Last checked at 11 May 2012 18:00
11.05.2012TL 708 million net profit from Isbank at the end of the first quarter
Isbank's asset size reached TL 163 billion, while its shareholders' equity increased to TL 19 billion. The Bank's net period profit stood at TL 708 million.
In his written statement on the results of the first three months of the year, Isbank's Chief Executive Officer Mr. Adnan Bali stated that; remaining as Turkey's biggest private bank in its 88th financial year, Isbank raised its asset size to TL 163 billion and its shareholders' equity to TL 19 billion. Mr. Bali said, "Within the framework of its profitable growth strategy, Isbank managed to achieve a highly profitable performance in this period, too, and posted TL 708 million net profit on an unconsolidated basis with 6% increase compared to the same period of the previous year".
Leader of the Banking Sector in Lending
While continuing to support projects, which will create employment and investment, trading, exports and industry with all its resources and energy, Isbank maintained to be the leader in lending in the banking sector. The total loan portfolio of the Bank, whose commercial loans amounted to TL 67 billion and retail loans to TL 26 billion, increased to TL 93 billion. Furthermore, the Bank restrained its NPL ratio to a low level of 2.1% and kept provisioning for 100% of its non-performing loans.
Also a Leader in Deposits
Thanks to its corporate identity, extensive branch network and high quality service delivery, Isbank has a large deposit base and with its TL 94 billion deposit base, maintained its leadership in deposits in this period, too, among private banks. In the first quarter of the year, the Bank continued to make maximum use of non-deposit funds in order to diversify its funding structure and obtain cost-effective funds and issued bills and bonds with a nominal value of TL 2.3 billion.
Increasing Profitability Performance
Successfully increasing its profitability performance, the Bank posted TL 708 million net profit on an unconsolidated basis with a 6% increase compared t the same period of the previous year. The Bank generated TL 1,312 million net interest income with a 17% increase due to the impact of the 49% increase in interest income on loans based on the growth in loan portfolio. The efficient management of cost of funding and the commission income, which amounted to TL 370 million, significantly contributed to profitability.
Isbank's Chief Executive Officer Mr. Adnan Bali emphasized that with its 1,209 branches, 24,764 employees and solid financial structure, the Bank will keep being the biggest supporter of its customers and the real economy and also maintain its strategy of effective and efficient growth in Turkey and in the nearby geography with the same commitment.
* Isbank's bank-only and consolidated financial statements for 2012Q1 are available at:
http://www.isbank.com.tr/English/content/EN/Investor_Relations-548-363.aspx