Kuveyt Türk has announced its financial results for the year 2023.
According to the bank’s statement, Kuveyt Türk’s total fund size increased by 68% compared to 2022, reaching 508 billion lira, and the utilized fund size rose by 70% to 335 billion lira.
While Kuveyt Türk’s foreign trade financing exceeded 2.4 billion dollars with a 32% increase, the foreign trade transaction volume surpassed 22 billion dollars in 2023. The bank achieved a net profit of 27 billion lira in 2023, an 89% increase compared to the same period in 2022. With equity reaching 47 billion lira and total assets reaching 668 billion lira, the bank maintained its 10th place in terms of total assets in the banking sector.
Ufuk Uyan, the General Manager of Kuveyt Türk, stated, “We have completed a year influenced by elections, macro-prudential measures, and regulations. With our approach of ‘our route is digital, our focus is people,’ we continued to contribute to the development of both our country and participation finance in this challenging period by conducting innovative and inspiring work.”
Highlighting their priority of supporting the real economy by focusing on production, exports, and investments, Uyan added, “We are continuing to support the real economy with increasing momentum. We achieved a 32% increase in foreign trade financing, reaching a foreign trade transaction volume of 22 billion dollars at the end of the year. With our export financing, we contribute to the development and growth of our country and effectively manage our foreign currency sources, reducing balance sheet risks.”
“Advancing Solidly Towards 2025 Goals”
Uyan emphasized their commitment to being the first choice for customers in financial solutions, saying, “We are advancing solidly towards the 2025 goals of our institution within the framework of our new, more participatory, and inclusive strategies. With our strong capital and liquidity structure, high asset quality, dynamic corporate governance approach, customer service model focused on continuous improvement, ongoing technology investments, and robust subsidiary network both domestically and internationally, we continue to take exemplary and pioneering steps in Turkey in 2024 and add value to all our stakeholders.”
While supporting the real economy with cash and non-cash fund disbursements, Kuveyt Türk provided 397 billion lira in assistance. The fund utilization growth in 2023 reached 70%.
The current account’s share within the total collected funds reached 48%, and the annualized average equity profitability realized at 69%. The capital adequacy ratio, which has a legal limit of 12%, reached 25%.
source: aa.com.tr / prepared by Melisa Beğiç