Development and Investment Bank of Türkiye’s Total Assets Reach TRY 122 Billion
The Bank increased its total assets by 72% year on year to TRY 121.9 billion in the first half of the year. Through financing support provided to projects of importance to Türkiye’s future, it increased its loan portfolio by 65% year on year to TRY 82.7 billion.
Development and Investment Bank of Türkiye disclosed its financial results for the first half of 2023 on the Public Disclosure Platform (KAP). In the first half of 2023, the Bank increased its total assets by 72% year on year and 33% compared with year-end to TRY 121.9 billion, while net profit rose by 161% to TRY 1.9 billion. Its loan portfolio increased by 65% year on year and 37% compared with year-end to TRY 82.7 billion. The Bank’s average return on equity stood at around 42% as of the end of June 2023. The ratio of gross non-performing loans to total loans remained at 0.97%, below the banking-sector average. The Bank’s capital adequacy ratio stood at 15.33%.
“Opportunities for International Cooperation Continue to Increase”
Stating that the Bank continued bringing resources from abroad during the first half of 2023, TKYB CEO İbrahim Öztop said: “Our Bank continues to expand its cooperation opportunities with international financial institutions in line with sustainable development objectives. Under the agreements concluded, EUR 101.5 million and USD 129.5 million in resources were brought into our country during the first half of the year. In addition, the Republic of Türkiye Ministry of Treasury and Finance signed a total EUR 110 million Climate Finance Loan and Grant Agreement with the German development bank KfW for disbursement through our Bank. Through these loans and grants, we will continue supporting the reduction of greenhouse-gas emissions in our country and Türkiye’s sustainable development. Our Bank continues its efforts to bring new resources into our country in the period ahead.”
Stating that the Bank had successfully completed important projects in sustainable and inclusive development, Öztop also highlighted that it had received major global awards in this field. He stated that the awards most recently received from Global Finance magazine in the “Sustainable Finance Awards 2023 – Outstanding Leadership in Sustainable Finance by a Multilateral Institution in Central & Eastern Europe” category and from International Finance in the “International Finance Awards 2023 – Best Sukuk Issuer” and “Best Green Project Financing” categories reflected the Bank’s recognition as a global player in sustainability.
Öztop added: “Within the scope of our investment banking activities, in the first half of the year we completed the TRY 832.5 million initial public offering of the restaurant chain Big Chefs. As in every period, we continued providing our investment banking services without slowing down.”
“Through Our Investments, We Are Developing Türkiye’s Venture-Capital Ecosystem”
Stating that the Bank continued to take an active role in Türkiye’s entrepreneurship ecosystem through the Türkiye Development Fund, which it founded, Öztop said: “We are pleased to announce that our Regional Development Fund, managed under the Türkiye Development Fund, made its first investment in Appsilon Enterprise, which produces laboratory-grown diamonds. Through Invest101, established with METU Technopolis in the final quarter of 2022 and targeting early-stage ventures, we made our first three investments in cybersecurity company DefensX, visual-data anonymisation solutions provider Syntonym and online game developer Clay Token. In addition, through our Innovative and Advanced Technologies Fund, which we regard as highly important and which focuses particularly on defence-industry ventures, we invested in cybersecurity company Beam Teknoloji and industrial digital-solutions provider Simularge. Through investments in Wask, which operates in digital marketing, and Fazla, which works in holistic resource management, the Türkiye Development Fund continues to make a significant contribution to Turkish venture capital. Having made a total of 14 direct investments and five fund-of-funds investments through the sub-funds it has launched to date, the Türkiye Development Fund also plays an important role in developing the entrepreneurship ecosystem.”