Kuveyt Turk General Manager Ufuk Uyan said, “The fact that the amount of cash and non-cash financing we have used has reached ₺283 billion, is an indication of the meticulousness we show in supporting the real economy.”
Kuveyt Turk made a net profit of ₺4.1 billion in the first quarter of the year.
Providing services to its customers for 34 years with its products and services developed in line with the principles of participation finance, Kuveyt Turk announced its financial results for the first quarter of 2023. Accordingly, the size of the funds collected by Kuveyt Turk increased by 10% to ₺302 billion since the beginning of the year, while the size of the funds extended increased by 24% to ₺245 billion.
Kuveyt Turk increased its net profit in the first quarter by 68% compared to the same period of the previous year, to ₺4.1 billion. Having reached ₺31 billion in its own assets and ₺435 billion in assets, Kuveyt Turk maintained its 10th place in the banking sector in terms of asset size, and strengthened its position in the first place among participation finance institutions.
As of the first quarter of 2023, Kuveyt Turk provided ₺283 billion in support to the real economy through cash and non-cash funding. Fund growth in the first 3 months of 2023 was 24.1%. With a focus on high asset quality, the non-performing loans ratio was 1.38%.
The 3-month fund growth was 10%, reaching a total fund volume of ₺302 billion. With the fund growth of 24.9% since the beginning of the year, the share of TL in the funding base has been increased. The share of the current account in the funds collected was 49.7%. Annualized average return on equity stood at 56%. The capital adequacy ratio, whose legal limit was 12%, reached 21%.
‘We shape our strategy with a focus on sustainable profitable growth’
Kuveyt Turk General Manager Ufuk Uyan, whose views were given in the statement, stated that they have shaped their 2025 strategies under three main headings as customer, digital and financial health, in line with the vision defined in the Turkish Participation Banking Strategy Document (2015-2025).
Noting that they aim to increase operational efficiency by following technological trends in the digital field, to strengthen digital capabilities by expanding their digital product range, and to be a pioneer in the sector in new generation banking with API integrations and service banking business models, Uyan said:
‘We are building the data-oriented business models of the future by using data in the most effective way in all decision mechanisms. In order to maintain our financial success, we shape our strategy with a focus on sustainable profitable growth. By maintaining our prudent approach in terms of asset quality and liquidity, we aim to differentiate positively from the sector in 2023 in this area as well.
The fact that the amount of cash and non-cash financing we have used has reached ₺283 billion is an indicator of the meticulousness we show in supporting the real economy. We wish to meet more customers more closely by expanding our customer base and deepening our customers’ relations with our bank. With the goal of becoming one of the best financial institutions in Turkey, we aim to offer the best customer experience to our 10 million customers when we reach 2025.’
Source: AA / Prepared by Irem Yildiz