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VAKIFBANK
2014 ANNUAL REPORT
CONVENIENCE TRANSLATION OF PUBLICLY ANNOUNCED UNCONSOLIDATED FINANCIAL STATEMENTS ORIGINALLY ISSUED IN TURKISH, SEE NOTE I. OF SECTION THREE
TÜRKİYE VAKIFLAR BANKASI TÜRK ANONİM ORTAKLIĞI
UNCONSOLIDATED FINANCIAL REPORT FOR THE
YEAR ENDED AT 31 DECEMBER 2014
(Amounts expressed in thousands of Turkish Lira (“TL”) unless otherwise stated.)
The reconciliation from the beginning balances to the ending balances for fair value measurements in Level 3 of the fair value hierarchy as at and for the year
ended 31 December 2014 is as follows:
Level 3 Current
Period Level 3 Prior Period
Balance at the beginning of the year
886,839
731,211
Total gains or losses for the year recognised in profit or loss
-
-
Total gains or losses for the year recognised under equity
166,636
155,628
Balance at the end of the year
1,053,475
886,839
IX. TRANSACTIONS CARRIED OUT ON BEHALF OF CUSTOMERS, ITEMS HELD IN TRUST
The Bank provides buying, selling and custody services and management and advisory services in financial matters for its customers. The Bank is not involved
in trust activities.
X. SEGMENT REPORTING
The Bank operates in corporate, commercial, small business, retail and investment banking. Accordingly, the banking products served to customers are; time
and demand deposit, accumulating account, repos, overdraft facilities, spot loans, foreign currency indexed loans, consumer loans, automobile and housing
loans, working capital loans, discounted bills, gold loans, foreign currency loans, eximbank loans, pre-export loans, ECA covered financing, letters of guarantee,
letters of credit, export factoring, acceptance credits, draft facilities, forfaiting, leasing, insurance, forward, futures, salary payments, investment account,
cheques, safety boxes, bill payments, tax collections, payment orders.
The Bank provides service packages to its corporate, commercial and retail customers including deposit, loans, foreign trade transactions, investment products,
cash management, leasing, factoring, insurance, credit cards, and other banking products. A customer-oriented branch network was built in order to serve
customers’ needs effectively and efficiently.
Additionally, the Bank provides “small business” banking service to enterprises in retail and service sectors. Products include overdraft accounts, POS machines,
credit cards, cheque books, TL and foreign currency deposits, investment accounts, internet banking and call-center, debit card, and bill payment.
Retail banking customers form a wide-spread and sustainable deposit base for the Bank. Individual customers’ needs are met by diversified consumer banking
products through branches and alternative delivery channels.