55
PART I: INTRODUCTION
Even as domestic and international uncertainties
posed a downward risk to the economy in 2015,
domestic demand helped maintain a moderate
growth trend. The establishment of political
stability in the last two months of the year has
led to higher growth expectations for the year
2016. The manufacturing industry maintains
its mild upward trend and the recovery of the
European economies bolsters Turkish growth.
The improvement in the current account deficit
can be attributed to the domestic demand’s
moderate increase, the slowdown in consumer
loans and the drops in commodity prices.
Although geopolitical developments towards
the end of the year limited the rise in exports,
especially the decline in the oil price is expected
to have a positive impact on the current account
balance.
Even though consumer loan interest rates have
tilted downwards in late 2015, they remain
rather high. The tight monetary policy and
macro-prudential measures have slashed the
annual loan growth rate.
The ongoing fiscal discipline has been a factor
rendering the economy more resilient against
external shock.
Central Bank of Turkey held on to its tight
monetary policy in 2015, and gave signals of
a possible simplification in 2016 in the case of
a permanent reduction in indicators of global
volatility.
POLICIES IN LINE WITH THE PRINCIPLES
OF PROFITABILITY AND PRUDENCE WERE
ADOPTED IN LIQUIDITY MANAGEMENT
Taking into consideration of the CBT’s monetary
policies and market interest rates, and in line
with the principles profitability and prudence
principles, the Bank has implemented a
dynamic liquidity management program actively
expanded across different markets to seize
cost advantages, by actively utilizing CBT’s
the reserve option mechanism and foreign
currency required reserves. The Bank’s liquidity
management strategy in 2016 will continue to
be driven primarily by CBT’s monetary policies
as well as by interest rate expectations in the
market.
CREATION OF A DYNAMIC STRUCTURE
IN SECURITIES PORTFOLIO MANAGEMENT
The Bank followed a dynamic securities
portfolio management strategy according to
a sound assessment of market conditions and
interest rate expectations, and duly modified
its securities portfolio in terms of interest rates,
maturities, and asset types. Also in 2016, the
Bank will continue to implement a dynamic
securities management strategy by deciding
on the timing for expanding or narrowing the
portfolio according to market conditions, and
increase the Bank’s trading income by taking
into accounts the principles of effective risk
management in capital markets trading and
foreign exchange transactions.
VAKIFBANK’S TOTAL DEPOSITS REACHED
TL 109.9 BILLION IN 2015
In 2015, thanks to efficient and dynamic
policies designed to extend the deposit base
and increase the deposit volume, the deposit
structure has gained further strength and
VakıfBank’s total deposits rose by 19.80% over
the prior year reaching TL 109.9 billion. In 2015,
the Bank’s total deposits materialized as TL 76.5
billion in domestic currency and TL 33.4 billion in
foreign currency.
With strategies and efforts focused on
enhancing efficiency and productivity and
broadening savings awareness, VakıfBank
expanded its savings deposits by 24% over
year-end 2014 to reach TL 45.1 billion.
In the same period, savings deposits in
TL increased by 17.8% over the year-end
2014 to reach TL 28.3 billion and savings in
foreign currency by 36.2% to reach TL 16.7
billion. The share of savings deposits to
total deposits went up from 39.6% in 2014
to 41% in 2015.
Demand deposits, which offer a significant
advantage to the Bank in terms of cost
management, maintained its upward trend to
increase from TL 16.8 billion in 2014 to
TL 20.3 billion in 2015, with an increase of
20.6%. The share of demand deposits in total
deposit materialized as 18.4%.
The Bank keeps a continuous watch on
changing market conditions to frequently
review its deposit policies and strategies, and
takes actions to diversify its product range and
extend maturity terms. In 2016, the Bank will
continue such efforts geared towards customer
satisfaction and undertake new projects so as to
sustain the consistent growth trend in deposits.
In 2015, work on compliance to Capital Markets
Law no. 6362 and relevant communiqués was
completed and Capital Markets Board gave its
approval to the Bank’s performing the concerned
investment services and operations.
VakıfBank’s investment services and
activities are planned to be carried out
under Treasury Management. In this
scope, portfolio intermediation activities
will be run by Treasury Marketing and
Sales Department and order transfer
intermediation and trading intermediation
will be performed by Investment Banking
Department.
Treasury Marketing and Sales Department offers
a wide range of services to customers from all
segments. In line with the principle of offering
top quality service to customers, the customer
base was broadened and a consistent growth
was reached in trading volume.
In 2016, Treasury Marketing and Sales
Department aims at increasing its customer
numbers and market share by meeting
customers’ treasury demands through new
products based on a stronger technological
infrastructure, better service quality, customer
needs, and market conditions, in compliance
with the latest capital markets legislation.
SAVINGS DEPOSITS
TL
45.1
BILLION
TOTAL DEPOSITS
TL
109.9
BILLION
