Kuveyt Türk has closed the year 2018 with a net profit of 870 million TL

Leading participation bank in Türkiye, Kuveyt Türk has disclosed its financial results for the year 2018.


Increasing its net profit to 870 million TL with an increase by 29.1 percent compared to the previous year, Kuveyt Turk’s total assets and shareholders equity have reached 74 billion 232 million TL and 5 billion 439 million TL, respectively. Stating that they have solidified their leading position among the participation banks in terms of asset size, Mr. Ufuk Uyan, General Manager of Kuveyt Türk, said, “While leaving  successful year behind, we have made a quick step into 2019.  We have introduced Export Support Package in an effort to support our exporters and increase foreign exchange inflow to our country. We have lowered profit rates while extending the due dates in export.”

Leading participation bank in Türkiye with its innovative products and services, Kuveyt Türk has disclosed its financial results for the year 2018. The bank increased its net profit by 29.1 percent to reach TL 870 million, and continued its consistent growth. The size of the funds collected as of the end of 2018 has reached 53 billion 986 million TL increasing by 35.5 percent compared to the end of 2017 while the funds made available has reached 45 billion 865 million TL increasing by 20.8 percent. Reporting that its shareholders’ equity has reached 5 billion 439 million TL and its total assets has increased to 74 billion 232 million TL, Kuveyt Türk maintains its position as the leading participation bank in terms of asset size.

Commenting on the year-end financial results of the bank in 2018, Mr. Ufuk Uyan, General Manager of Kuveyt Türk,  said “We left behind another successful year in terms of our targets.  Considering that especially the foreign exchange rates fluctuated in 2018,  it was an enjoying development for us to continue to grow thanks to our strong capital structure and dynamic management approach.”

“We have lowered profit rates while extending the due dates in export”

Stating that they have made a quick step also into the year 2019 and introduced Export Support Package in an effort to support export and increase foreign exchange inflow to our country, Mr. Uyan was quoted as saying “Earlier this year we have prepared a package to support our exporters and increase foreign exchange inflow to our country. As part of the package, we provide our exporters with financing for a total maturity of 36 months with first 6-month grace period for the transactions with secured export value. We provide such financing with monthly profit rates of 0,34 percent for EUR and 0,48 percent for USD.”

“We ease the life of SMEs and commercial clients”

Stating that they have offered numerous utilities and special opportunities to SMEs and commercial clients through the products and services developed by them, Mr. Ufuk Uyan said, “Online Supplier Financing offers early collection benefits for the supplier and flexible payment benefits for the buyer. Thanks to the Online Supplier Financing, another innovation in the participation banking, we finance the real economy directly, thus contributing to the enterprises enabling them to maintain their manufacturing activities without getting into financial trouble.”

Explaining that it is Online Financing, another product from Kuveyt Türk that offers simplified and swift financing to SMEs and commercial clients, Mr. Uyan said, “Through Online Financing, our clients are able to obtain financing via internet or mobile branch without visiting the branch offices. With this product intended to support all the businesses engaging in domestic market operations, we offer an outstanding benefit with our 2 month grace period and flexible repayment scheme up to 24 months and commission rates.”

“We contribute to mega projects in our country”

Pointing out that they increased the financial support they provided to certain mega projects and renewable energy sources built in 2018 in Türkiye, Mr. Ufuk Uyan said “We lent 200 million EUR to the Çanakkale 1915 Bridge project and 100 million EUR to the Nigde-Ankara Highway project. We were active in financing both public and private sector partnership projects and renewable energy source projects. As of the end of 2018, the total financing support we provided to renewable energy source projects is approximately 700 million USD. We will continue our financing support in these areas especially including energy, also in 2019.”

Software export of 120 million TL

Pointing out that Kuvey Türk is the only bank to have two R&D centers in Türkiye and exports software programs, General Manager of Kuveyt Türk said “Our R&D centers turn projects into products, and the technology company Architect we started in 2015 sells these project. Architect is now one of the leading technology companies of Türkiye, and signed an agreement with Kuwait-based software company ITS that sells banking systems. The company has exported all the technology of all the processes ranging from branch automation to mobile branch and ATM to operation center. Through ITS, the BOA Banking Platform developed by Kuveyt Türk will be used by over 60 banks in over 20 countries. Within three years, we will have exported software of 120 million TL. This represents one of the most important business lines of us in 2019.”

Leading the Sukuk and gold markets

Kuveyt Türk issued 27 Sukuk certificates worth of 5.1 billion TL in 2018 representing an increase by 120 percent in comparison to the previous year, and achieved the highest Sukuk volume in Türkiye. The bank collected 2.1 tons of gold from deposit account holders in 2018, and approximately 20 percent of its gold trading is performed in international markets. 85 percent of Kuvey Türk’s customers perform their banking transactions online.  The number of bank’s online banking customers increased by 32 percent compared to the previous year to reach around one million.

Products introduced in 2018

Kuveyt Türk kept on introducing new products to the banking industry in 2018. CebimPOS turning smart phones into a POS machine for payment purposes, Online Financing System enabling customers to borrow a loan online or at a mobile branch without stepping into a branch, Supplier Financing System lending funds to buyers and meeting financial needs of suppliers, and the sign language service provided at XTM branches to enable over 3 million hearing-impaired people living in Türkiye to perform banking transactions are the products introduced by Kuveyt Türk in 2018.