Development and Investment Bank of Türkiye’s Total Assets Reach TRY 123.6 Billion
The Bank increased its total assets by 56.78% year on year to TRY 123.6 billion in the third quarter. Through financing support provided to projects of importance to Türkiye’s future, it increased its loan portfolio by 41.73% year on year to TRY 78.1 billion.
Development and Investment Bank of Türkiye disclosed its financial results for the third quarter of 2023 on the Public Disclosure Platform (KAP). During the first nine months of 2023, the Bank increased its total assets by 56.78% year on year to TRY 123.6 billion. Net profit rose by 151% to TRY 2.9 billion, while the loan portfolio increased by 41.73% year on year to TRY 78.1 billion. The Bank’s return on equity stood at approximately 44.2%. The ratio of gross non-performing loans to total loans remained at 1.12%, below the banking-sector average.
“Our International Cooperation Continues”
Stating that the Bank continued bringing resources from abroad during the third quarter of 2023, TKYB CEO İbrahim Öztop said: “Our Bank continues to make every effort to maintain cooperation with international financial institutions in line with its sustainable development objectives. Under the agreements concluded, during the first nine months of the year we brought EUR 101.5 million and USD 136.7 million in resources into our country. In addition, this year, through an on-lending arrangement from the Republic of Türkiye Ministry of Treasury and Finance, we made another important contribution to sustainable development objectives with the EUR 110 million Climate Finance Loan and Grant Agreement signed with the German development bank KfW. Together with all these developments, our Bank will continue at full speed its efforts to reduce greenhouse-gas emissions in our country and support sustainable development through loans and grants.”
Stating that the Bank continued its investment banking activities, Öztop said: “Our Bank completed the TRY 832.5 million initial public offering of the restaurant chain Big Chefs and acted as intermediary for sukuk (lease-certificate) issuances of TRY 170 million by Tarfin, which brings technology together with the agricultural ecosystem; TRY 50 million by Altınmarka, one of the world’s largest cocoa and coffee producers; and TRY 100 million by Biotrend, which operates in energy generation, integrated waste management and carbon trading. Continuing its work at full speed in September, our Bank completed Tarım Kredi Tedarik’s TRY 150 million, six-month sukuk issuance and CarrefourSA’s TRY 250 million, six-month sukuk issuance.”
Stating that the Bank published its 2022 Integrated Report in the third quarter, Öztop said: “Sustainability, the environment and the net-zero emissions objective are always at the top of our agenda. Our work is not merely about financial management; it is about working for tomorrow. We will continue working for a green future and standing by renewable energy and energy-efficiency projects.”
“We Play an Important Role in the Entrepreneurship Ecosystem Through the Türkiye Development Fund”
Emphasising the importance the Bank attaches to taking an active role in Türkiye’s entrepreneurship ecosystem through the Türkiye Development Fund, which it founded, Öztop said: “This year, 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 continued our journey by making our first three investments in cybersecurity company DefensX, visual-data anonymisation solutions provider Syntonym and online game developer Clay Token. Through the Innovative and Advanced Technologies Participation Venture Capital Investment Fund, which we established to invest in companies operating in the defence industry—of critical importance to our country—and also working to apply these technologies in civilian fields, we invested in cybersecurity company Beam Teknoloji and industrial digital-solutions provider Simularge. Through our Technology and Innovation Fund, we invested in Wask, which operates in digital marketing, and through our TKYB Capital Fund, we invested in Fazla, which works in holistic resource management. With these investments, the Türkiye Development Fund continued to make an important contribution to Turkish venture capital. The third quarter was an extremely important period for the Türkiye Development Fund. During this period, through the METU Technopolis Venture Capital Investment Fund, we made an equity investment in game developer Veloxia and a SAFE investment in the AI-powered clinical-validation platform Gesundai; through the Regional Development Fund, we invested in 3D-printer manufacturer Zaxe; and through the Technology and Innovation Fund, we made a convertible-debt investment in digital-pathology company Virasoft. We feel the importance of our fund’s presence in Türkiye’s development more strongly every day. In light of all this work, we are pleased that the Türkiye Development Fund is assuming an important role in the entrepreneurship ecosystem.”