02.08.2019
Kuveyt Türk disclosed its financial results for the first half of 2019. Increasing its net profit to 601 million TL with an increase by 25 percent compared to the same period of the previous year, the bank’s total assets and shareholders equity have reached 87 billion TL and 6 billion TL, respectively. Thus, Kuveyt Türk has already exceeded the asset size of 85 billion TL aimed at achieving by the end of the year and approached one step more toward the net profit in excess of 1 billion TL. Mr. Ufuk Uyan, CEO of Kuveyt Türk stated that they have made pioneering efforts in the first half of the year in order to support real economy and provide financing for growth.
Innovative participation bank in Türkiye, Kuveyt Türk has disclosed its financial results for the first half of 2019. Kuveyt Türk continued its growth and closed the first half of the year with a profit to 601 million TL, an increase by 25 percent compared to the same period of the previous year. The size of the funds collected during this period has reached 69.2 billion TL increasing by 28 percent compared to the end of 2018 while the funds made available has reached 52.9 billion TL increasing by 10.6 percent. Reporting that its shareholders’ equity has reached 6 billion TL and its asset size has increased to 87 billion TL, Kuveyt Türk maintains its position as the leading participation bank in terms of asset size.
“The sector will start to rise in the second half of the year”
“The sector will start to rise in the second half of the year”
Commenting on the first half’s results of the bank, Mr. Ufuk Uyan, CEO of Kuveyt Türk, said “We closed the first half with an outperforming growth just after the successful first quarter. We think that, following the new regulations in the economy, the horizontal progress of the banking sector would accelerate upward in the second half of the year. This fact will in turn speed up our efforts to support real economy and provide financing for growth. Following the decision of the Central Bank of Türkiye to lower the interest rates, we have lowered our financing rates for the businesses as well as profit rates in all maturity range for our personal clients willing to benefit car and house financing. On the other hand, we have exceeded the year-end targeted asset size of 85 billion TL already in the first half and we are approaching our target of net profit in excess of 1 billion TL with sound steps.
New export support package
Stating that they received great interest in the Export Support Package launched in January in an effort to support the exports and increase foreign exchange inflow to the country, Mr. Uyan said, “We have reached a volume of approximately 500 million dollar by outperforming our targets through our new package. Upon the intense interest and demand of our exporters, we decided to continue our campaign. We have disclosed a new package with a limit of 300 million dollars to continue till 1 October 2019. We analyze the needs of our exporting clients and offer them appropriate rate and maturity options. We will continue to support our exporters by providing funds with a maturity of up to 36 months, with grace period up to 6 months, provided that we receive the export price commitment from them. We have also reduced our profit rates in the new phase of our package. In the new phase, we will be able to provide financial support with profit rates starting at 0.26 percent in Euro and 0.35 percent in USD.”
The first participation bank integrated into the Short-Term Receivable Insurance
Stating that they are the first participation bank integrated into Eximbank’s Short-Term Receivable Insurance during this period, Mr. Uyan explained, “Eximbank insures the receivables of the exporters against commercial and political risks in an effort to facilitate the collection of the export sales. The banks provides the exporters with required financing by accepting such insurance policies as security. As the first participation taking part in this system, we are now taking the side of all exporters exporting against goods.”
Financing dedicated for particular sectors
Stating that they have introduced dedicated financing packages for different sectors, Mr. Ufuk Uyan said that they have offered the tourism enterprises starting the new year with a 500 million tourists, with tourism financing with end-of-season repayment and credit card with flexible repayment. Mr. Uyan reminded that they have postponed the repayment of product, equipment, seed and seedlings needed for the agricultural activities of farmers, till the end of harvest season, through Tohum Card dedicated for the farmers.
Mobile app for 24-hour market access
Making the client’s life easier with products and services developed as part of the technology, innovation and digital transformation, Kuveyt Türk introduced TradePlus, its new mobile application enabling the smartphone users to access the investment instruments such as investment funds, securities, forex, gold and silver on their phones. TradePlus enabling the users to track the treasury investment instruments, to trade with then-current prices and issue buy or sell instructions 24 hours weekdays as part of its international interest-free financing principles upgrades the customer experience through an innovative technology integrated with the accounts of customers. Having one million customers in digital banking, Kuveyt Türk offers its services in an end-to-end digital environment through its 418 branch offices across the country.