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PART III: FINANCIAL HIGHLIGHTS AND RISK MANAGEMENT
The loans received as another fund source,
in addition to deposits increased in 2015 by
24.31% compared to the previous yearend
and reached TL 18,556 million. Within this
scope, with the participation of 35 banks in
2015, VakıfBank secured one-year syndicated
loan with a total amount of USD 1 billon, in
two tranches; USD 204 million and EUR 763
million. In the second half of the year with the
participation of 30 banks, VakıfBank secured
one-year Libor/Euribor + 0.75% syndicated
loan with a total amount of USD 938 million,
in two tranches; USD 168.5 million and EUR
679.5 million. These syndicated loans are the
most important indication of the confidence and
reputation VakıfBank has created in international
markets. As of year-end 2015, the loans
received by VakıfBank, including subordinated
loans, increased by 33.17% and reached TL
22,725 million.
In 2015, VakıfBank pioneered the Turkish
banking sector once again and achieved
to become the first Turkish bank issuing
overseas Basel III-compliant subordinated
loan (supplementary capital) issue. The USD
500 million issuance had a maturity date of
3 February 2025, having a call option on 3
February 2020, coupon rate of 6.875% and issue
yield of 6.95%.
In 2015, VakıfBank’s shareholder’s equity
increased by 13.51% compared to the previous
yearend and reached TL 16,768 million.
Moreover, the share of equity in the assets was
9.17%.
ASSESMENT ON PROFITABILITY
In 2015, VakıfBank’s net profit for the period
increased by 10.09% compared to the previous
year and reached TL 1.930 million. In the same
period, the interest revenue was TL 13,630
million while the interest expense was TL
8,144 million and the net interest revenue was
TL 5.486 million. There was 19.84% increase
in interest revenue, and 21.15% increase in
interest expenses compared to the previous
period. On the other hand, the 21.54% increase
in the interest paid to deposits, and the 55.75%
increase in the interest paid to funds borrowed
had impact on the increasing interest expenses.
The ratio of interest revenue to interest
expenses is 167.37%.
As of year-end 2015, VakıfBank’s average
returns on equity 12.24% while its average
return on assets was 1.13%.
Solvency Ratio
Keeping the share of the interest bearing assets
in the total assets at 94.45% in 2015, VakıfBank
continued its strong liquidity structure, and
maintained its solvency ratio.
CAPITAL ADEQUACY RATIO
(%)
17
15
13
11
9
7
5
2011
2012
2013
2014
2015
14.52
13.96
13.70
16.14
13.38
Continuing its growth in the loans without compromising on risk control, VakıfBank’s capital
adequacy ratio with 14.52% which was above the legal limits and target ratio was another indicator
of its financial strength. Capital adequacy ratio’s long term progress is given in the chart.
In the upcoming period, VakıfBank will expand its customer base and increase its product diversity
while it continues to grow using potential growth opportunities in and outside the country.
