Leading participation finance institution of Turkey, Kuveyt Türk announced its financial results for the first half of 2021. Increasing the size of the funds collected to 144.5 billion TL, an increase of 18 percent compared to the end of 2020, Kuveyt Türk also increased the size of the funds allocated to 93 billion TL with an increase of 18 percent. Having increased its net profit by 37 percent compared to the same period of the previous year, to 1 billion TL, Kuveyt Türk's total assets reached 177.6 billion TL, and its shareholders' equity reached 8.9 billion TL.
Offering interest-free financial services to its customers for 32 years with its products and services developed in line with the principles of participation finance, Kuveyt Türk announced its financial results for the first half of 2021. Increasing the size of the funds collected to 144.5 billion TL with an increase of 18 percent compared to the end of 2020, Kuveyt Türk increased the size of the funds extended to 93 billion TL with an increase of 18 percent. Having achieved a net profit of 1 billion TL with an increase of 37 percent compared to the same period of the previous year, Kuveyt Türk maintained its steady growth in this period as well. Increasing its equity to 8.9 billion TL and its asset size to 177.6 billion TL, Kuveyt Türk strengthened its place in the first place among participation finance institutions in terms of asset size, while maintaining its 10th place in the banking sector.
“We increased our support to the real economy during the pandemic”
The CEO of Kuveyt Türk, Ufuk Uyan said, " We effectively bring our outstanding financial products and services together with savers and investors. We maintain our leading position in the sector with our customer experience-oriented approach, technology-innovation studies and steps we have taken on the way to digital transformation. In the first half, when the effects of the epidemic continued, we shaped our activities within the framework of the health of our customers and employees. We continue to meet the financial needs of our customers in an easy, fast and secure manner through digital channels by making use of the power of our technological infrastructure. As a confirmation of our sensitivity to support the real economy, we continued to increase the amount of funds we made available during the epidemic period, reaching 93 billion TL in the second quarter of this year. In the coming period, we will continue to provide financial support to the real sector, which constitutes the most fundamental element of the economic structure. " in his assessment of the financial results.
The first participation finance institution from Turkey to be admitted to the FCI
Reminding that they are the first participation financial institution from Turkey to become a member of FCI, which has nearly 400 members in more than 90 countries, which was established to contribute to the development of international trade volume and supports forward export, Ufuk Uyan said, " We see our exporters as the dynamo of our country's economy and a locomotive that activates other sectors. We move forward by focusing on production, export and investment, and support our strategically important export companies by developing innovative solutions for their needs. We aim to provide all our exporting legal customers with a comprehensive service that combines collection management, receivables guarantee and financing products for overseas sales of goods and services. We are happy to show that we stand by our exporters once again with our FCI membership, which will guarantee the foreign receivables of our exporters and enable us to provide collection services.”
A first from Kuveyt Türk: On-Site Financing
Mentioning the On-Site Financing service they developed to meet customers' financing needs easily and quickly, the CEO Uyan said, "With our On-Site Financing service, our customers can now apply for financing online by scanning the QR code for their purchases from contracted workplaces and e-commerce sites via the Kuveyt Türk Mobile application. On-Site Financing service can be used 24 hours a day, 7 days a week, where customers whose applications are approved can make their purchases in 36 installments.”
Five-in-one investment tools on TradePlus
Stating that they offer investment instruments such as stocks, mutual funds, lease certificates, gold-silver and foreign exchange to their customers with the TradePlus mobile application, the CEO Uyan said, " We are increasing the quality of the services we offer to our customers day by day with our technology and innovation-oriented works. With TradePlus, all our individual or corporate customers can easily track investment products such as mutual funds, stocks, sukuk (lease certificates), foreign exchange, gold and silver, trade at instant prices and place buy-sell orders. In addition, with instant market data, visual news, economic calendar, advanced chart technology and technical analysis tools, TradePlus has become a digital investment center that provides quality service whenever our customers need it.”
The first banking school of participation finance turned into Kuveyt Türk Academy
Indicating that the Kuveyt Türk Banking School, which Kuveyt Türk launched in 2017, breaking new ground in the participation finance sector, will continue on its way as Kuveyt Türk Academy, Uyan said:
“Our aim with Kuveyt Türk Academy is to offer a new generation of training and learning journeys to all our employees so that they have the equipment and competencies required by the age. In this journey, which we define as a never-ending learning adventure, we draw training and development paths with our employees and accompany them in this process. In addition to our employees, we also aim to open our trainings to wider audiences in the future. Our new face in digital is the first step of this goal. We will strive to provide training services to everyone who wants to gain knowledge in the field of finance, by constantly improving Kuveyt Türk Academy according to new learning models.”
Three awards, two of them gold, from IDC Turkey to Kuveyt Türk
Noting that Kuveyt Türk, which stands out with its innovative products and services, was deemed worthy of three different awards at the IDC Turkey Finance Technology Awards, Uyan said, "We are getting stronger." At the award ceremony held as part of the IDC Finance Summit, we won the gold award with our XTM concept, which was made by a team of entirely local engineers at Kuveyt Türk's R&D centers, combining branch services and ATM practicality, and offering services for the hearing impaired with sign language and also won the silver award with the Digital Explorer product, which we developed with the aim of providing financial literacy skills and a culture of savings to our children, who are the future of our country. In addition, Architecht, a 100 percent subsidiary of Kuveyt Türk, was awarded the first prize with the Airplatform solution it developed.
Named Finance's Best Employer for the 4th consecutive year
The CEO Uyan also said that Kuveyt Türk, which has implemented many unique human resources practices, was deemed worthy of the "Best Employer in Finance" award after being selected as the "Turkey's Best Employer" for the fourth time in the "5000+ Employees" category in Turkey's Best Employers 2021, organized by the Great Place to Work Institute in the field of human resources. Kuveyt Türk's MT (Management Trainee) program, which aims to train its future managers, was among the top 10 talent programs in Turkey in the "Top 100 Talent Program" competition, and succeeded in being the second most admired program in the banking sector. Standing out with its innovative products and services as well as the list of the best employers, Kuveyt Türk was presented with Turkey's Best Islamic Financial Institution award at the World's Best Banks Awards organized by Global Finance Magazine.