Kuveyt Türk Katılım Bankası disclosed at its ordinary general assembly meeting that its net profit for the year 2017 has reached 674 million TL increasing by 24,4 percent compared to the previous year. The Bank has increased its share capital to 3,5 billion TL adding 400 million TL.
Kuveyt Türk Katılım Bankası held its Ordinary General Assembly Meeting on 29 March 2018 at its headquarter building in Esentepe as attended by senior officers and shareholders of the Bank. At the general assembly meeting where the financial statements and the Bank’s performance for the year 2017 have been analyzed, it has been stated that the bank has closed the year 2017 with a net profit to TL 674 million, increasing by 24,4 percent and total shareholders’ equity to 4,6 billion TL increasing 17,4 percent, in each case, compared to the previous year. At the meeting it has been resolved that the paid-up share capital of Kuveyt Türk be increased to 3,5 billion TL by adding 400 million TL as bonus issue out of the annual profit of the year 2017.
Mr. Ufuk Uyan, Kuveyt Türk's CEO told at the general meeting, "We have maintained our ever increasing growth rate in 2017 by adopting the sound and innovative banking approach. We have achieved to reach a net profit of 674 billion TL. We have issued lease certificates of total 2.3 billion TL in 2017 with a 35-percent increase compared to the previous year. We have broken the record in Turkey by carrying out the lease certificate (sukuk) issue of the largest ever amount in TL in a single transaction in the ‘participation banking sector’ with the issue of lease certificate of 400 million TL in September 2017 for a maturity of 106 days. We have raised funds of 3,8 billion TL by taking the KGF (Credit Guarantee Fund)-secured funds to the first lines of our agenda. The total size of gold accounts with our Bank has reached 17,8 tons valued at around 2,8 billion TL”.
Underlining the fact that as Kuveyt Türk, they would continue to growing themselves and the participation banking sector with their innovative products and services based on participation banking principles also in 2018, Mr. Uyan said, “While continuing our investments in the alternative distribution channels with a focus on technology and innovation, we will also enlarge our geographical coverage by opening more branch offices. We will increasingly continue our successful performance in the funds collected and made available.”