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15
VAKIFBANK ANNUAL REPORT 2013
deficit. In 2014, with the impact of the BRSA’s
new regulations in the banking sector, I
believe that the growth of retail loans will
weaken, but commercial loans, especially
SME loans and export credits will grow and
competition will become more intense in this
area.
A successful performance
The Bank’s 2013 year-end results show that
commercial loans grew by 28% to TL 56,009
million and consumer loans increased by
26% to TL 30,488 million; our total loans rose
by 27% to TL 86,496 million. Total assets, of
which the majority are composed of loans,
were up by 30% and amounted to TL 135,496
million.
Deposits, the Bank’s most important source
of funding, grew by 21% to TL 81,533
million. Despite the fact that the industry has
undergone a relatively difficult six months in
the second half of the year with problems in
the global economy reflected as re-pricing
to the banking sector, the Bank managed to
increase its profits by 9% to TL 1,586 million.
On this occasion, on behalf of the Bank,
I would like to thank our customers,
employees, shareholders, investors and all
other stakeholders for their contribution to our
achievements during 2013.
Yours sincerely,
Ramazan Gündüz
Chairman
At the end of 2013, the Bank’s results show that
commercial loans grew 28% to TL 56,009 million as
consumer loans increased 26% to TL 30,488 million.
Total loans rose 27% to TL 86,496 million while
total assets, the majority of which are composed of
loans, were up 30% and amounted to TL 135,496
million.