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Kuveyt Türk's asset size reaches 435 billion TL

16.05.2023

Kuveyt Türk, Turkey's leading participation finance institution, has announced its financial results for the first quarter of 2023. The asset size of Kuveyt Türk, which reached 245 billion TL with an increase of 24 percent, increased to 435 billion TL. Kuveyt Türk's net assets, which made a net profit of 4.1 billion TL in the first quarter of 2023, also reached 31 billion TL.
 
Kuveyt Türk, which has been serving its customers for 34 years with its innovative products and services it has developed in line with the participation finance principles, has announced its financial results for the first quarter of 2023 to the public. While the total value of funds collected by Kuveyt Türk was 302 billion TL with an increase of 10 percent since the beginning of the year, its value increased by 24 percent to 245 billion TL. Kuveyt Türk increased its net profit in the first quarter by 68 percent compared to the same period last year and increased it to 4.1 billion TL. Kuveyt Türk, which raised its equity to 31 billion TL and its asset size to 435 billion TL, maintained its 10th place in the banking sector in terms of asset size and strengthened its first place among participation finance institutions.
 
“We continued our steady growth in the first quarter of 2023”
Ufuk Uyan, General Manager of Kuveyt Türk, who explained his views on the first quarter of 2023, stated "We have shaped our 2025 strategy under three main headings as customer, digital and financial health in accordance with the vision defined in the Turkey Participation Banking Strategy Document (2015-2025). We aim to increase operational efficiency by following technological trends in the digital field, to strengthen our digital capabilities by expanding our digital product range, and to be a pioneer in the sector in the next generation banking with API integrations and service banking business models. We construct the data-oriented business models of the future by using the data in the most effective way in all decision mechanisms. In order to continue our financial success, we shape our strategy with a focus on sustainable profitable growth. By continuing our cautious approach in terms of asset quality and liquidity, we aim to distinguish positively from the sector in 2023. The fact that the amount of cash and non-cash financing we use has reached 283 billion TL is an indicator of our meticulousness in supporting the real economy. We want to expand our customer base and deepen our customers' relationships with our bank and get to know more customers more closely. When we reach 2025 with the goal of becoming one of the best financial institutions in Turkey, we aim to offer the best customer experience to our 10 million customers.”
 
Kuveyt Türk highlights as of the first quarter of 2023
  • It provided 283 billion TL of support to the real economy through cash and non-cash fund disbursements.
  • Fund growth in the first 3 months of 2023 was 24.1%.
  • With a focus on high asset quality, the rate of frozen receivables was 1.38%.
  • Funds collected for 3 months grew by 10%, reaching a total fund volume of 302 billion TL.
  • With the fund growth of24.9% since the beginning of the year, the share of TP in the funding base has increased.
  • The share of the current account in the collected funds was 49.7%.
  • Annualized average return on equity was 56%.
  • The capital adequacy rate, which has a legal limit of 12 percent, has reached the 21%.