Leading participation finance institutions in Türkiye, Kuveyt Türk has disclosed its financial results for the first quarter of 2020. Increasing the amount of financing made available to 70 billion TL with an increase by 29,8 percent Kuveyt Türk’s asset size exceeded 118 billion TL. Kuveyt Türk achieved net profit of 316 million TL in the first quarter of 2020 and its shareholders’ equity reached 6,8 billion TL.
One of the pioneering financing institutions in Türkiye that stands out with its innovative products and services, Kuveyt Türk has disclosed its financial results for the first quarter of 2020. The size of the funds collected by Kuveyt Türk has reached 98,8 billion TL increasing by 15,6 percent compared to the end of 2019 while the funds made available has reached 70 billion TL increasing by 20,8 percent. Kuveyt Türk has achieved a net profit to 316 million TL with an increase by 24,3 percent during that period as compared to the same period last year. Reporting that its shareholders’ equity has reached 6,8 billion TL and its total assets has increased to 118,3 billion TL, Kuveyt Türk maintains its position as the leading participation bank and ranks 11th
in the overall banking market in terms of asset size.
Ufuk Uyan, the CEO of Kuveyt Türk, said, “We have been serving our clients for more than 30 years with our products and services we have developed as per the participation banking principles. Just like in the past, we have maintained our stable growth also in the first quarter of this year.” Stating that coronavirus pandemic has affected the social dynamics in the first quarter of 2020, Mr. Uyan told that they have shaped their main focus around the health of their customers and employees during that period. Mr. Uyan went on to say, “We have swiftly taken measures based on the recommendations of the governmental authorities handling the pandemic process. We continue to closely monitor the entire process.”
“We offered restructuring for our customers”
Briefing about the support they have provided to their customers and those really in need, so far, due to coronavirus pandemic, Mr. Uyan was quoted as saying “We offered flexible maturities and restructuring for our customers whose primary revenue activities have been disrupted due to outbreak, upon their request. During that process we have not compromised our customer-oriented service approach and we have postponed the installment payments of requesting customers which are due for payment by the end of April to end of June without charging any profit share or costs. On the other hand, we offered a restructured repayment schedule for our customers who ask for more flexible repayment scheme based on existing repayment schedule. We have also continued to support the real economy, the keystone of the entire economic structure, with fresh financing during this period.
“We stand with our farmers who cultivate our fertile lands”
Stating that they have prepared support package designed for farmers during the coronavirus outbreak , Mr. Uyan, the CEO of Kuveyt Türk, said, “Cultivation of fertile lands in our country is of utmost important for the development of our country and supply of basic foods, based on our experience during the coronavirus outbreak. In an effort to support our farmers working hard during this challenging period, we have prepared financing package with a limit of 500 million TL. The campaign will run till the end of June. Farmer Support Package with no disbursement fee for making the financing available is offered as interest free financing with profit rates starting from 0,79 percent. We are standing by our farmers during this challenging period by enabling them to make payment once a year.”
“Innhouse our innovative idea and project production center was opened”
Also stating that Kuveyt Türk, standing out with its innovative products and services, has established an innovation center prominent with its original and functional architectural design and put that center into service in the first quarter of the year, Mr. Uyan further said, “At this center which we named Innhouse, we are aiming at developing innovative ideas and projects prioritizing the customer experience, raising the working standards and shaping the finance sector of the future. Designed with bio-innovative approach, Innhouse will heavily support the customer experience and design thinking workshops as well as the studies over the financial technologies and digital transformation.”
My Receivable Safe System
Mr. Uyan who has also noted that Kuveyt Türk, aiming at easing the customers’ lives, has developed in the first quarter of the year the “My Receivable Safe System” in order to complete the housing and car buying-selling transactions in a secure and safe environment, added that they started the service under My Receivable Safe System for anyone, no matter he/she is a client of Kuveyt Türk, who intents to buy or sell house or car and that they have not charged any fee to the first users of the system as part of the launch campaign.
“With our strong equity and liquidity structure, high asset quality, dynamic corporate governance understanding, customer service model based on continuous development, investments in technology, our accelerated efforts in digital transformation and our presence abroad, we will do our best to stay ahead of the participation finance sector during the new period”, Mr. Ufuk Uyan finally explained.