Leading participation bank in Turkey, Kuveyt Türk has disclosed its third quarter financial results. Increasing its net profit to 668 million TL with an increase by 20,4 percent compared to the same period of the previous year, Kuveyt Turk’s total assets and shareholders equity have reached 76,9 billion TL and 5,2 billion TL, respectively.
Stating that they have brought 2 tons of gold within the first 9 months of the year to the economy, Mr. Ufuk Uyan, CEO, said, “While strengthening our first-ranking position among the participation banks, we are also increasing our market share in the overall banking sector.”
Contributing to the improvement of the participation banking sector through its innovative products and services and sustaining its stable growth, Kuveyt Türk has disclosed the financial figures for the the third quarter of the year 2018. Increasing its net profit to 668 million TL with an increase by 20,4 percent in the first nine months of the year as compared to the same period of the previous year, bank’s total assets and shareholders equity have reached 76,9 billion TL and 5,2 billion TL, respectively. The size of the funds collected during this period has reached 55,3 billion TL increasing by 38,8 percent compared to the end of 2017 while the funds made available has reached 51 billion TL increasing by 35,3 percent.
“We have closed the third quarter in line with our targets”
Commenting on the third quarter results, Mr. Uyan, CEO of Kuveyt Türk, was quoted as saying “In spite of a year with increased mobility in terms of interest and foreign exchange rates, we, as Kuveyt Türk, have achieved to close the third quarter in line with our targets just the case in previous periods. With our asset size of 76,9 billion TL, we strengthen our first-ranking position among the participation banks and we are also increasing our market share in the overall banking sector.”
“We fund clean energy”
Stating that they support the sustainable production operations of the enterprises by directly funding the production economy, Mr. Uyan told that they have also supported the projects which contribute to the development of the country. Mr. Uyan said, “We have provided considerable amount of financing for the projects such as Çanakkale 1915 Bridge, Niğde-Ankara Motorway. So far, the funding provided by us in the field of renewable energy exceeded 740 million dollars. More particularly, we attach great importance to the Solar Power Plant (SPP) projects which we call clean energy. We are financing 15 percent of unlicensed SPP projects which are operational for the time being. We will continue our support for mega projects during the upcoming period as well.”
“We have channeled 2 tons of gold to the country’s economy”
Emphasizing that they have channeled over 20 tons of gold to the country’s economy though gold campaigns and projects since 2011 throughout the country, Mr. Ufuk Uyan said, “We are supporting any activities and initiatives aiming at gaining the home-kept gold to the country’s economy and we always lead the way in this respect. We rank the first with a market share of 58 percent among the participation banks in terms of gold banking as per the third quarter results of this year. Since the beginning of the year we have channeled around 2 tons of gold to the country’s economy”
“We focus on digital transformation”
Stating that their NPL ratio of 1,96 percent, below the market average is an indication of their sound and well-disciplined growth, Mr. Uyan, the General Manager of Kuveyt Türk, provided the following information on the matter:
“We are continuously improving our customer-oriented service model and carry out projects to achieve a better business model in our ever-expanding network of branch offices. Today, we are at service of our clients with our 409 branch offices and around 6 thousand workforce. While increasing the number of branches, we have set provision of the branch office services in end-to-end digital environment as one of the largest targets of us. In this way, we ensure that our clients shift their banking transactions to mobile as much as possible, that they can easily perform a number of transactions including payment of bills, forex transactions, precious metal, securities buy and sell transactions without paying any fees. Today, our clients can perform around 80 percent of their banking transactions through alternative distribution channels. We are aiming at increasingly continue our technology investments and improve our services offered through all channels by accelerating the digital transformation in the forthcoming period.”