Turkey's leading participation finance institution, Kuveyt Türk announced its financial results for the first quarter of 2022. The size of the funds extended by Kuveyt Türk, which reached TL 150.2 billion with an increase of 22%, also increased to TL 284.7 billion. Having achieved a net profit of 1 billion 465 million TL in the first quarter of 2022, Kuveyt Türk's own assets reached 13.7 billion TL.
Standing out with its innovative products and services, Kuveyt Türk announced its financial results for the first quarter of 2022 to the public. The fund size of Kuveyt Türk increased by 15 percent compared to the first quarter results of 2021, and reached 243.5 billion TL, while the size of the funds extended increased by 22 percent to 150.2 billion TL. Kuveyt Türk increased its net profit in the first quarter by 219 percent compared to the same period of the previous year, reaching 1 billion 465 million TL. Having reached its own assets to 13.7 billion TL and its asset size to 284.7 billion TL, Kuveyt Türk 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 stable growth in the first quarter of 2022”
Commenting on the financial results of the first quarter of 2022, The CEO of Kuveyt Türk Ufuk Uyan, said, “We have been serving our customers for 33 years in line with the principles of participation finance. As in previous years, we continued our steady growth in the first quarter of this year. With our solution-oriented technological infrastructure, we continue to meet the financial needs of our customers in an easy, fast and secure manner through digital channels. The fact that the amount of funds we have used has reached 150.2 billion TL in the first quarter is an indicator of the meticulousness we show in supporting the real economy. In the rest of the year, we will continue to provide financial support to the real sector, which is the most fundamental element of the economic structure, while maintaining our sustainable profitable growth with high asset quality and a healthy liquidity level by closely monitoring the dynamics of the sector. In our strategic goals for 2025, which we have shaped under three main headings as customer experience, digitalization and financial health within the framework of the competitive conditions brought about by being among the top 10 banks, we have put our customers at the main focus of all our activities. We propose to be one of the best financial institutions in Turkey in terms of customer experience by providing our customers with an uninterrupted, easy, fast and smooth experience. we aim to provide the best customer experience to our 10 million customers by 2025.”
Account opening service for private companies and farmers via remote video call
Kuveyt Türk, one of the first institutions to start the service of becoming a customer via remote video call on the retail side as of May 1, 2021, broke new ground among participation finance institutions and started to offer account opening services to individual companies and farmers via remote video calls in the recent months. Individual companies and farmers, who open an account with Kuveyt Türk via video call until 30 June 2022, may benefit from the 100 TL refund campaign for their first 500 TL debit card spending. Kuveyt Türk also cooperated with the Turkish Product Specialization Exchange (TÜRİB) and started to provide financing support to farmers and investors at favorable terms with the guarantee of Electronic Product Certificate (ELUS).
The first participation-based sustainability fund
Realizing Turkey's and the world's first sustainable subordinated sukuk issuance last year, Kuveyt Türk created Turkey's first participation-based sustainability fund within its 100 percent subsidiary KT Portfolio in the first quarter of this yearManaged by KT Portfolio, the Sustainability Participation Fund, accessible to investors through Kuveyt Türk and all banks/intermediary institutions, mainly consists of shares of domestic and foreign companies with high performance in environmental, social and ESG issues, and lease certificates issued by companies that meet these criteria. Investors who invest in the fund contribute to building a sustainable future by financing models that are beneficial to the environment and society, as well as earning returns.
Qualified for Zero Waste Certificate
Kuveyt Türk fulfilled all the criteria in the Zero Waste Regulation of the Ministry of Environment, Urbanization and Climate Change and received a 'Zero Waste Certificate' for its headquarters and banking base buildings. Kuveyt Türk became the first participation financial institution to be awarded the zero waste certificate by fulfilling all criteria in a short time and successfully completing zero waste audits.
Cooperation between Kuveyt Türk and Enerjicell for Çatı GES
Increasing a financing support in the field of renewable energy, Kuveyt Türk continues to sign cooperation protocols with Turkey's leading companies in this direction. A cooperation protocol was signed between Kuveyt Türk and Enerjicell, a subsidiary of Turkcell, that enables investors to access finance in easy and affordable terms in solar power plant projects established to increase energy diversity, make energy supply sustainable and contribute to self-consumption. Kuveyt Türk's financing support for renewable energy is expected to reach TL 2.5 billion by the end of 2022.
ITEA3 TESTOMAT project was completed with the support of Kuveyt Türk
The ITEA3 TESTOMAT Project of the European Union, for which Kuveyt Türk is the country coordinator, was also successfully completed in the first quarter. Industrial companies, financial institutions, research centers and universities, which are among the best in their fields, participated in the project from 6 countries. Thanks to TESTOMAT, possible risks arising from systemic developments in banking can be eliminated in an automated test environment. With the implementation of the project, which Kuveyt Türk R&D Center supported by participating with the IT-Test Service, the tests that approximately 10 engineers could perform were automated.
17 thousand saplings for employees and their families
After the new generation credit card Sağlam Kart, which was first offered to its customers in 2017, exceeded 1 million, Kuveyt Türk established a commemorative forest with its employees and their families in order to contribute to environmental sustainability. Having donated 17,164 saplings on behalf of its employees and their families, Kuveyt Türk planted the first saplings in Kocaeli and Kilis with the participation of its employees and family members. Kuveyt Türk will soon start offering Sağlam Kart to its customers using recycled plastic in order to reduce its carbon footprint and contribute to environmental sustainability.
“Turkey's Best Employer” for the 5th time in a row
Conducting the human resources processes with the principle of 'people first, employee first', Kuveyt Türk was selected as 'Turkey's Best Employer' for the 5th time in a row in the '5000+ Number of Employees' category at Turkey's Best Employers 2022 Awards organized by the Great Place to Work Institute (GPTW) in the field of human resources. Many unique human resources practices implemented by Kuveyt Türk, such as the new term career structure, Gelişim Mutfağı, Flexible Benefits Application Sepetim, and Önce Çalışan Meclisi, implemented under the umbrella of the Employer Brand İyi ki, were effective in being deemed worthy of this award.
Kuveyt Türk in figures as of the first quarter of 2022
- It provided 170.5 billion TL support to the real economy through cash and non-cash funding.
- Fund growth in the first 3 months of 2022 was 22%.
- With a focus on high asset quality, the non-performing loans ratio was 2.09%.
- In the first quarter, investments and foreign trade were financed with 21% foreign currency growth.
- The 3-month fund growth was 14.8%, reaching a total fund volume of 243.5 billion TL.
- With the fund growth of 34.51% Turkish Lira since the beginning of the year, the share of TP in the funding base has been increased.
- The share of the current account in the funds collected was 57.2%.
- Annualized average return on equity was 48.53%.
- The capital adequacy ratio, whose legal limit was 12 percent, reached 23.7%.