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Akbank supports Turkish economy through 296 billion TL in loans in the first half of 2020 

Akbank continues to provide financing for the economy

Evaluating the financial performance of Akbank in the second quarter of 2020, CEO Hakan Binbaşgil stated, “COVID-19 pandemic has negatively affected the economies all over the world. Besides the measures taken in our country to reduce the negative effects of the pandemic, the banking sector has also made important contributions. Now, we are about to enter into a period of recovery and growth. With its robust financials, strong capital position, infrastructure and expertise, Akbank will continue to contribute strongly to the development of our country.

“We increased our support to the economy to over TL 296 billion”
Binbaşgil continued, “In this challenging period, the loan support we provided to the economy increased to a total of TL 296 billion, with TL 254 billion in cash loans. Through providing loans to companies, we continued to contribute to the development of the real sector and in the second quarter, our market share in TL loans among private and foreign banks increased substantially. In the first six months, our deposits reached TL 259 billion, while our assets reached TL 444 billion. With our strong capital structure, we continued to support the development of the real sector. Upon deferral requests received during the pandemic, the payment of over 618.000 loans whose principal amount is over TL 24 billion and due payment amount is about TL 8.5 billion have been deferred. In the first half, our bank reported a net profit of TL 2 billion 885 million, after TL 975 million tax provisions”

“Investors’ confidence in the Turkish Banking sector and Akbank continues”
Mentioning that Akbank has become the first Turkish bank to issue Eurobond during the COVID-19 pandemic, Binbaşgil said, “The transaction was priced at a yield of 6.80%, raising USD 500 million for a 5.5 year maturity. The book was c.3x oversubscribed and reached c.USD 1.5 billion. This strong demand shows investors’ confidence in the Turkish Banking sector and Akbank. With stable and transparent management, international banking standards, a strong balance sheet and excellent digital infrastructure, Akbank will continue to support Turkey’s economy, as it has for the past 72 years and will continue to provide resources to support the growth of the Turkish economy and the real sector.”

“It is very encouraging for us to see that Akbank’s visionary initiatives are recognized”
Indicating their gratification for being awarded “Turkey’s Best Bank” for the 14th time by Euromoney, Binbaşgil continued, “With our solid financials, strong technological infrastructure and banking of the future vision, we have been very successful. Our development efforts continue in key areas such as artificial intelligence and customer experience. Moreover, we are working on adapting our qualified workers to the new normal with new competences to equip them and us to thrive as out industry evolves. In this challenging period, we are very pleased to come across with higher than expected interest in our financial transactions, such as syndication and bond issuances, as we continued to provide finance for our country. We find it very significant to be named as “Turkey’s Best Bank” for the 14th time and we are proud of it. I would like to thank all our stakeholders especially our employees who have contributed to our success and high performance in the first half of the year”

For more information, please visit akbankinvestorrelations.com

 
 
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