Last checked at 8 Nov 2013 16:15
07.11.2013İşbank Posted a Net Profit of TL 2,533 Million in the First Nine Months of 2013
İşbank, achieving TL 2,533 million net profit in the first nine months of 2013, increased its shareholder's equity to TL 23,125 million; while raising its total assets to TL 204,159 million, with an increase of 16.4% compared to the year-end 2012. İşbank maintained its position as the largest bank in Turkey, in the third quarter of 2013, as well.
Stating that, with a 23,5% year-to-date increase, loan portfolio made the largest contribution to asset growth, which has reached the amount of TL 131,813, İşbank's CEO Mr. Adnan Bali mentioned that; "Within loans, which constitute the 65% of assets, 72% is the business loans, amounting to TL 95,174. This amount indicates the Bank's quality of being the financial institution who provides the greatest support to the real-economy and thus, to the Turkish Economy."
Healthy and Sustainable Growth
The Bank, which attaches utmost importance to effective resource allocation and healthy growth, maintained its asset quality as a result of its prudent and, in the third quarter of 2013, its non-performing loan ratio stood at 1.8%, a rather low level, which is substantially below the sector average.
Largest Branch Network Among Private-Sector Banks
Holding the leading position in terms of branch number among private-sector banks, İşbank continued to expand its branch network with 13 new branch openings in the third quarter of 2013. In the first nine months of 2013, İşbank's savings deposits rose by 10.1% reaching TL 45,659 million; while total deposits stood at TL 119,575 million with an increase of 13.5%. İşbank has been the most preferred bank by savings depositors thanks to its extensive branch and ATM network, alternative distribution channels and wide range of products.
Diversified Funding Structure
The Bank, which focuses on diversification in funding and providing low-cost funding, has continued to issue securities both in domestic and international markets, in the current period. In addition to that, within September 2013, The Bank secured a syndicated loan with dual tranche for USD 391 million and EUR 651.5 million. The one-year syndicated loan, which was raised by participation of 41 banks from 16 countries, has one year extension option. The low-cost funds provided by the Bank, have also been indicators of the Bank's position and reputation in international markets.
Pointing that, albeit ongoing volatility in financial markets in the third quarter 2013, İşbank increased its shareholder's equity to TL 23,125 million, İşbank's CEO Mr. Adnan Bali mentioned that; "Due to its strength, stemming from its solid capital structure as well as its employees, customers and shareholders, The Bank did not compromise its sustainable growth policy and, in the aforementioned period, succeeded to increase, also, its net profit by 8% compared to the same period of the previous year."
* Isbank's bank-only and consolidated financial statements for 2013Q3 are available at:
http://www.isbank.com.tr/English/content/EN/Investor_Relations-548-363.aspx