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2018 Q3 Investor Presentation Albaraka Trk Participation Bank 20 - - PowerPoint PPT Presentation
2018 Q3 Investor Presentation Albaraka Trk Participation Bank 20 - - PowerPoint PPT Presentation
2018 Q3 Investor Presentation Albaraka Trk Participation Bank 20 November 2018 Agenda 1 Introduction 2 Financial Highlights Market Comparison 3 Appendix 4 3 Albaraka Turk 2018 Q3 At a Glance (Million TRL) Q317 Q318
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Albaraka Turk – 2018 Q3 At a Glance
3
(Million TRL) Q3’17 Q3’18 Y-Y (%) Q3’17 Q3’18 Y-Y (bps) Balance Sheet Total Assets 33.827 44.712 32,18% CAR 17,37 17,53 16
excluding BRSA’s forbearance
15,38
Total Funded Credits 23.711 29.797 25,67% Total NPLs 1.309 1.944 48,50% Tier 1 10,36 12,01 165
excluding BRSA’s forbearance
10,53
Deposits (incl. Interbank) 24.109 29.330 21,65% Shareholder’s Equity 2.383 3.500 46,86% NPL 5,36 6,22 86 Provisioning 55,3 75,8 205 (Million TRL) Q3’17 Q3’18 Y-Y (%) Income Statement Net Profit Share Income* 757 861 13,80% Net Profit Share Margin* 3,46 3,48 2 Net Fees & Commissions 109 128 17,54% Provisions for Loan Loss 359 528 47,03% ROAE 7,72 15,80 808 Operating Expenses 588 695 18.20% Net Profit 141 372 163,6% Cost/Income 52,42 40,80 1162
*Excluding profit share income from JV Projects in 9m2018 financials
Key Ratios
SLIDE 4
8,53 11,92 23,2 14,7 9,94 15,74 33,41 8,3
2016 2017 2018E 2019E CPI PPI
3,2 7,4 2,1 1,1
2016 2017 2018E 2019E
3,52 3,77 5,68 6,58 3,02 3,65 4,92 6,33
2016 2017 2018E 2019E $/₺, Period End $/₺, Period Avg
GDP Growth (%) Inflation (%)
3,84 5,55 4,3 4,2
2016 2017 2018E 2019E
C/A Deficit to GDP (%) FX Rates
Turkey Macroeconomic Developments
Source: CBRT, Turkstat, Albaraka Turk
4
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Area Component Recent Indicators Expectation
Fiscal Policy Public Expenditures Indications from policymakers is that fiscal policy will be tighter moving forward and that public expenditure will be reined in and monitored in a more coordinated manner Revenue Collection Restructuring of past due tax receivables, some industry specific supports may be supportive but declining domestic demand and imports may bring difficulties. Monetary Policy Policy Rate(s) We expect the CBRT to stay on HOLD for a while till the bank sees a real signal for CPI to be heading south. Economic Growth Domestic Demand Weak sentiment and high interest rates are impacting the domestic demand negatively by the end of 2018 and in 1H19. Government Spending Policymakers have stated that there will be tangible public expenditure cuts which should mean lower government spending than previous periods Exports Weaker Lira helps for stronger demand for Turkey's exports. EU's growth pace will be a major determinant given that it is
- ur major export market.
Imports Turkey witnessed the highest drop in imports during the 3Q in all the G20 and this will likely continue on the back of slowing domestic demand Inflation PPI Producer Prices came in c. 45% y-o-y showing a buildup in producer costs which will likely diminish in the coming months due to high base. CPI Inflationary pressures mainly stemmed from cost-side
- pressures. Weak sentiment and tight Lira liquidity may help
to reduce CPI going forward. Current Account Trade Balance Foreign trade balance ran a $1.87 billion deficit in September, marking a sharp year-on-year fall of 77.1 percent (import contraction and export growth) Balance of Payments While the 2Q and 3Q witnessed capital outflows, overall net capital outflow may be balanced by the end of 2018.
Macroeconomic Outlook
Note: Green arrows should be perceived as positive while red arrows should be perceived negative
5
Source: Albaraka Turk
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Banking Sector vs Participation Banking Sector
In 3Q 2018 the total revenues of the banking sector rose 41,7% compared to 3Q 2017. Loan growth rate reached 25,7 % ytd while NPL amount increased by 34,8 % ytd. Net Profit increased by 13,4%
Banking Sector Highlights
The sector continued to grow in asset and profitability in the 3Q of 2018.Participation banking noted 32,7% ytd asset growth. Significant net profit increase, 62,3 % yoy Number of total branches increased to 1.091.
Participation Banking Highlights
Key Financial Indicators (mn TRL) 3Q’17 2017YE 3Q’18 YtD (%) Y-Y (%) Total Assets
3.053.882 3.257.819 4.210.793 29,25% 37,88%
Loans*
2.073.813 2.183.990 2.744.430 25,66% 32,34%
Non-Performing Loans
62.718 63.907 86.167 34,83% 37,39%
Deposits
1.723.113 1.804.766 2.278.504 26,25% 32,23%
Shareholder’s Equity
344.968 359.091 408.943 13,88% 18,55%
Total revenues
218.151 303.148 309.160
- 41,72%
Net profits
37.180 49.122 42.175
- 13,43%
Key Financial Indicators (mn TRL) 3Q’17 2017YE 3Q’18 YtD (%) Y-Y (%) Total Assets
148.377 160.136 212.607 32,77% 43,29%
Loans*
102.562 111.071 147.590 32,88% 43,90%
Non- Performing Loans
3.720 3.391 4.738 39,68% 27,36%
Deposits
99.883 107.311 143.088 33,34% 43,26%
Shareholder’s Equity
13.198 13.645 15.918 16,66% 20,61%
Total revenues
9.260 12.901 14.155
- 52,86%
Net profits
1.165 1.583 1.890
- 62,29%
*Financial leasing receivables included.
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*Financial leasing receivables included.
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Agenda
1
Introduction
2
Financial Highlights Appendix
4 3
Market Comparison
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6
Albaraka Turk – Q3’18 Main Highlights (TRL Million)
262 366 250 249 363 19 88 Q3'17 Q4'17 Q1’18 Q2'18 Q3’18 Net Profit Share Income JV 10 96 98 98 176 Q3’17 Q4’17 Q1’18 Q2’18 Q3’18 Net Profit 3,46 3,35 3,19 3,14 3,37
3,87 4,02 3,71 3,35 3,48
Q3'17 Q4'17 Q1'18 Q2'18 Q3'18 NPSM (Exc. JV Projects)* Net Profit Share Margin*
* Trailing for last 4 quarters
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33.827 36.229 37.084 40.456 44.712
23.711 25.193 25.938 27.689 29.797
24.109 25.310 26.099 27.711 29.330 Q3'17 Q4'17 Q1'18 Q2'18 Q3'18
Total Assets Total Funded Credits Total Collected Funds
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1330 1349 1090 1.144 1.492 509 533 629 564 515 988 993 995 941 927
Q3'17 Q4'17 Q1'18 Q2'18 Q3'18
Available for sale Held to Maturity Other Marketable Securities 2.875 2.827 2.648 2.934
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Albaraka Turk - Asset Composition
Composition of Total Assets (Q3’18) Liquid Assets (TRL mn)
9
Total Securities Portfolio (TRL mn) Securities Yield (%)
11,12 10,02 9,78 9,77 9,20
Q3'18 Q2'18 Q1'18 Q4'17 Q3'17
(*) Profit share income received from securities for the last 4Q/5Q average securities 2.714
8.783 9.611 9.398 10.928 12.618
25,97% 26,53% 25,34% 27,01% 28,22%
Q3'17 Q4'17 Q1'18 Q2'18 Q3'18
Liquid Assets % of Total Assets Funded Credits; 66,6% Securities Portfolio; 6,5% Other Liquid Assets*; 22,8% Other Assets; 4,0% *Liquid Assets includes Cash and Cash Equivalents, Financial Assets Measured at Fair Value through Profit/Loss, Financial Assets Measured at Fair Value through Other Comprehensive Income. * Other Liquid Assets includes Cash and Cash Equivalents and Derivative Financial Assets
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692 1194 276 18 192 15
Q3'17 Profit Share Income Fees & Comm Trading Income Others Q3'18
6
Albaraka Turk - Operating Performance Breakdown
Income (million TRL)
610 720 886
- 348
- 471
- 523
Profit Share Income Profit Share Expense
262
Net Profit Share Income (million TRL)
Key Movements in Income (million TRL)
Cost & Yield Movement (%)
88,2% 77,0% 76,0%
7,6% 4,8% 3,7%
1,2% 12,0% 17,2% 3,1% 6,2% %3,1 Q3'17 Q2'18 Q3'18
Others Trading Income Fees & Comm Profit Share Income
1.194 957 692 Q3’17 Q2’18 Q3’18 249 363
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10,05% 10,33% 10,18% 10,04% 10,47%
3,87% 4,02% 3,71% 3,35% 3,48% 5,41% 5,59% 5,83% 6,08% 6,41%
Q3'17 Q4'17 Q1'18 Q2'18 Q3'18
Credit Yield Net Profit Share margin Cost of Collected Funds
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*USD equivalent
Total Funded Credits (including financial leasing, million) Yield on Performing Credits (%)
Profit share income received from credits for the last 4Q/4Q average credits
Albaraka Turk - Funded Credits Portfolio
Q3’17 Q4’17 Q1’18 Q2’18 Q3’18 Corporate Credits 40,4 40,3 40,2 39,6 41,4 SME Credits 45,4 46,2 46,9 49,2 48,9 Retail Credits 14,2 13,5 12,8 11,2 9,7 Total 100.0 100.0 100.0 100.0 100.0
44% 36% 20% TRL USD* EUR* Composition of Total Funded Credits* (%) Currency Composition of Total Funded Credits* (Q3’18)
*Including USD & EUR indexed credits *According to BRSA definition
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Q3’17 Q4’17 Q2’18 Q3’18 QoQ Ytd YoY
TL Credits, TL 12.434 13.151 13.599 13.069
- 3,90%
- 0,63%
5,11% FC Credits, $* 1.574 1.623 1.771 1.813 2,37% 11,69% 15,16% FC Indexed, $* 1.601 1.570 1.319 980
- 25,69% -37,57% 3,24%
Total Credits, TL
23.711 25.193 27.689 29.797 7,62% 18,27% 25,67%
9,8% 10,5% 13,3% 14,0% 6,3% 7,2% Q3'17 Q4'17 Q1'18 Q2'18 Q3'18
Yield on FX Denominated Loans, trailing Yield on TL Loans, adjusted, trailing Blended Yield, adjusted
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89,6% 91,6% 84,0% 80,3% 76,2% 4,9% 3,6% 10,7% 14,2% 17,6% 5,4% 4,8% 5,3% 5,6% 6,2%
Q3'17 Q4'17 Q1'18 Q2'18 Q3'18
Group I Group II Group III
5,36 4,68 5,34 5,57 6,22 Q3'17 Q4'17 Q1'18 Q2'18 Q3'18
Gross Funded Credits by Groups (including financial leasing, million)
198 189 243 227 232 Q3'17 Q4'17 Q1'18 Q2'18 Q3'18 Cost of Risk** (bps) NPL Ratio*
** Specific provisions for credits for last 4Q/ 5Q average credits *Including financial leasing & accruals and rediscounts
Provisioning (Stage III)
Albaraka Turk - Asset Quality
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31.272 24.416 25.878 27.048 28.887
725 699 848 929 1.168
55,3% 57,7% 58,7% 57,7% 60,1%
Q3'17 Q4'17 Q1'18 Q2'18 Q3'18
Lifetime ECL Impaired Credits (Stage 3) Provisioning Ratio (%)
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NPL Formation Trend
Albaraka Turk - Asset Quality
13
134 106 287 209 454 83 53 56 44 117 52 53 231 165 336 94 92 372 250 475
3Q17 4Q17 1Q18 2Q18 3Q18
Additions (TL mln) Recoveries (TL mln) Net NPL Formation (TL mln) Net NPL Formation Rate (bps)
NPL Inflow Sector Distribution (9M 18)
Source: Albaraka Turk
15,9% 13,0% 25,0% 32,5% 13,5%
Construction & Real Estate Energy Trading Manufacturing Others 20,7% 15,5% 10,1% 30,2% 5,5% 18,0%
Construction & Real Estate Energy Trading Manufacturing Transportation Others Stage II Credits Sector Distribution (9M 18)
5.501 1.944 5.887 1.075 240 1.168 Stage 2 Stage 2 Stage 3 Stage 3 Risk amount Colleteral Provision Stage II-III Coverage (TRL Mn)
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21% 23% 21% 24% 27% 20% 22% 19% 21% 21% 59% 56% 60% 56% 52% Q3'17 Q4'17 Q1'18 Q2'18 Q3'18
Fund Borrowed* Current Accounts Participation accounts
Composition of Total Liabilities (Q3’18,%) Composition of Funding Base (TRL million)
65,6% 24,2% 7,8% 2,4% Funds Collected Wholesale Funding Shareholders' Equity Others
32.885
31,7%
36.295 30.501
Albaraka Turk - Funding Profile
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*Fund Borrowed includes Funds Borrowed , Borrowings from Money Market and Subordinated Loans
32.689
Dec’17 Sep’18 Comp.
- Ytd. Growth
Funds Collected (incl. Bank deposits)
25.310 29.330 65,6% 16%
Wholesale Funding
7.379 10.826 24,2% 47%
Funds Borrowed
5.412 8.261 18,5% 53%
Syndicated Loans
1.192 2.501 5,6% 110%
Wakala
1.802 1.423 3,2%
- 21%
Issued Lease Certificates & Sukuk
1.781 3.864 8,6% 117%
Other
636 472 1,1%
- 26%
Sub-Ordinated Debt (Tier 2)
1.627 1.402 3,1%
- 14%
Interbank
340 1.163 2,6% 242%
Shareholders’ Equity
2.482 3.500 7,8% 41%
Paid in Capital
900 900 2,0%
- Tier 1 Sukuk
- 776
1,7%
- Others
1.582 1.824 4,1% 15%
40.155 315 101 350 205 250 100 200 300 400 500 600 700
>2020 2019 Nov - Dec 2018
Syndication Senior Sukuk Tier 1 Sukuk Tier 2 Sukuk Maturity Profile of Liabilities (USD million)
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Albaraka Turk - Funding Profile, as of 30 September 2018
15 Outstanding Domestic Issuances
Date Type Amount Maturity Coupon rate May 2018 TRY Lease Certificate TL 200 mio 135-day 13,70 % June 2018 TRY Lease Certificate TL 200 mio 178-day 16,00 % July 2018 TRY Lease Certificate TL 200 mio 113-day 17,75 % July 2018 TRY Lease Certificate TL 75 mio 107-day 17,75 % August 2018 TRY Lease Certificate TL 75 mio 112-day 17,75 % August 2018 TRY Lease Certificate TL 70 mio 372-day CPI Indexed September 2018 TRY Lease Certificate TL 225 mio 97-day 24%
International Issuances
Date Type Amount Maturity Coupon rate June 2014 Wakala Senior Sukuk USD 350 mio 5-year 6,25 % November 2015 Wakala Sukuk (Subordinated Loan) USD 250 mio 10-year 10,50 % February 2018 Wakala Sukuk (Sub ordinated –Tier 1) USD 205 mio Perpetual 10,00%
Syndicated Murabaha Credits
Date Type Amount Maturity Rate November 2018 Syndicated Murabaha USD 101 mio 1-year L(3m)+1,30 April 2018 Syndicated Murabaha USD 245 mio 1-year L(3m) + 1,25 April 2018 Syndicated Murabaha EUR 60 mio 1 -Year L(3m) + 1,15
SLIDE 16
42 34 19
5
TRL USD EUR Others
6,41% 6,13% 5,88% 5,59% 5,41% 10,34% 9,58% 9,10% 8,64% 8,25% 2,33% 2,13% 1,94% 1,86% 1,83% 1,41% 1,36% 1,25% 1,14% 1,06%
Q3'18 Q2'18 Q1'18 Q4'17 Q3'17
Blended TL FC Precious Metal
Total Funds Collected (TRL million) Cost of Funds Collected**
*USD equivalent of FC accounts **Profit share expense to depositors for the last 4Q/4Q average participation accounts
Currency Composition of Funds Collected (Q3’18,%) Maturity Composition of Funds Collected (Q3’18, %)
29 21 42 3 4 Current Acc. Up to 1 month Up to 3 months Up to 1 year >1year
Albaraka Turk - Funding Profile (Collected Funds)
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Q3’17 Q4’17 Q3’18
Ytd YoY
Funds Collected
24.109 25.310 29.330 15,9% 21,7%
Current acc./ Total Funds Col.
25,32% 28,26% 29,25%
Current Accounts
6.105 7.153 8.578 19,9% 40,5% Current Accounts TL 2.788 3.196 2.902
- 9,2%
4,1% Current Accounts, FC, $ 934 1.049 948
- 9,7%
1,5%
Participation Accounts
18.004 18.157 20.751 14,3% 15,3% Participation accounts TL 9.931 10.052 9.397
- 6,5%
- 5,4%
Participation Accounts FC, $ 2.273 2.149 1.896
- 11,8%
- 16,6%
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Off Balance Sheet Composition (%) LGs*-to-Total Assets
19,7% 19,4% 20,4% 19,8% 19,9%
Q3'17 Q4'17 Q1'18 Q2'18 Q3'18 Off Balance Sheet (TRL million)
*Revocable credit limits not included.
Albaraka Turk - Off Balance Sheet Growth
17
*Below 20% of LGs to Total Assets is targeted
62 61 62 59 58 8 9 8 9 8 30 30 30 32 34 Q3'17 Q4'17 Q1'18 Q2'18 Q3'18
LG LC Others
10.676 13.544 15.413
Q3’17 Q4’17 Q1’18 Q2’18 Q3’18
Growth (%)
QoQ YoY
Letter of Guarantee
6.657 7.024 7.387 8.004 8.910 11,32% 33,84%
Letter of Credit
860 1.031 1.020 1.178 1.266 7,47% 47,21%
Others*
3.159 3.390 3.595 4.362 5.291 21,30% 67,49%
Total:
10.676 11.445 12.003 13.544 15.413 13,80% 44,37%
11.445 12.003
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14
Income- Cost Dynamics
18
(Million TRL) YoY QoQ Notes 9M’17 9M’18 % Q2’18 Q3’18 % Net Profit Share Income
902 861
- 4,5%
249 363 46,0%
Upward pricing
- f
credits starting from 1Q2019 is expected to lead stronger growth in the core Net Profit Share Income while the recent material rise in TL deposit cost pressures will likely reflect itself in 4Q2018. Nevertheless, current TL deposit cost pressures have started abating.
Net Fee Income
109 128 17,5% 45 43
- 5,0%
Circa 18% Y-o-Y growth in this line item is mostly driven by resiliency in the non-funded credit book despite the deceleration in economic activity.
Net Trading Income
26 347 1236,1% 112 201 78,9%
$205 mln Tier-1 capital sukuk shaped stronger FX gains in the 3Q2018. This USD-denominated capital has acted as an organic hedge to TL depreciation.
Other Income
85 368 330,9% 58 37
- 36,5%
IFRS 9 related provision reversals is over. Normalized NPL recovery, which may accelerate in late 2018
Provisioning
359 528 47,0% 96 175 83,0%
A 63% year-on-year rise in NPL inflows in the 9M2018 and the IFRS-9 related provisioning expenses put pressure on the provisioning expenses. Nevertheless, our total coverage ratio improved to 75.8% in 9m2018 from 66.1%
- ver a year ago.
Personnel Expenses
329 394 19,8% 135 137 1,5%
HR costs grew by 19.80% YoY.
Other Costs
260 301 15,8% 104 94
- 9,6%
Slight pick-up in new branch openings and higher inflation may cause slight acceleration in Non-HR expenses.
Net Profits
141 372 163,6% 98 176 78,5%
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(Million TRL) 2017 YE 2018 Q3
- Ytd. Growth Guidance for YE
2018
Total Assets
36.229 44.715 23,4%
~%16,0
Total funded credits and placements
25.193 29.797 18,3%
~%12,5
Total funds collected
25.310 29.330 15,9%
~%12,5
Net profits
237 372
425-450
Branches
220 227
230
Staff
3.899 3.974
4.060
Return on Average Equity
8,5% 15,80%
~15,0%
Return on Average Assets
0,73% 1,22%
~1,15%
Macroeconomic Forecasts Inflation (CPI)
23,2%
GDP Growth
2,1%
Albaraka Turk – 2018 Year End Guidance
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SLIDE 20
Agenda
1
Introduction
2
Financial Highlights Appendix
4 3
Market Comparison
SLIDE 21
Percent 2017 YE Q3’18
Albaraka Türk/ Participation Banks Albaraka Türk/ Banking Sector Participation Banks/ Banking Sector Albaraka Türk/ Participation Banks Albaraka Türk/ Banking Sector Participation Banks/ Banking Sector
Asset Size
22,6 1,1 4,9 21,0 1,1 5,0
Total Credits*
22,7 1,2 5,1 20,6 1,1 5,4
Deposits/Collected Funds**
22,2 1,3 5,9 20,2 1,3 6,3
* Including Leasing Receivables, Interest (Profit Share) and Income Accruals and Rediscounts from Loans, Loans Extended to Banks ** Including Deposit (Participation Funds) Interest (Profit Share) Rediscounts and Deposit (Participation Funds) Collected from Banks
21,0% 5,0%
Banking Sector Participation Banking Sector
Albaraka Turk - Market Share 2018 Q3
21
SLIDE 22
Percent 2017 YE 2018 Q3
Albaraka Türk Participation Banks Banking Sector Albaraka Türk Participation Banks Banking Sector CAR
17,07 16,98 16,87 17,53 15,99 16,26
NPL Ratio
4,68 3,22 2,95 6,22 3,25 3,19
Provisioning Ratio (Stage 3)
57,68 70,75 79,38 60,08 67,91 72,73
Loan/Deposits
99,54 103,50 120,91 101,59 101,83 120,91
ROAA
0,85 1,36 2,06 1,22 1,65 1,91
ROAE
10,05 12,62 14,73 15,80 15,97 14,27
Asset Yield
8,43 9,42 8,89 8,60 9,13 9,74
Asset Spread
3,48 3,52 3,50 3,45 3,39 3,46
Net Profit Share Margin
4,02 4,13 4,12 3,48 4,29 4,24
Op Costs / Avg. Assets
2,35 2,25 1,96 2,39 2,12 1,92
Cost/Income*
52,67 43,42 38,69 40,80 34,21 33,21
Credits / Branches (000‘TRL)
114.516 107.627 188.355 131.265 133.478 233.133
Staff / Branches
17,72 14,56 17,98 17,58 14,23 17,99
CA / Deposits
28,26 30,52 21,24 29,25 33,48 21,80
*Cost: Operating Costs, Income: NPSI, Net Fees and Commissions Income, Other Income Net Trading Income
Financial Ratios - Sector Comparison
22
SLIDE 23
Agenda
1
Introduction
2
Financial Highlights Appendix
4 3
Market Comparison
SLIDE 24
(Million TRL)
Dec‘17 Sep‘18 Growth (%)
Cash and Balances with Central Bank
5.757 6.010 4,4%
Banks
1.511 4.166 175,6%
Financial Assets
2.876 2.928 1,8%
Funded Credits
25.193 29.797 18,3%
Cash Credits
24.456 28.863 18,0%
NPL
1.213 1.944 60,3%
Provisions
699 1.168 67,0%
Net Financial Leasing Receivables
737 464
- 37,0%
Associates
30 34 14,2%
Fixed Assets
618 629 1,7%
Assets Held For Sale and Investment
84 817 870,4%
Other Assets (inc. Tax Assets)
159 330 108,2%
Total Assets
36.229 44.712 23,4%
Funds Collected
25.310 29.330 15,9%
Funds Borrowed
5.412 8.261 52,6%
Debts
1.134 2.138 88,6%
Provisions (inc. Taxes)
265 82
- 69,0%
Tier II Sukuk
1.627 1.402
- 13,9%
Shareholders’ Equity
2.482 3.500 41,0%
Capital
900 900
Capital Reserves (inc. Premium)
225 878
Profit Reserves
1.113 1.319
Profits
237 372
Total Liabilities
36.229 44.712 23,4%
Albaraka Turk- Summary Balance Sheet
24
SLIDE 25
(Million TRL) Sep’17 Sep’18 Growth (%)
Profit Share Income
1.898 2.269 19,5%
Profit Share Expense
996 1.407 41,3%
Net Profit Share Income
902 861
- 4,5%
Net Fees and Commissions Income
109 128 17,5%
Fees and Commissions Received
160 197 23,0%
Fees and Commissions Paid
45 68 52,2%
Net Trading Income
26 347 1236,1%
Other Operating Income
85 368 330,9%
Total Operating Profit
1.122 1.704 51,8%
Provisions for Loan Losses and Other Receivables
359 528 47,0%
Other Operating Expenses*
588 695 18,2%
Operating Profit Before Tax
175 481 174,6%
Tax Provision
34 109 220,3%
Net Profit
141 372 163,6%
Albaraka Turk – Summary Income Statement
25
* including personnel expenses
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THANK YOU
SLIDE 27
Disclaimer
THIS PRESENTATION AND THE INFORMATION CONTAINED HEREIN IS CONFIDENTIAL AND MAY NOT BE REPRODUCED, CIRCULATED, DISTRIBUTED OR PUBLISHED (IN WHOLE OR IN PART) OR DISCLOSED BY RECIPIENTS TO ANY OTHER PARTY. BY VIEWING THIS PRESENTATION, YOU AGREE TO BE BOUND BY THE FOREGOING LIMITATIONS. This presentation does not constitute or form part of any offer or invitation to sell or issue, or any solicitation of any offer to purchase any securities of Albaraka Türk Katılım Bankası A.Ş., nor shall any part of it form part of or be relied on in connection with any contract or investment decision relating thereto, nor does it constitute a recommendation regarding the securities
- f the Bank. The information contained in this document is published for the assistance of recipients, but is not to be relied upon authoritative or taken in substitution for the exercise of
judgment by any recipient. The Bank does not accept any liability whatsoever for any direct or consequential loss arising from any use of this document or its content. Any purchase of shares of the Bank should be made solely on the basis of sound financial analysis on the part of the investor, with no liabilities arising against the Bank. The information used in preparing these materials was obtained from or through the Bank or the Bank’s representatives or from public sources. Although prepared in good faith and from sources believed to be reliable, no reliance may be placed for any purposes whatsoever on the information contained in this presentation or on its accuracy, completeness or fairness. The information in this presentation is subject to verification, completion and change. The projections, forecasts and estimates of the Bank contained herein are for illustrative purposes only and are based on management’s current views and assumptions. Such projections, forecasts and estimates involve known and unknown risks and uncertainties that may cause actual results, performance or events to differ materially from those anticipated in this
- presentation. The Bank expressly disclaims any obligation or undertaking to update or revise any projections, forecasts or estimates contained in this presentation to reflect any change in
events, conditions, assumptions or circumstances on which any such statements are based unless so required by applicable law. Investors should note many different risk factors could adversely affect the outcome and financial effects of the plans and projections described herein. As a result, you are cautioned not to place undue reliance on any forward-looking
- statements. The Bank, its advisers and each of their respective members, directors, officers and employees disclaim any liability in case projections and plans given in this document are not
realised.
SLIDE 28