Kuveyt Türk's support to the economy is close to 95 billion TL!

Leading participation finance institution of Türkiye, Kuveyt Türk announced its financial results for the third quarter of 2021.


Increasing the size of the funds collected to 151.2 billion TL, an increase of 24 percent compared to the end of 2020, Kuveyt Türk also increased the size of the funds allocated to 94.9 billion TL with an increase of 20 percent. Having increased its net profit by 36 percent to 1.4 billion TL, compared to the same period of the previous year, Kuveyt Türk's total assets reached 186.9 billion TL and its shareholders' equity reached 9.3 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 third quarter of 2021. Increasing the size of the funds collected to 151.2 billion TL, an increase of 24 percent compared to the end of 2020, Kuveyt Türk increased the size of the funds extended to 94.9 billion TL with an increase of 20 percent. Having achieved a net profit of TL 1.4 billion with an increase of 36 percent compared to the same period of the previous year, Kuveyt Türk maintained its stable growth in this period as well. Increasing its equity to 9.3 billion TL and its asset size to 186.9 billion TL, Kuveyt Türk strengthened its position in the first rank among participation finance institutions in terms of asset size, while maintaining its 10th rank in the banking sectorThe share of Kuveyt Türk's current funds in the funds collected was 56.9%, while the average return on equity rose to 21.6%. Kuveyt Türk has increased its capital adequacy ratio, which is the legal limit of 12 percent, to 19.67%.

“We continue to offer innovative products and services”

In his assessment of the financial results, The CEO of Kuveyt Türk, Ufuk Uyan said, " The global recovery we observed in the first half of the year continued in the third quarter of the year with the increase in vaccination rates around the world and the continuation of supportive policies. As Kuveyt Türk, we continued to support the country's economy in this period with our strong capital and liquidity structure. We continued to increase the amount of funds we provided during the epidemic period, reaching 94.9 billion TL as of the third quarter. This figure is an important confirmation of our sensitivity to support the real economy. On the other hand, we have further strengthened our position as the leading institution of the participation finance sector in our country with our high asset quality, dynamic corporate management approach, continuous development-oriented service model, ongoing investments in the field of technology, our accelerated digital transformation efforts and foreign expansions. Focusing on customer satisfaction and experience, we continued to offer our customers innovative products and services in the third quarter. We continued to solve the financial needs of our customers quickly and reliably through digital channels, thanks to our strong technological infrastructure. Our expert, well-educated, self-sacrificing, young and dynamic employees have been the carrier of our success.”

Kuveyt Türk and Turkish Airlines join forces with Miles&Smiles

Standing out with its innovative products and services, Kuveyt Türk broke new ground in the participation finance sector in the third quarter and became the first participation finance institution to be included in the Miles&Smiles partnership with the agreement it made with Turkish Airlines, the flag carrier of our country, and Mastercard. In addition to the Miles&Smiles credit cards offered to its individual and corporate customers, Kuveyt Türk also launched a debit card that earns miles, a first in the sector. Kuveyt Türk broke new ground in the sector with the Miles&Smiles Kuveyt Türk Business credit card offered to its commercial customers. Miles&Smiles Kuveyt Türk Business card may be used by commercial companies for the first time as well as individual companies. With the motto "Another experience, another you" and Miles&Smiles cards offered to customers, Kuveyt Türk aims to turn every journey into a meaningful experience that leaves a mark.

World's first sustainable subordinated sukuk issuance

Introducing Türkiye to the interest-free capital markets by making the first sukuk transaction of Türkiye and Continental Europe in 2010, Kuveyt Türk broke new ground in the field of sukuk in the third quarter, this time issuing Global Sustainable Tier 2 Subordinated Sukuk for the first time not only in Türkiye but also in the world. With this issuance, Kuveyt Türk brought a new breath to the field of sukuk. The main point that distinguishes this transaction from other sukuk issuances of Kuveyt Türk and the market is that it has an ESG (Environmental-Social-Governance/Environmental-Social-Governance) structure. Thus, the funds obtained from the certificates will be transferred to green and social projects throughout the term of the sukuk. Relevant projects will be selected in accordance with participation finance principles, as well as Kuveyt Türk's Sustainable Finance Scope Document and the second-party opinion received from a global environmental consultancy firm. Sustainable sukuk issuance with an ESG structure also demonstrates the support of Kuveyt Türk, which has a strong SME portfolio and is also one of the sector leaders in renewable energy funding, for both green and social funding.

Selected as Europe's Best Employer

Believing that customer satisfaction is a natural result of employee satisfaction since the first day of its establishment, Kuveyt Türk shapes its human resources policies in line with this understanding. Acting with the principle of "people first, employee first" in business processes, Kuveyt Türk was deemed worthy of the "Europe's Best Employer" award by the Great Place to Work Institute in the third quarter, which is considered one of the world's expert authorities in measuring workplace culture and employee experience. Thus, Kuveyt Türk became the first Turkish company to be selected as Europe's best employer.

Kuveyt Türk in figures as of the third quarter of 2021

  • Provided 108.7 billion TL support to the real economy through cash and non-cash funds.
  • Fund growth in the first 9 months of 2021 was 20%.
  • With a focus on high asset quality, the non-performing loans ratio was at the level of 3.04%.
  • Investments and foreign trade were financed by the fund growth, which has been using foreign currency by 69.8% since the beginning of the year.
  • The 9-month fund growth was 23.8%, reaching a total fund volume of 151.2 billion TL.
  • With the fund growth of 39.4% Turkish Lira since the beginning of the year, the share of TP in the funding base has been increased.
  • The share of current deposits in the funds collected was 56.9%.
  • Average return on equity was 21.6%.
  • The capital adequacy ratio, whose legal limit was 12 percent, reached 19.67%.