Yapı Kredi posts TL 3.7 bln profits in 2013

February 11, 2014, Tuesday/ 16:10:00/ TODAY'S ZAMAN WITH REUTERS

Turkish lender Yapı Kredi, co-owned by Italy's UniCredit SpA and Turkish Koç Holding, posted net profits of approximately TL 3.7 billion for 2013 late Monday. Its net profits increased by 74 percent year on year.

The net profit of TL 3.7 billion includes the income earned from the sale of insurance business Yapı Kredi Sigorta to Europe's biggest insurer Allianz for TL 1.3 billion. If the profit from that sale is excluded, the bank is estimated to have earned TL 2.3 billion in profits, which means a 12 percent increase compared to 2012 profits. The bank's shares traded at TL 3.44 per share, a 1.78 percent rise, since the announcement.

The total assets of the bank have experienced a 22 percent rise compared to a year before and reached TL 160.3 billion. The bank's loans also went up by 28 percent year on year, nearing TL 99.4 billion, while the deposits in the bank saw a rise of 24 percent to TL 88.5 billion. The share of loans in its asset portfolio grew to 62 percent. The return on equities of the bank -- excluding sales revenue -- also saw an increase of 16.4 percent in the same time period.

The bank also said it mandated that its headquarters issue bonds worth up to $3 billion and increase the limit of its medium-term note program to $5 billion from a previous $2 billion. The bonds will be of varying maturities and in forex or TL, the bank said in its statement to Borsa İstanbul (BİST).

Yapı Kredi, which will celebrate its 70th year in 2014, had 949 branches and 3,000 ATMs by the end of 2013.


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