Kuveyt Türk, the leading participation bank of Turkey, announced its financial statements for the first quarter of 2019. Its net profit increased by 25.07% to reach TL 254 million, its total volume of assets raised to TL 83 billion 570 million, and its total volume of equity raised to TL 5 billion 683 million.
Ufuk Uyan, Managing Director of Kuveyt Türk, said “We got one step closer to the total asset volume of over TL 85 billion and to the net profit of over TL 1 billion that we planned to reach until the end of this year. Supporting the real economy and contributing to financing of its growth will remain to be our priority target during this growth process”.
Attracting attention thanks to its innovative products and services an being the leading participation bank of Turkey, Kuveyt Türk announced its financial statements for the first quarter of 2019. Its net profit increased by 25.07% in comparison to that of the same quarter of the last year to reach TL 254 million, so that Kuvey Türk maintained its pace of stable growth. The total volume of funds it raised increased by 17.64 in comparison to that of the end of the last year to reach TL 63 billion 512 million, and the total volume of loans it lent increased by 6.53% to reach TL 50 billion 921 million. Raising its total equity and total asset volumes to TL 5 billion 683 million and TL 83 billion 570 million respectively, Kuveyt Türk preserved its position of being the largest participation bank of Turkey in terms of assets.
“We support the real economy and the financing of its growth”
Commenting about the first quarter of this year, Ufuk Uyan, Managing Director of Kuveyt Türk, said “After enjoying a successful year in 2018, we are happy to note the growth we achieved in the first quarter of this year. We plan to reach a total asset volume and a total net profit of over TL 85 billion and over TL billion respectively. As to funds raised and funds lent, we plan to grow at a rate above the average rate of this sector. The figures we had in the first quarter of this year indicate that we will achieve the targets we plan.”
Emphasizing that they continue to support both the real economy and the financing of its growth, Ufuk Uyan said “The projects we design for our real person and legal person customers are continued at full speed. The new projects we introduced only in the first three months of this year are the gold-based lease certificates we issue to ensure the gold stored by some people at home to flush out to the economy, the export support packages we provide to support exports and to increase the inflow of hard currency funds, and the distinguished financing packages we provide to tourism companies, all of which were designed for small- and medium-sized businesses. One of the priorities we set for this year is to increase such strategical products as financial leasing, financing of foreign trade, financing of projects and consumer loans. In addition to these targets, we also aim to rank as one of the highest performing banks in terms of NPL ratio by preserving the quality of our assets.”
The first participation bank listed in Shanghai Gold Exchange
Honored to be the participation bank having the widest range of banking products for gold, Kuveyt Türk blazed another trail in 2019 by being one of the 74 international members of Shanghai Gold Exchange (SGEI) in China. In addition to the honor of being the first Turkish company listed in SGEI, Kuveyt Türk managed to be the first participation bank listed in SGEI in the worldwide. This bank aims to expand its international business volume and to exceed the total volume of gold exports of US$ 450 million it achieved in 2018 through its membership to Shanghai Gold Exchange in order to contribute more to Turkey’s export figures.
Good support to SMBs!
Introducing its Export Support Package in January to support exports and to increase the inflow of hard currency funds, Kuveyt Türk now lends loans with a grace period of six months, repayable in 30 equal installments with a total maturity of 36 months, to exporters. Kuveyt Türk lowered its profit ratios for these loans, so that it charges a profit rate of 0.34 and 0.48 for the funds it lends in Euro and US$ respectively. This bank also lends loans and issues credit cards to tourism companies under flexible conditions allowing them to repay within the tourism season in order to help the tourism sector to achieve its targets.
Employees’ cell phones now serves as POS
In the first quarter of this year, Kuveyt Türk added the multiuser function in its CebimPOS application which enables cell phone users to draw funds from all credit cards and ATM cards issued by any banks whatsoever. The first and only such application in the banking sector, CebimPOS can be installed in cell phones of employees of businesses and can be used by them to collect payments from their customers without using a POS device. The new multiuser function of CebimPOS makes collection considerably easier for businesses which sell products to a large number of customers in the field and which are not required to use a cash register.
One million Kuveyt Türk customers use the digital banking platform
Leading the banking sector with its digital transformation and technology projects focusing on customer satisfaction, Kuveyt Türk has one million digital banking customers as of the first quarter of this year. Providing all the services available in its branches on an end-to-end digital platform too, this bank enables its customer to perform many transactions ranging from paying their invoices to calling or putting share certificates by using said platform without paying any charge. In the present the customers of Kuveyt Türk perform 85% of their banking transactions on said digital platform.