Snapshot of Results
| Profitability(%) |
1Q23 |
1H23 |
2023 |
1Q24 |
1H24 |
| ROE |
27,9 |
39 |
37,9 |
24,9 |
22,4 |
| ROE, Quarterly |
27,9 |
50,3 |
30 |
24,9 |
20,1 |
| ROA |
3,6 |
4,7 |
4,4 |
2,7 |
2,3 |
| ROA, Quarterly |
3,6 |
5,8 |
3,3 |
2,7 |
2 |
| Swap Adj. NIM |
5 |
4,3 |
4,7 |
2,7 |
2,4 |
| Swap Adj. NIM, Quarterly |
5 |
3,8 |
3,4 |
2,7 |
2,1 |
| CIR (1) |
40,3 |
32 |
32,7 |
52,8 |
56 |
| CIR, Quarterly |
40,3 |
26,4 |
40,8 |
52,8 |
59,6 |
| (%) |
|
|
|
|
|
| Total LDR (2) |
80 |
74 |
71 |
75 |
78 |
| TL (2) |
96 |
87 |
83 |
84 |
84 |
| FX |
54 |
56 |
53 |
56 |
73 |
| Leverage (x) |
8,2 |
9 |
9 |
9,7 |
10,4 |
| Asset Quality(%) |
|
|
|
|
|
| NPL Ratio |
2,5 |
2,1 |
2,2 |
2,1 |
2,1 |
| Stage 3 Coverage |
69,7 |
70,1 |
62,1 |
62,2 |
55,2 |
| Stage 2/Total Gross Loans |
6,1 |
6,6 |
6,4 |
6,3 |
6 |
| Stage 2 Coverage |
18,5 |
18,5 |
16,6 |
16,8 |
16,6 |
| Net CoC |
1,35 |
1,64 |
1,4 |
0,5 |
0,58 |
| Net CoC, Quarterly |
1,35 |
1,91 |
1,36 |
0,5 |
1,1 |
| Net CoC (excl. Currency) |
1,25 |
1,14 |
1,07 |
0,32 |
0,47 |
| Net CoC(excl. Currency), Quarterly |
1,25 |
1,05 |
1,08 |
0,32 |
0,89 |
| Solvency (3) (%) |
|
|
|
|
|
| CAR |
18,4 |
17,1 |
18,5 |
17,3 |
16,4 |
| CET-1 |
15,6 |
14,9 |
15,6 |
13,4 |
12,7 |
| Tier-1 |
15,6 |
14,9 |
15,6 |
14,6 |
13,9 |
(1) CIR calculation excludes FX gain from hedge position related with stage 1&2 provisions
(2) Bank-only, TL LDR includes domestic TL bond issuances and merchant payables
(3) w/o forbearances. Forbearance: Fixing MtM losses of securities & FX rate for RWA calculation to 2022YE FX rate for 2023, fixing MtM losses of securities & FX rate for RWA calculation to 26.06.2023 FX rate for 2024
Balance Sheet Highlights
| Consolidated (TL mn) |
2023 |
1H24 |
YtD (%) |
| Cash and due from Banks |
356,898 |
428,888 |
20 |
| Securities |
464,946 |
542,756 |
17 |
| TL |
319,253 |
376,569 |
18 |
| FX (USD) |
4,949 |
5,063 |
2 |
| Loans (net) |
929,613 |
1,147,549 |
23 |
| TL |
636,089 |
769,250 |
21 |
| FX (USD) |
9,971 |
11,524 |
16 |
| Other |
153,312 |
172,101 |
12 |
| Total Assets |
1,904,769 |
2,291,293 |
20 |
| Deposits |
1,292,914 |
1,462,794 |
13 |
| TL |
766,344 |
902,563 |
18 |
| FX (USD) |
17,887 |
17,067 |
(5) |
| Funds Borrowed and Bonds Issued |
178,687 |
227,488 |
27 |
| Repo |
99,404 |
245,317 |
147 |
| Other |
122,546 |
134,582 |
10 |
| Equity |
211,219 |
221,113 |
5 |
| Total Liabilities and S/H Equity |
1,904,769 |
2,291,293 |
20 |
Income Statement Highlights
| Consolidated (TL mn) |
1Q24 |
2Q24 |
QoQ(%) |
1H23 |
1H24 |
YoY(%) |
| Net Interest Income incl. swap cost |
12,507 |
10,571 |
(16) |
25,753 |
23,078 |
(10) |
| NII |
20,105 |
18,371 |
(9) |
25,115 |
38,476 |
53 |
| o/w CPI-linker income |
16,550 |
17,807 |
8 |
21,717 |
34,357 |
58 |
| Swap Cost |
(7,598) |
(7,800) |
3 |
638 |
(15,398) |
- |
| Fees and Commissions (Net) |
14,836 |
17,221 |
16 |
11,771 |
32,057 |
172 |
| Net Trading Gain (Loss) |
8,694 |
6,328 |
(27) |
27,021 |
15,021 |
(44) |
| ECL hedge gain/ (loss) |
466 |
109 |
(77) |
1,725 |
575 |
(67) |
| Other |
8,228 |
6,219 |
(24) |
25,296 |
14,446 |
(43) |
| Other Income |
1,401 |
285 |
(78) |
640 |
1,685 |
164 |
| Operating Expense |
(19,414) |
(20,340) |
5 |
(20,294) |
(39,754) |
96 |
| Pre- Provision Income |
18,024 |
14,064 |
(22) |
44,891 |
32,088 |
(29) |
| Provision for Loan Losses, net of collections |
(1,259) |
(1,799) |
43 |
(5,643) |
(3,058) |
(46) |
| Stage 1+2 (net) |
(51) |
(694) |
- |
(3,572) |
(745) |
(79) |
| Stage 3 |
(3,475) |
(3,138) |
(10) |
(2,080) |
(6,613) |
218 |
| Stage 3 Recoveries |
2,733 |
2,141 |
(22) |
1,734 |
4,874 |
181 |
| Currency Impact (fully hedged) |
(466) |
(109) |
(77) |
(1,725) |
(575) |
(67) |
| Other Provisions |
(257) |
(120) |
(146) |
(443) |
(138) |
(69) |
| Free Provisions |
- |
- |
- |
- |
- |
- |
| Other |
(257) |
(120) |
(146) |
(443) |
(138) |
(69) |
| Income Before Tax |
16,499 |
12,395 |
(25) |
38,809 |
28,894 |
(26) |
| Tax |
(3,314) |
(1,475) |
(55) |
(7,791) |
(4,789) |
(39) |
| Net Income |
13,185 |
10,920 |
(17) |
31,018 |
24,104 |
(22) |