Basic HTML Version
67
VAKIFBANK ANNUAL REPORT 2013
VakıfBank performed successfully in 2013
with total assets increasing by 29.56% to
reach TL 135.5 billion. During this period, the
Bank’s total loan portfolio rose by 27.45%
and amounted to TL 86.5 billion, providing a
significant contribution to the Bank’s growth.
The retail loan portfolio grew by 25.67%
to TL 30.5 billion and continued to fuel the
Bank’s market strength. VakıfBank continued
to support SMEs with SME loans increasing
by 30.2% to TL 22.2 billion; the number of
SME customers also went up. The Bank’s
commercial credit card placements rose
by 92.7% while the total commercial loan
portfolio grew by 28.4% and reached TL 56
billion in 2013.
As of December 2013, the Bank’s securities
portfolio was TL 21.7 billion, up by 18.01%
over the previous year; its share in total assets
dropped to 16.01%. VakıfBank’s total deposit
portfolio increased by 21.25% to reach TL
81.5 billion; growth rates of demand and
term deposits became 25.36% and 20.46%
respectively. Diversifying sources of funding
in addition to deposits, VakıfBank continued
to issue bonds and bills in 2013 with different
terms and types; securities issued increased
by 183.29% over 2012.
In 2013, VakıfBank increased shareholders
equity to TL 12.6 billion and its net profit to
TL 1,585.5 million, up by 8.59% from 2012,
thanks to 17.26% growth in net interest
income and 53.34% growth in net fee and
commission income over the previous year.
The Bank achieved a 12.92% average return
on equity and a 1.32% return on assets in
2013.
In addition to improving financial results,
VakıfBank increased its branch network
to 859 locations with the opening of 115
new branches during 2013. With the need
to increase human resources, the Bank’s
total workforce grew to 14,943 personnel,
contributing to the country’s workforce as in
previous years.
Keeping with the foundation culture from its
historical beginnings and with its reputation
as the “Compassionate Bank,” VakıfBank
continued its corporate social responsibility
activities within a wide range of areas from
education to sports, from cultural publications
to international events.
We would like to thank our devoted
customers, our employees who contributed
with diligent efforts to our success and to
our valued shareholders, who have always
supported us.
Respectfully,
TÜRKİYE VAKIFLAR BANKASI T.A.O.
Board of Directors
As a result of both required reserve
applications of the CBT and the rise in the
cost of deposits in line with rising deposit
interest rates in the second half of the year,
the banking sector headed toward non-
deposit sources in 2013. In the period, the
banking sector continued to issue bills and
bonds. Issued securities increased by 60.02%
in 2013 compared to 2012 and the sector’s
money market debt rose by 141.4%. There
was also a sharp increase in subordinated
loans, another funding source of the sector.
Subordinated loans increased by 58.62% in
2013 and reached TL 22.6 billion. Despite the
ongoing uncertainty in the global economy,
the banking sector’s funding from abroad
continued to increase; the sum of the loans
rose by 47.50% in December 2013 compared
to a year earlier.
Annual growth of the sector’s total
shareholders’ equity experienced a downward
trend in 2013. While annual growth of the
sector’s total shareholders equity was 25.8%
by the end of 2012, this rate has been
declining to a historic low since 2011; by the
end of 2013, it stood at 6.5%. The sector’s
capital adequacy ratio was 15.29%.
The net profit of the banking sector rose by
5.14% over the previous year to reach TL 24.7
billion in December 2013. Both the increase
in net interest income and the positive
developments in other non-interest income/
expense balance played an important role in
the rise of sector’s net profit.