13 May 2011 17:55
13.05.2011Isbank's Profit for the First Quarter is TL 681 Million
While posting TL 680.5 million net consolidated profit in the first quarter, Isbank's consolidated assets reached TL 158.5 billion. Isbank, whose consolidated loan portfolio reached TL 76 billion 295 million with an increase of 10.4%, in addition to being the biggest private bank, has also been entitled as the largest lender in the sector. The Bank's consolidated TL savings deposits increased by 4.1% and reached TL 39 billion 838 million, which is a significant threshold.
Mr. Adnan Bali, CEO of Turkiye Is Bankasi, in his written statement on the first quarter results said that; "Isbank, the biggest private bank in Turkey, increased its consolidated assets by 5.1% to TL 158.5 billion and realized its net period profit at TL 680 million 516 thousand by carrying out with determination its healthy growth target, which is supported by sustainable profitability".
Largest lender in the banking sector
Isbank, whose consolidated loan portfolio reached TL 76 billion 295 million with an increase of 10.4%, in addition to being the biggest private bank, has also been entitled as the largest lender in the sector. Being one of the biggest supporters of the domestic and the real economy since its establishment, the Bank has strengthened its aforementioned position by its performance during the period. While continuing to improve its asset quality, the Bank decreased the balance of its non-performing loans portfolio compared to the end of the previous year and kept 100 percent provisioning for the non-performing loans.
Leader among private banks in terms of deposits
Continuing to be the most important address among private banks for savers with its solid financial structure thanks to its strong financial structure, large branch network and corporate identity formed by 87 years of experience, Isbank increased its consolidated deposit base by 3.1% reaching TL 91.2 billion and has strengthened its leadership among private banks in terms of deposits as well. The Bank's consolidated TL savings deposits increased by 4.1% during this period and reached TL 39.8 billion, which is a significant threshold.
Growth performance supported by sustaniable profitability
In a period when the costs had tendency to increase and the profit margins had a speedy downfall, the Bank managed to increase its interest income on loans by 7.5% compared to the same period of the previous year with the help of strong increase in volume. The Bank gained TL 1 billion 311 million consolidated net interest income and closed the period with TL 680 million 516 thousand net profit.
The mission of being a regional power
In line with the mission of being a regional power and the expansion in the neighboring geography of our country, Isbank has accelerated its steps taken in increasing the operational presence in surrounding countries. The branch in Iraq's Baghdad city began to operate in the first quarter. Continuing to expand its branch network in the high-potential markets within the country, the Bank's number of branches, which was 1,127 at the end of the year, reached 1,143.
Concluding his remarks, Isbank's Chief Executive Officer Mr. Adnan Bali said "While the sector enters a period of diminishing acceleration in terms of both profitability and growth, Isbank will resolutely continue its attempts with a desire to provide the best service to its customers thanks to its strong consolidated shareholders' equity amounting TL 19.1 billion, consolidated asset size amounting TL 158.5 billion and 24,428 self-sacrificing employees."
* Isbank's bank-only and consolidated financial statements for 2011Q1 are available at:
http://www.isbank.com.tr/English/content/EN/Investor_Relations-548-363.aspx