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PART I: INTRODUCTION
8

Agenda of the 61st Ordinary General Assembly Meeting
8

2014 Profit Distribution Proposal and Dividend Policy
9

Compliance Opinion on the Annual Report
10

Declaration of Responsibility
11

VakıfBank in Brief
12

VakıfBank’s Cornerstones
13

History and Ownership Structure
14

Key Financial Indicators
16

Key Ratios
18

Message from the Chairman
20

Message from the General Manager
22

The World and Turkey in 2014
26

2014 at a Glance
36

Review of Operations in 2014
38

Corporate Social Responsibility
62

Affiliates and Subsidiaries
63

PART II: MANAGEMENT AND CORPORATE GOVERNANCE PRACTICES
66

Summary Report of the Board of Directors
66

Board of Directors and Auditors
68

Executive Management
72

Internal Control Systems Executives
75

Committees
76

Human Resources Practices
78

Outsourced Support Services
80

Transactions with the Bank’s Risk Group
81

Corporate Governance Principles Compliance Report
82

PART III: FINANCIAL HIGHLIGHTS AND RISK MANAGEMENT
94

Statutory Auditor’s Report
94

Assessment of the Internal Systems and 2014 Operations
95

Risk Management Policies Applied by Risk Type
97

Independent Auditors’ Report, Unconsolidated Financial Statements, Explanations and Footnotes for the Year Ended December 31, 2014
101

Independent Auditors’ Report, Consolidated Financial Statements, Explanations and Footnotes for the Year Ended December 31, 2014
205

Evaluation of the Bank’s Financial Position, Profitability and Solvency
317

International Credit Ratings
319

Five-Year Summary Financial Information
320