The year 2017 was a time when the global economy grew with a performance that confounded projections and trading volume started to revive.
Strong outlook for Turkey’s economy
In 2017, Turkey posted its fastest economic growth for six years - as high as 11.1% in the third quarter - due to the stimulative effects of financial incentives such as a temporary tax cut implemented by the government, the Credit Guarantee Fund, KOSGEB (Small and Medium Scale Enterprises Development and Promotion Administration), premium delays, investment incentives and employment support. The growth was supported mainly by machinery equipment investments as well as private consumption expenditures, representing significant structural development. While the Turkish banking sector demonstrated strong growth in 2017, it continued to maintain its asset quality and sound Financial structure.
Transiting into a new development phase
Türkiye Finans gained new momentum in its development with the driving force of its experience and vision. It defines the course of the next period as “superior participation banking”.
The components that will lead us on this course can be summed by:
- being the employer of choice and installing a performance culture,
- offering products that exceed customer expectations,
- advancing technological superiority and operational excellence
- achieving the best customer experience with a customer-focused service model
I am delighted to proclaim that our Bank achieved significant progress in this direction in 2017. Türkiye Finans rounded off the year 2017 profitably with its management effectiveness and placement competency. Net profit stood at TL 375 million for the year, marking an increase of 27% YoY. Türkiye Finans’ shareholders’ equity increased by 11% totalling TL 4 billion at the end of 2017 while Return on Equity reached 9.7%. The bank raised its capital adequacy ratio to 18.2% with its strong capital base.
Moving the headquarters to our new campus in Ümraniye in 2017 marked Türkiye Finans statement of commitment to Turkey’s Economy while bringing all of our bank’s headquarters functions under the same roof. Setting out its road map with the aim of carving out its place among the strongest players in the commercial banking universe, Türkiye Finans will continue to be focused on success with the Corporate principles and attributes with the determination of generating more value to the economy and its stakeholders.
On behalf myself and the Board of Directors, I would like to thank all of our stakeholders who have contributed to our successful performance in 2017.
Saeed Mohammed A ALGHAMDI
Chairman of the Board of Directors