Development and Investment Bank of Türkiye Increases Its Assets by 25.7% in the First Quarter of 2020

Development and Investment Bank of Türkiye announced its financial results for the January–March 2020 period. The Bank increased its total assets by 25.7% year-on-year to approximately TRY 21 billion. Loans, accounting for 78.3% of assets, rose by 11.8% compared with the same period of the previous year to TRY 16 billion. The ratio of gross non-performing loans to total loans, an important indicator of asset quality, declined by 0.14 percentage points year-on-year to 0.68% in the first quarter of 2020. The capital adequacy ratio stood at 20.4% for the quarter. Development and Investment Bank of Türkiye recorded net profit of TRY 90 million for the first three months of the year.

TKYB CEO İbrahim Öztop noted that the coronavirus outbreak, which emerged in December 2019 and spread rapidly around the world in the first quarter of 2020, had created concern and uncertainty in the global economy. “Looking at how developments in the global and Turkish economies since January 2020 have been reflected in our Bank’s activities, we see that our strong performance continued in the first quarter of 2020,” Öztop said, emphasising that the Bank continued supporting the economy by expanding its lending during this period.

Öztop stated that the strong recovery seen in the Turkish economy in the final quarter of 2019 continued in the first two months of 2020, supported by improved financial conditions. He said: “Following the detection of the coronavirus in our country in March 2020, signs of a slowdown in economic activity emerged from the middle of the month. To limit the adverse effects, the economic administration rapidly introduced a range of comprehensive measures, particularly the Economic Stability Shield programme. In addition, the Central Bank implemented measures to maintain the healthy functioning of financial markets, the credit channel and companies’ cash flows. Monetary and fiscal measures will support the economy’s production potential and contribute to mitigating the effects of the coronavirus outbreak on economic activity and employment. Within this framework, the Turkish economy will rapidly return to a strong growth path.”

About Development and Investment Bank of Türkiye

Since 1975, Development and Investment Bank of Türkiye has supported development initiatives in every area needed by Türkiye. Drawing on its strong international standing and the resources it secures, it supports competitive and efficient production for a stable and robust economy. In line with the 2023 objectives, guided by the 11th Development Plan and the United Nations Sustainable Development Goals, the Bank focuses on financing sustainable development. With experienced and specialised human resources possessing command of global banking standards, a dynamic structure, and innovative products and services, it will continue to stand by investors.