Last checked at 13 Nov 2009 07:00
12.11.2009 Isbank's net profit at the end of the 3rd quarter is TL 2,021 million on a consolidated basis
HIGHLIGHTS ON THE THIRD QUARTER:
Isbank is the leader among private banks in terms of deposits
Isbank is the largest private bank in terms of the number of branches and employment
Isbank's consolidated loan portfolio is over TL 50 billion
Isbank, a credible institution in the international markets
Isbank posted TL 2,021 million net profit on a consolidated basis in the first nine months of the year with a 33% increase compared to the same period of the previous year and its consolidated total assets reached TL 122,303 million.
In his written statement on the first nine months of the year, Mr. Ersin Özince, the Chief Executive Officer of Isbank, said "In this period, during which the impacts of the global crisis were highly prominent, the growth delivered and the profit gained, by pursuing quality, have been the result of the Bank's correct strategies, which have been successfully carried on."
Having expanded its total assets by 10% to TL 122,303 million and raised its shareholders' equity by 21% to TL 14,510 million, Isbank posted TL 2,021 million net consolidated profit by boosting its gross profit by 45% and its net profit by 33% compared to the same period of the previous year.
Thanks to its strong financial structure, the Bank continued its prudent policy by provisioning 100% for the non-performing loans.
Isbank is the leader among private banks in terms of deposits
With a growth of 10 % since the end of the previous year, Isbank increased its deposit base to TL 69,390 million and with this performance, strengthened its leadership among private banks in terms of total deposits.
Isbank is the largest private bank in terms of the number of branches and employment
Continuing to expand its franchise by opening branches in profitable markets, Isbank increased the number of its domestic branches to 1,067, and the number of its employees to 22,258. Considering contribution to national economy as one of its most significant missions, Isbank continued to serve for this aim in the best way by creating new job opportunities, as well as supporting the real sector.
Isbank has the highest consolidated shareholders' equity in Turkey
Mr. Ersin Özince made the following statements:
In the first nine months of 2009, Isbank expanded its total assets by 10.0% since the end of the previous year to TL 122.303 million on a consolidated basis. In this period, during which the impacts of the global crisis were highly prominent, the growth achieved by pursuing quality, has been the result of the Bank's correct strategies which have been successfully carried on. Accompanied with the growth strategies focusing on profitability, the Bank posted a net profit of TL 2,021 million on a consolidated basis, with a 32.7 % increase compared to the same period of the previous year. Thereto, the Bank's consolidated shareholders' equity, which was TL 11,991 million at the year-end, was raised by 21.0 % reaching TL 14,510 million, becoming the largest shareholders' equity in Turkey on a consolidated basis.
Isbank's consolidated loan portfolio is over TL 50 billion
During this period in which the ongoing impacts of the crisis were observed, Isbank endeavored pursuing its lending policies on a sound basis without sacrificing prudency, and substantially succeeded to a great extent. While the Bank's loan portfolio on a consolidated basis was realized as TL 50,100 million, maintaining the same level as at the end of the first half, the Bank enabled to retain its 100% provisioning policy against non-performing loans, pursuing its prudent stance.
Isbank, a credible institution in the international markets
Isbank expanded its consolidated deposit base by 10.2% to TL 69,390 million since the year-end. With this growth, the Bank sustained its leadership among private banks in terms of total deposits. In the third quarter, the Bank, which utilizes non-deposit funding sources at relevant cost, extended for 1 year the term of USD 350 million and EUR 293.5 million of the syndicated loan agreement, which was signed in September 2008. The extension of the term of the related syndicated loan secured with the participation of 41 international banks has been important with respect to indicating that Isbank has a high reputation in international markets.
Consistently improving performance
Parallel to its success in sustaining efficient policies in choosing profitable assets and managing funding cost, while raising interest income from loans by 10.6 % on a consolidated basis compared to the same period of the previous year, Isbank increased its net interest income by 27.2% to TL 4,254 million, decreasing the interest expenses associated with its funding sources. Within the framework of this progress, the consolidated gross profit of the Bank reached TL 4,194 million with an increase of 45.1% and its consolidated net profit increased by 32.7% to TL 2,021 million, compared to the same period of the previous year.
Contribution to the national economy by creating new job opportunities as well as supporting the real sector
Continuing to expand its franchise by opening branches in profitable markets, Isbank increased the number of its domestic branches to 1,067 by the end of this period, from 1,028 over the year-end. Increasing the number of employees as a result of this growth, the number of employees of the Bank reached 22,258. Isbank, considering contribution to national economy to be one of its most significant missions, continued to serve for this aim in the best way by creating new job opportunities, as well as supporting the real sector.
Determination on keeping quality, prudence and profitability to utmost importance
In an environment in which it is predicted that the effects of the crisis will continue during the last quarter of the year, and that in the framework of narrowing interest margins, the profitability performance of the sector will decrease next year; Isbank will pursue its prudence, and continue without conceding from its policy based on preferring profitable and high-quality business.
* Isbank's bank-only and consolidated financial statements for 2009Q3 are available at:
http://www.isbank.com.tr/English/content/EN/Investor_Relations-548-363.aspx