Kuveyt Türk, Turkey's leading participation finance institution, announces its financial results for the first half of 2023. The asset size of Kuveyt Türk, which reaches 287 billion TRY with an increase of 45 percent, increases to 557 billion TRY. While Kuveyt Türk's foreign trade financing reaches 44 billion TRY with an increase of 50 percent, its foreign trade transaction volume exceeds 10 billion USD in the first six months. Kuveyt Türk's net assets, which made a net profit of 10 billion TRY in the first half of 2023, also reaches 35 billion TRY.
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 half of 2023 to the public. While the value of funds collected by Kuveyt Türk was 397 billion TRY with an increase of 32 percent since the beginning of the year, its value increased by 45 percent to 287 billion TRY. While Kuveyt Türk's foreign trade financing exceeded 44 billion TRY with a 50% increase, its foreign trade transaction volume in the first six months exceeded 10 billion USD. Kuveyt Türk increased its net profit in the first half of the year by 73 percent compared to the same period last year and increased it to 10 billion TRY. Kuveyt Türk, which raised its equity to 35 billion TRY and its asset size to 557 billion TRY, maintained its 10th place in the banking sector in terms of asset size and strengthened its first place among participation finance institutions.
“We continue to support the real economy and sustainable profitable growth”
Ufuk Uyan, General Manager of Kuveyt Türk, stated "We have been successfully serving our customers for 34 years with the products and services we have developed in line with the participation finance principles. By prioritizing production, exports and investment, we support the real economy and continue our increasingly sustainable profitable growth. We showed a growth rate of 50 percent by performing above the sector average in the financing of foreign trade, which is one of our most important strategic focuses. We find it valuable that we reach a foreign trade transaction volume of 10 billion USD in the first six months. With our export financing, which has grown by more than 60 percent since the beginning of the year, we contribute to the development and growth of our country and reduce our balance sheet risks by effectively evaluating our foreign currency resources. By continuing our cautious approach in terms of asset quality and liquidity in the new year, we distinguish positively from the sector in this field. We develop our basic strategy by focusing on our customers. In order to meet the expectations and needs of our customers, we develop innovative products and services and improve our processes in this direction. When we reach 2025, we aim to offer the best customer experience to our 10 million customers. All efforts and efforts of our expert, devoted, young and dynamic employees are the carrier of our success and are reflected in our financial results. We will continue to take exemplary and pioneering steps for our sector in the rest of 2023.”
Kuveyt Türk with figures as of the second quarter of 2023
- Kuveyt Türk provided 335 billion TRY of support to the real economy through cash and non-cash fund disbursements.
- Fund growth in the first 6 months of 2023 was 45.5%.
- Foreign trade financing showed a growth performance of 50.6% in the first 6 months of the year and reached a volume of 44 billion TRY.
- Foreign trade transaction volume in the first six months exceeded 10 billion USD.
- With a focus on high asset quality, the rate of frozen receivables was 1.29%.
- Funds collected for 6 months grew by 31.8%, reaching a total fund volume of 397 billion TRY.
- With the fund growth of 37.7% 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 50.4%.
- Annualized average return on equity was 63%.
- The capital adequacy rate, which has a legal limit of 12 percent, has reached the 23.85%.