Last checked at 17 Feb 2009 14:31
The Final Results announcement of Isbank released on 17/02/09 at 07:00 under RNS No 4148N is rereleased due to the missing PDF attachment
16.02.2009 TL 1.5 Billion Net Profit From Isbank
Isbank made TL 1.8 billion pre-tax profit and TL 1.5 billion net profit for the year 2008. Isbank's total assets reached TL 97.6 billion, with an increase of 22%.
Isbank made TL 1.8 billion pre-tax profit for the year 2008. Isbank's net profit after tax was TL 1.5 billion. Isbank's total assets increased 22%, reaching TL 97.6 billion. The main driver of the Bank's asset growth was the 40% expansion in loans. In this period, TL loans increased 31% and the foreign currency loans rose 26% in US Dollar terms.
Isbank raised its market share in 2008 with its both Turkish Lira and foreign currency loans growing faster than the sector. While the negative developments ruled the banking sector and the liquidity shrunk due to the global crisis, Isbank continued its commercial and retail placements with the power of its customers' trust and its solid equity.
Especially towards the end of 2008, the continuous rise in adverse conditions in the market affected the credit demanding sector more and the liquidity shrinkage caused delays in economic actors' fulfillment of their commitments. Within this frame, negative market conditions caused a rapid increase in the amount of non-performing loans of the system in general. Despite the increase in non-performing loans throughout the sector, Isbank kept lending to the real sector, as well as continuing its 100% provisioning policy in the year 2008.
Total Deposits increased to TL 63.5 billion
Isbank strengthened its deposit based funding structure in the year 2008, too. Especially, in the last quarter of 2008, the Bank's asset structure and solid equity base helped to grow its total deposits significantly and the Bank's total deposits reached TL 63.5 billion at the end of 2008.
In the year 2008, Isbank opened 99 new domestic branches expanding the number of branches to 1028 and supported employment by hiring 1,509 new employees. Having the largest branch network among private banks, Isbank will pursue its mission to serve its customers in 2009, too, with the policy of expanding its activities by contributing to domestic economy.
It has become clear that the negative impacts of the global crisis will prevail in the year 2009, but with its customers' interest and the support of its shareholders and employees, Isbank will continue to fulfill its duties arising from being one of the primary leading corporate in the economy.
http://www.rns-pdf.londonstockexchange.com/rns/4576N_1-2009-2-17.pdf