank of Turkey (TSKB) disclosed its financial results of December 31st, 2012. TSKB’s bank-only profit before tax reads as TRY 382.8 million, with a yearly increase of 20.5%, and its net profit as TRY 307.3 million, with yoy increase of 20.3%.

Despite uncertainties in the global economy and scarce investment appetite in 2012 TSKB sustained its robust asset growth thanks to bank’s sound management strategy and fulfilling performance in line with bank’s targets. TSKB’s assets reached TRY 10.3 billion with 8.8% yoy growth as of 2012 YE.

TSKB enhanced its strong capital structure to TRY 1,755 million with 28.5% growth, while delivering a ROAE of 19.7% and a ROAA of 3.1%. Despite transition to Basel II, bank’s CAR was recorded as 20.4% which is quite above the legal requirement, thanks to its strong capital structure.

Having supported the private sector projects mainly from energy efficiency, infrastructure, logistics and energy sectors, TSKB realized its annual loan disbursement target with USD 1.3 billion in 2012. TSKB, 97% of the loan portfolio of which is FX loans, attained a real loan growth rate of 13.8% and increased the amount of the Bank’s loan portfolio to TRY 6.9 billion at the year end.

TSKB, which realized its targeted loan growth while sustaining its high asset quality, attained an NPL ratio of 0.2% at the year end.

TSKB continued diversifying its funding base in 2012. The Bank rolled its syndication loan which was secured from 7 international banks from 5 different countries. The Bank enhanced its funding base by maintaining new long term funds amounting to total of USD 460 million from multilateral institutions such as IFC, EIB, KFW, Islamic Development Bank and EBRD.

Thanks to its strong performance in line with its sustainable growth strategy, TSKB posted a bank only net profit of TRY 307.3 million in 2012. Net interest income reached TRY 430.5 million with a 18,2% yearly increase. Net commissions were recorded as TRY 12.2 million. Consequently, total operating income expanded by 17.5% to TRY 489.4 million.