Kuveyt Türk Participation Bank discloses a net profit increase by 21,5 in 2016 compared to the previous year at its Ordinary General Assembly Meeting.
Kuveyt Türk Participation Bank has convened its Ordinary General Assembly Meeting for the year 2016 at its headquarter building in Esentepe as attended by senior officers and shareholders of the bank. At the General Meeting where the bank’s performance and financial statements for the year 2016 as well as projections and expectations for 2017 have been analyzed, it has been stated that the bank has closed the year 2016 with a net profit to TL 542 million, increasing by 21,9 percent compared to the previous year. At the meeting, it has also been decided that the current capital being 2 billion 790 million TL be increased to 3 billion 100 million TL by securing the increased sum of 310 million TL from the profits of 2016 and that bonus share be issued to the shareholder in proportion to their shareholding.
Mr. Ufuk UYAN, Kuveyt Türk’s CEO told at the General Meeting, “We, as Kuveyt Türk, have achieved all of our banking targets. We have increased the net profit for 2016 to 542 million TL with an increase by 21,9 percent as compared to the same period last year. We have maintained our position of being the largest sukuk issuer of Turkey with 4,7 billion TL in total. We will continue our pioneering and innovating role in Turkish economy also in 2017 with our 385 branch offices and more than 5.500 employees as of the end of 2016.” Drawing attention to the investments recently made in the alternative distribution channels, Mr. Uyan stated that they have made a breakthrough with Senin Bankan (Your Bank), the first digital interest-free banking platform and that they would continue their digital transformation efforts. Mr. Uyan said: “In 2017, we will also focus on productivity and efficiency, spare much more time for our clients by managing our organizational processes and procedures in the most efficient way possible and continue our growth and branch deployment policies.“