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TÜRKİYE VAKIFLAR BANKASI TÜRK ANONİM ORTAKLIĞI AND ITS FINANCIAL SUBSIDIARIES
CONSOLIDATED FINANCIAL REPORT AS AT AND
FOR THE YEAR ENDED 31 DECEMBER 2014
(Amounts expressed in thousands of Turkish Lira (“TL”) unless otherwise stated.)
CONVENIENCE TRANSLATION OF PUBLICLY ANNOUNCED CONSOLIDATED FINANCIAL STATEMENTS ORIGINALLY ISSUED IN TURKISH, SEE IN NOTE I. OF SECTION THREE
VAKIFBANK
2014 ANNUAL REPORT
15. Information on deferred tax assets
a) Current tax assets
As at 31 December 2014 the current tax assets amounts to TL 9,331 (31 December 2013: 6,891).
b) Deferred tax assets
Items generating deferred tax assets or liabilities are listed below as at 31 December 2014 and 31 December 2013:
Current Period
Prior Period
Provision for employee termination benefits and unused vacations
81,757
73,189
Other provisions
28,083
45,538
Tax losses carried forward
-
24,601
Valuation difference for associates and subsidiaries
54,050
26,465
Investment incentives
17,213
21,053
Valuation differences of financial assets and liabilities
121,671
16,172
Reporting Standards-Tax Code depreciation differences
10,303
8,802
Other differences
14,615
14,568
Deferred tax assets
327,692
230,388
Net-off of the deferred tax assets and liabilities from the same entity
(154,733)
(72,752)
Deferred tax assets, (net)
172,959
157,636
Valuation differences of financial assets and liabilities
122,064
64,672
Valuation difference for associates and subsidiaries
40,059
1,161
Other differences
7,818
10,894
Deferred tax liabilities
169,941
76,727
Net-off of the deferred tax assets and liabilities from the same entity
(154,733)
(72,752)
Deferred tax liabilities, (net)
15,208
3,975
16. Information on assets held for sale and assets related to the discontinued operations
As at 31 December 2014, net book value of assets held for sale of the Group is amounting to TL 747,482 (31 December 2013: TL 566,913).
17. Information on other assets
As at 31 December 2014 and 31 December 2013, the details of other assets are as follows:
Current Period
Prior Period
Receivables from insurance operations
842,523
293,382
Receivables from credit cards
772,007
596,284
Prepaid expenses
705,381
518,826
Guarantees given for repurchase agreements
193,605
392,641
Receivables from derivative financial instruments
351,579
61,219
Receivables from term sale of assets
68,664
96,948
Receivables from reinsurance companies
54,057
598,482
Deferred commission expenses
31,841
86,788
Others
338,730
374,050
Total
3,358,387
3,018,620