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Continuing to implement innovations that
facilitate commercial activities of SMEs in
2013, VakıfBank, in cooperation with the
Credit Bureau of Turkey (KKB), integrated an
Electronic Reporting System that will enable
the transmission of KKB cheque/risk reports
via e-report and SMS. VakıfBank became one
of the first banks to add this important project
for the benefit of its clients.
In light of all these developments, the
Bank’s SME loans portfolio increased 30%
to TL 22,196 million. In 2013, we continued
to support SMEs along with the rest of the
corporate sector. Our total commercial loan
portfolio increased 28% to TL 56,009 million in
this period.
VakıfBank manages its strong correspondent
network comprised of 1,749 banks and
financial institutions in 116 countries around
the world, with principles based on mutual
trust, cooperation and transparency while
creating fast and alternative solutions
to better serve its customers. With new
relationships created on a regular basis, this
network continues to expand day by day.
As we continue to support the country’s
economy by extending loans, we also
increased our total deposits by 21% to TL
81,533 million, as one of the most preferred
banks of depositors.
The most demanded bond issue
In 2013, with the added support of Turkey’s
credit rating upgrade to investment grade by
another credit rating agency, we focused on
non-deposit products to diversify our funding
sources and to increase our average funding
maturity. The Bank’s non-deposit funds
increased 73% and amounted to TL 34,741
million. While we continued our issues in this
direction, we signed a first by establishing a
Global Medium Term Notes (GMTN) Program.
Within this program, the Bank issued
eurobonds and similar transactions
denominated in different currencies
amounting to a total of US$ 1,862 million. Our
US$ 500 million eurobond issue in October
2013 was oversubscribed approximately 13
times and became the most demanded bond
issue in Turkey excluding bond issuances from
the Turkish Treasury.
During this period, we simplified the
organizational structure of our headquarters
to improve efficiency and service quality. With
the addition of six new regional offices in
2013, the total number of offices rose to 22.
By increasing our number of branches from
744 to 859, we had the opportunity to serve
more people at more locations.
As a result of successful strategies
implemented during the year, our asset
size increased 30% to TL 135,496 million;
meanwhile, our profit was up by 9% to TL
1,586 million.
In addition to the structural changes within
the Bank, we remained committed to
technological advancements and investments
in 2013 to improve internal and external
customer satisfaction and to offer better
service to our customers. We achieved
significant progress in the VakıfBank
Innovative Transformation (VIT) program,
which was initiated to accomplish the Bank’s
goals. It includes the upgrading of both the
core banking application and the entire
banking IT infrastructure. I believe that we
will complete our VIT program by the second
half of this year, further improving the Bank’s
GENEL MÜDÜR’ÜN MESAJI
M SSAGE FROM THE CEO
GROWING
IN HARD
TIMES
I
I
I
VakıfBank has continued
to improve the quality of its
products and services even
through the years of economic
turmoil. Ever-growing with
new investments and branch
offices, VakıfBank’s capital
increased from TL 50 million
to TL 100 million in 1973
and to TL 200 million in
1976. Aiming to reach new
customers across the country
VakıfBank, increased the
number of its branches to 206
in 1977.
competitive power that sets us apart from
other banks.
VakıfBank Women’s Volleyball Team
broke a record
In 2013, VakıfBank Women’s Volleyball
Team, supported for 27 years by the Bank,
broke a record with undefeated wins in the
Turkey League, Turkey Cup, Turkey Super
Cup, European Champions League and the
World Championship. While the Team made a
significant contribution by simply representing
the Bank and our country, it also made Turkish
sports history.
As of the end of 2013, we have become
a bigger family than before with 14,943
employees. The Bank’s need for human
resources will increase in line with our
growing asset size, becoming an even larger
and younger family with more positive
contributions to shape the future of our
country.
While repeating my belief that our
differentiation will lead us to success and
our future will be much brighter than today,
I would like to sincerely thank our dedicated
members of the VakıfBank family, along with
our devoted customers that we consider part
of the VakıfBank family, our shareholders and
our supportive Board of Directors.
Sincerely yours,
Halil Aydoğan
General Manager