Akbank provides consistent financing to the economy
Evaluating the financial performance of Akbank in the first quarter of 2019, CEO Hakan Binbaşgil said, “After a year marked by volatility, our economy has entered a successful period of rebalancing. The banking sector has continued to support the economy. Akbank increased its efficiency in the sector through its strong equity, risk management and its trust-based approach to banking.”
“We provided loans of 270 billion TL to the economy in the first quarter of 2019”
Binbasgil continued, “In this period, the support we provided to the economy increased to a total of TL 270 billion, with TL 220 billion in cash loans. We achieved a high growth of 9% in commercial loans, which act as a driving force for the real sector. Akbank continued to provide sources for the growth and development of the real sector, our SME and corporate loans reached TL 230 billion in the first quarter. Our bank’s deposits reached TL 228 billion, and our assets reached TL 386 billion. Our bank reported a net profit of TL 1 billion 408 million, after TL 442 million tax provisions.”
“Akbank continues to provide resources for Turkey’s economy through successful international financing”
“Akbank continues to lead the way in determining the strategy and pricing of syndicated loans. Our March syndication was well-received and once again opened the syndication market. After announcing that Akbank will only roll-over USD 600 million equivalent of its syndicated loan, we received a significant oversubscription by 160% (equivalent to USD 950 million) even with the reduced 25bps in costs. On the back of robust oversubscription, we slightly revised our initial target to USD 700 million. Compared to Akbank’s 2018 syndicated loan, the number of participant banks increased from 23 to 34. This successful result is a significant indicator of the trust placed in our bank and the continuing interest of international investors in our country.”
“We continue to invest in our technology and human resources for both Akbank and Turkey”
“We continue to invest in our bank’s and our country’s future. In addition to our strong balance sheet, our excellent human resources and technological infrastructure are among the strongest assets of our bank. We attach great importance to the development of these two areas and we continue our comprehensive investments. We will complete our Akbank Data and Living Center project, which broke ground in 2017, very soon. This important initiative will enable the innovation culture to grow stronger in our bank and to increase our competitive advantage. While shaping the future of banking, we will continue to attract Turkey's most talented human resources to our new center. I am happy to work with such a talented and successful team. I would like to thank our customers, shareholders and employees for this stable and strong performance.