2011 - Bank Asya

Transkript

2011 - Bank Asya

Presentation
Part I: Presentation
006 Bank Asya in Brief
007 Vision, Mission,Strategic Objectives
008 Key Highlights (Indicators)
010 Bank Asya’s Market Position in the Sector
012 Bank Asya’s Strategy of Growth
016Milestones
018 Changes in Capital and Shareholder Structure During the Period
021Awards
022 Message from the Chairman of the Board of Directors
024 Message from the General Manager (CEO)
030 Macroeconomic Overview and the Banking Sector
038 Bank Asya’s Activities in 2011
052 Corporate Social Responsibility
053 Affiliates and Subsidiaries
055 Compliance Opinion for the Annual Report
Part II: Management Information and Principles of Corporate Governance Practices
058 Board of Directors
060 Statutory Auditors
062 Senior Management
064 Organization Chart
066Committees
069 Summary Report of the Board of Directors
070 Human Resources
071 Training (Job Training)
072 Transaction Volume of the Risk Group of the Bank,
Outstanding Loan and Collected Fund Transactions,
and Current Income and Expenses for the Reporting Period
073 (Principals of) Corporate Governance Compliance Report
078 Support Services Benefited by Bank Asya
080 Profit Distribution Policy of Bank Asya
080 Profit Distribution Proposal of Bank Asya for 2011 Profits
081 Considerations Regarding the General Assembly
082 Information on Agenda Items
Part III: Financial Information and Risk Management Assessment
086 Summary Report of the Statutory Auditors
087 Summary of Financial Information for Five Years Including the Reporting Period
088 Financial Condition, Profitability and Solvency Assessment
089 Audit Committee Reviews About the Functioning of the Internal Systems
090 Information on Risk Management Policies Implemented for Each Risk Category
092 International Rating Grades
Part IV: Non-Consolidated Financial Statements and Related Footnotes
095 Independent Auditors’ Report
098 Information on Financial Statements and Footnotes
Part V: Consolidated Financial Statements and Related Footnotes
169 Independent Auditors’ Report
172 Information on Financial Statements and Footnotes
Part VI: Contact Information
240Branches
002
Bank Asya 2011 Annual Report
Continuing to
have healthy
growth …
Bank Asya, offers interest-free financial system and its associated
advantages to the widest possible audience. By increasing
operational efficiency, Bank Asya continues to support the
real sector. As for production it offers innovative products and
services in retail banking. With a customer satisfaction centered
approach, advanced technology and its long-term investments
abroad, Bank Asya provides service at world-class standards;
Bank Asya is a reputable, reliable and effective participation
bank, which boasts a healthy and steady growth.
003
A World:
Clean and
Viable
Without compromising the basic
founding principles, Bank Asya
represents the values of a powerful
and reliable financial environment.
Presentation
Bank Asya In Brief
In 1996, Bank Asya, Turkey’s most
dynamic participation bank, commenced
operations under the name “Asya Finans”
as the country’s sixth private finance
house. As the sector’s newest participation
bank, Bank Asya grew rapidly in a short
period of time and achieved a strong and
respected position in the market.
Turkey’s first participation bank
to go public
Bank Asya is firmly committed to a strategy
tailored towards sound and sustainable
growth, which it has carefully integrated
into its organizational structure. As the first
participation bank in Turkey to go public in
order to establish a strong and broad
capital base, Bank Asya floated 23% of its
shares in 2006. As of year-end 2010,
52.88% of the Bank’s capital was publicly
held. By the end 2011, the free float rate
reached 52.88%. The Bank’s paid-in
capital was TRY 900 million as of the end
of 2011.
New high-quality products and
services in participation banking
Bank Asya works proactively to expand its
product and service line in order to meet
the changing needs and expectations of its
customers across all its business sectors.
As the first participation bank in Turkey to
be awarded the ISO 9001 Quality
Management System Certification, Bank
Asya seeks to strengthen its position within
the market by developing new interest-free
banking products, with its innovative
approach including derivative products.
The Bank also undertakes efforts to adapt
widely used banking products and services
to the interest-free banking system at the
highest level of quality
006
Bank Asya’s strategic goals focus on
sustainable profitability, producing
more value for all stakeholders.
Invest in people, invest in the
future
Increasing brand value alongside
unmatched growth dynamics
Bank Asya understands that when it
invests in people and technology, it invests
in the future. The Bank incorporates
advanced technology in order to
strengthen its growth momentum and
support its dynamic and developmentfocused workforce. This in turn facilitates a
workplace that embrace s the Company’s
values.
Bank Asya is transforming a business
model based on supporting the real sector
and manufacturing. The Bank integrates
the fundamental principles of interest-free
banking into an effective paradigm of
participation banking through its
management competencies, funding
practices, risk and quality policies,
innovativeness, and unmatched growth
dynamics.
Advanced technology in banking
Bank Asya has expanded the reach of its
delivery network through investments in
technological infrastructure and alternative
distribution channels. Iin addition to its 200
branches, Bank Asya has been particularly
successful in gaining recognition during
recent years through the innovative
payment system products that it has
introduced. After the launch of Europe’s
most advanced contactless credit card,
AsyaCard DIT, and Turkey’s first prepaid
contactless debit card, DIT Pratik, Bank
Asya demonstrated once again its leading
role in banking technology with DIT Mobile,
which allows mobile phones to make
contactless transactions, and "Cep-T KGS"
products.
Creating more sustainable value
Conducting its operations as a good
corporate citizen, Bank Asya aligns its
strategic objectives with the principle of
“creating more sustainable value” for all of
the social and economic stakeholders.
To this end, the Bank will continue to
enhance the brand value that it has
established both domestically and
internationally.
In 2011, Bank Asya sustained its
profitability and growth in line with its
performance targets thanks to its solid
capital base and healthy balance sheet
structure. In 2011, the Bank continued to
lead the participation bank market in terms
of total assets, loans allocated, non-cash
loans, deposits and net profit.
Vision, Mission,
Strategic Objectives
Strategic Objectives
• To be one of the world’s leading interest-free banks.
• To continue to be the participation bank with the highest brand value in Turkey.
• To rank in the forefront of companies where highly qualified professionals would strive to work.
• To increase market share.
• To be a pioneer in the banking industry with new innovations.
• To be the primary bank of its customers.
• To sustain and increase support of social responsibility projects including social
activities and sports.
Vision
To be a respected, trusted and effective bank
that provides world-class service with the
products it develops.
Mission
To contribute to both shareholder value and the Turkish economy by
developing modern banking services within the framework of interestfree banking principles and satisfying customer needs and expectations
with a “different solutions for different expectations” approach.
007
Presentation
Bank Asya sustained its upward
momentum in 2011 and achieved
growth of 18% in Total Assets, 22% in
Cash Loans and 11% in Deposits.
Key Highlights
Key Financial Highlights (Million TRY)
2010 2011
Change (%)
17.190
18,4
Total Assets
14.513
Cash Loans (*)
11.06013.452
Deposits
11.16712.397
Shareholders’ Equity
1.942
Paid-In Capital
Non-Cash Loans
Net Profit for the Period
2.137
21,6
11,0
10,1
900
900
-
9.227
9.349
1,3
260
216
-16,9
(*)Financial Lease (Leasing) is included
Branch and Personnel Information (Quantity)2010
2011
Change (%)
Number of Branches
175
200
14,3
Number of Personnel
4.266
4.542
6,5
17.190
13.452
14.513
11.060
11.609
8.355
8.109
6.260
2007
008
18 %
2008
2009
2010
2011
Total
Assets (Million TRY)
6.381
22 %
4.610
2007
2008
2009
2010
2011
Cash
Loans (Million TRY)
Key Financial Ratios (%) 2010 Cash Loans/Total Assets (*)
76,6978,63
Deposits / Total Assets 2011
76,94
Cash Loans/Deposits (*)(**)
Capital Adequacy Ratio 72,12
101,77110,97
13,33
13,31
(*)Non-performing loans were added to Cash Loans and Total Assets in gross terms.
(**)Loan-To-Deposit Ratio is calculated by dividing Cash Loans by Deposits.
Bank Asya’s Composition of Assets (%) 2010
2011
Liquid Assets
18
16
Cash Loans
76
78
Fixed Assets
3
3
Other
33
Bank Asya’s Composition of Liabilites (%)2010
Deposits
2011
7772
Loans Received
4
Other
9
67
Total Shareholders' Equity
13
12
Bank Asya Income Distribution (%)2010
2011
Net Profit Income
58
60
Net Commissions
24
24
Other Income
18
16
12.397
2.137
11.167
1.942
9.137
1.708
5.843
11%
4.698
2007
2008
2009
2010
2011
Deposits
(Million TRY)
1.404
10%
854
2007
2008
2009
2010
2011
Total Shareholders'
Equity (Million TRY)
009
Presentation
Bank Asya pioneered as a participation
bank in Turkey in 2011 through its
competitiveness and innovative strategy.
Bank Asya’s
Market Position
Annual Growth Rates
(2010-2011)
30
30
21
Banking Sector
Deposit Money
Banks
Participation
Banks
Bank Asya
28
20
22
18
Total Assets (%)
19
30
Loans (%)
9
14
13
13
6
12
11
2
Deposits- Funds (%)
4
2
Number of Employees (%)
4
Number of Branches (%)
38
34
13
10
22
8
7
Net Profit (%)
6
1
Non-Cash Loans (%)
Shareholders' Equity (%)
-10
-11
-17
010
One step ahead of the sector
With high competitive power
Comparison of Bank Asya with
Other Participation banks
0,31
0,69
0,68
0,68
Total Assets (%)
Deposits- Funds (%)
Loans (%)
0,27
0,35
0,65
0,32
0,32
0,73
In 2011, Bank Asya
continued its leadering
among participation
banks in the total assets,
disbursed loans, non-cash
loans and deposits.
Net Profit / Loss (%)
Shareholders' Equity (%)
0,29
0,33
0,67
Number of Employees (%)
0,71
Number of Branches (%)
011
Presentation
Identifying strategic priorities and acting
according to the principles of sustainable
growth Bank Asya has continued to add
value to the economy and society in 2011.
Bank Asya’s
Growth Strategy
Effective Resource Management
• Solid capital base
• Rapid increase in deposits
• Longer average terms on deposits and
high liquidity
• High profitability
• Loans from abroad
Effective Loan and Risk
Management
• Deeper customer relationships
• More diversified loan portfolio
• Increase in retail loans and SME loans
Effective Product and Brand
Management
• Development of innovative products
• Increase in brand awareness (sponsorship,
effective promotion, advertising)
Bank Asya forms its strategies around the
overarching goal of being one of the most
important brands in the participation
banking business line not only in Turkey but
also in the entire the world. Conducting its
operations in line with the principles of
sustainable growth while pursuing this
primary objective, the Bank focuses on
creating more value not just for the
economy but also for the society as a
whole.
012
•
•
•
•
•
Capital adequacy ratio 13,31% (tier 1)
11% increase. in deposits
20% liquidity ratio
10,1% return on equity
134% increase in loans from abroad
• 22%. growth in cash loans
• Ranked 13th. in cash loans
• 75% increase in retail loans
• AsyaCard DIT: Market leader in contactless cards
• 20% increase in credit card turnover
• Ranked 11th. in the sector with 1.9 million
credit cards
• High profile with Bank Asya.1st League (football
league)
Bank Asya is commited to being a model
bank along all the three axes of quality,
productivity and profitability. The Bank
invests both in technology and in people in
order to make its proactive, customeroriented service philosophy a reality in all
aspects. Bank Asya is a transparent
institution that continuously improves its
business processes and systems and that
embodies the very best of corporate
governance principles and practices.
Financial
Operational
Excellence
Personnel &
Progression
Stakeholders
• Sustainable growth
and profitability
• Strengthening the
financial structure
• Targets about
subsidiaries and
affiliates
• Increasing the use of
technology
• Improving the
efficiency of business
processes
• Increasing the
effectiveness of risk
management practice
• Increasing the
knowledge levels of
employees
• Establishing effective
communications and
enhancing skills
• Disseminating
corporate strategy and
performanceoriented
management
philosophy
• Maximizing customer
satisfaction
• Offering diversified
solutions capable of
addressing different
customer expectations
• Ensuring sustainable
divident payment to
shareholders
Bank Asya’s Competitive Advantages
Bank Asya’s Strategic Orientation (2011-2015)
• Leader among participation banks in total assets, deposits,
loans, and profitability
• Dynamic, growing organization
• Well-qualified, young staff
• Customers' confidence in the Bank
• Experienced in crisis management
• Bank employees' sense of ownership
• Strong team spirit throughout the Bank
• Speed at technology implementation and priority in
innovation
Trustworthiness, stable growth, risk management, business continuity
and productivity are Bank Asya’s top strategic priorities. Having clearly
and explicitly defined its objectives in line with its corporate vision, Bank
Asya groups its strategies under four main headings in order to achieve
effectively its objectives:
•
•
•
•
Financial
Operational excellence
Stakeholders
Personnel & progression
In the same way, Bank Asya has laid out a five-year roadmap whose
course is shaped by these strategies
013
Bank Asya finds pleasure of providing its
customers gain while the Bank also gains
by evaluating deposits into profitable
investments to be used in the real economy.
Investing
in Effort
Presentation
Achieving many firsts in the past
15 years, Bank Asya moves towards
becoming a world bank that thinks both
locally and globally.
Bank Asya
Milestones
1999
Asya Finans is subjected to the Banking
Law. The company’s paid-in capital is
increased to TRY 10 million.
2000
1997
The number of branches reaches 15.
016
1996
1998
Bank Asya commences operations on 24
October. Began its operations with an initial
capital of TRY 2 million.
The number of branches reaches 16 Asya
Finans launches the Asya Finans credit
card.
The Asya Finans online branch goes into
service
2001
The company’s paid-in capital is increased
to TRY 20 million.
2006
The number of branches reaches 92. The
company’s paid-in capital is increased to
TRY 300 million. In an initial public offering,
23% of Bank Asya’s shares are floated; the
company’s stock begins trading on the
Istanbul Stock Exchange under the ASYAB
ticker symbol.
2007
2002
Company’s paid-in capital is increased to
TRY 40 million. The ASYA24 ATM network
goes live for customer use.
2003
Asya Finans becomes a member of the
VISA system. The number of branches
reaches 43. The company’s paid-in capital
is increased to TRY 60 million. Started a
partnership with Isik Sigorta A.S.
2004
The number of branches reaches 62. Alo
Asya telephone banking services are
launched. The company’s paid-in capital is
increased to TRY 120 million
2005
company’s paid-in capital is increased to
TRY 240 million Asya Finans is reorganized
as a participation bank and its name is
changed to “Bank Asya.”
Bank Asya stock is added to the ISE-30
Index as of January 2007
2008
Bank Asya becomes the name sponsor of
the Turkish Football Federation 1st League.
Contactless technology products AsyaCard
DIT and DIT Pratik are made available for
the use of the Bank’s customers.
2009
Bank Asya becomes a shareholder in
Senegal-based Tamweel Africa Holding SA.
AsyaCard DIT receives the “Best Cash
Displacement Initiative” and the “Best New
Credit Card Product Launch” awards. Bank
Asya becomes a partner in Tuna GYO A.Ş.
2010
The number of branches reaches 175. DIT
Pratik is named “Best Mastercard Prepaid
Product in Turkey.” Bank Asya joins the
MoneyGram service network. AsyaAsist,
Çobanyıldızı and DIT Mobil were launched
for customer use.
2011
Bank Asya received the Business
Continuity Management Systems
Certificate from the British Standards
Instituition Bank Asya has become the first
Turkish organization to receive this
certificate. Bank Asya has been selected
“The Best Commercial Bank of 2011 in
Turkey” Award by World Finance.
Paksit and DIT Pratik have been released
for customer usage. Bank Asya won "The
Best Call Center in Turkey" Award in the
category of 100-499 seat-capacity call
centers. Bank Asya has proved its quality
receiving Customer Satisfaction
Management (ISO 10002) and Call Center
Certificate (EN 15838) at the same time.
Bank Asya has become the first bank in
Europe to have these two certificates at the
same time. The number of branches
reaches 200. Started a partnership with
Bank Asya Emeklilik A.Ş.
With the vision of "to
become the leading
bank in participation
banking in Turkey",
Bank Asya achieved its
target since 2006, the
tenth anniversary of its
foundation date.
Although it is the newest
participation bank in
Turkey, Bank Asya has the
most competitive products
in the market, and, with
200 branches and 492
ATMs, takes its place as a
medium-sized bank in the
banking sector.
017
Presentation
Changes in Capital and
Shareholder Structure
During the Reporting Period
Bank Asya’s shareholder structure as of year-end 2010 and year-end 2011 appears in the table below
31.12.2010%
Group A (preference shares)
360.000.000 Group B (not traded on ISE)
40,00
31.12.2011%
360.000.000 40,00
67.124.038 7,46
64.068.038 7,12
Group B (traded on ISE)
472.875.962 52,54
475.931.962 52,88
Total
900.000.000 100
900.000.000 100
Bank Asya has a broad-based, multi-shareholder, domestically-financed capital structure. As of yearend 2011, the Company had 236
partners who were direct owners of preference shares, excluding the publicly-held portion of the share capital.
Shareholding interests held by the Chairman and members of the board of Directors, CEO and Executive
Vice Presidents
Statements concerning the shareholding interests held by the Chairman and members of the Board of Directors, CEO and Executive Vice
Presidents as shown in the Bank’s Shareholders’ Register as of 31 December 2011 are presented below.
Ownership Title
Chairman
Board Members
CEO
Name / Surname
Behçet Akyar
Salih Sarıgül (1)
Ahmet Çelik (1)
Tacettin Negiş (2) (3)
İsmail Erol İşbilen (3)
Hülagü Özcan (3)
Abdullah Çelik
Ali Akbulut (6)
Atif Bilgin
Areas of Resposibility
Chairman
Deputy chairman of the board
Board Member
Board Member
Board member and Member of Statutory Auditors
Board member and Member of Statutory Auditors
Board Member And CEO
Corporate/Commercial Loans, Small Banking, Top
Management Office Headquarters, Business and
Product development Coordination (4)
Information Technologies
Commercial Credit Allocation II, Corporate Credit
Allocation
Credit and Risk Monitoring, Construction and Real
Estate
Banking Operations
Retail Sales Management, Retail Product
Management, Card Payment Systems Marketing
Management, Administrative Affairs, Alternative
Distribution Channels, Resource Development
Budgeting & Reporting, Accounting & Bank Affiliates,
Purchasing, Corporate Communications
Law, Credit and Risk Monitoring
Corporate/Consumer Credit Allocation I, Project
Financing
Treasury, Financial Institutions, Investor Relations,
Human Resources and Education
Auditor
Auditor
İrfan Hacıosmanoğlu
Auditor
Executive Vice President
Ali Tuğlu
Ali Fuat Taşkesenlioğlu (5)
Erdal Erdem (5)
Fahrettin Soylu
Ercüment Güler
Ahmet Beyaz
Zafer Ertan
Ahmet Akar
Feyzullah Eğriboyun
Statutory Auditors
(1) Board Members Salih Sarıgül and Ahmet Çelik resigned from their duties as of 26. Jan. 2012; they have been replaced by Ali Çelik and Faruk İlk
(2) Board Members Tacettin Negis resigned from his post as of 02. Feb. 2012, he was replaced by Mustafa Talat Katırcıoğlu
(3) Not shown because the shareholding interest is less than 1/100,000.
(4) Related departments is operatively connected to the General Manager.
(5) Executive Vice Presidents Ali Fuat Taşkesenlioğlu and Erdal Erdem resigned from their duties as of 06. Jan. 2012
(6) Bank's Auditor Ali Akbulut resigned from his post as of 23. Feb. 2012, his seat was replaced by Mehmet Gozutok.
018
In the Bank%
0,0003
0,2056
0,4800
-
-
0,0004
0,0002
0,2411
0,7093
Names and Shareholding Interests of Shareholders Who Own Qualified Shares
Shareholders who were registered in Bank Asya’s Shareholders’ Register as of 31 December 2011 and whose ownership of Group A
preference shares entitled them to designate candidates to fill seats on the Board of Directors and Audit Committee as per Articles 32 and
49 of the Articles of Association are presented below.
No Name / Surname
Group A share in the Bank (%)
1
Ali̇ Akbulut
12,70
2
Abdulkadi̇r Konukoğlu
5,58
3
Hasan Sayın
4,85
4
Tacetti̇n Negiş
4,31
5
Fi̇kri̇ Akbulut
4,06
6
Osman Can Pehli̇van
4,00
7
İbrahi̇m Sayın
3,52
8
Fatma Emi̇ne Berksan
2,50
9
Muammer İhsan Kalkavan
2,36
10
A. Selçuk Berksan
1,82
11
Mehmet Si̇nan Berksan
1,67
12
Aydan Aydın Sağlık
1,65
13
Fehi̇m Arıcı
1,55
14
Yavuz Eroğlu
1,45
15
Bülent Berksan
1,43
16
Mehmet Berksan
1,43
17
Ahmet Levent Berksan
1,14
18
Abdurrahman Kopuz
1,10
19
Hakan Cem Akbulut
1,00
Other (286 people)
37,42
Pending BRSA Approval
Total
4,46
100,00
019
Presentation
Changes in Capital and
Shareholder Structure During
the Reporting Period
Information on Titles and Shares of Shareholders Holding
Preferred Shares
No Name / Surname Group A share in the Bank (%)
1
Ortadoğu Tekstil Tic. San. A.Ş.
2
Forum İnşaat Dekorasyon Turizm San. ve Tic. A.Ş.
9,6299
3
BJ Tekstil Tic. ve San. A.Ş.
5,0000
4
Birim Birleşik İnşaatçılık Mümessillik San. ve Tic. A.Ş.
4,9398
5
Serra Turizm Ltd. Şti.
4,1667
6
Negiş Giyim İmalat ve İhracat A.Ş.
3,6506
7
Sürat Basım Yayın Reklamcılık ve Eğitim Araçları San. Tic. A.Ş.
1,8008
8
Galaksi Avrasya Sanayi Ürünleri Dış Tic. A.Ş.
0,5000
9
Asya Katılım Bankası A.Ş.
0,4167
10 Teksen Tekstil End. A.Ş.
0,2676
11 Linateks Tekstil İthalat İhracat San. ve Tic. Ltd. Şti.
0,2500
12 Aydınlı Hazır Giyim San. ve Tic. A.Ş.
0,2423
13 Koçkaya Motorlu Araçlar San. ve Tic. A.Ş.
0,0656
14 Karakaya Yedek Parça ve Otomotiv San. Tic. Ltd. Şti.
0,0449
15 Meltem Turizm İnş. Tic. A.Ş.
0,0210
Changes Made in the Articles of Association
No changes were made in the Bank’s Articles of Association during 2011
020
10,9924
In year 2011, Bank Asya had outstanding
success, exemplified by the awards and
certificates received during the year.
Awards
The Best Commercial Bank of
2011 in Turkey – World Finance
Call Center Certificate (EN
15838)
Annual Report of National Banks
Silver Award - ARC Awards
Bank Asya has been selected as the Best
Commercial Bank of 2011 in Turkey by
World Finance, one of the most respected
monthly business magazines that awards
successful companies in finance and
business every year.
In the fields of Customer Satisfaction,
incoming and outgoing calls, performance
management, recruitment, careers and the
process of education, Bank Asya received
EN 15838 Customer Contact Center
Quality Management Certificate, an
international standard for call centers with
special conditions.
With the Annual Report prepared in 2010,
Bank Asya won the second (silver) prize in
International ARC (Annual Report
Competition) in the category of the
National Bank Annual Report issued in
local languages.
STP Excellence Award- Citibank
The technological equipment and
effectiveness of service of Bank Asya is
confirmed by one of the world's leading
banks. In 2011, Bank Asya awarded by
CITIBANK with the STP Excellence Award.
BSI Business Continuity
Management Certificate
Customer Satisfaction
Management Certificate
(ISO 10002)
Timely and adequately responding to
customer needs and expectations, Bank
Asya received the Customer Satisfaction
Management ISO 10002.
Bank Asya became the first Turkish
organization to receive the Business
Continuity Certificate from the British
Standards Instituition.
Best Call Center in Turkey
In October,2011, Bank Asya received
“The Best Call Center of Turkey Award”
among the call centers with a capacity of
100-499 seats in Istanbul Call Center
Awards held by the IMI Conferences.
021
Presentation
Message from the
Chairman
The leading participation
bank in Turkey
Dear Valued Shareholders
Decrease of the effects of the global crisis resulted
in an optimistic beginning to the year 2011 in the
markets but the developed countries have failed to
meet the expected performance during the year..
However, developing countries including Turkey
have continued to create value through their well
established economies.
022
"In line with new
strategies and plans of
growth, Bank Asya aims
to increase the number of
branches to 300, and the
number of credit cards to
3 million as well."
With a 9% growth in 2010, Turkish
economy recovered the majority of the
effects of the global crisis and sustained its
rapid growth trend during the year 2011.
Despite the recession in world economies
due to the recession in developed
countries and debt crisis in European
countrieis, Turkey has grown by over 8%
during year 2011and continued to be
distinguished with this positive
developments.
Although the precauitons taken by the
Central Bank of Turkey in order to maintain
financial stability and to reduce the current
account deficit resulted in a decrease in the
growthrate, the growth is expected to
continue.
The European Debt Crisis and recession
expectations have affected the profitability
of the companies listed in ISE negatively
and resulted in loss of market values of
these companies. Therefore, the ISE 100
index value decreased by 21% during year
2011.
The precauitons taken by regulatory
agenciesreduced the profit margins in
Turkish banking sectors. However, the
sector has continued to increase its asset
size, thanks to powerful structure of the
sector. Comparing the performance of the
participation banks to thetotal of the
banking sector, participation banks
increased their share in total assets and
funds collected.
As is the case in the rest of the world,
participation banking in Turkey continues to
develop and the number of new products,
conforming with the interest-free financing
standards, increases day by day.
I would like to thank to the diligent Bank
Asya staff who have contributed highto the
Bank’s progress through their dedicated
efforts with the team spirit and a “we”
sense.
In year 2011 during which the bank profits
declined, Bank Asya sustained the
profitabilty thorugh orienting its strategy to
use itscapital more effectively, focusing on
collecting participation funds and lengding
activitiesas its mainbusiness model. With
the mindset of developing new strategies,
Bank Asya has underwent a year of high
performance.
Also, I would like to thank to the former
members of the Board of Directors and
Audit Committee, who resigned at the
beginning of 2012 after serving for many
years in various positions in Management
and Supervisory Boards of the Bank.
Despite its short history of 15 years, Bank
Asya has been well known by its high
competitive power and innovative aspects,
recognized with its new prodcuts and
servies in interest free banking area and
therefore, it has strengthened its position
as the leading participation bank in Turkey.
Finally, I would like express my gratitude to
our solution partners who had great
contribution to Bank Asya, to our valued
shareholders who have supported our
management and to our customers who
always sustain their loyalty to the Bank.
I firmly believe that, we will provide Bank
Asya toachieve many successful periods all
together.
Bank Asya aims toincrease the number of
the branches to 300, and credit cards to 3
million as well until 2015 in accordance
with its new strategies andgrowth plans
aiming to provide faster and higher quality
services ineverywhere in Turkey with its
expanding network.
Bank Asya will continue its organic growth
during year 2012 in accordance with this
goal, will increase its investments in foreign
countries and will continue to operate with
its vision to be a global model bank.
Behçet Akyar
Chairman of the Board of
Directors
023
Presentation
Message from the CEO
Time for expansion abroad…
Dear Shareholders,
We have passed a year experiencing a
differentphase of the global economic crisis.
The global economic crisis which emerged mainly
in the housing loans and banking sector in 2008
turned into apublic finance crisis through increasing
public debt. And in year 2011, we have faced
political authorities who failed to demonstrate a
common will to overcome the crisis.
024
Bank Asya continued to
grow in 2011, increasing
total assets by 18% to TRY
17,2 billion. Therefore,
Bank Asya has maintained
its position as the biggest
participation bank of the
past 6 years.
Although structural changes are not
expected. Until the elections in USA in
November 2012, FED announced that
interest rates will not beincreased until the
year 2014 and monetary expansion will
continue if required.
On the other hand, the economic outlook
has become more unpredictable in Europe.
As political authority had diffculty in
demostrating stability in managing public
finance, public debt become higher.
Today even if the governments
demonstrate agreater stability, there is a
significant doubt on the settlement of the
public debt due to the difficulties in
sustaining a sufficient growth.
Turkey, started to year 2011 with a strong
credit demand, thank to the rapid growth
based on private sector investments.
Lower Government borrowing requirement
resulted in a lower investment in public
sector bonds and the banking sector
funded private sector more.
Hence, the loans as 59% of national
income in 2010, increased to 67%of
national income in in 2011. These
circumstances have led a decrease in
capital adequacy ratio from 19% to 16.5%.
Additionally, the implementation of the
monetary and banking policies to control
the foreign risk sand current account deficit
have lowered the sector's profitability
through increasing the costs reduced
return on equity ratio to 15,5% from 20%.
The combination of inflation, high interest
rates and devaluation of TRY increased the
cost offinancing. Also, due to the impact of
the global uncertainty, the banking sector
experienced an increase in cost of foreign
borrowing.
Despite the negative outlook summarised
above, Bank Asya continued to grow in
2011, increasing total assets by 18% to
TRY 17,2 billion. During the past 6 years,
the Bank has maintained its position as the
biggest participation bank. During this
period, Bank Asya has given financial
support of TRY 22,8 billion to the real
economy through lending activities. With its
profitable and consistent growth strategy,
Bank Asya's net profit after tax was TRY
216 million by the end of 2011.
Since March 2011 as the date of our
assignment, in order to use the Bank's
capital more efficiently new strategies and
policies have been implemented rapidly. In
this respect, spread of the credit riskto the
base has been targeted and the proportion
of the Individual and SME loans in the total
loan porftolio has been increased.
Individual loans have reached TRY 1.630
million with an increase by 75%
andasignificant increase has been achieved
in SME loans. As a result, a diversified loan
portfolio has been created providing the
opportunity to serve much more
customers.
The average maturity of deposits, which is
a major problem ofthe Turkish Banking
Sector, was 64 days as of September 2011
in the sector. On the other hand, Bank
Asya has extended the maturities of the
funding succesfully as one of its main
strategiesand increasedthe average
maturity of the fundscollected to 132 days.
As a resultof the innovative efforts to in
order to diversify the financingstructure
which is one of the main problems of the
participation banks, fundings from abroad
increased by approximately134% and
reached to TRY 1.458 million through the
use of new methods of financing. In
addition, the Bank completed the required
steps for the first time issueance of Sukuk.
As per existence of favorable conditions,
Sukuk issuance amounting to USD 300
million is projected within the year 2012.
025
Presentation
Message from the CEO
A year, structure of fast and
quality service to the customers
75%
Retail loans increased by 75% and
reached to TRY 1.630 million.
Bank Asya won awards for many innovative
products developed, especially for DIT card
and continued to lead the sector with the
use of contactless technology, trough the
transportation and campus projects
invarious cities. With in this context,
Karamanas transportation project and and
Gediz, Zirve, Suleiman Shah and and
Duzce University as campus projects are
added to the projects of Bank Asya with in
the current year. With a total number of
1.900.000 credit cards, Bank Asya has
became one of the majörplayers players in
the sector.
Continuing contactless technology
investments in 2011, Bank Asya has
launched “DIT Mobil”which converts the
cellular phone into a contactless payment
instrument regardless of GSM operator and
launched “Cep-T KGS” in cooperation with
Turkcell.
One of our major investments in the field of
technology are implementation of the CRM
applications. These applications will
strengthen our understanding of customeroriented service, will offer better services to
our customers, and contribute to the
Bank's profitability and efficiency.
026
Despite the recent economic conjuncture,
Bank Asya continued its organic growth
with 25 new branches, raising the total
number of branches to 200. With more
than 500 ATMs in total and with the efforts
for serving to a larger customer base, Bank
Asya increased the number of individual
customers by 16% and reached a total of
3.3 million customers.
New gold-based products have been
served in order to meet the customer
demands especially for gold emerged
parallel to the increase in commodity prices
and to invest our customers’ savings.
New products for the trade of scrap gold
and gold in grams have been designed and
implemented. Studies on gold based
participation accounts have reached to the
final stage. As a result of those efforts, gold
accounts increased by 470% reaching 10
tonnes of gold reserves.
Our Bank’s financial support to the real economy
through lending activities has been TRY 22.8
Billion through within the current year.
Efficient use of capital and a credit
portfolio spread to the base
On the other hand, in accodance with our
new strategies and in order to be closer to
our customers and to provide faster and
higher quality services, we have increased
the number of our regional offices from 2 to
9 and we have increased our support to
our customers in terms of organizational
structure.
In 2011, our Bank strengthened its
outstanding success with many awards
and certificates.
One of the most respectful economic
Magazines World Finance selected Bank
Asya as "The Best Commercial Bank of
2011" and Citibank awarded Bank Asya
with the STP Excellence Award, which
measures efficiency of business flows.
Bank Asya became the first Turkish
organization to receive the Business
Continuity Certificate from the British
Standards Instituition. Bank Asya received
“The Best Call Center of Turkey Award”
and "Customer Satisfaction Management
ISO 10002". Bank Asya has become the
first bank in Europe to be awarded these
two certificates at the same time.
Bank Asya orientsabroad in order to
operateinterest-free banking activities not
only within the country but also in
international arena. In 2009, Bank Asya
initiated the process of overseas expansion
in Africa with Tamweel Holding. and will
continue in the next periods.
Bank Asya will expand its activities in
Africa, and will start its interest-free banking
operations in Northern Iraq through
opening a branch in Erbil in the near future.
As being the first bank obtaining the
approval fort he application for a
representative office in India, Bank Asya will
start its operations in India in the near
future.
With all these features, Bank Asya has
become one of the most attractive banks
for foreign investorsand one of the banks
with the highest rate of public quotation in
Turkey.
For this purpose, Bank Asya contributes
various sponsorship and social
responsibility projects.
Bank Asya supports worldwide
organizations such as International Turkish
Olympics and TUSKON's international
meetings, and also sustains its support to
The First League of football since year
2008.
I would like to thank to my colleagues who
contributed to the successful work of Bank
Asya and provided a sense of belonging.
I also want to thank to our shareholders
who always supportour managementand
to our customers who accept Bank Asya
as their own bank and toall stakeholders
who played an important role in the
success of Bank Asya.
Bank Asya not only present services in
banking area in the country, but also feels
responsiblity for the improvement of the
social community'srelations with the
environment, art and sport.
Abdullah Çelik
Board Member and CEO
027
Embracing the responsibility of being the first
participation bank opened to the public, Bank
Asya acts with transparency, one of the
foundational values of the Bank
Clear and
Transparent
Presentation
Altough there was a positive start to the year
of 2011, the global economy could not achieve
expected stabilization due in part to U.S’s
fluctuated employment and growth rate and debt
crisis experienced particularly in the Eurozone
Macroeconomic
Overview and
Banking Sector
1,29
The EUR/USD exchange rate, which
stood at 1,44 at the first two quarter
of 2011, slid below 1,29 as of year-end
2011 due in part to the debt crisis
International Developments
As a result of diminishing effects of global
crisis in 2008, and encouraging forecasts
about recovery in housing market and in
growth rates in the U.S, performing positive
start to the year 2011, the global economy
could not achieve the expected
stabilization due in part to U.S’s slightly
fluctuated employment and growth rates
and debt crisis experienced particularly in
the Eurozone
Greece’s nearing bankruptcy, Germany’s
insistence to compensate the entire
recovery cost of Greece through tax
incomes from the public, and through the
banks which played role in borrowing
actively, and the lack of a considerable plan
by European leaders during this crisis,
manipulated financial markets to lose
confidence in Europe, inevitably leading to
an increase of uncertainity in the economy.
Increasing rate of doubts about
sustainability of the European Union, also
affected borrowing rate of the countries
adversely, Italy and Spain werereported to
have the highest levels of debt in the
financial markets.
Besides, disagreements during the budget
planning in U.S, led to postponement in
rise of the debt ceiling, and resulted in a
decline in long term-debt note of the U.S
from AAA+ to AA+ as decided by S&P
The debt crisis in the Eurozone, began in
Greece during the first quarter of 2010, and
continued to spread in 2011 with the
addition of Italy and Spain. During this
period, the CDS (Credit Default Swap)
spreads, which are an indicator of riskiness
soverign bonds of countries that were
impacted by the debt crisis rose
continuously and led to a signnificant
increase in the borrowing cost of Eurozone
The EUR/USD exchange rate, which was
at 1,44 during the first two quarters of
2011, slid below 1,29 as of year-end 2011
due in part to the debt crisis. Compared to
the year 2010, after implementing austerity
policy, especially in the Eurozone, the
global economy set forth to monitorize
lower growth rate as of year-end 2011
GDP Growth Rate
8
7,3
6
6
4
5
3
2,7
3
6,6
6,4
4,3
4,5
2,6
2,2
2
0,6
0
2008
-2
-4
030
-0,5
2009
2010
2011 (T)
2012 (T)
-3,4
Developed Countrie
Developing Contries
World
Developing Countries are on Path
Espcially in the latter half of the year, the
U.S economy measured higher records
and data over forecasted scenario, which
was one of the most important
development in the year 2011. Country
CDS Spreads While S&P 500 Index
confined the year with a 0,6% increase,
economy registered a decline of -15% in
Germany Dax, -17% in Brazil Bovespa,
-21% in China Shanghai Comp. and -24%
in ISE 100 index. The debt crisis in the
Eurozone, inflation rates and a slump in the
growth rates in Asia shifted the global
capital flow direction to the U.S.
On the other side, sustainable policies
implemented by the FED, and the
trustworthy and appreciated structure of
U.S institutions provoked the U.S economy
to decouple from other countries. Debates
about this favorable decoupling, and the
continual uncertainity throughout the year
2011, provided a rise in the price of gold
stocks considered the safest haven,
alongside U.S stocks and consent stocks.
Despite an impressive beginnig, the
commodity market ended with a fall as of
year-end 2011. After record highs in
purchases by funds that chase high
returns, the commodity prices began to
drop caused by decline in the long term
portfolios of speculators and the slowing
rate of recovery in the U.S and forecasts
for global demand deficit due to the debt
crisis in the Eurozone.
The price of copper measured with a fall in
response to the reduction in Chinese
import volumes, whereas cotton and wheat
prices started to decrase on account of
increase in supply in the agricultural
market, though were increasing levels
during the beginning of the year.
Perceived as a safe haven, gold prices
reached USD 1,900 per troy ounce in
August 2011, but began to decline during
the last quarter of the year. There was a
rise in the positioning margins of forward
gold sales in addition to the appreciation of
the US dolar.
Gold finished the year of 2011 at USD
1,550 with a 13% increase. Oil prices
started the year at the level of USD 90,00
per gallon and registered at USD 108,00 as
of year end 2011 after challenging period
which contracted by the Arabian Spring,
developments in Europe and crucial
conflicts between Iran and the West.
Country CDS Spreads
12.000
Turkey
Greece
Spain
10.000
Portugal
Italy
8.000
6.000
4.000
2.000
0
02.09
05.09
08.09
11.09
02.10
05.05
08.10
11.10
02.11
05.11
08.11
11.11
Gold and Oil
2.000
Gold
140
Oil (right axis)
1.900
120
1.800
100
1.700
1.600
80
1.500
60
1.400
1.300
40
1.200
20
1.100
0
1.000
01.10
03.10
05.10
07.10
09.10
10.10
01.11
03.11
05.11
07.11
09.11
10.11
031
Presentation
Macroeconomic Overview and
Banking Sector
Domestic Developments
With a growth rate of 9% in 2010, the
Turkish economy left behind the negative
effects of its past crisis, and also continued
its rapid growth path through the year
2011. Besides measured recession,
particularly in developed countries, and in
contrast with slowing global economy
resulting from debt crisis experienced in
European countries, Turkey’s economy
maintained to decouple favourably by its
respective growth rate at 12%, 8,8%, 8,2%
in the first three quarters of the 2011.
In order to protect stability in financial
markets and to decrease budget deficit,
the Central Bank of Turkey implemented
monetary and fiscal policies especially in
the last period of the year. These policies
caused growth rates to decelerate, and
increased expectations of lose its
momentum for upcoming quarter.
Looking at the structure of the growth rate,
increases in household consumption,
which contributed substantially to the
growth rate were at highs throughout the
year. Growing by 12,2% in the first quarter
of 2011, settled households increased their
consumption by 8,8% and 7% increase in
the second quarter and third quarters
respectively.
After a rise of 13,1% in 2010, industrial
production maintained its rapid growth at
begininnig of the year but lost some of that
momentum after the second quarter of the
year. As a consequence, average growth
rate of industrial production stood at 9,4%
during the first ten months of 2011.
Obtaining sustainable fluctuations
throughout the year, the manufacturing
industry capacity utilization rate, was
revised from a recorded level of 77% on
October 2011 to 75,5% as of year-end
2011. On the other hand, foreign trade
indicators figured out export volume as
USD 122,5 billion. A 20% increase during
the January-November period, while import
volume reached to USD 220,2 billion a
33,5% increase.
Imports volume registered at high levels in
response to higher domestic demand and
a rise in commodity prices while exports
fluctuated within a limited range due to
drop in foreign demand. As a result of the
increasing trade deficit, the current balance
of transactions registered USD 65,1 billion
at the end of first ten months of 2011. After
declining sharply in 2010, thanks to the
impressive growth rate of the economy, the
unemployment rate continued to fall and
reached to the lowest level of recent years.
Industrial Production and Capacity Utilization (%)
Capacity utilization Rate
Seasonally and Calendar Adjusted Industrial Production (Annual Base)
20
78
77
15
76
75
10
74
73
5
72
71
0
01.11
02.11
03.11
04.11
05.11
06.11
07.11
08.11
09.11
10.11
11.11
12.11
Foreign Trade and Cuurent Deficit (USD Million)
25.000
Export
Import
12.000
Current Deficit (right axis)
10.000
20.000
8.000
15.000
6.000
10.000
4.000
5.000
2.000
0
0
01.11
032
02.11
03.11
04.11
05.11
06.11
07.11
08.11
09.11
10.11
11.11
Sustaining a rapid growth rate in 2011, in
contrast to the slowing global economy, the
Turkish economy maintained to
favourable growth.
GDP Growth Rate (%) (in constant prices)
Central Bank of Turkey Interest Rate
14
Borrowing
Lending
Weekly Repo
12
10
12
9
8
8,8
8,2
6
4
2
12.11
11.11
10.11
09.11
08.11
07.11
06.11
05.11
04.11
03.11
02.11
01.11
12.10
11.10
10.10
09.10
08.10
07.10
06.10
05.10
0
04.10
2011/3
03.10
2011/2
02.10
2011/1
01.10
-4,9
2010
2009
The unumployment rate fell to 8,8% in
October, down from 11,9% in January
2011, while the non-farm unemployment
rate fell from 14,7% to 11,3% in the same
period. The number of employed
individuals rose to 24,7 million up from
22,5 million while the number of
unemployed fell from 3 million to 2,4
million. Compared to CPI at 6,40% and PPI
at 8,87% in 2010, CPI rose up to 10,45%
and PPI stood at 13,33% as or year-end
2011.
As a consequence of the overpowering
effects of the finalization tax regulations
which began to be implemented in 2010,
the inflation rate tended to decline at the
first quarter of 2011. In contrast to
decrease in the first quarter of the year due
to fall in food prices, the inflation rate
started to move up again as a result of a
rise in food prices in the second quarter of
the year. Consequently, inflation rate
maintained to incraese in the second half of
the year in response to depreciation of
Turkish liras caused by a drop in global risk
appetite.
Developments in the exchange rate were
influential on basic commodity prices, while
service prices kept its steady position
during the year. Despite a measured
decrease in international commodity prices,
producer prices tended upwards especially
due to significant effects of the exchange
rate. Despite losing some of its momentum
towards the end of year, higher domestic
demand throughout the year played an
important role on the inflation rate which
higher than anticipated.
Unemployment (%)
15
Unemployment
Non-farmed Unemployment
14
13
12
11
10
9
8
01.110
2.11
03.110
4.110
5.11
06.110
7.110
8.11
09.11
Inflation
20
CPI
PPI
Core Inflation (I)
16
12
8
4
0
01.110
2.11
03.11
04.110
5.11
06.110
7.11
08.11
09.111
0.11
11.11
033
Presentation
Banking Sector
As a part of its monetary policy and to
prevent the economy from getting
overheated relative to the deepened debt
crisis in European countries in 2010 and
worsening perceptions for global risk
apetite as of August 2011, the Central
Bank of Turkey (CBT) expanded the interest
gap downwards to decrease short term
capital flow while managing obligatory
provisions actively.
With financial stability as its primary
objective, the CBT withdrew capital from
markets by increasing the required reserve
ratio, to limit decoupling between foreign
demand and domestic demand while
managing weekly repo to overcome
squeezing liqudity in the markets.
In this period, as result of regulating foreign
exchange purchasing tenders, the CBT
strengthened its foreign exchange reserves
and provided services to satisfy the needs
for the Turkish lira caused by “hot money”
flows.
Meanwhile, to overcome the negative
effects of squeezing liquidity, the CBT
declared a decrease in the required reserve
ratio. On October, by increasing the
borrowing. Interest rate, CBT expanded the
interest gap upwards again to limit the
inflation rate’s rising trend which was
especially caused by depreciation of
Turkish liras.
As developing countries registered capital
outflows in response to deteriorated global
economies and shrinking global risk
apetite, the Central Bank of Turkey focused
to limit domestic demand from sloping
downward by a decline in indicator interest
rate.
ISE-100
75,000
70,000
65,000
60,000
55,000
50,000
Exchange Rate
1,40
DOLLAR/TRY
1,40
1,40
1,40
01.11
034
02.11
03.11
04.11
05.110
6.11
07.11
08.110
9.11
10.111
1.11
12.11
12.11
11.11
10.11
09.11
08.11
07.11
06.11
05.11
04.11
03.11
02.11
01.11
12.10
11.10
10.10
09.10
08.10
07.10
06.10
05.10
04.10
03.10
02.10
01.10
45,000
Performing impressively throughout the year,
participation banks increased their market
share in total assets and deposits
Within 2011, ISE 100 index recorded at the
highest 70,335 and at the lowest 48,600
after starting the year at the level of 66,004.
With a 21% decrease during whole year,
Index completed 2011 at 51,267.
Especially in the second half of 2011, as
one of examples ISE 100 Index, markets
impacted negatively as a result of capital
outflows in developing countries which
caused by doubts about global growth and
worsening risk perception. The debt crisis
in Europe and predictions for recession
took its toll on ISE companies’ profitability
and brought about a depreciation of their
stocks value.
Begining the year 2011 at level of 1,50
foreign exchange rate, followed moving
upwards throughout year, reached an all
time high at 1,92 with significiant increase
in its momentum after August 2011.
Furthermore, negative expectations for
global affairs and realizations of the
deepening debt crisis in some of European
contries, resulted in a depreciation of the
Euro and domestic currencies in
developing countries against USD. In
Turkey, perceived as a safe haven,
increasing demand in USD by foreign funds
mostly constructed with investment
portfolios, caused Turkish Liras to perfom
weakly against USD
After purchasing regulated foreign
exchange tenders from the beginning to
the midldle of the year, the CBT ceased
purchasing in July 2011 and began in
August to regulate foreign exchange sales
tenders to provide and expand liquidity in
the economy.
In addition, the CBT focused to limit
increases in the foreign exchange rate by
direct interventions at the last term
of 2011.
According to middle term program
between 2012 and 2014, GNP growth rate
is expected to be set at 4% in 2012 and at
5% in both 2013 and 2014. Due to
forecasts for the employment rate to rise
gradually and exports to grow higher than
imports, current deficit is anticipated to
decrease. As a consequence, the inflation
rate is expected to return to single-digit
numbers and to be balanced at the
level of 5%.
Middle Term Program
2011201220132014
GDP (TRY billion, current prices)
1.281
1.426
1.572
1.733
GDP (USD billion, current prices)
766
822
888
952
GDP Growth
Unemployment Rate (%) 7,54,05,05,0
10,5
10,4
10,2
9,9
Exports (FOB) (USD billion) 134,8
148,5
165,7
185,1
Imports (CIF) (USD billion) 236,9
248,7
272,5
295,9
56,9
59,7
60,8
62,6
Current Account Balance (USD billion)
Exports/Imports (%) -71,7
-65,4
-67,0
-67,1
Current Account Balance / GDP (%) -9,4
-8,0
-7,5
-7,0
% Change in Year-end CPI (forecast) 7,8
5,2
5,0
5,0
035
Presentation
Banking Sector
1,2
trillion
Total assets in the banking sector
reached TRY 1,2 trillion while deposits
were set at TRY 696 billion as of year
end 2011
Developments in theBanking Sector
According to analysis completed in
December 2011, total assets in the
banking sector reached a level of TRY 1,2
trillion while deposits were set at TRY 696
billion. In addition, loans registered TRY
701 billion in the banking industry
Looking at improvements of participation
banks through 2011, participation bank
assets increased to TRY 56,2 billion and
deposits reached TRY 39,2 billion as
volume of loans was recorded at TRY 41,5
billion. Comparing performance of
participation banks to the rest of the
banking industry, participation banks
increased their share in deposits and total
assets in the banking industry.
036
The share of participation bank assets in
the banking sector total assets moved
upward from 4,31% in 2010 to 4,61% as
of year-end 2011. The share of
participation bank deposits in the banking
industry rose to 5,64% in December 2011,
up from 5,36% in 2010 while loans share in
the banking industry stepped backward
from 6,03% in the previous year to 5,93%
in 2011
The share of participation banks total assets
increased by 4,6% in 2011, up from 4,3% in 2010.
Assets Improvement (TRY million)
Year
Participation Banks
Change (%)
Deposits Banks
Sector
Participation Banks /Sector (%)
2007
19.445 41,4
543.272 581.606 3,34
2008
25.770 32,5
683.823 732.536 3,52
2009
33.628 30,5
773.357 834.014 4,03
2010
43.339 28,9
932.371 1.006.667 4,31
2011
56.153 29,6
1.119.915 1.217.711 4,61
Deposits Improvement (TRY Million)
Year
Participation Banks
Change (%)
Deposits Banks
Sector
2007
14.834 33,0
342.031 356.865 4,16
2008
19.045 28,4
435.554 454.599 4,19
2009
26.711 40,3
487.909 514.620 5,19
2010
33.089 23,9
583.947 617.037 5,36
2011
39.220 18,5
656.281 695.501 5,64
Loan Improvement (TRY Million)
Year
Participation Banks
Change (%)
Deposits Banks
Sector
2007
15.367 46,3
279.868 304.909 5,04
2008
20.190 31,4
364.592 397.460 5,08
2009
25.372 25,7
382.334 422.270 6,01
2010
32.412 27,7
488.650 537.492 6,03
2011
41.526 28,1
635.523 700.706 5,93
037
Presentation
Bank Asya’s
Activities in 2011
Increasing its current assets by 50%
during the year, Bank Asya ranks first
with its rate of current assets in the sector.
Accomplished the year with
11% growth in assets...
Bank Asya, finished the year 2011
dominated by importance of deposits
growing incrementally as a consequence of
global economic shrinkage, at the point of
TRY 12,4 billion in assets with 11% growth
compared to the previous year.
Annual collected funds
trend (Milion TRY)
9.137
5.843
4.698
2007
Bank Asya ranks first with
the rate of increase in current
acoounts within the sector
Growth of the funds collected on
the basis of customer groups
As of 2011, Bank Asya, particularly thanks
to an upward trend in retail and SME’s
customers volume, continued to increase
the funds collected on the basis of its
customer group, The Bank also focused on
taking measures against small slices of
sources in line with its target to generate
long-term, multi-partnered structure of fund
Gold Account
Besides economic contraction experienced
in Eurozone, and increased demand for
gold, Bank Asya’s gold account reserves
vaulted 9,948 kg with an impressive
increase of 470% up from 1,745 kg at the
begining of the year. This took place in
response to individual investors headed
towards gold.
038
Succeeded in 50% growth to TRY 3,121
million throughout 2011, Bankasya
prolonged its leadership in sector with the
rate of current assets in total assets while
entire banking industry accrued with 23%
growth in total current assets.
Enhancing total participation accounts at
TRY 9,276 million in 2011, Bank Asya,
continued its first place in interest-free
banking industry.
2008
2009
2010
2011
3.121
Annual total current account
trend (Million TRY)
2.081
1.593
888
2007
Continued its first place in
annual total participation
accounts
12.397
11.167
1.007
2008
2009
Annual Total Participation
account trend (Million TRY)
2010
2011
9.086
9.276
2010
2011
7.544
4.836
3.810
2007
2008
2009
Strong and healthy growth
in line with strategic targets
Corporate Banking
Customers as long-term
business partners...
Main categories of products
offered to corporate clients
In the constantly changing and fiercely
competitive environment of financial
markets, Bank Asya strives to meet the
needs of its customers that it sees as
long-term business partners. The Bank
serves each client with multidimensional
projectbased solutions in a timely manner.
The bank conducts corporate marketing
activities in line with its customer-oriented
banking principles.
•
•
•
•
•
•
•
•
Bank Asya has six corporate branches
(three in Istanbul and one each in Izmir,
Antalya, and Ankara) and employs 86
specialist personnel in these branches as
well as 11 expert employees in the
Headquarters Corporate Marketing
Department. The Bank provides more
effective and more efficient financing
facilities to its clients and supports
entrepreneurs with its network of dedicated
staff.
Bank Asya’s customer-focused
marketing policy principles:
The marketing network includes the
corporate marketing personnel employed
in the branches and is also strategically
supported by the Headquarters Corporate
Marketing Department. This organizational
structure allows the Bank to be closer to
clients and to review and resolve customer
requests in a timely fashion.
As the pioneer of many groundbreaking
practices in participation banking, Bank
Asya operates on the principle of selfimprovement with respect to new customer
needs that may arise as a result of an
evolving and changing economic
environment. The Bank analyzes customer
needs appropriately, conducts effective
marketing activities, and assesses loan
applications in accordance with the
principles of security, liquidity and
profitability.
Current Accounts
Participation Accounts
Cash Management
Cash Loans
Non-Cash Loans
Foreign Trade Finance
Insurance Services
AsyaCard Business
Bank Asya provides a comprehensive
range of services to meet the needs of its
corporate banking clients, from lending and
cash management to foreign trade and
investment products, with its extensive
lineup of products, professional asset
management teams, advanced technology
systems and diverse distribution channels.
The Bank plans to develop fast-paced and
comprehensive offerings while remaining
committed to its corporate values and
risk-management policies in accordance
with its objective of “supporting the
producers.”
• Conducts frequent customer visits in
order to keep abreast of their current
concerns and to respond to their needs
with appropriate solutions, while
maintaining regular communications,
• Takes action in a timely and effective
manner when dealing with customer
requests,
• Responds to customer requests clearly
in order to achieve customer
satisfaction and reassures clients to
ensure the continuity of business
relationships,
• Develops new products and services in
line with customer expectations and
serve clients with an extensive product
lineup,
• Is open to customer suggestions and
restructures business processes
accordingly in case of need,
• Increases its presence within the sector
by adding new customers to its portfolio
while enhancing relationships with
existing customers,
• Offers products and services that are
efficient, profitable and competitively
priced,
• Structures its organization in line with
corporate objectives and generates
results.
039
Presentation
Bank Asya’s Activities in 2011
Commercial Banking
A master in project finance
Institutionalizing sophisticated experiments
gained from projects, specializing in
project finance, associating with each
project closely, Bank Asya, having financed
significiant projects since its foundation,
aims to enhance its efficiency in its
profitability and risk management policies.
For this purpose, the Project Finance
Department, employing a dedicated expert
team in project finance was established
within the Headquarters
Profit/Loss sharing projects
As one fundamental instrument of
interest-free banking, profit-loss sharing
projects are analysed and prosecuted by
the Project Finance Department. Bank
Asya has different types of profit-loss
sharing projects, of which analysis and
meetings still continue. Yet already, one
profit-loss sharing project, of which the sale
and contsruction processes are expected
to be completed within two years, was
designed and loaned by the Project
Finance Department.
Additionally, sectoral reports complied with
results of Project Finance Department’s
analysis of developments in the sector,
were periodically composed and submitted
to Bank Asya’s personel.
In different periods within 2011, detailed
reports about the Housing Sector, the
Health Sector and the Tourism Sector were
issued and distributed to personnel
040
Remarkable growth in financial
leasing...
Regional Offices, timely and
more efficient banking
While providing financial support to its
commercial banking customers requsition
to increase their investments, production
capacity, profitability and employment
during 2011, Bank Asya, thanks to its
international reputation, also furnishes
non-cash services to companies in need of
letters of guarantees, counter guarantees,
letters of credits, avalization etc. arising
from project conditioned with commitment,
or foreign trade transactions.
Improvements in financial leasing, as one of
primary objectives on marketing agenda
throughout the year 2011, boosted
incomparably to the previous years’ volume
and as a consequence Bank introduced
with remarkable leasing portfolio.
During the year 2011, seven new Regional
Marketing/Allocation Offices in additon to
the South East Anatolia and Aegean
Regional Offices, were established to
operate banking activities.
Servicing an extensive product line
including cheque books, POS, tax, SSI and
invoice payments, wage payments,
insurance services and internet banking,
Bank Asya, with advanced technology and
practical solutions, also aims to improve its
service network in a pioneering manner to
achieve customer satisfaction within pure
competitive market.
As a result of the increase in the number of
regional offices and self-authority for
allocation, the Commercial Banking
Department was merged out of two
different departments in the previous
periods.
Besides aiming to operate banking services
and products in accordance with sound
policies and marketing strategies in order
to increase profitability and ensure
continuity of business relations, Bank Asya
contributes to generate and improve
commercial portfolios and marketing
orginazation.
In conjuction with establishment of the
Istanbul Europe I, Istanbul Europe II,
Istanbul Anatolia, Ankara, Marmara, Konya
and Black Sea offices, Regional Offices
commenced to conduct all loan and
banking transaction processes of SME
customers within allocated credit limits.
By constructing Regional Coordination and
Product Portfolios, the SME Banking Dept
was underwent for a change in its
organizational structure.
Bank Asya increased the number of its active
SME customers with a dedicated credit line to
63,000 in 2011, up 40 percent compared to 2010.
SME (Small-Medium sized Enterprises) Banking
Bank Asya’s “Çobanyıldızı”
continues to shine
Serving the Microbusiness and SME
segments and supporting these clients
with loan and cash management products
and sercives, Bank Asya continued to
surge the share of SME segmented
customers in its total customer portfolio
during 2011.
Bank Asya supports the investments,
business growth projects, production
expansion initiatives and all foreign trade
transactions of its microbusiness and SME
clients through lending. Bank Asya also
offers its customers cash management
services including Direct Debiting System,
Commercial Card, AsyaAsist Card,
Checkbook, POS devices, Tax and Social
Security Payment, Bill Payment, Salary
Disbursement, Insurance Services and
Online Banking.
As a result of sound marketing policies
based on innotiative marketing strategies,
Bank Asya increased the number of its
active SME customers with a dedicated
credit line to 63,000 in 2011, up 40 percent
compared to 2010.
In parallel with its strategic objective to
grow in the Small Business Banking
segment, Bank Asya unveiled its
“Çobanyıldızı Project”, in the last quarter of
2010. The Çobanyıldızı Project, which
represents a new generation small
business banking concept, proceeded to
shine a light on SMEs during 2011. Rolling
out eight more financing packages for
SMEs, the number of loans provided to
SMEs reached TRY 75 million.
The primary objectives of Small Business
Banking at Bank Asya are to renew existing
financing packages, develop new financing
packages, and become the solution
partner of more SMEs under the
Çobanyıldızı brand.
"To this end, taking a close interest in SME
customers Bank Asya organized
“Çobanyıldızı Meetings” participated by
regional SME customers in various
Anatolian provinces such as Malatya,
Adana, Şanlıurfa, Kayseri and Konya in
order to better understand the concept of
"Çobanyıldızı" and our bank and to
promote products. Bank Asya also plans to
continue to hold Çobanyıldızı Meetings in
different provinces through 2012."
"Providing support to businesses in
unexpected / emergency situations when
users require medical, legal and financial
consultancy services, the AsyaAsist Card
reached 43,000 active users in 2011, a 16
% increase on the previous year."
In 2011, Bank Asya continued to take part
in government-supported projects for its
Small Business Banking clients. Within the
framework of its partnership with the Credit
Guarantee Fund (KGF), the Bank continued
to extend KGF-underwritten loans to firms
that have difficulty posting collateral on
their own.
Developed by Bank Asya continued to give
customers a cost advantage by helping
them to lower their operational costs while
enhancing their ability to make collections.
The Direct Debiting System (DDS) makes it
possible for firms to automatically receive
payment for goods and services they sell
to their dealers and regular customers.
An alternative to DDS is a cash
management product known as the Virtual
Commercial Card, which allows payments
and collections between a wholesaler/
franchiser and a retailer/dealer exclusively.
As of 2011, Bank Asyasupports its SMEs
clients with loan and cash management
products under brand of The Çobanyıldızı
Project, which represents a new approach
to small business banking, Bank Asya aims
to be the primary bank in Microbusiness
and SME segments and to establish long
term relationships with its small business
clients, and to become their advisor bank.
To this end, by developing new products
and projects to add to its existing line up of
products and services, Bank Asya, has
realized its targets and sound strategies.
041
Presentation
Retail Banking
Expected and desired growth
in retail banking has been
realized...
Bank Asya has continued to provide the
highest quality service to its customers via
600 retail marketing staff working in 200
branches. The number of Bank Asya’s retail
customers jumped to 3.3 million in 2011, a
rise of 16 percent from the previous year.
2011 retail finance support was
at center stage
Improving its competitiveness in housing
finance and other supportive products,
Bank Asya has focused on new product
development in accordance with customer
needs and expecations. While housing
finances have been related to the
construction sector, vehicle financing was
increased through a focus on the vehicle
dealer network.
As a result of all these activities the Bank
provided achieved a 75 percent growth
over the previous year in financial support
activities in 2011. This growth had an
impact on the increase of the Bank’s
market share in the banking sector.
More efficient financial support
Thanks to the various campaigns with
special rates for civil servants and teachers
conducted during the year, the Bank
received extremely positive feedback from
customers.
Growth in payment and
collection services...
Bank Asya now plays a major role in the
cash cycle of companies that receive bill
payments from their customers, thanks to
the easy bill payment options it provides,
through its alternative distribution channels
as well as in the form of automatic
payment instructions from customer
accounts or credit cards.
An increase in the number of firms for
which bill payments are accepted
contributed to the growth in bill payment
instructions, which rose by 21 percent to
554,000. The Bank processed a total of
TRY 361 million in bill payments made from
all channels during the year.
After a very successful year in its payment
and collections services, Bank Asya
provided salary payment services for some
243,000 employees of about 3,600 firms in
2011. In addition, as part of the school and
testing center tuition payment services, the
Bank processed a total of TRY 399 million
in payments for 92,500 students attending
696 schools.
In Ongoing International Money transfer
services in cooperation with MoneyGram, a
pct 90 rise from the last year in outgoing
Money transfer transctions and a pct 48
rise in incoming paymenst were realized as
well.
Bank Asya succeeded to rise
commissioning revenues at a rate pct 73.
Retail customer gowth
trend (quantity)
3.307.000
2.860.000
2.420.000
2.000.000
1.290.000
2007
2008
2009
2010
Retail financial support growth
2011
1.630
(TRY Million)
930
042
358
398
2007
2008
477
2009
2010
2011
With an increase of 16 percent in the number of
retail customers and 75 percent in retail financial
support, Bank Asya covered a lot of ground in
retail banking sector in 2011.
Inverstment Products…
In 2011, the Bank focused its efforts on
marketing invetsmets accounts; thus, a
total of 15,000 clients (up 50 percent from
2010) opened brokerage accounts to trade
stocks.The Bank recorded a rise of 31
percent from 2010 in commission income
owing to the increase in efficiency and in
the number of clients and invetsments
accounts.
Record growth via new
insurance products …
Card and merchant partner
activities
2011 was a year that Bank Asya
introduced new incurance products in line
with customers needs and expectations.
Bank Asya increased the number of its
credit cards by 6.6 percent on the previous
year, to above 1.9 million in 2011. Credit
card turnover consistent with the
increasing number of cards also went up
by 18.1 percent and reached TRY 5.85
billion.
The main products created for retail
customers were Bank Asya Evim Güvende
Insurance (Home assurance), Bank Asya
Continuous Education Plan Insurance,Bank
Asya Çocuğum Güvende ınsurance (child
safety assurance), and Bank Asya
emergency Health Insurance.
1.920.000
680.000
1.300.000
(quantity)
1.500.000
Credit Card Growth
1.800.000
With the contribution of those new
insurance products which were developed
with subsidiary Işık Sigorta, Bank Asya
produced a 55 percent record growth in
commission income in 2011.
Due in part to a variety of regional and
national card marketing campaigns, newly
attained vendors and brands as well as
efficient cutomer communications
throughout the year, installment purchases
using AsyaCard at Bank Asya merchant
partners surged by 46 percent. As of year
end 2011, approximately 200 merchants,
became strategic partners.
2009
2011
Bank Asya Retail Loans Distribution
4.022
29%
4%
1%
10%
Distribution
on quantity
base
1.707
3.237
Credit Card Balance
Growth (TRY Million)
2010
5.858
2008
4.938
2007
67%
Consumer
Distribution
on amount
base
89%
Vehicle
2007
2008
2009
2010
2011
Housing
043
Presentation
292
397
595
867
Credit Card (Forwarded)
Balance Growth
2008
2009
2010
2011
2007
2008
4.737
2009
2010
2011
In regard to all these effective activities,
Bank Asya ranked at 11th in credit cards,
10th in credit card balance, 9th in POS and
10th in POS balance in the Turkish market.
044
Bank Asya, by continuing innovative
investments on products and services in
2011, re-demonstrated its market
leadership with DIT Mobil and Mobile-T
KGS (a card-baded pass system). DIT
Mobil using MicroSD based NFC (Near
Field Communication) technology and
working independent from operators
enables customers to pay using their cell
phones.
Furthermore; “Cep-T KGS”, a product
about which studies were completed in
2011 and which was developed with
cooperation between Turkcell and Bank
Asya, enables customers at Bank Asya to
download the bank’s KGS applications
through their cellular phones with Turkcell
service and pass from bridges and
highways without need of a physical toll
card by swiping their cell phones at KGS
toll booths. Cep-T KGS will be intruduced
to customers in the first months of 2012.
Bank Asya, with its innovative products
utilising the latest technology, aims to
sustain its market leadership at contactless
payment operations in the periods ahead
Smart solutions to customer
needs via new products and
services
2.827
3.927
5.875
POS Balance Growth (TRY Million)
6.777
Due in part to newly attained brands during
the year, the number of merchant partners
reached 71,245 while the total merchant
partners balance stood at TRY 6.8 billion
up 17 percent from 2010.
Innovations in technology
continue …
One of the most substantial products that
Bank Asya launched to its customers in
2011 was PAKSİT. Thanks to PAKSİT
(Receive at sight, pay forward), Bank Asya
customers were given the opportunity to
pay in up to 36 installments of their
purchases over TRY 50, using their
Asyacard domestically or abroad.
A solution was created for an important
requirement of PAKSİT cumtomers which is
valid only for transactions complying with
murabaha principles, and which generated
a huge transaction volume in a very short
time.
Contactless cards,
transportation and campus
projects activities…
Continuing to innovate on current
transportation and campus projects, Bank
Asya maintained its leading position in this
field in 2011. Contacless cards offered by
Bank Asya, namely AsyaCard DIT and DIT
Pratik are being used with seven public,
transport projects in the municipalities of
Kahramanmaras, Balıkesir, Adıyaman,
Karabuk, Safranbolu, Bolu and Karaman,
and in TURYOL Marine Transportation in
İstanbul. Campus Card application
continues at 9 universities (Adıyaman,
Osmaniye Korkut Ata, Fırat, Duzce, Fatih,
Mevlana, Meliksah, Suleymansah and Zirve
Universities) under the scope of Bank Asya
Campus Projects as of the end of 2011.
AsyaCard DIT grew very rapidly thanks to
its prepaid toll card feature at highway and
bridge booths as well as its availability for
purchase in under 15 minutes at all Bank
branches; the number of AsyaCard DIT
users jumped by 14 percent in 2011 to
reach 876,250 customers. Originally
launched in 2008, the prepaid DIT Pratik
card has reached 235,684 users to date.
Bank Asya ranks first in the sector in terms
of the number of contactless card (credit
cards and prepaid cards combined)
transactions and in turnover.
The Bank Asya Call Center, is certified in Customer
Communication Centers Quality Management
(ECCCO EN 15838:2009) and Customer Satisfaction
Quality Management (ISO 10002:2004) in all of Europe
The best Call Center award goes
to Bank Asya…
Effective Management of
Alternative Distribution Channels
In October 2011 the Bank Asya Call Center
was deemed worthy of “The Best Call
Center Award” by the industry’s most
prestigous institution.
Thanks to IVR, Inbound, Delighted
Customer Line and Outbound calls, SMS
info service and TTS (text to speech) calls,
9.004.474 customers were contacted in
2011 from our call center.
08.11
09.11
10.11
11.11
793.964
680.219
07.11
710.698
666.401
06.11
679.167
05.11
662.660
724.041
04.11
733.683
03.11
771.080
901.869
799.289
02.11
12.11
03.11
07.11
08.11
09.11
80.755
78.010
62.646
06.11
67.522
05.11
60.428
04.11
72.873
02.11
66.360
01.11
67.154
ADC Monthly Product Sale (Quantity)
65.718
The Maraton application enabled daily
monitoring of the performances of
customer representatives at the Call
Center. Customer Complaints Management
process improvements were designed and
relevant works were initiated. After the
completion of this work, it is planned to
improve the process of monitoring and
managing complaints, measuring them
with reporting and using those results as
performance inputs.
01.11
75.867
Telemarketing team calls were converted to
Automatic Calling System, eleminating
some manual work. Online receipt of
payment in insurance products was
accomplished and Cüzdanım (my pocket),
Ailem (my family), İşsizlik (unemployment),
Evim Güvencede (home assurance) sales
started to be realized via related avenues.
72.838
Bank Asya continued to make technical
improvements to its call center in 2011 in
order to respond to customer demands
with faster and higher quality service.
Initiatives on Asya Mobile Branch were
undertaken with the intent of offering solid
banking services easily to citizens in the
regions in which our branches do not exist
and/or at any location where banking
services were interrupted due to natural
disasters. These initiatives were completed
and the first mobile branch commenced to
render banking services to earthquake
victims in Van on 5 December 2011.
Call Center Monthly Customer Contact
881.403
Everything is for a more
timely and qualified service to
customers…
As a result of these contacts, 843.356
products were sold to customers and
76.853 insurance policies generated TRY
8.013.640 in premiums throughout the
year.
73.185
The call center was also certified in
Customer Communication Centers Quality
Management (ECCCO EN 15838:2009)
and Customer Satisfaction Quality
Management (ISO 10002:2004) in June
2011. Bank Asya was the first bank to
succeed in receiving these two certficates
at the same time in whole Europe.
Mobile Branch
10.11
11.11
12.11
045
Presentation
Unconditional customer
satisfaction with Delighted
Customers’ Line
The bank at which internet
branch and mobile branch were
used at optimum level…
During 2011, 36,398 calls were responded
to under the Delighted Customers’ Line.
The average response duration was 8
seconds and 94,7 percent of calls were
serviced. The timeframe to analyse
customer demands, desires and
complaints was on average one day at the
Customer Satisfaction unit.
The Number of Internet branch users
reached 647,000 clients, up 19 percent
from 2010 during which the number, which
was 542,000 Whille there were 925
Internet branch membership cancellations
in 2010, there were 427 in 2011 a decline
of 46 percent Altough Internet branch
active usage ratio was pct 41 in sectorwide in the third quarter of 2011, this ratio
was pct 50 at Bank Asya.
01.11
02.11
03.11
04.11
06.11
07.11
9.438
Internet Branch User
8.990
10.103
7.486
05.11
450.000
2009
542.612
2010
647.252
2011
2.906
3.670
3.153
4.806
7.417
7.007
6.211
5.666
ADK Monthly Insurance Policy Sale (quantity)
The number of customers using “AsyaCep
Internet Branch” increased by
approximately four times over 2010.
While the monthly-entry to internet branch
as of November 2010 was 1,11 million, this
was realized as 1,25 million in 2011 with
pct 13 rise. On the other hand; however,
the internet branch financial transactions
volume as of November 2010 was an
average of TRY 1,39 billion, it rose up TRY
1,83 billion in 2011 - up pct 32 over the
previous year.
08.11
09.11
10.11
11.11
12.11
15.961
AsyaCep Branch User
2010
1.040.426
1.249.795
711.659
468.063
350.448
429.564
340.921
564.423
602.080
536.519
449.162
1.270.580
4.020
ADK Monthly Promotion Capacitiy (Quantity)
Internet Branch
Monthly Entry
1,25 Million
1,11 Million
2010
046
2011
2011
Determined to increase foreign trade
transactions, Bank Asya succeeded in
increasing its foreign sources by 95%
International Banking
Solid basis in international
banking
Bank Asya’s increasing share in
foreign trade...
While contributing to the national economy
through its support for production, Bank
Asya has also increased both its
effectiveness and its market share in
foreign trade finance as a result of its
respected position and strong
correspondent relationships in international
markets.
The Bank’s foreign trade transaction
volume in 2011 totaled USD 21.10 billion,
which includes, USD 4.1 billion in imports,
USD 2.9 billion in exports, USD 13.5 billion
in other transfers and USD 570 million in
guarantees.
In conducting foreign trade transactions,
Bank Asya delivers service that fully
complies with international banking
practices and standards and makes use of
modern banking instruments in order to
provide its customers with superior
solutions.
Bank Asya completed a transformation
process in international transactions in
early 2011 and transitioned from a
branch-based to a transaction based
portfolio structure. Since the completion of
this process there have been significant
improvements in the speed, reliability, and
standard compliance of the Bank’s foreign
exchange transactions.
The foreign trade team at Bank Asya
consists of employees with-proven
expertise in foreign trade, seven of whom
posess Certified Documentary Credit
Specialist – a certificate on Letter of Credits
and International Guarantees (CDCS)
International award for
excellence
Bank Asya sustained increase of its share
of Turkey’s foreign trade transactions in
2011, achieved a 10 percent increase in
import volume and a six percent growth in
export volume compared to the previous
year.
An enduring and trusted
presence in international
markets
Bank Asya continued to provide
international services to its customers
through an extensive correspondent
network of more than 1,400 banks in 110
countries.
In April 2011, Bank Asya signed an
agreement structured with the participation
of 26 banks from 17 countries for a
one-year murabaha syndication facility of
two tranches, of EUR 99 million and USD
121.5 million (totally equaling USD 300
million), to be used in export financing. As
of 2011, funds collected to be used in
export financing from abroad reached USD
760 million, a rise of 95 percent.
Bank Asya continued to provide its
customers with medium- and long-term
credit opportunities and funding sources
made available under a variety of Export
Credit Agency insurance programs; in
addition, the Bank offered qualified
customers US Department of Agriculture
GSM102 loans, which can be used to
finance imports of agricultural products
from the United States.
Bank Asya aims to continue leveraging its
extensive know-how and experience in
foreign trade finance and its strong
international relations network in order to
maintain and increase its presence in this
business line in 2012.
Import Transactions
(USD Million Dollar)
%10
Export Transactions
(USD Million Dollar)
4.092
3.722
%6
2.906
2.729
2010
2011
2010
2011
The effectiveness of Bank Asya’s
technological infrastructure and service
competencies is demonstrated by the
Straight Through Processing (STP)
Excellence Awards that it has received from
some of the world’s leading banks in 2011.
Bank Asya received the STP AWARD 2011
from Citibank.
047
Presentation
Treasury
The Treasury Department, trying to
minimize the effects of fluctuations in the
domestic financial market as a result of the
economic crisis in EU and CBT policies,
again continued to establish a balanced
foreign exchange position during this year.
The Department maintained Bank Asya’s
presence in the liquidity management
segment by offering existing products and
developing new products.
In the second half of the year the
opportunity to access to Open Market
Operations based on GES was allowed to
participation banks and the Bank was able
to provide short term fund sources on easy
terms contributing considerably to the
Bank’s profitability.
"The conractionary pressures on the
Banking Industry margins due to tightening
precautions taken by CBT in order to
minimize the current deficit, continued in
2011 and caused a reduction in the
profitability."
The Treasury Department continued to
make positive contributions to the Bank’s
profit in 2011 by earning foreign exchange
income in such a period where banking
services revenues have an added
importance in overall profitability.
048
In an attempt to make the maximum
contribution to the Bank’s profitability by
way of its liquidity management function,
the Treasury Department increased the
number of its transaction channels and
achieved a more competitive pricing
structure, producing about USD 25 billion
in trading volume.
With regards to demand from investors
who started searching for returns in the low
interest rate environment in which risk
aversion became the norm with the
markets fluctuations in 2011, and due to
ongoing uncertainty in the global
ecomomy, gold has become a widelypreferred investment vehicle. Rapidly
increasing its gold deposits and gold
transactions in response to surging
customer demand, Bank Asya recorded
significant income growth from these
transactions. Thanks to increasing
customer interest during this period, the
funds deposited in gold accounts achieved
a growth higher than the industry and
exceeded 9.9 tons, an increase of 470
percent.
In response to increasing demand for gold,
Bank Asya gold accounts surged to 9.9 tons,
with 470% increase over the sector
Quality Management System
The implementation of the Quality
Management System and persistent
improvement in its effectiveness
demonstrates Bank Asya’s commitment to
development. To this end, the Bank
engages in constant review, development
and orientation in order to meet customers
needs and expectations within the bounds
of the law and as per the prescription of
the quality management system.
Bank Asya’s customer-focused
management approach is accepted as a
necessary condition of companies striving
to subsist in today’s competitive
environment. To live up to customers’
needs and expectations, the Bank’s
activities are monitored constantly. In
accordance with feedback received from
the aforementioned monitoring,studies are
done to secure product quality from the
design to the end of the representation
process.
Adopting the “ subsequent process is our
client” principle, Bank Asya has attempted
to maximize the contribution of every unit
and every employee within the instittution
to the final customer’s satisfaction.
Maximum attention is paid to strict
compliance with current codes,
effectiveness, efficiency, and optimum cost
elements in meeting the customers’ needs
and expectations.
In order to meet Bank Asya’s 2011 quality
management system requirements, an
organizational change took place with the
intent of improving human resouces,system
infrastucture, working environment, and
enhancing coordination between
departments. A single department called
“Human Resources and Training
Department” was formed, incorporating the
“Human Resources “ and “Organization
and Quality and Training”.
After evaluation of the Bank processes in
terms of quality,speed, and cost, “Business
and Product Development Coordination“
was established to plan,organize, and
conduct studies of improvement and
development of those processes with a
“Lean Banking” perspective.
ISO 9001:2008 Quality Certificate
Bank Asya, recognising ISO9001:2008
Quality Management System as a strategic
decision, exerted intensive efforts to
implement it in all functions of the Bank.
Accordingly, the Bank continuously spent
great efforts to be a bank in which its
employees are proud to be member.
Call Center Certificate
(EN 15838)
Bank Asya qualified for EN 15838
Customer Communication Centers Quality
Management Certificate on the basis of
customer satisfation, incoming-outgoing
calls, performance management
system,hiring,and the whole process of
career planning and training.
As a proof of said effort, ISO 9000:1994
Quality Certificate was granted in 1998 and
since then took its place at the banks
quality collection counters as ISO
9001:2008 accomplishing the requirements
of all revisions.
EN 15838 is a an international standard
consisting of special reqirements for call
centers. The system conditions prescribed
with this standard is of quality
supplementary to technical qualifications.
The general purpose in preparing this
standard is to identify the mutual quality
and technical specifications for
communcation centers. The standard, valid
for interior and exterior customer
communication centers, was designated
both for communication centers and for
customers utilizing these centers.
Business Continuity
Management (BS 25999)
Customer Satisfaction
Management (ISO 10002)
Bank Asya received the “Business
Continuity Certification” which was put into
practise in 2011 from a reliable organization
called “British Standards Institute(BSI)”;
thereby, becoming the first Turkish
organization to receive the BS 25999
BCSM Business Continuity Management
System Certicifate held only by 10 banks
and 240 institutions throughout the World.
Rendering quality service means replying to
customer expectations in a consistent
manner. Accordingly, Bank Asya informs,
develops and steers its employees
constantly in order to reply in the manner
stipulated in the ISO 10002 Standard
which guides the systematic identification
of customer complaints, needs, and
expectations.
The main purpose of business continuity
management policy is to minimize the
critical operations identified through
business effect analyses and make them
functional at the shortest duration
customers are willing to accept.
049
Presentation
Bank Asya srenghtened its pioneering and
innovative identity in banking information
technologies sector through its research
and development efforts and projects, and
brought its service perminence and
operational poductivity through investments
on latest technologies and infrastructure.
With the aim of achieveing customer
satisfaction and competitivie advantage
utilising technology in the most efficient
manner and producing quick and
error- free service supply, Bank Asya
focuses its IT investments on infrastructure
initiatives, process improvements,
alternative distribution channels
enhancements, and innovative product
launches in card-based payment systems.
Major activities and investments carried out
in the Information Technologies field by
Bank Asya in 2011 include:
The Bank began monitoring demand
management processin 2011through PMI
methodology after acvieveing management
of processes via PPM application which
was formed using the same methology at
previous years.
New functions were proceeded to be rolled
out for the online branch and a
comprehensive work out better to meet teh
needs of Small Business Entities (SME) and
commercial segment self-banking was
brought to end-stage.
AsyaCard Branch Renewed
“Asyacad Branch” –web site- through
which Asyacard owners monitoring their
credit card statements and receive
information about recent campaigns was
completely updated.
050
New functions such as bill payment, credit
card provisions tracking were added to
Asya Mobile Branch channel which was
opened for customers use for allowing
them to conduct their banking transactions
through mobile phones.
Safe Access to Internet Branch
via Mobile Signature
Mobile Signature application capable of
producing entry key to Internet Branch,
Mobile Branch and Alo Asya Telephone
Banking channels was put our customers
disposal.
Interactive Voice Response system was
throughtly upgraded, and interface
structures used by customer agents was
optimized to reach the quick service and
minimum call duration level. Thus, a new
call center interface integrated with the
banking system was set up.
Bank Asya Mobile Branch ready
to service at anytime
In order to render customers a quicker and
on-site service after natural disasters such
as earhquakes or so and at premises in
which our branches not available Mobile
(travelling) Branch Project was put into
practise and made ready to service at
anytime via satellite connection and
backup links.
Technological infrastructure works required
were concluded in order to provide sale
and purchase transcations to be done both
via physical branch and through Internet
Branch.
At the counters of branches, renewing
customer queuing systems a new
kiosk-based implementation was
commenced recognizing the customers
from their debit or credit card number.
After consultancy of an international firm
within the scope of CRM Project, central
CRM application was purchased and
faceplates were started to be improved via
internal source resulting the start of the
pilot implementation of modules such as
customer compaign management, sales
management, opportunity management.
An integrated insurance sub-structure
established wih Işık Sigorta and began
online to generate various produts as Evim
Güvence (House Assurance), Eğitim
Güvence (Education Assurance), Kart
Koruma Planı (Card Saving Plan).
Together with the bill payment of new
institutions, hajj registration system and
tutition fee collection systems were put into
use. It was made possible to allocate limit
simultaneously and cedit card prints to
parents of students via online access to
universities’ systems.
A more effective appraisement
management
Appraisement Management application
was purchased and adopted to the Bank
so as to make appraisals of real estates
which would constitute collteral surety,
generate reports and integrate with the
banking systems. With the purpose of
enhancing the collectibility, Electronic
Litigation System was put into effect in
order to track cases transferred to lawyer.
Collection Application
Minimizing Delay
Implementation of Collection, producing
miscelloneous actions working as per
multidimensional criterion, was put into use
at the end of a Project conducted with
counselling of an international company
with the intent of collection of overdue
receipts and cretion of early warning
signals.
With its research-development dynamics,
investments on advanced technology and
infrastructure, Bank Asya reached to high levels
in service sustainability and operational efficiency
Suggestion System for
Automated Limit Increase
A new application was rolled out
suggesting amount of limit considering
various criterion such as spending habits,
of the customers holding credit cards, their
solvencies and asstes. System
automatically calls customers spotted by
this way and increases the limit. Plot
scheme was commenced after completion
of Management with Targets System
integrated with banking application as part
of development and renovation of Human
Resources implemnetations within the
Bank.
Account (Pusula) Management
System
For the sake of enhancement of the
business pocesses, in order to measure
and track the level of services Account SLA
Project was launched out. In this context,
all processes witihn the “Pusula”
application being a management system
developed within the scope of the Bank
were reviewed and went on to identify the
time periods during which every step must
be completed.
DIT Mobile brings contactless
technology with mobile phone
together
In order to enable customers to perform all
contactless, and other type, transactions,
with AsyaCard DIT and Card Pass System
(KGS) using their mobile phones, the Bank
gave start to realize its plans to further
develop the DIT Mobil product with two
distinct mobile payment applications, one
microSD-based and one SIM-based.
R&D initiatives are ongoing to strengthen
the Bank’s alternative distribution channels
and actively steer customers toward these
channels. Bank Asya is currently
conducting R&D work to develop new
technologies and products for information
services on smartphones which became
rapidly widespread, mobile banking
experiences and loyalty applications.
Research and Development
R&D initiatives are ongoing to strengthen
the Bank’s alternative distribution channels
and actively steer customers toward
these channels. Bank Asya is currently
conducting R&D work to develop new
technologies and products for information
services on smartphones which became
rapidly widespread ,mobile banking
experiences and loyalty applications.
Payment by installments with
PAKSİT for cash spendings
Establishment of an installment
infrastructure called “PAKSIT” was
activated availing cash shoppings payable
by installments enabling customers
adjusting cash flow without being
dependent on the merchant. As a new
function to POS application, Pre-Provision
System was rolled out to make the interim
payment with credit card for cost of goods
not received yet and perform final payment
after the delivery.
IT Infrastructure Investments
A private cloud environment covering IT
infrastructure systems was formed. By
doing so, lunching of infrastructure as
service was enabled. Automation systems
were utilized aiming the decrease of costs
of IT infrastructure operaritonal processes
and productivity.
It is possible to provide self-service virtual
infrastructure supplies for IT departments.
The outstanding agreement between IBM
Global Services İzmir Extraordinary
Situation Center and Bank Asya since
2006 was extended to the end of year
2017.
Hyper-V was also added to virtualiation
platform used in the Bank’s structure after
Vmware. Equipments with which vrtual
servers work were renewed and the rate of
virual servers in Information Center reached
pct 48 of physical servers. Backup of
virtual servers and replication to ODM
operations were lalso automized.
Beginning to use the automation and
integration product well-known in its field,
implementation of amendments made in
masse and simultaneously within the scope
of IT operational business processes. Work
to be done independently of each other
between systems were standardized
integrating in a simple but efficient way. As
a result of this work, labor-saving was
targeted together with the increase of
productivity and quality of IT operational
processes.
System was established enabling
video-conference, training and meeting
between headquarter and branches.
Application Performance management
(BSM) l aunched in the last quarter of 2011
monitoring of application peer to peer,
evaluation of our customers feelings while
they were using our applications and
realizing and responding to timely all
performance isuues related with
applications, and planned to have
completef within the first quarter of 2012.
051
Presentation
Corporate Social
Responsibility
Sponsorships
Sport sponsorships
During the year, Bank Asya sponsored a
variety of activities in order to highlight its
identity not only as an expert banking
institution, but also as a company that
cares about society as a whole, the
environment, arts and sports.
Believing that talented young people need
to be supported individually for the sake of
the future of sports in Turkey, Bank Asya
keeps undertaking the personal
sponsorship of Aşkın Karaca, a young
track athlete who has racked up numerous
achievements in national and international
competitions in the triple jump category
since 2008.
Event sponsorships
The Bank continued to sponsor major
events such as the INEPO International
Environmental Project Olympiad and the
Turkish Olympiads, which have come to be
equated with the Bank Asya brand name
over the years. Bank Asya also sponsored
events that focus on trade and financerelated issues including the Turkish
Confederation of Businessmen and
Industrialists (TUSKON) and the Active
Academy Financial Summit.
Culture and art sponsorships
Continuing to support culture and art, Bank
Asya has been a prime sponsor of the Fatih
University “Crystal Clapperboard Short Film
Competition” for five years. This
competition aims to raise Turkish cinema to
new heights and encourage youngergeneration filmmakers.
Media sponsorships
During 2011, Bank Asya sponsored a
variety of programs, columns and pages in
newspapers, on radio stations and on TV
channels that support the Bank’s corporate
image.
The Bank also sponsored a range of TV,
newspaper and radio content that
appeared during Ramadan.
052
Not content with its services to the
country in the banking sector,
Bank Asya conducts its studies on
corporate social responsibility with a
strong social consciousness.
Bank Asya 1st League
Aware that investing in Turkish football is in
fact investing in the country’s future, Bank
Asya extended its name sponsorship of the
Turkish Football Federation (TFF) 1st
League, which it has undertaken since the
beginning of 2008.
Seeking to improve both the brand value
as well as the quality of play in the 1st
League, Bank Asya has also acted as
uniform sponsor of some league teams
since it became the name sponsor. Bank
Asya supported 8 out of 18 1st League
teams in the 2011-2012 season through
uniform sponsorship agreements.
The Bank Asya 1st League continued to
appreciate in value as a rising and easily
recognized brand; interest by the media in
the 1st League increased and television
shows dedicated to 1st League coverage
began to be aired.
Aiming to contribute to sportsmanship and
sports culture by recognizing athletic
achievements in addition to its support for
Turkish football and clubs, the Bank has
presented Bank Asya 1st League Awards
for three seasons now. The third edition of
the Awards ceremony was held in May, and
the winners in eleven award categories
were announced.
Corporate social responsibility
projects
Bank Asya has considered the Turkish
Football Federation 1st League a corporate
social responsibility project from the
beginning of its name sponsorship of this
organization. The Bank sees its support to
this league as an investment in Turkish
football. Not content simply with its name
sponsorship, the Bank has fully embraced
the 1st League since its relationship with
the organization began in 2008. Projects
undertaken by the Bank in support of the
1st League include the Bank Asya 1st
League magazine, the
bankasyabirincilig.com.tr website, play-off
events and the Bank Asya 1st League
Awards. Bank Asya offers uniform
sponsorship to all 1st League teams at the
beginning of each season to further
improve the quality of the football play in
the league. The Bank provided additional
financial support through uniform
sponsorship deals with 12 teams in the
2008-2009 season, 14 teams in the
2009-2010 season, and 12 teams in the
2010-2011 season, 8 teams in the
2010-2011 out of the 18 total teams in the
1st League. As a result of all of these
activities, the Bank played a major role in
the increasing brand value of Bank Asya
1st League.
Bank Asya continued to make donations to
various educational institutions,
associations and foundations during the
year out of its commitment to corporate
social responsibility and without public
notices or announcements. The Bank
donated an amount equivalent to TRY 645
thousand of its shareholders’ equity in
contributions and assistance to a variety of
organizations and entities in 2011.
Subsidiaries and
Affiliates
Address (City / Country)
Bank’s Ownership Share (%)
Yeni Mağazacılık A.Ş. (*)
İstanbul / Turkey 21,84
Landmark Holding A.Ş. (*)
İstanbul / Turkey 21,84
Tamweel Holding S.A. (**)
Dakar / Senegal
40,00
Kredi Garanti Fonu
Ankara / Turkey 1,67
Asyafin Sigorta Ara. Ltd. Şti.
İstanbul / Turkey
95,00
Nil Yönetim Hiz. Tur. San ve Tic. A.Ş.
Ankara / Turkey
99,93
Işık Sigorta A.Ş.
İstanbul / Turkey
65,42
Tuna Gayrimenkul Yatırım Ortaklığı A.Ş.
İstanbul / Turkey
22,94
Asya Kart Teknoloji Hizmetleri A.Ş.
İstanbul / Turkey
99,50
Asya Emeklilik ve Hayat A.Ş.
İstanbul / Turkey
97,99
Company Name
(*) The Bank recorded Yeni Mağazacılık A.Ş. and Landmark Holding A.Ş. as its affiliates in accordance with the joint investments method that is one of the Financing Methods for
Participation Banks as stipulated in Article 19 of the ”Regulation on Banks’ Credit Transactions” that was published in the Official Gazette No. 26333 dated 1 November 2006 and that
became effective on the same date, and the Uniform Chart of Accounts published in the Official Gazette No. 26415 (Second Issue) and dated 26 January 2007.
(**)As of February 4, 2010, the Bank has paid for TRY 21.548.000 and as a consequence, became owner of 40% of Tamweel Africa Holding S.A. that is owned by the Islamic Corporation
for the Development of the Private Sector (“ICD”) which is a group establishment of the Islamic Development Bank (“IDB”). TRY 9.077.000 and TRY 4.900.000 has paid for capital increase
respectively on June 8, 2010 and October 3, 2011. As of the reporting date capital registry process has not been finalized yet.
Işık Sigorta
Işık Sigorta was established in Istanbul in
1996 with the special mission of raising
social awareness about insurance as well
as attracting those who are unfamiliar with
or had negative attitudes toward insurance
services.
Işık Sigorta has total paid-in capital of TRY
60 million and Bank Asya holds a 65.42%
stake. Işık Sigorta has adopted a
customerfocused organizational structure
that makes use of an advanced data
processing network and an experienced
workforce in order to provide better
insurance consultancy services to its
customers.
The Company develops products in line
with customer expectations and needs and
delivers them with a superior service
approach that applies before, during and
after sales.
This system allows the Company to
underwrite transactions, which is a
significant competitive advantage in terms
of business conduct and service quality.
In November 2007, the Company moved
its headquarters into a modern, fully
automated “smart” building along with
Bank Asya, where it has served its agents
and customers ever since.
Nil Yönetim Hizmetleri Emlak
Turizm San. ve Tic. A.Ş.
Tuna Gayrimenkul Yatırım
Ortaklığı A.Ş.
Nil YÖnetim Hizmetleri Emlak Turizm Sanayi
ve Ticaret A.Ş. is a real estate management
services company that operates the Asya
Termal Holiday Village owned by Tuna
GYO. Bank Asya controls a 99.93% stake
in the Company. Asya Termal Holiday
Village is located in KIzIlcahamam, a
thermal spring spa known and used for
centuries by many different cultures and
civilizations.
Tuna Gayrimenkul Yatırım Ortaklığı A.Ş. is a
real estate investment trust. Formerly a
construction company known as Asyafin
Turizm Proje Insaat Emlak Sanayi ve Ticaret
A.S., the Company was reincorporated as
Tuna Gayrimenkul Yatırım Ortakligi after
obtaining a license from the Capital
Markets Board.
Occupying an area of approximately
100,000 square-meters, Asya Termal
Holiday Village consists of a 5-star hotel
with 94 rooms and a 200 bed capacity,
494 deluxe timeshare houses (held under
11,856 two-week contracts), recreation
facilities, indoor and outdoor swimming
pools, health units, a shopping center, a
cultural center, and a conference center.
Tuna GYO commenced operations on 30
September 2009 to invest in real estate
properties, real estate-backed securities,
real estate development projects, real
estatebased warrants, and capital markets
instruments. The Company also engages in
other activities allowed by the CMB’s
Communique on Principles Pertaining to
Real Estate Investment Trusts.
Bank Asya directly controls a 22.94% stake
in Tuna GYO.
Asya Termal Holiday Village quickly
established a solid reputation as a
prestigious venue for holidays and as a
health and conference tourism destination.
Since its founding, the Village has played
host to many wellknown Turkish and
international guests and to many largescale meetings and events. The resort
plays a major role in promoting
Kızılcahamam as a nationally and
internationally renowned spa.
053
Presentation
Subsidiaries and Affiliates
Asya Emeklilik ve Hayat A.Ş.was
established on 1 July 2011 with the
permissons from Banking Regulation and
Supervision Agency dated 16 May 2011
and Undersecretary of Treasury-General
Directorate of Inurance dated 8 June 2011
and registerd to trade registry office.
Folllowing establisment work, the company
applied to the operating licence for pension
branch on 16 September 2011 and to life
group assuranceslicence on 30 December
2011.
Asya Emeklilik targets those who are
interest sensitive and desire a pension
system operating in conformity with
participation bank basis. The portfolio is set
with this intent and was planned to
comprise only of interest-free instruments
issued by the Undersecretariat of Treasury
in Turkey, as well as interest-free Sukuk
and similar instruments issued in
international markets, equity shares in
compliance wth participation banking
applications,participation accounts, and
gold funds. Asya Emeklilik determines all of
its processes in accordance with the
aforementioned targets.
Considering Turkey’s pension market and
dynamics with its exprerience in the
participation banking, assurance and
retirement needs of target groups were
analysed in detail. As a result, products will
be launched meeting the needs and
expectaions of these target groups.
054
Asya Emeklilik is determined to enchance
its market share by differentiating in
services rendered to customers while
prioritizing its service quality. There will be a
service concept which is accessed easily
by customers, informing them accurately
and quickly in a way that matches their
expectaions. A profitable portfolio shall be
created with a fast and productive
distribution channel realizing sale of the
products in accordance with the needs of
target groups and operatonal infrastructure.
Bank Asya has a share of 97.99 percent in
the company partnership.
Tamweel Africa Holding S.A.
Tamweel Africa Holding S.A. was founded
on 9 June 2009. Sixty percent of holding
shares belong to the Islamic Corporation
for the Development of The Private Sector
– ICD while 40 percent belong to Bank
Asya.
Registered in Senegal, the headquarters is
located at the address of 66 Rue Carnot, 5
ERNE Etage Residence Diourna Lena
Dakar.
As of 31 December 2011, 10 person were
employed within the holding and there
were four branches running in Senegal,
Guinea, Niger and Mouritania.
Yeni Mağazacılık A.Ş.
A101 Yeni Mağazacılık A.Ş. was
established on 28 March 2008.
Opening the first supermarket with the
nameof A101 on 28 April 2008 the
company has subsequently succeeded its
target by 121 stores. A101 provides low
cost quality good and comsumables to
customers at low prices in the chain
markets operated in “Hard Discount”
concept.
The Company’s goal is to establish 2000
stores by year 2015.
Operations in A101 are being conducted
from Antalya,Trakya,Sakarya,İzmir, Tuzla,
Ankara,Kıraç,Samsun, Bursa, Kayseri and
Adana regions in addition to the
warehouse-office and Istanbul Central
Office.
Independent Auditors
Compliance Opinion
on the Annual Report
To the General Assembly of Shareholders of Asya Katılım Bankası A.Ş.;
We have audited the accuracy and compliance of the financial information in the accompanying annual report of Asya Katılım Bankası A.Ş.
with the audit report issued as of 31 December 2011. The Board of Directors of the Bank is responsible for the annual report. As
independent auditors, our responsibility is to express an opinion on the audited annual report based on the compliance of financial
information provided in the annual report with the audited financial statements and explanatory notes.
Our audit was performed in accordance with the accounting standards and principles and procedures of preparing and issuing annual
reports as set out by the Banking Act No: 5411. Those standards require that we plan and perform our audit to obtain reasonable assurance
whether the annual report is free from material misstatement. We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion.
In our opinion, the financial information provided in the accompanying annual report presents fairly, in all material respects, the financial
position of Asya Katılım Bankası A.Ş. as of 31 December 2011 in accordance with the prevailing accounting principles and standards set out
as per the Article 40 of the Banking Act No: 5411. The financial information provided in the annual report is in compliance with the audited
financial statements and explanatory notes, and also includes the summary Management report and our audit opinion on these financial
statements.
DENETİM VE SERBEST MUHASEBECİ MALİ MÜŞAVİRLİK A.Ş.
Member of DELOITTE TOUCHE TOHMATSU LIMITED
Hüseyin Gürer
Responsible Partner Chief Auditor, SMMM
(Independent Accountant and Financial Advisor)
İstanbul, 9 March 2012
055
Funding the real sector which is of vital
importance for the healthy functioning of
the economy, Bank Asya takes the side of its
customers in every economical
circumstances.
Tree
of Life
Governance Informations and Implementations of Corporate Governance Principles
Board of Directors
Behçet Akyar
Abdullah Çelik
Ali Çelik
Faruk İlk
Chairman
Board Member
Board Member
Behçet Akyar graduated from
the Department of Financeof
İstanbul Economics and
Administrative Sciences
Academy andbegan his
professional career as a
managing partner of Akerler
Kumaş in 1979. He worked as
the manager of the various
companies ownedby himself.
Behçet Akyar is the member
of the board of directors and
one of the shaeholdersofFeza
Gazetecilik since 1992. He is
also the chairman of Işık
Sigorta, a managing partner of
Akerler Tekstil and amember
ofboard of directors of Aker
Magazacılık ina addition to
being chairman of Bank Asya
since 2010.
Abdullah Çelik graduated from
the MiddleEast Technical
University – Department of
Economicsand completed a
marketing and finance based
MBA program in Old
Dominion University and
began his professional career
in 1992. After serving as a
Certified Bank Auditor, Vice
President at the Board of
Certified Bank Auditors, and
Department Head of the
Turkish Banking Regulation
and Supervision Agency
(BRSA) respectively, he was
appointed as the CEO and the
chairman of Development
Bank of Turkey at the
beginning of 2006. After his
assignment at Development
Bank of Turkey, Abdullah Çelik
joined Bank Asya as the CEO
and a board member in the
March 2011.
After beginning his career as a
construction contractor in
1980, AliÇelik established
Çelikeller Company in 1983,
Birim İnşaat Company in 1987
and Yapı Yatırım Company in
2000. He currently serves as
the chairman of Çelikeller
A.Ş., Samanyolu Yayın
Holding, Yapı Yatırım ve
Gayrimenkul A.Ş. and Hamle
Oto Kiralama A.Ş. and as vice
chairman of Sema Sağlık
Hizmetleri A.Ş.. Mr Çelik has
been assigned as a member
of the Board of Directorsof
Bank Asya since 2012.
After graduating from Egean
University Faculty of Business
Administration, Faruk İlk
in 1980. He served as labour
inspector in the Ministry of
Labour and Social Security
since 1996. He worked as
executive vice president of
Samanyolu TV between
1996-2000 and as a
managing partner and CEO of
Dünya Grup between 2000
and 2012. Mr İlk serve as a
member of oard of directors at
Bank Asya since 2012.
Members of Board of Directors, on 26.01.2012 Salih Sarıgül and Ahmet Çelik and on 02.02.2012 Tacettin Negiş resigned
from their positions and Ali Çelik, Faruk İlk and Mustafa Talat Katırcıoğlu were appointed instead respectively.
058
Board Members and
Their Terms of Office
Details pertaining to the
constitution of the Bank’s
Board of Directors and to the
terms of Office of its
members are stipulated in
Article 32 of the Bank’s
Articles of Association. Board
members serve for three-year
terms. A Board Member
whose term of office has
expired may be reelected.
Mustafa Talat Katırcıoğlu Hülagü Özcan
İsmail Erol İşbilen
Board Member
Board Member
Board Member
Graduating from İstanbul
Technical University Faculty of
Machine, Mustafa Talat
Katırcıoğlu began his
professional career in 1993.He
serves as a partner and board
member in firms operating
mainly in real estate and
construction sector. Mr
Katırcıoğlu holds serves as a
member of board of directors
at Bank Asya since 2012.
Graduating from the Middle
East Technical University
Facuty of Administrative
Sciences, Hülagü Özcan
in 1983. He worked as
manager, auditor, executive
vice president and board
member in miscelleneous
banks and finance
corporations both in the
country and abroad. Mr
Özcan serves as amember of
board of directors and a
member in the audit
committee of Bank Asya since
2010.
Graduating from Ankara
University Faculty of Political
Sciences Department of
Economics and Public
Finance, İsmail Erol İşbilen
in 1983. He served as bank
examiner and manager at
various banks. In 1997 he
joined Bank Asya as a branch
manager and he worked as
the department head of Loans
Unit between 2000 and 2004.
After serving as the
department head of a another
bank, Mr İşbilen serves as a
member of Board of Directors
and theAudit Committee since
2010.
Behçet Akyar
Chairman - 2010
Abdullah Çelik
Board Member and CEO - 2011
Ali Çelik
Board Member - 2012
Faruk İlk
Board Member - 2012
Mustafa Talat Katırcıoğlu
Board Member - 2012
Hülagü Özcan
Board Member - 2010
İsmail Erol İşbilen
Board Member - 2010
Board of Directors
Meetings
Under Article 38 of the
Bank’s Articles of Assocation,
the Board of Directors must
convene at least four times
during a fiscal year. In
addition, the Board of
Directors also meets
whenever the Company’s
business requires a meeting
or upon the invitation of its
Chairman. The Bank’s board
of Directors generally meets
four times a month. Meetings
are usually attended by all
members except in situations
where members have a valid
excuse for their absence. In
accordance with Article 44 of
the Bank’s Articles of
Association. The members of
the Board of Directors are
paid a monthly gross salary
of TRY 5,000.
059
Statutory Auditors
The Statutory Auditors
and Their Terms of
Office
Details pertaining to the
constitution of the Bank’s
Board of Statutory is
stipulated in Article 49 of the
Bank’s Articles of
Association. Sattutory
auditors serve three-year
terms anda are paid as
monthly gross salary of TRY
5,000.
Atif Bilgin
Mehmet Gözütok
Statutory Auditor
Statutory Auditor
Statutory Auditor
Statutory Auditor - 2006
Graduating from Gazi
University Faculty of
Education, Atif Bilgin serves
as the statutory auditor since
1996 at Bank Asya. Mr Bilgin,
a partner of Tuna Gayrimenkul
and Galaksi İnşaat
Companies, also serves as
statutory auditor of Nil
Yönetim Hizmetleri.
Beginning his professional
career in 1986, İrfan
Haciosmanoğlu owns various
companies operating in textile
industry. He holds the position
of statutory auditor of Bank
Asya since 2009. Mr
Haciosmanoğlu, one of the
partners of Vira Denizcilik
Companies, also serves as
vice chairman at Forum İnşaat
and board member at Işık
Sigorta.
Atatürk Institute of EducationDepartment of Sciences,
Mehmet Gözütok began his
career in 1978. Mr Gözütok
was a member at Municipality
of Maltepe and İstanbul
Metropolitan Municipality
during 1994 and 1999. He
currently serves as the
chairman of the Board of
Directors at Orman ÜrünleriYapı İnşaat ve Dış Ticaret, and
Gözütoklar Group, deputy
chairman at Samanyolu Yayın
Holding and as a board
member at Sema Sağlık
Hizmetleri A.Ş.. Mr Gözütok
holds the position of statutory
auditor at Bank Asya since
2012.
Atif Bilgin
Mehmet Gözütok
The Member of Board of Statutory Auditors, Ali Akbulut resigned from his position on 23.02.2012 and Mehmet Gözütok was appointed to fill the seat vacated.
060
Changes in the Membership of the Board
of Directors And the Board of Statutory
Auditors during 2011
Changes in the Membership of The Board of Directors During
2011
Abdullah Çelik was appointed asamember of the Board of Directors and the CEO after
the resignation of Cemil Özdemir on 10.03.2011
Changes in the Membership of The Board of Statutory Auditors
During 2011
No changes took place in the membership of the Board of Statutory Auditors during
2011.
Changes in the Membership of the Board
of Directors and the Board of Statutory
Auditors during 2011
Changes in the Membership of The Board of Directors During
2011
On 26.01.2012, Members of Board of Directors, Salih Sarıgül and Ahmet Çelik
resigned from their position On 02.02.2012, Tacettin Negiş resigned from his position.
Ali Çelik, Faruk İlk and Mustafa Talat Katırcıoğlu were appointed for the vacant positions
Changes in the Membership of The Board of Statutory Auditors
During 2011
The Member of Board of Statutory Auditors, Ali Akbulut resigned from his position on
23.02.2012 and Mehmet Gözütok was appointed to fill the vacant seat.
061
Senior Management
062
Abdullah Çelik
Dr. Ercüment Güler
Ahmet Beyaz
Dr. Feyzullah Eğriboyun
Abdullah Çelik graduated from
the MiddleEast Technical
University – Department of
Economicsand completed a
marketing and finance based
MBA program in Old
Dominion University and
in 1992. After serving as a
Certified Bank Auditor, Vice
President at the Board of
Certified Bank Auditors, and
Department Head of the
Turkish Banking Regulation
and Supervision Agency
(BRSA) respectively, he was
appointed as the CEO and the
chairman of Development
Bank of Turkey at the
beginning of 2006. After his
assignment at Development
Bank of Turkey, Abdullah Çelik
joined Bank Asya as the CEO
and a board member in the
March 2011.
University (Faculty of Political
Sciences - Department of
Public Finance) and doing his
master’s degree at İstanbul
University (Money and
Banking) and studying for
doctorate at Marmara
University (Banking and
Insurance programme),
Ercüment Güler began his
professional career in 1995.
After serving as bank
examiner, branch manager
and department head, Mr
Güler joined Bank Asya in
2011 as the Executive Vice
President responsible for
Retail Banking.
Sciences - Department of
Public Finance), receiving his
master’s degree from both
Yeditepe University (Financial
Law) and from University of
Illinois (MBA), Ahmet Beyaz
in 2001. After serving as
Certified Bank Auditor, and
Certified Bank Chief Auditor,
Mr Beyaz joined to Bank Asya
in 2011 as the Executive Vice
Budget and Reporting and
Accounting and Subsidiaries.
Graduating from Bosphorus
University (Department of
Electric - Electronic
Engineering and Mathematics)
and receiving his master
degree in Applied
Mathematics and doctorate
programme at Mathematical
Finance from Carnegie Mellon
University, Feyzullah Eğriboyun
in 1997. He served as
financial engineer, strategist
and trader at various
international investment banks
in New York City and London
between 1997 and 2011. He
taught finance at Sabancı
University in 2009. Mr
Eğriboyun joined Bank Asya in
2011, and currently serves as
the Executive Vice President
responsible for Treasury,
Investor Relations, Financial
Institutions, Human Resources
and Training Departments.
Fahrettin Soylu
Ahmet Akar
Zafer Ertan
Ali Tuğlu
Sciences, Business
Administration) and
completing MBA program
inUniversity of Illinois,Fahrettin
Soylu began his professional
career in 1994. After serving
as Certified Bank Auditor,
Certified Bank Chief Auditor,
deputy head of Board of
Certified Bank Auditors,
headof Supervision Group and
head of department at the
Banking Regulation and
Supervision Agency of Turkey
(BRSA), member of the
Standard Practice Group of
Basel Banking Auditing
Committee, Mr Soylu joined
Bank Asya as Executive Vice
President in 2010. He
currently holds the position of
Executive Vice President.
Sciences, Public
Administration), Ahmet Akar
in 1995. After serving as bank
examiner, manager and
branch manager in the
banking industry, he joined
Bank Asya as Executive Vice
Loans Allocation in 2001.
Graduating from Dokuz Eylül
University (Public
Administration) and
completing MBA program in
Fatih University, Zafer Ertan
in 1997 at Bank Asya. He held
various positions in Loans
Allocation and Loans
Monitoring Departments. He
was appointed to the
Non-Performing Loans
Department as the manager in
2008 and he currently serves
as the Executive Vice
President of Risk Monitoring,
Non-Performing Loans,Law
and Real Estate Departments.
Technical University (Faculty of
Computer Engineering) and
Virgnia Technical University
(Computer Sciences Master’s Degree), Ali Tuğlu
began his career as a lecturer
at Virginia Tech University
in1993. After working as a
consultant and manager at
various international
corporations within the
country and abroad, Mr Tuğlu
joined Bank Asya as the
Executive Vice President of
Information Technologies in
2008.
063
Senior Management
Board of Directors
Auditing
Coordination
Ceo
Abdullah Çelik
Executive Vice
President
Executive Vice
President
Ercüment Güler
Executive Vice
President
Ali Tuğlu
Executive Vice
President
Ahmet Beyaz
Risk Management
Center Head
Mehmet Kamil
Tümer
Corporate Marketing
Department
Atilla M. Topçu
Retail Products and
Sales Management
Department
Gökhan Çeviker
Banking Services
Department
J. Başak Ünal
System Development
Department
Mustafa Saraç
Budget and
Reporting
Department
Kamil Yılmaz
Board of
Inspectors Head
Hilali Yıldırım
Commercial
Marketing
Department
Ahmet Deniz
Card-based Payment
Systems Marketing
Department
Emre Özgür
Allocation
Department
Olcay Çakır
International
Transactions
Department
Bülent Güngör
Accounting and
Subsidiaries
Department
Fuat Akgün
Internal Control
Head
Mahmut Yalçın
SME Marketing
Department
Murat Demir
Alternative
Distribution
Channels
Department
Ali Sait Özkan
Credit Operations
Departmen
Adil Z. Şahin
System Operations
Department
Bekir Başkurt
Purchasing
Department
Murat Aydoğan
Regional
Marketing Offices
Resource
Development
Telat Altun
Cash Management
Department
İsrafil Aydın
Administrative
Affairs
Ömer Fuat
Özçelebi
Payment Sytems
Operations
Department
Mustafa Ölmez
Retail Loans
Allocation
Department
Hasan A. Küçük
064
Executive Vice
President
Fahrettin Soylu
Consultancy to
CEO
Information
Technologies and
Project Management
Dept.
Mehmet Ergün
Aydemir
Card Technologies
Department
Sami Özen
Corporate
Communication
Department
Ömer F. Gülap
Executive Vice
President
Zafer Ertan
Executive Vice
President
Ahmet Akar
Executive Vice
President
Feyzullah Eğriboyun
Non-Performing
Loans Department
Şeref Bacak
Commercial Loans
Allocation
Department
Zihni Zeytun
Treasury
Department
Cenk Yavuz
Risk Monitoring
Department
Kamil Cengiz
SME Loans
Allocation
Department
Eken Berber
Financial
Institutions
Department
İbrahim Öğüdücü
Construction
and Facilities
Department
Hüseyin Sevil
Fiscal Analysis
and Information
Department
Cevdet Korkmaz
Invertor Relations
Department
Group Management
Department
Mehmet Uruç
Corporate Loans
Allocation
Department
Özcan Özverim
Human Resources
and Training
Department
Erdoğan Kılıç
Legal Consultancy
Murat Kızgın
Project Finance
Department
Ersagun Şimşek
Foreign Business
Legal Consultancy
Talha Salih Yayla
Regional
Allocation
Offices
Job and Product
Development
Coordination
Abdurrahman Köse
Board of
Directors Secretaria
Serhat Keleş
Legislation and
Compliance
Department
Nazan Ergün
065
Committees
Audit Committee
Position
Member
Member Name Hülagü Özcan İsmail Erol İşbilen Title
Member of the Board of Directors-Audit Coordinator
Member of the Board of Directors-Audit Coordinator
The Audit Committee periodically prepares an “Audit Committee Activity Report” of its findings on the Bank’s auditing and risk management
activities to ensure that there is effective internal control, internal audit and risk management system throughout the Bank; the Activity Report
is prepared for the the Board of Directors. The Audit Committee convened 30 times during 2011. The Committee held four meetings with
the independent auditors in order to evaluate internal audit activities.
Credit Committee
Position
Member
Member
Associated Member
Name Abdullah Çelik Salih Sarıgül (1)
Ahmet Çelik (1)
Title
Member of the Board of Directors – CEO
Vice Chairman of the Board of Directors
Member of the Board of Directors
(1) Salih Sarıgül and Ahmet Çelik resigned from the membership of theBoard of Directors on 26th of January 2012 and
Behçet Akyar and Faruk İlk were appointed in their place
The Credit Committee convenes regularly every week to evaluate commercial, corporate, and small business loan proposals. The
Committee may also meet upon the invitation of the Chairman when necessary. The Credit Committee has the power to extend or deny
credit within the limits of its own authority subject to the requirements of banking laws and regulations. Proposals that exceed those limits
are submitted to the Board of Directors for approval.
Assets and Liabilities Committee
Position
Head Vice Head
Member
Member
Member
Member
Member
Member
Member
Name Abdullah Çelik
Ahmet Beyaz
Ahmet Akar
Ali Tuğlu
Dr. Ercüment Güler
Fahrettin Soylu
Zafer Ertan
Mehmet Kamil Tümer
Title
CEO
Head of Risk Management
The Assets and Liabilities Committee convenes every week. Meetings are chaired by the CEO and attended by Executive Vice Presidents
and the managers of departments whose activities might have an impact on the Bank’s balance sheet. The meeting agenda consists of
determining the strategies for the coming week by assessing the Bank’s balance sheet, business line activities, general economic data, and
current political and economic developments
Corporate Governance Committee
Position
Member
Member
Member
Member
Member
Name Behçet Akyar
Salih Sarıgül (1)
Fahrettin Soylu
Ahmet Beyaz
Mehmet Kamil Tümer
Title
Chairman of the Board of Directors
Vice Chaiman of the Bard of Directors
(1) Salih Sarıgül resigned from his membership from the Board of Directors on 26th of January 2012 and Faruk İlk was appointed to the vacated seat.
The Corporate Governance Committee convenes at least three times a year in order to oversee the Bank’s compliance with the corporate
governance principles, to undertake initiatives to make improvements in this area, and to make recommendations to the Board of Directors.
066
Discipline Committee
Position
Head Member
Member
Member
Member
Associated Member (1)
Associated Member (2)
Mehmet Uruç
Hilali Yıldırım Erdoğan Kılıç
Zafer Ertan
Murat Kızgın
Title
CEO
Chief Legal Counselor
Head of Supervisory Board
HR and Training Manager
Legal Counselor
(1) In case the EVP of HR’s absence, (2) In case of the absence of Chief Legal Counselor.
The Discipline Committee’s function is to determine the presence, perpetrators, degrees of culpability, and potential damage of transactions
and acts that necessitate disciplinary action pursuant to the Bank’s internal regulations and disciplinary bylaws. The Disciplinary Committee
convenes as circumstances warrant in meetings chaired by the CEO and attended by those managers involved in the issueson the agenda.
Information Technologies (IT) Strategy and Steering Committee
Position
Head
Member
Member
Member
Member
Member
Member
Ali Tuğlu
Mustafa Saraç
Bülent Güngör
Bekir Başkurt
Mehmet Ergün Aydemir
Sami Özen
Title
CEO
System Development Manager
Software Development Manager
System Operations Manager
IT Project Manager
Card Technologies Manager
IT plans its activities and investments prepares its annual budget and presents it to the Board of Directors for their approval. It monitors,
controls and steers the general projects requiring IT invesments. The committee audits the aims and annual activity plans of all IT units. IT
committee also advises on IT functions, processes, systems and the development of systems, risks, sourcing, organizing, relations with
service units and meets the needs of service units and the like to the related IT departments.
Information Security Management Committe
Position
Member
Member
Member
Member
Name Dr. Ercüment Güler
Ali Tuğlu
Ahmet Beyaz
Dr. Ender Şahinaslan
Title
Executive VicePresident
Risk Management, Compliance and Information Security Manager
The Information Security Management Committee, working under the Chief Executive Officer, convenes regularly to oversee Information
Security initiatives, monitor developments, and make managerial decisions.
Information Technologies (IT) Risk Management Committee
Position
Head Member
Member
Member
Member
Member
Member
Member
Name Ali Tuğlu
Mehmet Kamil Tümer
Mehmet Ergün Aydemir
Bekir Başkurt
Mustafa Saraç
Sami Özen
Bülent Güngör
Dr. Ender Şahinaslan
Title
Director of IT Project Management
System Operations Manager
System Development Manager
Card Technologies Manager
System Software Manager
Risk Management, Compliance and Information Security Manager
IT Risk Management Comitte reviews risks related to Information Technologies evaluated as the part of operational risk and makes
managerial decisions regarding risks requring manegement approval-opinion.
067
Committees
Project Finance Credit Committee
Position
Head Vice Head
Member
Member
Member
Member
Member
Ahmet Akar
Ersagun Şimşek
Ahmet Deniz
Atilla M. Topçu
Zihni Zeytun
Özcan Özverim Title
CEO
Project Finance Manager
Commercial Marketing Manager
Corporate Marketing Manager
Commercial Loans Allocation Manager
Corporate Loans Allocation Manager
(*) Concerned Marketing Managers also participate in the committee as a member according to project title.
Project Finance Credit Committee serves depending on the Board of Directors makes the evaluation of Project loans. The authority and
function of the General Manager Credit Committee(GMCC) operates in lieu of GMCC during the credit allocation process.
Pricing Committee
Position
Member
Member
Name Behçet Akyar
Tacettin Negiş (1)
Title
(1) Mustafa Talat Katırcıoğlu was appointed to the vacated seat after the resignation of board member Tacettin Negiş on
2nd February 2012.
Acting depending on the Board of Directors, the Pricing Committee was established according to “The Regulations Concerning the
Principles of Banks Corparate Governance “ issued by The Banking Regulation and Supervision Agency of Turkey (BRSA) and fulfills the
monitoring and supervision tasks of the Bank’s pricing implementations on behalf of the Board of Directors.
Cost Management Committee
Position
Head
Member
Member
Member
Member
Member
Name Ahmet Beyaz
Abdurrahman Köse
Kamil Yılmaz
Fuat Akgün
Murat Aydoğan
Ümit Eski
Title
Business and Product Development Coordinator
Budget and Reporting Manager
Accounting and Subsidiaries Manager
Purchasing Manager
Cost Management Department Senior Manager
Coordinating the effective management activities of the Bank’s expenditures the Cost Management Committee, fulfills the tasks of taking
decisons related to activities, approving purchase of goods and services prior to purchase within the limits of authority, inviting the managers
to the committee to achieve the cost-benefit analysis prior to purchase when necessary.
068
Summary Report
of Board Director
Esteemed Shareholders,
Bank Asya maintained its pioneering position in the Turkish banking industry in 2011 with its
strong customer relationships, broad deposit base, sound balance sheet, customerfocused and innovative management approach, conservative risk management strategy
and transparent corporate governance practices.
The low inflation environment, intense competition in the Turkish banking industry, and the
rapidly expanding credit as a result of increased liquidity in the system led to lower levels of
lending and contracting profit margins. The decline in lending rates also led to an
improvement in the key indicators of the banking sector by boosting consumption and
growth while fueling credit expansion and reducing both the stock of non-performing loans
and the NPL ratio on new loans.
The Bank's strategic goals to constitute a lower risk perception and a safer credit portfolio
gave its results in 2011.
The year of 2011 has been a favorable and successful year for Bank Asya in terms of
growth and profitability. A brief review of the its key financial indicators for 2011 show the
extent of Bank Asya’s strong performance during the year. The Bank has attained a profit of
TRY 216 million for the year. Bank Asya’s total assets at year-end 2011 reached TRY 17.2
billion, up 18% from he previous year. The deposit base expanded and the funds raised
were extended to corporate, commercial, small business and retail banking clients as loans.
Cash loans, which played a major role in the robust growth of the Bank’s balance sheet,
totaled TRY 13,45 billion, up 22% compared to the previous year. Deposits, which make up
the largest share of the Bank’s liabilities, grew by 11% to TRY 12.4 billion. Bank Asya also
reported a return on assets (ROA) of 1.3% and return on equity (ROE) of 10.1% for 2011.
In light of the developments highlighted above, in the year end 31 December 2011, Bank
Asya’s:
•
Total Assets increased by 18%, to TRY 17.190 million
•
Cash Loans increased by 22%, to TRY 13.452 million
•
Deposits increased by 11%, to TRY 12.397 million
•
Shareholders’ Equity increased by 10%, to TRY 2.137 million
•
Net Profit stood at TRY 216 million
•
Capital Adequacy Ratio stood at 13.31%.
We hereby submit Bank Asya’s annual report and financial statements showing the results
of the Bank’s activities for the period 1 January 2011 to 31 December 2011 for your
information and consideration.
Respectfully yours,
Board of Directors
069
Human Resources
The core values of Bank Asya’s corporate
culture include professionalism, innovation,
honesty, confidentiality, compassion,
respect, fairness, effectiveness,
productivity, quality, teamwork and social
responsibility.
Bank Asya aims to be one of the world’s
leading participation banks and to ranking
among the forefront of companies where
highly qualified professionals desire towork.
To this end, the Bank continually develops
and implements new initiatives in order to
recruit the most highly qualified personnel
and ensure their commitment and loyalty to
Bank Asya. Through its evaluation center
testing, the Bank identifies the areas
needed for further professional
development and administers training
programs accordingly; helps candidates
acquire necessary skills via the
management trainee academyprogram;
and provides overseas language education
opportunities forall employees.
Bank Asya keeps constant
touch with the students via its
“Development Base”…
To better acquaint university students with
Bank Asya, the Bank is undertaking the
Development Base Project. The Project
organizes a training camp for students and
provides them with internship opportunities
at the Bankduring the year. The
Development BaseProject ensures that
students who are prospective employees
will learn more about, and remain in
contact with, Bank Asya as they advance
toward graduation and enter the business
life.
The primary goal of Bank Asya’s Human
Resources Department is to cultivate a
sense of team spirit within the Bank and
increase overall productivity by leveraging
the staff’s sense of engagement and
belonging.
The main objective of the Bank’s hiring
processes is to recruit highly responsible
team players who have strong
interpersonal communication skills and a
strong understanding of participation
banking; in addition, Bank Asya candidates
should identify with the Bank’s mission and
vision, be open to learning and professional
development, and follow new industry
trends closely. The most sought
afterqualities in the Bank’s applicants are
university graduates, who speak at least
one foreign language, and, for male
candidates, have completed military
service.
The Bank recruits inexperienced
candidates for certain positions including
assistant marketing representative,
assistant internal auditor, assistant internal
controller, assistant financial analysis and
information representative, teller
representative, and call center customer
representative. Inexperienced applicants
are evaluated based on the requirements of
the position they are applying for. After a
recruitment process which identifies
candidates who fit with the Bank’s
business and corporate culture, prospects
are assessed on the merits of their
education, training and skills; Bank Asya
aims to create a professional environment
that provides equal career opportunities
and a high level of job satisfaction to its
employees.
When there is an open position in the
Bank, an announcement is made to
personnel using internal communications
before the job opening is posted externally.
The Bank’s current employees are given
priority in filling open positions. However,
Bank Asya also considers other candidates
who are believed to be able to contribute
to the Bank based on their experience,
skills and abilities.
When the Bank is opening a new branch,
priority is given to those successful
employees who could not otherwise be
promoted due to the lack of open positions
in the title or career band.
All career paths leading to even the highest
positions at Bank Asya are open to all
employees. The Bank’s primary criteria in
promotion decisions are employee
performance and contribution to the Bank’s
overall performance. For Bank Asya
employees to receive a promotion the
following must occur: there must be a
vacant position to which they may
advance; they must be successful in their
current position;they must have fulfilled the
minimum term of service in their current
position;they must have performed at a
satisfactory level during their testing period;
they must have successfullycompleted
training required forpromotion; and they
must never have been the target of
disciplinary action. As of year-end 2011,
Bank Asya had a total of 4,542 employees
(1,608 females and 2,934 males).
Breakdown of Employees by
Educational Background
Educational B. Number
Ratio (%)
Graduate2.951 65,0
Associate 68215,0
High School
603
13,3
Post Graduate
284
6,3
Primary
PHD
Total
160,3
60,1
4.542100,0
Number of Employees by Educational
Background
20104.266
20114.542
Change (%)%6,5
070
Bank Asya targets to be one of world’s
foremost pioneering participation banks by
continuously increasing its service quality
through its qualified human resources and
personal improvement programs
Bank Asya, taking into consideration its
goals and strategies as well as supporting
all employees’ personal and professional
career developments, carries out activities
to contribute to the increase of service
quality and productivity.
The main objectives of the training program
are to educate employees capable of both
technical information and self motivation
which enable Bank Asya to grow not only
within the country but also abroad. The
goal is to speed up the compliance and
improvement process of employees
supporting HR functions such as
promoting, managing with targets, and
career planning.
In accordance with the stipulated targets
and findings of education need analysis,
the number of trainings which are to given
to employees working both at branches
and the head office are updated reviewing
at the beginning of every fiscal year.
Trainings are held in-cooperation with the
professional companies specialized in the
field of education and experienced
in-house trainers.
Training
Besides in-class trainings depending on
the learning objectives, on-the-job
trainings, orientation programs, e-learning
trainings are also used widely. 35 pieces of
e-learning on different topics were
completed by 4,900 employees during
2011. 7 hours e-learning per employee.
During 2011, 85 trainings on various topics
were given including conferences and
seminars held outside the Bank. Many
studies were carried out to measure the
outcomes of those trainings. Bank Asya,
with the aim of increasing the number of
employees knowing foreign languages,
provided 90 of its employees with English
course support and also started English
language training within the bank in
accordance with its misson to be not only
one of Turkey’s best but also one of world’s
leading participation banks
Number of Employees in Terms of Training
Total Number of Training Topics
Total Number of Training Groups Total Number of Attendance (Person x Days trained) In-Class Training day per employee 85
629
28.547
6,34
E-learning hours per employee 7,5
Number of employees suppoted for MBA 30
071
Transaction Volumes of the Risk Group Bank Asya
included, Outstanding Loans and Funds Collected at the
End of Period, Costs and Revenues Regarding the Period
Current Period:
Risk Group Of The Bank
Participations, Subsidiaries And Joint
Direct and Indirect
Other Entities Included In
Ventures
Shareholders of the Bank
Risk Group
Cash
Non-cash
Cash
Non-cash
Cash
Non-cash
Loans And Other Receivables (*)
Beginning Balance
Endıng Balance
Profıt Share And Commıssıon
Income
77.494
107.795
8.921
16.806
-
-
172.548
206.072
42.782
164.645
15.438
-
-
-
35.797
-
(*) Includes TRY 3.411 thousands Finance Lease Receivables as of 31 December 2011(31 December 2010: TRY 153 thousands)
Previous Period
Risk Group Of The Bank
Participations, Subsidiaries And Joint
Direct and Indirect
Ventures
Shareholders of the Bank
Risk Group
Cash
Non-cash
Cash
Non-cash
Cash
Non-cash
Loans And Other Receivables (*)
Beginning Balance
Endıng Balance
Profıt Share And Commıssıon
Income
52.357
77.494
9.225
8.921
-
-
220.914
172.548
68.491
42.782
15.164
-
-
-
23.870
-
(*) Includes TRY 153 thousands Finance Lease Receivables as of 31 December 2010(31 December 2009 : TRY 237 thousands)
Risk Group Deposits Balance of the Bank
Risk Group of the Bank
Current and particpation accounts
Begınnıng Of Perıod
End Of Perıod
Profıt Share Expense
072
Participations,Subsidiaries
and Joint Ventures
Current Period
104.089
113.796
7.585
Direct And Indirect
Shareholders Of The Ban
Current Period
-
Risk Group
Current Period
109.357
127.638
4.950
Report on Compliance
with Corporate
Governance Principles
Statement of Compliance
with Governance
Principles
Asya Katılım Bankası’s corporate
governance structures, processes and
principles are formulated so as to be in
compliance with the requirements of the
Banking Law as well as with all other
applicable laws, regulations, and
administrative provisions. Bank Asya
publicly discloses all rules and practices
that determine the Bank’s relationships with
its Board of Directors, shareholders and
other stakeholders in line with its sense of
social responsibility, subject always to the
requirements of the Banking Law.
Shareholders and Investor
Relatıons Unit
The Bank conducts its investor relations
activities within the framework of its public
disclosure and corporate governance
principles through the Investor Relations
Department and the Shareholder Relations
Unit of the Accounting and Subsidiaries
Department; both departments report
directly to the Board of Directors.
Investor Relations Department
The Investor Relations Department’s
primary objective is to contribute to the
Bank’s value in all respects by serving as a
bridge between the Board of Directors and
investors in accordance with the Bank’s
public disclosure policy so as to ensure
that the Bank’s growth model and future
goals are explicitly and clearly understood
and to increase the Bank’s visibility and
transparency in the financial services
industry and banking sector. To this end,
Bank Asya’s Investor Relations Department
holds meetings with the Bank’s existing
and prospective investors by taking part in
investor conferences organized in Turkey
and abroad and by conducting road
shows; holds meetings and communicates
with representatives from brokerage
houses and bank analysts; prepares
investor presentations concerning the
Bank’s activities at the end of each quarter
and makes these available to investors on
the Bank’s website; holds teleconferences;
and responds to all verbal and written
requests for information about the
Company with the exceptions of the Bank’s
confidential information, trade secrets and
information that is not publicly disclosed.
Contact information for Investor Relations
Department personnel is presented below.
Cengiz Önder
Investor Relations / Supervisor
Tel : +90 216 633 59 60
E-mail: [email protected]
Nevzat Mutlu
Investor Relations / Assistant Chief
Tel: +90 216 633 59 63
[email protected]
Shareholder Relations Unit
The principal duties of the Shareholder
Relations Unit include:
• Ensuring that shareholder records are
maintained in a sound, secure, and
upto-date manner.
• Responding to shareholders’ written
requests for information about the Bank
with the exceptions of the Bank’s
confidential information, trade secrets
and information that is not publicly
disclosed.
• Ensuring that General Assembly
meetings are conducted in compliance
with current laws and regulations, the
Bank’s Articles of Association and other
bylaws.
• Preparing documents for the use of
shareholders at General Assembly
meetings.
• Recording the results of voting at
General Assembly meetings and
reporting the results to the
shareholders.
• Overseeing and monitoring all issues
related to public disclosures as required
by law and the Bank’s public disclosure
policy.
• Maintaining a section on the Bank’s
website to inform shareholders about
issues that may be of close concern to
them including, developments that may
have a significant impact on the Bank’s
financial well-being, the shareholder
structure, members of the Board of
Directors, annual reports, capital
structure, quarterly profit/loss
statements, information about branches
and key personnel, and General
Assembly meeting resolutions.
Contact information of Shareholder
Relations Unit personnel is presented
below.
Fuat Akgun
Shareholder Relations / Manager
Tel : +90 216 633 54 50
Ozlem Coskun
Shareholder Relations / Supervisor
Tel : +90 216 633 54 57
E-mail: ozlem.coskun@bankasya. com.tr
Alpay Guneralp
Shareholder Relations / Chief
Tel: +90 216 633 54 58
Exercise of Shareholders’ Right
to Obtain Information
Bank Asya’s website located at www.
bankasya.com.tr contains an Investor
Relations section both in Turkish and in
English where information about the Bank
that may be of interest to shareholders and
to the public at large is published
immediately. This website provides
information about the Company in general,
Bank Asya shares, regularly issued financial
statements and annual/interim reports,
presentations, and corporate governance
structure. Information stipulated by the
provisions of the Banking Law, Turkish
Commercial Code, the Capital Markets
Law and their related regulations is publicly
disclosed in the form of “special
circumstance announcements” All
questions posed by shareholders that do
not fall within the category of the Bank’s
trade secrets are responded to by the
relevant units in keeping with the principles
of fairness and equality.
In 2011, the Investor Relations Department
took part in an average of 6 one-on-one or
group meetings per month to increase the
visibility of the Bank with existing or
prospective investors and bank analysts
who visited the Bank; the Department also
participated in 17 foreign investor
conferences in Turkey and abroad, and
conducted separate meetings with 273
investors during the year.
The Shareholder Relations Unit sends
reports about its activities to authorities
through designated channels during the
year.
073
Report on Compliance with
Corporate Governance
Principles
Information about General
Assembly Meetings
Announcements concerning General
Assembly meetings are published within
the legally prescribed time periods in the
Trade Registry Gazette and in the press.
Such announcements include a copy of the
meeting agenda and a proxy form.
Invitations are also sent out to shareholders
by mail. During the reporting period, Bank
Asya held its Ordinary General Assembly
Meeting on 26 March 2011. Shareholders
exercised their right to ask questions at this
meeting and all questions that were raised
were answered. No shareholder advanced
any motion on any issue that had not been
included in the agenda. The Bank’s Articles
of Association permits votes to be cast by
proxy at General Assembly meetings.
Voting Rights and Minority
Rights
Shareholders are entitled to one vote for
each TRY 1 (one Turkish lira) share of stock
that they own. Shareholders may cast their
votes in person or by proxy.
Voting at General Assembly meetings is
conducted by an open show of hands.
However, voting by secret ballot is
conducted upon the demand of
shareholders representing at least
onetwentieth of the capital that is present
at the meeting. Issues pertaining to proxy
voting are determined within the framework
of related laws and regulations. This matter
is set forth in Article 24 of the Bank’s
Articles of Association.
Profit Distribution Policy and
Timing
Principles pertaining to profit distribution of
Asya Katılım Bankası A.S. are stipulated in
detail in the Bank’s Articles of Association,
which is available on the Bank’s website.
Matters concerning the implementation of
the dividend payment policy are conducted
in accordance with the Articles of
Association. Dividends are paid out within
the statutorily prescribed time periods.
The Board of Directors’ dividend payment
proposal is one of items placed on agenda
of the General Assembly meeting. It is
presented for the consideration of
shareholders and voted on by the General
Assembly.
This matter is set forth in Article 54 of the
Bank’s Articles of Association.
074
Transfer of shares
The issue of share transfers is governed by
Article 11 of the Bank’s Articles of
Association, and is as follows:
Transfers of Group A shares, all of which
are registered in the name of their owners,
are subject to the approval of the Board of
Directors. The Board may, entirely at its
own discretion and without advancing any
reason for doing so, refuse to allow such
transfers; similarly, it may approve and
allow such transfers under such terms and
conditions as it may deem appropriate.
Transfer of these shares are legally binding
upon the Company only if they have been
duly recorded in the Shareholders’
Register. Transfers of B group shares, all of
which are registered in the name of their
owners, may take place without any need
for Board of Directors approval subject to
Turkish Commercial Code, Capital Markets
Law and the Central Registry Agency
regulations.
Share transfers for which the Banking Law
requires Banking Regulation and
Supervision Agency approval may be made
only if that Agency’s permission has been
obtained. Transfers that do not have this
required approval may not be recorded in
the Shareholders’ Register. Shareholders
who acquire shares for which Banking
Regulation and Supervision Agency
approval is required but for which
permission is not obtained may not
exercise any shareholder rights other than
receiving dividend payments.
Public Disclosures and
Transparency Company
Disclosure Policy
A company disclosure policy was
developed by the Board of Directors in line
with corporate governance principles with
the aim of ensuring that all stakeholders,
including shareholders and the public at
large, are kept informed in a timely,
accurate, complete, comprehensible, and
simultaneous manner. This policy was
approved at the Bank’s Ordinary General
Assembly Meeting held on 31 March 2006.
In order to ensure that accurate and timely
information is provided in this regard, a
presentation for each quarterly financial
statement is prepared and shared with
investors on the Bank’s website.
Information about Bank Asya is provided
by the Investor Relations Department
through its participation in investor
meetings. In addition, the Department
responds to questions about these issues
from investors and shareholders via
telephone and email.
Public Disclosures
During 2011, Bank Asya issued a total of
45 (forty-five) special circumstance
announcements within the framework of
Capital Markets Board regulations.
Company Website and Its
Content
The address for the corporate website of
Asya Katılım Bankası A.S. is
www.bankasya.com.tr. The Bank’s website
contains detailed information about the
Bank and the products and services
offered by the Bank. Banking transactions
may be performed through Bank Asya’s
online branch. The Investor Relations
section, presented in both Turkish and
English on the Bank’s website, contains
information about the Bank’s management
structure; the latest version of the Articles
of Association; General Assembly meeting
invitations, agendas, and minutes; annual
reports; periodical financial statements,
reports and presentations; and public
disclosures. The Bank pays particular
attention to ensure that the information on
its website is kept up-to-date.
Disclosure of Real Person(s)
as Ultimate Controlling
Shareholder(s)
As of 31 December 2011, the Bank has a
multi-partner shareholding structure, with
305 shareholders. No shareholder controls
more than a 10 percent stake in the Bank.
Information about this matter is publicly
disclosed on the Bank’s website.
Public Disclosure of Individuals
Who Have Access to Insider
Information
A list of individuals who have access to
insider information about the Bank has
been published on the Bank’s website
since 30 April 2009. The names of
members of the Board of Directors and of
senior management who may be in such a
position are published in annual reports
and on the website.
Stakeholders
Keeping stakeholders Informed
Stakeholders are regularly kept informed
about matters that are deemed necessary
and important. The Bank has made
necessary organizational arrangements to
meet the information requests of
shareholders, employees and customers.
Through these arrangements,
shareholders, customers, employees and
regulatory agencies are kept effectively
informed.
Stakeholder Participation in
Management
Bank Asya has always encouraged
employees to participate in management.
In this regard, employees are able to freely
express all of their opinions and
suggestions about the Bank’s activities
through the Asya Suggestion System the
use of which requires no prior approval.
These opinions and suggestions are
processed by personnel who are charged
with this duty; they are then forwarded to
relevant members of management for
action to be taken as appropriate. All
suggestions received from employees are
given a response. Every year, the Bank
performs an assessment of employee
suggestions that are implemented and
presents awards based on their success.
During 2011, 2.091 suggestions were
received from the Bank’s employees.
Human Resources Policy
The basic principles of Bank Asya’s Human
Resources policy are to:
• Conduct personnel planning in terms of
both quality and quantity, employing
personnel who fit the Bank’s business
and the country’s culture,
• Maintain employee productivity and
effectiveness at the highest levels,
• Provide all personnel with opportunities
for professional, personal, and social
development through effective training
plans and programs,
• Maintain the highest degree of morale
and motivation among employees at
every level,
• Safeguard and improve the employees’
material and moral rights,
• Create a workplace environment that
will foster the willingness of all
employees to work with their managers
while also striving to improve
relationship skills,
• Provide an open and two-way
communications environment,
• Involve employees in career planning
and provide everyone with equal career
opportunities.
The Bank has adopted a performance
management system. Under this system,
employees are evaluated at regular
intervals in terms of their performance and
the results of the evalution are shared with
the employees.
Every year, an Internal Customer
Satisfaction Survey is conducted at the
Bank to assess employee and job
satisfaction levels. Employee job, social,
and psychological satisfaction are also
supported through an in-house club for
personnel called “Yediveren”.In this regard
during 2011, the club conducted a variety
of meetings, events, and activities.
Work has been completed on a job
description and an associated salary scale
system in our growing Bank. The new
compensation system has been in effect
since 2008.
Relations with Customers and
suppliers
Bank Asya employees:
• Provide accurate, complete and timely
information on all matters during every
stage of every relationship involving all
the products and services that are
offered to the Bank’s customers.
• Are obliged to uphold and carefully
maintain the confidentiality of all
information and documents about
customers that they may have access
to and not to reveal anything to anyone
other than those individuals and entities
that have the explicit legal authority to
demand such information and
documents.
• Regard quality as an essential
prerequisite for supplying any service
that is intended to satisfy customer
needs and expectations; make every
possible effort to deploy the
technological infrastructure and qualified
human resources that are the two
fundamental elements of this concept in
such a way as to achieve continuous
improvement in service quality.
• Do not discriminate on the basis of
nationality, religion, financial or social
status, or sex when serving customers.
• The existence of an organizational
structure and product range that
identifies and differentiates among
target groups, and approaching
customers in different risk groups
differently, is not to be interpreted as
justification for discriminating among
customers or categorizing them.
Bank Asya investigates the reasons for any
customer complaints that it receives via the
systems that it had created, which include,
Customer Request Web Module, Alo Asya
Call Center, and Happy Customer Hotline.
The Bank takes necessary measures to
avoid the recurrence of any issues that led
to justifiable complaints.
Such action includes correcting the
practices that provoked the complaint and
informing employees in order to prevent
any recurrences.
Social Responsibility
Within the framework of its sense of social
responsibility and of the requirements of
the laws and regulations which it is subject
to, Bank Asya donates to and assists
foundations and associations that work for
the public good, supports cultural
publications and broadcasts, and sponsors
congresses and conferences on banking
and the economy in general.
Bank Asya is respectful of people,
individual rights and liberties, and the
environment.
The Bank takes the requirements thereof
into account in all of its business
processes, and strives materially and
morally to fulfill those requirements at every
opportunity.
The Bank is not a respondent to any legal
action on account of any environmental
damage.
Penalties Imposed by Public
Authorities
During the reporting period, the Bank was
assessed a total amount equal to 0,08% of
its profit in fines by a variety of public
authorities on account of conduct in
violation of provisions of laws and
regulations; Bank Asya paid all of the fines.
075
Report on Compliance with
Corporate Governance
Principles
BOARD OF DIRECTORS
Risk Management and Internal
Control Mechanism
Structure and Formation of
the board of Directors; NonExecutive Members
Bank Asya has created an effectve internal
control and risk management system within
the framework of the requirements of the
Banking Law and other applicable laws
and regulations.
Board of Directors are constituted of
chairman and six members.
Members of the Bank’s Board of Directors
are elected in accordance with Article 32 of
the Bank’s Articles of Association and the
requirements of the Banking Law.
Qualifications of the Members of
the board of Directors
The qualifications of the members of the
Boards of Directors of banks are stipulated
in the Banking Law. Bank Asya complies
with these requirements in the election of
its Board members.
Mission, Vision, and Strategic
Objectives of the Company
The Board of Directors has formulated the
Bank’s vision and mission in a clear and
comprehensible way; these are published
in the annual reports and on the Bank’s
website.
Bank Asya’s mission and vision are
presented below.
Mission: To contribute to shareholder value
and the Turkish economy by developing
modern banking services within the
framework of interest-free banking
principles and satisfying customer needs
and expectations with a “different solutions
for different expectations” approach.
Vision: To be a respected, trusted and
effective bank that provides service at
world standards through the products it
develops.
During the reporting period, the Board of
Directors regularly reviewed and monitored
the Bank’s performance towards achieving
its strategic goals and provided guidance
on such issues.
076
This system consists of three separate
units: the Internal Control Center, the Risk
Management Department and the Internal
Audit Department. All three units report
directly to the Board of Directors.
Duties and Authorities
of the Bank’s Board of
Directors
The duties and authorities of Bank Asya’s
Board of Directors are governed by Article
35 of the Bank’s Articles of Association,
according to which the Board may decide
on any matter that does not require a
decision by the General Assembly of
shareholders.
Specifically, the Board of
Directors:
• Prepares and approves internal
regulations governing which matters
pertain to the Company’s internal affairs
and may be dealt with by CEO and
which matters only may be dealt with
by means of Credit Committee or the
Board of Directors decisions;
• Reviews all matters deemed necessary
and continuously oversees day-to-day
administrative activities (for which the
Board of Directors may assign
responsibility to individual members);
• Prepares the Bank’s annual balance
sheet and profit & loss statement;
submits reports that review the Bank’s
activities during the year and profit
distribution proposals to the General
Assembly of shareholders; specifies and
makes arrangements for cash positions
and guarantees taking the requirements
of applicable laws into account; makes
the statutory auditors’ reports available
for examination 15 days prior to the
General Assembly Meeting of
Shareholders;
• Determines the forms of any and all
procedures pertaining to the objectives
the Company is founded on;
• Determines, stipulates and decides
upon matters pertaining to the
assignment, promotion, dismissal,
annual salaries and expense allowances
of those who have signing authority, of
the CEO and especially of those who
report directly to the CEO, and of other
key personnel;
• Resolves to open branches, offices,
liaison offices and regional offices and
decides the authorities to be granted to
them within the framework of applicable
laws and regulations;
• Decides upon the principles pertaining
to real estate properties and equity
stakes that are to be bought or sold on
behalf of the Company;
• Performs all the duties stipulated in the
Turkish Commercial Code and in other
applicable laws, regulations and
administrative provisions; deals with all
matters other than those assigned to
the General Assembly of Shareholders
or to the Statutory Auditors by laws or
under these Articles of Association.
The Board of Directors may, when it deems
necessary as stipulated in Article 319 of the
Turkish Commercial Code, decide to
delegate its powers to represent and
administer the Company to one or more of
its members, managers or to committees
consisting there of for a period of time and
under such terms and conditions as it
deems appropriate.
The authority to extend credit rests with the
Board of Directors. The Board of Directors
is responsible for formulating policies
pertaining to extending and approving
credit and to other administrative
principles; ensuring that these policies are
applied and followed; and taking all
necessary measures. The Board of
Directors may delegate its authority to
extend credit to a credit committee or to a
CEO in accordance with the requirements
of applicable laws and within the
framework of principles and procedures to
be determined by the Board.
Operating Principles of the
board of Directors
The Board of Directors convenes when
necessary and/or upon an invitation of the
Chairman. Any member may submit a
written request to the Chairman asking for
a meeting to be convened. According to
the Bank’s Articles of Association, the
Board of Directors must convene at least
four times during a fiscal year. However, the
tradition at Bank Asya is for Board
meetings to be held regularly at weekly or
biweekly intervals except under exceptional
circumstances. This tradition was upheld
during 2011.
Board of Directors meetings are held at the
Company’s headquarters. However, a
Board of Directors meeting may be held at
some other location, city and/or country
with the approval of a majority of the
members.
Board of Directors meetings are conducted
according to agendas that are provided to
members prior to the meetings. Board
members and statutory auditors may
request that the Chairman add to the
agenda any issues that they wish to have
discussed.
The Board of Directors convenes in the
presence of a simple majority of its
membership. Resolutions are passed by a
simple majority of the members who are
present. Decisions about a proposal
advanced by any member may be made
by obtaining the written consent of other
members so long as none of them request
that that the matter be discussed in a
meeting. However, decisions made in this
way without a meeting require an
unanimous vote. Every member of the
Board of Directors is entitled to one vote.
Neither the Chairman nor any other Board
member may cast votes on behalf of any
member who is absent from a meeting.
If the voting on an issue under
consideration results in a tie at any
meeting, the matter is left to be discussed
in the next meeting. If the tie cannot be
broken at the next meeting, the proposal is
deemed to have been rejected.
Decisions made by the Board of Directors
are recorded the same day, in a manner
indicating the date and sequential order of
each resolution, in a register which has
been certified in accordance with the
requirements of the Turkish Commercial
Code and the Banking Law pertaining to
books of account and whose pages have
been sequentially numbered. Every
resolution must be undersigned by the
members of the Board of Directors who
voted for it.
Prohibition on Doing business or
Competing with the Company
The Chairman and the Members of the
Board of Directors are prohibited from
engaging in business with the Company
and competing with the Company pursuant
to Articles 334 and 335 of the Turkish
Commercial Code.
However, the General Assembly of
Shareholders may authorize the Chairman
and all or any number of Board members
to engage in such business or competition.
The committees, which have been set up,
are active in compliance with the
requirements of law, and on which the
Bank’s Board members serve, include the
following:
•
•
•
•
•
Corporate Governance Committee
Credit Committee
Audit Committee
Assets and Liabilities Committee
Information Technologies (IT) Strategy
and Steering Committee
• Discipline Committee
• Project Finance Credit Committe
• Pricing Committe
Financial benefits Provided to
the board of Directors
The Chairman and members of the Board
of Directors are paid a fee for each Board
meeting that they attend. The amount and
type of such payments are determined by
the General Assembly.
This matter is governed by Article 42 of the
Bank’s Articles of Association.
Code of Ethics
At the Ordinary General Assembly meeting
held on 31 March 2006, it was decided
that the “Principles of Ethics of Banking”
published by the Participation Banks
Association of Turkey, of which Bank Asya
is a member, shall be adopted in the
conduct of the Bank’s activities as well.
Number, structure, and
Independence of Committees
Established by the board of
Directors
Pursuant to the Board of Directors
resolution dated 2 February 2006, the
Bank has created an “Audit Committee”
and a “Corporate Governance Committee”
in accordance with Article 24 of the
Banking Law concerning the formation of
audit committees and other applicable
laws, regulations and administrative
provisions.
077
The Bank’s
Distribution Policy
Bank Asya is adopting the strategy of procuring higher levels of external support services in order to reduce costs, increase revenues, focus
its Human Resources on its core activities, increase the speed and efficiency of operations, and benefit from the technology and expertise
that it does not possess in-house. The support services Bank Asya has that fall within the scope of “Regulation on Bank’s Procurement of
Support Services and Authorization of Such Service Providers” are as follows.
No
Outsourcing Service
Name of the outsourcing Company
1
Moneygram System Developments
Moneygram Payment Systems, Inc
2
Investment Services
Bizim Menkul Değerler
3
Debit Card and Credit Card Printing
Plastikkart Akıllı Kart İletişim Sistemleri San ve Tic A.Ş.
4
Raw Card Supply Services
5
Card Distribution Services
6
Account Statement Printing and Distribution Services
Provena Bilişim ve Ödeme Çözümleri Tic. Ltd. Şti.
Mapikart Tanıtım Hizmetleri ve Dış Tic. Ltd. Şti.
Kuryenet Motorlu Kuryecilikve Dağıtım Hizmetleri A.Ş.
Aktif İleti ve Kurye Hizmetleri A.Ş.
Hobim Bilgi İşlem Hizmetleri A.Ş.
Cihan Medya Dağıtım A.Ş.
Fujitsu Technology Solutions Bilişim Ltd. Şti.
Teknoser Bilgisayar Teknik Hizmetler San. ve Dış. Tic. A.Ş.
Verifone Elektronik ve Danışmanlık Ltd. Şti.
7
POS Device and Virtual POS Operation Transactions
Ingenico Ödeme Sistem Çözümleri A.Ş.
Seri Bilgi Teknolojileri Destek Hizmetleri ve Tic. Ltd. Şti.
İnnova Bilişim Çözümleri A.Ş.
G2 Web Services, Llc
Mobilgi Teknolojileri Ltd. Şti.
BKM – Bankalararası Kart Merkezi A.Ş.
8
Card Exchange and Calculation Services
Visa
Mastercard
9
Check Book Printing Services
Güzel Sanatlar Çek Basım Ltd. Şti.
Oracle Bilgisayar Sistemleri Ltd. Şti.
10
Oracle, Sybase IQ Database and Business Objects
Reporting Systems Services
Sap Türkiye Yazılım Üretim ve Tic. A.Ş.
Sybase Türkiye Yazılım
Securverdi Güvenlik Hizmetleri A.Ş.
11
ATM Case Supply & Repair
Bantaş Nakit Kıymetli Mal Taşıma ve Güvenlik Hiz. A.Ş.
Brink’s Güvenlik Hizmetleri A.Ş.
Ncr Bilişim Sistemleri Ltd. Şti.
Wincor Nixdorf Bilgisayar Sistemleri A.Ş.
12
ATM Repair & Maintenance
13
A101 Stores Cash Collection Services
G4S Güvenlik Hiz.
14
EFT Systems Transcations
Global Bilişim A.Ş.
Banksoft Bilişim Bilgisayar Hizmetleri Ltd. Şti.
Termtech Bilişim Bilgisayar Teknolojileri Tic. Ltd. Şti.
078
No
Outsourcing Service
Name of the outsourcing Company
15
Check Data Entry Transactions
Aton Ltd. Şti.
16
Archieve Services
Bonded Kayıt Sistemleri Dağıtım Hizmetleri ve Ticaret A.Ş.
Arşiv Kütüphane Belge-Bilgi Yönetimi ve Bilişim Sistemleri Ltd. Şti.
Experian Decision Analytics, Emeai
17
Retail Loan & Credit Card Applications and Scoring
18
Asya Exertise Transactions
Key İnternet Hizmetleri Ltd. Şti.
19
Validator, EMV Scripting, Card Perso Software and
Development Services
Smartsoft Information Technologies
20
Overdue Payment Reminder Calls
CMC İletişim Bilg. Reklam ve Dan. Hizm. San. Tic. A.Ş.
21
Information and Collection Initiative for Customers
Deemed Insolvent
Hamzazade Bilişim Yönetim ve Danışmanlık A.Ş.
KKB Kredi Kayıt Bürosu A.Ş.
Adam Elektronik Ltd. Şti.
Turkcell İletişim Hizmetleri A.Ş.
22
SMS, URLand Mobile Signature Services
Avea İletişim Hizmetleri A.Ş.
Vodafone Telekomünikasyon A.Ş.
23
Password Transactions
24
Call Center Services
25
Mobile Branch
26
SWIFT
Smartsoft Information Technologies
Kobil Systems Ltd.
ITD İletişim Teknoloji Danışmanlık Tic. A.Ş.
Infotech Bilişim ve İletişim Teknolojileri A.Ş.
Pozitron Yazılım A.Ş.
İdeal Bilişim Hiz. San. ve Tic. Ltd. Şti.
Orange Business Services S.A.
S.W.I.F.T. SCRL
079
The Bank’s
Distribution Policy
Principles of the Banks profit distribution policy are governed by Article 54 of the Articles of Association, accordingly:
The Companys net profit consists of the amount remaining after all of the Company’s expenses, depreciation and amortization allowances,
and various provisions which have been paid or are accrued have been deducted from its income as determined at the end of the fiscal
year. Net profit shall, after the deduction of prior-year losses, if any, be apportioned in the order indicated below.
1. 5% of the net profit shall be set aside as a legal reserve as per Turkish Commercial Code Article 466/1.
2. From the amount remaining, a first dividend shall be set aside at a percentage and in an amount determined by the Capital Markets
Board.
3. Of the remaining profit:
ºA portion of up to 2% shall be set aside for members of the Board of Directors,
ºA portion of up to 5% shall be set aside for the Bank’s managers and employees.
The General Assembly is authorized to carry forward to the next year or set aside as extraordinary reserve some or all of the net profit
remaining after the deduction and allocation of the amounts in paragraphs (1), (2), and (3) above. The Board of Directors may recommend
such course of action to the --General Assembly if it deems necessary. (The provisions of Article 466/3 of the Turkish Commercial Code are
reserved.)
Subject to the provisions of the Capital Markets Law, the General Assembly is authorized to distribute all or some of the remaining profit as
dividends to shareholders in the manner indicated below or else to set aside some or all of it as extraordinary reserve.
a) Distribute all of it in cash,
b) Distribute all of it as shares of stock,
c) Distribute a specified percentage as cash and a specified percentage as shares of stock and retain the remainder in the Company,
d) Distribute neither cash nor shares of stock and retain the entire amount in the Company.
The Board of Directors may make recommendations to the General Assembly on this subject if it deems necessary. Pursuant to the
provisions of this article, the Board of Directors shall determine the date(s) on which dividends are to be paid.
The Bank’s Profit
Distribution Proposal
for 2011
At a meeting of the Board of Directors on 23 February 2012, it was resolved that TRY
3.805.418,26 - representing 75 percent of the total sales gain of TRY 5.073.891,01 - of a
real estate located in Altunizade/İstanbul shall be deposited in the special found pool as per
article 5-1/e of Corporate Tax Law No.5520, and the sum remaining after the amounts that
must be set aside as required by law and the Articles of Association have been set aside
from the net profit shown in the balance sheet dated 31 December 2011 shall not be
distributed but instead shall be retained as extraordinary reserve in order to strengthen the
Bank’s equity resources and that this course of action shall be presented for approval at the
Ordinary General Assembly meeting.
080
Matters Regarding
The Ordinary General
Assembly Meeting
Agenda of the Asya Katılım Bankası A.S. Ordinary General
Assembly Meeting dated 31 March 2012
1- Opening the meeting and forming the presiding committee
2- Authorizing the presiding committee to sign the minutes of the meeting
3- Reading and deliberating the Board of Directors’ annual report, the statutory auditors’ report, and the independent auditor’s report for
2011
4- Examining, deliberating and ratifying the balance sheet and profit & loss statement; reading and deliberating the Board of Directors’ profit
distribution proposal; deciding how to distribute profits
5- Submitting for approval the appointment made during the year to fill the vacant seat on the Board of Directors
6- Acquitting the Company’s Board members and statutory auditors of their fiduciary responsibilities
7- Discussion and resolution of the amendment under the title “Formation of Board Of Directors “ of item 32 of the bank’s Articles of
Association.
8- Selection of members of the board of directors and the board of statutory auditors, and determination of their terms of office,
9- Deciding the salaries and entitlements of the members of the Board of Directors and statutory auditors
10- Authorizing the Board of Directors to elect the members of the Senior Advisory Committee and to determine their salaries payments
11- Submitting for approval the independent auditors chosen by the Board of Directors for a one-year term for the 2012 fiscal year
12- Providing information about the contributions and donations made during 2011
13- Reading and deliberating changes made in the public disclosure policy principles within the framework of the Bank’s corporate
governance principles
14- Authorizing the Company’s Board members to engage in activities governed Articles 334 and 335 of the Turkish Commercial Code
15- Petitions and suggestions.
081
Detailed Information
on Agenda Items
1- Opening the meeting and forming the
presiding committee
Explanation: Pursuant to the applicable
provisions of the Turkish Commercial Code
and the Ministry of Customs and Industry
regulations, a president and his/her
committee (presiding committee) will be
elected to conduct the General Assembly
meeting.
2- Authorizing the presiding committee to
sign the minutes of the meeting
and the Ministry of Customs and Industry
regulations, the General Assembly will
authorize the presiding committee to
record and sign the decisions made at the
meeting.
3- Reading and deliberating the Board of
Directors’ annual report, the statutory
auditors’ report, and the independent
auditor’s report for 2011
Explanation: The Board of Directors’
annual report, the statutory auditors’
report, and the independent auditor’s
report for the 1 January 2011 to 31
December 2011 reporting period will be
read and deliberated.
These reports can be obtained from the
Company’s headquarters and from its
website (www.bankasya.com.tr/yatirimci_
iliskileri/faaliyet_raporları.jsp, www.
bankasya.com.tr/yatirimci_iliskileri/
denetim_raporları.jsp).
4- Examining, deliberating and ratifying the
balance sheet and profit & loss
statement; reading and deliberating the
Board of Directors’ profit distribution
proposal; deciding how to distribute
profits
balance sheet and profit & loss statement
for 2011 will be read, deliberated and
voted on at the General Assembly
meeting. The financial statements may be
obtained from the Company’s
headquarters and from its website (www.
bankasya.com.tr/yatirimci_iliskileri/
faaliyet_raporları.jsp).
082
In accordance with the resolution at the
meeting of the Board of Directors on 23
February 2012, it shall be poposed that
“TRY 3.805.418,26-representing 75
percent of the total sales gain of
5.073.891,01-of a real estate located in
Altunizade/İstanbul shall be deposited in
the special found pool as per article 5-1/e
of Corporate Tax Law No.5520, and the
sum remaining after the amounts that
must be set aside as required by law and
the Articles of Association have been set
aside from the net profit shown in the
balance sheet dated 31 December 2011
shall not be distributed but instead shall be
retained as extraordinary reserve in order
to strengthen the Bank’s equity resources”
The old text
B- FORMATION OF THE BOARD OF
DIRECTORS
ARTICLE 32:
The Board of Directors shall consist of
seven members to be elected by the
General Meeting among the candidates,
who are necessarily shareholders,
nominated by the minimum 51% of the
total votes of the Group (A) shareholders
present at that meeting. General Manager,
and in his absence Assistant General
Manager are natural members of the
Board of Directors. Members of the Board
of Directors shall have the conditions and
qualifications required by the Banking Law.
The Board of Directors elects a chairman
and a deputy chairman among its
members. The members of the Board of
Directors shall have a term of office of
three years. Any Director whose term of
office ends can be re-elected. In case of
any vacancy in the Board of Directors due
to any reason, the remaining Directors
appoint a member of the Board of
Directors among the shareholders for the
vacancy. This appointment is submitted to
the approval of the following first general
meeting of shareholders. General Meeting
of Shareholders may dismiss any member
of the Board of Directors, without a right of
compensation to the dismissed Director.
The terms of office of Managers are not
dependent on the term of office of the
members of the Board of Directors.
Managers can be appointed with a longer
period than the term of office of the
Directors or on contracts with indefinite
periods. The powers of the authorized
signatories shall remain in force until their
powers as authorized signatory are
cancelled by the Board of Directors.
5- Submitting for approval the
appointment made during the year to fill
the vacant seat on the Board of
Directors
resolution to appoint Ali Celik to fill the seat
vacated by the resignation of Salih Sarıgül
from the Bank’s Board of Directors will be
presented for the General Assembly’s
approval.
6- Acquitting the Company’s Board
members
and the Ministry of Industry and
Commerce regulations, the General
Assembly will vote on acquitting the
Compan’s Board members and its
statutory auditors of their fiduciary
responsibilities for the Company’s activities
and transactions in 2011.
7- Discussion and resolution of the
amendment under the title “Formation
of Board Of Directors “ of item 32 of the
bank’s Articles of Association.
Explanation: It will be submitted for the
approval of the General Assembly that the
number of members of the board of
directors is increased from 7 to 9, and the
term“ vice-chairman” mentioned in article
32 to be altered as “deputy chairman”.
The new text:
B- FORMATION OF THE BOARD OF
DIRECTORS
ARTICLE 32:
The Board of Directors shall consist of nine
members to be elected by the General
Meeting among the candidates, who are
necessarily shareholders, nominated by
the minimum 51% of the total votes of the
Group (A) shareholders present at that
meeting. General Manager, and in his
absence Assistant General Manager are
natural members of the Board of Directors.
Members of the Board of Directors shall
have the conditions and qualifications
required by the Banking Law. The Board of
Directors elects a chairman and a vice
chairman among its members. The
members of the Board of Directors shall
have a term of office of three years. Any
Director whose term of office ends can be
re-elected. In case of any vacancy in the
Board of Directors due to any reason, the
remaining Directors appoint a member of
the Board of Directors among the
shareholders for the vacancy. This
appointment is submitted to the approval
of the following first general meeting of
shareholders. General Meeting of
Shareholders may dismiss any member of
the Board of Directors, without a right of
compensation to the dismissed Director.
The terms of office of Managers are not
dependent on the term of office of the
members of the Board of Directors.
Managers can be appointed with a longer
period than the term of office of the
Directors or on contracts with indefinite
periods. The powers of the authorized
signatories shall remain in force until their
powers as authorized signatory are
cancelled by the Board of Directors.
8- Selection of members of the board of
directors and the board of statutory
auditors, and determination of their
terms of office,
Explanation: Three-year term of office of
the present members of the board of
directors expired.
Therefore,selection of members of the
board of directors and the board of
statutory auditırs and deternination of their
terms of office shall be submitted for the
approvalof General Assembly.
Pursuant to Article 32 of Association, the
Board of Directors are elected by of the
sharehoders having at least pct 51 of the
total votes of group A stockholders’
present at the General Assembly
9- Deciding the salaries and entitlements
of the members of the Board of
Directors and statutory auditors
and the Ministry of Industry and
Commerce regulation, the salaries and
meeting attendance fees to be paid to the
members of the Board of Directors will be
determined and presented to the
shareholders for approval.
10- Authorizing the Board of Directors to
elect the members of the Senior
Advisory Committee and to determine
their salaries payments
Explanation: A proposal authorizing the
Board of Directors to choose the members
of the Senior Advisory Committee and to
determine their salaries payments as per
Article 45 of the Bank’s Articles of
Association will be presented for the
approval of the General Assembly.
11- Submitting for approval the
independent auditors chosen by the
Board of Directors for a one-year term
for the 2011 fiscal year
Explanation: Pursuant to its resolution
No: 2254 dated 08 March 2012, the
Board of Directors resolved to “enter into a
one-year contract with “DRT Bağımsız
Denetim ve Serbest Muhasebeci Mali
Müşavirlik A.Ş. (Deloitte)”, which had
previously conducted the Bank’s
independent auditing activities in previous
periods, to perform Bank Asya’s
independent auditing tasks in 2012 and to
present this contract for the General
Assembly’s approval at the next Ordinary
General Assembly Meeting.”
12- Providing information about the
contributions and donations made
during 2011
Explanation: Pursuant to Article 7/b of
the Capital Markets Board Communique’s
Series: IV No: 27, the General Assembly
must be informed about any donations
made during the reporting year. This item
is not presented to the General Assembly
for approval; it is included in the agenda
for the sole purpose of informing the
General Assembly.
13- Reading and deliberating changes
made in the public disclosure policy
principles within the framework of the
Bank’s corporate governance principles
Explanation: Amendments made in the
public disclosurepolicy principles shall be
read and discussed.
14- Authorizing the Company’s Board
members to engage in activities
governed Articles 334 and 335 of the
Turkish Commercial Code
Explanation: The issue of authorizing and
allowing members of the Board of
Directors to conduct business with and
compete against the Company as
stipulated in Articles 334 and 335 of the
Turkish Commercial Code will be
presented for approval. Under Articles 334
and 335 of the Turkish Commercial Code,
members of the Board of Directors may
compete against and conduct business
with the Company only with the
permission of the General Assembly. The
issue of permitting the Members of the
Board of Directors to conduct such
transactions will be presented for the
General Assembly’s approval.
15- Petitions and suggestions.
083
Bank Asya, maintaining its pioneering position
in the field of service quality and hightechnology, is determined to maintain its steady
and healthy growth.
Added
Value
Financial Informations and Risk Management
To the General Assembly of Asya
Katılım Bankası A.S. Concise
Internal Auditors Report
- Company Name
- Headquarters
- Capital
- Principal business activity
İstanbul
900.000.000.- TRY
All activities authorized for participation banks
Names, terms of office, and company:
Atıf Bilgin, Irfan Hacıosmanoglu. Threeshareholder / employee internal auditors year
terms. Company shareholders.
Number of Board of Directors meetings:
They attended at least two of the Board meetings held attended and number of internal
auditors each month. The internal auditors also convened in meetings held committee
on the same days.
Scope, dates and results of inspections:
The books of account were checked and inspected performed on the Company’s
accounts, on 18 June 2010 and 12 November 2010. Books and documents It was
ascertained that cash items were in accordance with book of account entries.
Number and results of inspections conducted:
As a result of the inspections conducted as of the in the Company’s Treasury pursuant to
end of each month, we observed that all subsection 1/4 of Article 353 of the Turkish
deposits and securities were present and in keeping Commercial Code with the records.
Charges or complaints of improprieties:
No charges or complaints of improprieties were received and the action taken referred to
us in 2011.
We have examined the accounts and transactions of Asya Katılım Bankası Anonim Sirketi for the period 01/01/2011-31/12/2011 for
compliance with the reqirements of the Turkish Commercial Code, the Company’s Articles of Association, other applicable laws and
regulations, and generally accepted accounting principles and standards.We determined that the income statement for the period 1 January
2011 to 31 December 2011 accurately and realistically reflects the results of business activities during this period and the proposed
distribution of profit is in compliance with the requirements of the laws and the Company’s Articles of Association.
In our opinion the enclosed balance sheet drawn up as of 31 December 2011, the contents of which we endorse, accurately reflects the
true financial standing of the Company on that date; and we hereby recommend that the balance sheet and income statement be approved
and that the members of the Board of Directors be acquitted of their fiduciary responsibilities.
THE INTERNAL AUDITORS
086
Atif Bilgin İrfan Hacıosmanoğlu
Five-year Summary Financial
Information Including The
Reporting Period
Selected Assets Items (TRY thousand)
2007200820092010 2011
Liquid Assets1.382.7021.247.4862.572.2302.666.154 2.818.654
Loans4.609.6656.381.3228.355.346
11.060.26713.451.522
Fixed Assets112.169250.726319.090359.961 462.416
Total Assets 6.260.048 8.108.82911.608.95514.513.419 17.190.099
Selected Liabilities Items (TRY thousand)
2007200820092010 2011
Deposits4.697.7505.842.8219.136.578
11.166.58212.397.043
Borrowings312.921457.552191.461622.2371.457.830
Shareholders’ Equity 853.8561.403.6921.707.8941.941.667 2.137.432
- Paid-in Capital
- Net Period Profit 300.000
900.000
900.000
900.000
900.000
221.337
246.529
301.281
259.962
216.096
Total Liabilities 6.260.048 8.108.82911.608.95514.513.419 17.190.099
Income statement (TRY thousand)
2007200820092010 2011
Profit Share Income
805.275
1.068.206
1.305.652
1.206.930
1.278.154
Profit Share Expenses
388.117
566.816
705.805
613.392
646.930
Income Other than Profit Share
297.671
420.508
616.816
479.817
489.546
Expenses Other than Profit Share 441.928
609.994
838.271
749.057
851.638
Pre-tax Profit
272.901
311.904
378.392
324.298
269.132
Provision for Taxes51.56465.37577.11164.336 53.042
Net Period Profit 221.337
246.529
301.281
259.962
216.090
087
Assessment of Financıal Position,
Profitability and Debt Service Ability
During 2011, Bank Asya continued to be a
leader among participation banks in terms
of total assets, cash loans, non-cash loans
and deposits.
Bank Asya had a successful year thanks to
its sound and robust balance sheet that it
structured in a timely and appropriate
manner, and its solid equity capital. Bank
Asya’s total assets increased by 18% on
the last year and reached TRY 17.2 billion
in 2011. The growth in the Bank’s assets
stemmed primarily from its lending. Loans
were up 22% compared to the previous
year and now constitute 79% of the Bank’s
total assets.
Deposits continued to be Bank Asya’s
major source of funding in 2011. The share
of deposits in the Bank’s total liabilities
stood at 72% in 2011.
This share is significantly higher than the
sector average, which was
088
57% as of December 2011. Deposits were
up 11% this year to TRY 12.4 billion, from
TRY 11,2 billion in 2010. Bank Asya’s
broad deposit base is indicative of a
favorable position from the standpoint of
the Bank’s financing of its assets.Bank
Asya’s strong capital structure, with a net
profit of TRY 216 million, resulted in a 10%
increase in the Banks shareholders’ equity
on the previous year to TRY 2.1 billion as
end of 2011.
The major sources of the Bank’s profitability
were profit share income from loans and
commission income from non-cash loans,
which resulted from channeling funds
obtained from the 11% increase in deposits
to productive ventures.
Ever striving to provide better service, Bank
Asya opened 25 branches in 2011; as a
result of these investments, the Bank’s
service network expanded to 200
branches.
Focusing on liquidity due to the lingering
effects of the global economic crisis on
international markets in 2011, the Bank’s
liquid assets constituted 20% of its total
assets, which favorably impacted the
Bank’s debt service ability. Deposits, which
are the Bank’s most important funding
source, also have a positive effect on Bank
Asya’s short-term debt servicing ability
thanks to their broad base, sound
composition and longer maturity compared
to the sector average.
The maturity of deposits were 140 days as
of the end of 2011, and this rate is
considerably above the industry average.
Assessment of the Audit
Committee’s Internal systems
and Their Operation
The Audit Committee reports the results of
its audit and risk management activities in
order to ensure that an effective internal
control, internal audit and risk management
system has been established throughout the
Bank. To this end, the Committee prepares
an “Audit Committee Activity Report” at
regular intervals and submits it to the Board
of Directors. The Audit Committee convened
40 times during 2011. The Committee held
four meetings with the independent auditors
in order to evaluate the independent audit
activities.
During 2011, the Audit Committee regularly
met with personnel of the Board of
Inspectors, Internal Control Department and
Risk Management Department. The Audit
Committee closely monitored the activities
of these units, all of which report directly to
the Committee. The Audit Committee
reports the results of its audit and risk
management activities in order to ensure
that an effective internal control, internal
audit and risk management system has
been established throughout the Bank.
To this end, the Committee prepares an
“Audit Committee Activity Report” at regular
intervals and submits it to the Board of
Directors. The internal audit and risk
management findings, which are received
from the internal systems units and reported
to the Board of Directors by the Committee,
were evaluated with the relevant senior
executives. Guidance is provided as needed
to mitigate risks and improve processes and
practices.
The Committee also performs the statutorily
mandated duties of selecting independent
audit, support service, evaluation and rating
firms and overseeing their respective
relationships with the Bank. Within this
scope, the Committee met with officers of
the independent audit firm. During these
meetings, the independence of the
independent audit firm in its relationship with
the Bank as well as the adequacy of the
resources allocated for the Bank’s
independent audit and the auditor’s report
were all evaluated.
Board of Inspectors
The Board of Inspectors conducts
risk-focused audits at the Bank’s
headquarters units, branches, and
consolidated subsidiaries in accordance
with international standards.
The Board of Inspectors also provides the
Board of Directors with the assurances and
recommendations as needed on the issues
of conducting the Bank’s activities in
compliance with the the requirements of
applicable laws and regulations as well as
with the Bank’s strategy, policies, principles
and objectives. Internal audit activities are
carried out at all headquarters units,
branches, and consolidated subsidiaries in
accordance with an annual audit plan that is
approved by the Board of Directors.
The Board of Inspectors reports the results
of its activities on a quarterly basis to the
Board of Directors through the Audit
Committee. Under the heading of branch
audit activities, inspections were conducted
at 68 branches from the perspective of
credit risk, operational risk and
organizational effectiveness; the results of
these inspections along with risk-mitigating
recommendations were reported to the
relevant departments and senior managers.
Under the heading of process audits
conducted at headquarters units, eight
business processes and under the audits
conducted at consolidated subsisidaries
three subsidiaries were inspected and the
results were reported to the relevant units
and senior managers.
Moreover, in order to underpin for “the
Management Declaration” which will be
drawn up by the board of directors fort he
year 2011, test studies on banking
processes and information systems
processes were completed. In addition to
the activities described above, the Board of
Inspectors also engaged in three
examinations and investigations as needed
at the Bank and among its consolidated
subsidiaries. Based on the results of its audit
activities, the Board performs risk analyses,
makes recommendations and provides
advice on administrative, technilogical,
fiscal, financial, legal and organizational
issues in order to help mitigate the risks
within the scope of its inspections.
Internal Control Department
The Internal Control Department executes
the functions of designing the Bank’s
internal control systems and activities as
well as how these tasks will be performed;
ensuring that these control activities are
performed; and, based on the results of the
controls, taking the necessary measures to
improve the control system and to ensure
the smooth operation of internal control
activities.
The internal control system, which
encompasses every employee of the Bank
at every level, seeks to ensure that the
protection of the Bank’s assets, the
effectiveness and productivity of its
activities, the reliability of its accounting and
financial reporting system, and the conduct
of all the Bank’s activities are in compliance
with internal and external regulatory
requirements and with the Bank’s policies.
The Internal Control Department reports
directly to the Board of Directors and is
responsible for the design and management
of the Bank’s internal control system and
internal control activities in accordance with
the requirements of the Banking Law and of
the associated Internal Systems
Regulations. In order for the Department to
fulfill its responsibility more effectively, the
outcomes of the “Control Self-Assessment
Workshops” that are organized quarterly
with the participation of the Bank’s senior
managers are given a key role in the design
of the internal control systems.
At these Workshops, the effectiveness,
adequacy and coherence of existing
controls performed on business processes
are evaluated jointly with the relevant
departments; the measures that need to be
taken to improve the control system and to
ensure the smooth operation of internal
control activities are identified. The Internal
Control Department oversees the
implementation of the measures taken in
conjunction with the business unit via action
monitoring forms.
Under the heading of On-Location Control
activities, 296 branch control checks were
performed in 2011.Furthermore, under the
heading of Remote Control activities, the
Department performed credit collateral
checks over the system for locations outside
of the departments and branches;
inspections were also carried out in
accordance with scenarios formulated to
identify erroneous/non-routine transactions
and fraud using computer programs (ACL).
As part of the information system controls, a
Control Self-Assessment Workshop was
conducted for five IT processes and the
existing controls were evaluated in light of
COBIT requirements. Under the heading of
Compliance Control activities, the
Department performed compliance checks
of 14 new products, services and
applications in 2011. Apart from these,59
compliance control actvities on various
opics were conducted as well.
089
Risk Management Strategies on the
base of Risk Types
Risk Management Department
The Risk Management Department is
responsible for the deployment of the risk
management system that the Bank has set
up to detect all risks arising from the Bank’s
activities and for ensuring that these risks are
managed in compliance with the
requirements of applicable laws and
regulations. The policies and implementation
procedures that facilitate the effective
execution of this system throughout the
Bank have been defined; risks are measured,
controlled and reported on an ongoing basis.
Bank Asya’s internal control system units are
supported with qualified personnel in order
to meet the increased need for auditing
arising from the rapid change in and growth
of its banking activities and to achieve a
function-based risk management and
internal auditing system.
Information about Risk
Management Policies Applied
According toType of Risks
Bank Asya conducts its risk management
activities within the framework of credit risk,
market risk, liquidity risk, operational risk,
reputational risk, and strategy risk
management policies that it has established
in accordance with the requirements of
applicable laws, rules and regulations. These
policies facilitate management of the
identifying, defining, measuring, monitoring,
controlling and reporting phases for the risks
that the Bank is exposed to or is likely to be
exposed to, as well as the mitigation of risks
by a variety of measures and techniques and
the re-allocation of resources from low-risk
to high-risk areas.
Credit Risk
Management of credit risk at Bank Asya is
fundamentally rooted in assessing all of the
credit risk arising from the Bank’s lending
activities. The Bank complies with prescribed
policies pertaining to “Lending and Credit
Risk Management, in determining customer
and counterparty limits.
In addition, early warning mechanisms that
are focused on spotting in advance any
credit risks to which the Bank may be
exposed make it possible to continuously
review the financial circumstances, credit
ratings and credit needs of borrowers with
heightened credit risk and to reconsider their
credit worthiness and limits as appropriate.
Bank Asya classifies its loans in two
categories, “On-balance sheet” and
“Off-balance sheet”, and it determines
portfolio particulars, sectoral/ regional/group
concentrations, and performance
accordingly. On the basis of risk-return
balances, collateral worthiness, and bank
asset quality, a determination is made as to
whether the provisions set aside for loans are
adequate or not. Scenario analyses are
developed in order to more proactively
manage credit risk exposure. Volatilities in
credit risk and their impact on the Bank’s
financial indicators are regularly reported to
relevant senior managers at the Bank.
The Bank makes use of an internal rating
system for corporate and commercial loans
in its lending decision mechanisms. This
system is structured so as to facilitate
integration with statistical models that allow
credit risk to be quantified and managed.
The rating system has been made
particularly sensitive to existing and potential
impairments in a loan’s structure and this is
what permits it to fulfill its early warning and
risk management functions. Financial
situation analyses of borrowers whose loans
have become subject to legal action or are
placed under close watch are carried out in
coordination with all relevant units. The Bank
monitors early warning signals and ultimate
credit risk limits for its corporate and
commercial loan clients daily and actively
uses this information in lending decisions.
The Bank uses scorecard models developed
by an international firm in order to manage
the risks arising from the Bank’s retail lending
and credit card portfolio.
With the beginning of a period of increasing
importance of country risk management, the
bank adopting the growth in regions and
countries in which financial and political
stability provided as a goal performs
analyses which also includes the
consideration of credit and political risk
factors periodically and submits for the
information of the senior management.
Market Risk
Market risk is measured and assessed using
procedures that comply with applicable laws
and with Bank Asya’s “Market Risk
Management Policy.” The Bank uses the
internationally accepted “Value at Risk” (VaR)
method, which conforms well to Bank Asya’s
own market activities. VaR is an expression
of the likelihood, at a specified confidence
interval, of a loss that the Bank’s portfolio in
risk factors within a specified period of time.
Bank Asya’s VaR model has been developed
in-house and is employed simultaneously
and in conjunction with the “Standardized
Approach”, whose use is prescribed by
public authorities. The amount of market risk
that the Bank is exposed to based on these
calculations is reported daily to the senior
management as are the results of back tests
that are performed also on a daily basis to
assess the model’s reliability. By means of
scenario analyses and stress tests that are
performed using reverse changes in the
Bank’s own portfolio and in the market prices
that are taken into account, the value of the
Bank’s portfolio is reconsidered under
existing and potential market conditions. The
effects that the results of the scenario
analyses and stress tests may have on Bank
Asya’s capital adequacy ratio are also
separately analyzed and reported.
The Bank has used the VaR methodology to
evaluate its market risk since 2007. Market
risk information is reported to the Board of
Directors in a timely and detailed fashion. In
addition, in accordance with the “Historical
Precedent Method”, the Bank established
early warning and ultimate market risk limits
based on VaR calculations assuming a
10-day holding period and a 99% confidence
interval; these limits were approved by a
resolution of the Board of Directors.
Compliance with these commensurate risk
limits is monitored daily and any violation of
these limits is immediately reported to the
Assets and Liabilities Committee, the Audit
Committee and the Board of Directors.
Information about Internal system Unit Managers:
Name
090
Area of Responsibility
Educational Background
Hilali Yıldırım
Length of Service
6 years Board of Inspectors
Master’s (Banking)/Bachelor’s (Business Administration)
Prof. Experience
Mahmut Yalçın
3 years Internal Control Department Master’s
Human Resources) / Bachelor’s (Business Administration)
12 years
Mehmet K. Tümer
6 years Risk Management Department
Bachelor’s (Business Administration)
31 years
17 years
Liquidity Risk
Operational Risk
Other Risks
Reports which have been prepared in line
with the applicable provisions of the
“Regulations on the Measurement and
Assessment of the Banks’ Liquidity
Adequacy” published by the Banking
Regulation and Supervision Agency are
examined by the Risk Management
Department, the Treasury Department, and
senior management. Measures are taken
as needed by the Assets and Liabilities
Committee to ensure that the ratios which
are reported in this way remain within
legally prescribed limits.
Bank Asya began reporting its operational
risk exposure using the “Basic Indicator
Approach” as of 1 June 2007. The Bank
takes into consideration the impact of
operational risk exposure on the Capital
Adequacy Standard Ratio by means of
scenario analyses that forecast the
changes in exposure to operational risk for
subsequent years. The amounts exposed
to operational risk are also calculated using
the Standard and Alternative Standard
Approaches stipulated by the Banking
Regulation and Supervision Agency; this
data is duly reported to senior
management.
In-house reports are regularly prepared on
macroeconomic and financial sector
developments and presented to the senior
management, which contributes to the
management of strategic risk.
Maturity mismatches of the Bank’s assets
and liabilities items and the percentages
based on maturity segments are monitored
by means of day-to-day liquidity GAP
analyses.
As part of the Bank’s evaluation of ways to
further enhance its liquidity, the
development trend of both participation
funds, and loans and syndications from
abroad are being monitored on a regular
basis especially in terms of maturity and in
terms of borrowing.
A core deposits study was conducted and
early warning and ultimate liquidity risk
limits were established based on the results
of the gap analyses in order to qualify the
loyal participation account holders .
Monitoring compliance with those limits
that management decisions are taken into
account on a daily basis.
The Bank has formulated a “Liquidity
Emergency Action Plan” whose aim is to
resolve liquidity shortages that it may suffer
in the face of such potential developments
as impairment of asset quality, an increase
in non-perfoming loans, or unexpected
withdrawals of deposits.
It is expected that these methods will also
be used in the Bank’s statutorily mandated
reports once changes in the regulatory
framework have been made.
Bank Asya accumulates its potential
operational risk losses in a format that
complies with a “risk catalogue” that is
based on event classifications. Data about
actual losses is used as the basis for
creating advanced statistical models that
are being planned. Action plans are also
being formulated to prevent the recurrence
of instances of operational risk whose
financial impact is extraordinarily severe.
Business Continuity Management is an
integrated management process that
identifies critical situations that the Bank
may encounter and their potential impact
on business activities should they actually
occur. Bank Asya’s Business Continuity
and Disaster Plan was put into effect in
2007 as a result of a project undertaken
jointly with a consulting that specializes in
such matters. The existing plan was
revised in 2010 in response to new
regulations and evolving needs.
In addition to managing its financial risks,
Bank Asya also keeps a close watch on
the possible effects of political, legislative
and global developments which may cause
economic and/or financial sector volatilities
even though they are not inherently
financial themselves. For this purpose, the
Bank makes use of external risks reports
prepared by the Risk Management
Department.
Risk Management in
Consolidated subsidiaries
Bank Asya’s standard calculations of its
risk exposures and legal obligations are
also made on a consolidated basis.
The internal systems-related functions are
also performed for the Bank’s subsidiaries.
Basel Regulations Compliance
Initiatives
Taking into consideration the possibility of
the implementation of “The Basel II
International Convergence of Capital
Measurement and Capital Standards”
project in the not-too-distant future, the
Bank’s efforts to comply with both Basel II
and Basel II regulations have reached
advanced stages. Bank Asya regards these
regulations as the foundation for a
comprehensive risk management culture
that goes far beyond capital adequacy
calculation issues.
The studies on “the Management
Statement” demonstrating assurance of
the board of directors’ on the efficiency
and productivity of the Bank’s Internal
Inspection and Information Systems have
been completed.
091
CREDIT RATINGS
AND REPORTS
MOODY’S
Foreign Currency Deposit
Ba3
TRY Deposit
Ba2
Long Term National
A3
Individual Rating
D
(*) From Moody’s Investors Service report dated 22 February 2012
FITCH RATINGS
Long Term Foreign Currency
B+
Long Term Turkish Lira
B+
Short Term Foreign Currency
B
Short Term Turkish Lira
B
Long Term National
Individual Rating
(*) From Fitch Ratings report dated 22 November 2011
092
A-(tour)
D
ASYA KATILIM BANKASI A.Ş.
INDEPENDENT AUDITORS’
REPORT, UNCONSOLIDATED
FINANCIAL STATEMENTS AND
NOTES FOR THE YEAR ENDED
DECEMBER 31, 2011
(Translated into English from the
Original Turkish Report)
093
Unconsolidated Financial Statements and Accompanying Notes
094
INDEPENDENT AUDITORS’ REPORT
FOR THE YEAR JANUARY 1, 2011 - DECEMBER 31, 2011
To the Board of Directors of
İstanbul
We have audited the accompanying balance sheet of Asya Katılım Bankası A.Ş. (the “Bank”) as at December 31, 2011 and the related
statements of income, cash flows and changes in shareholders’ equity for the year then ended, and a summary of significant accounting
policies and other explanatory notes.
Management’s Responsibility for the Financial Statements
The Board of Directors of the Bank is responsible for the preparation and fair presentation of the financial statements in accordance with the
regulation on “Procedures and Principles Regarding Banks’ Accounting Practices And Maintaining Documents” published in the Official
Gazette dated November 1, 2006 and numbered 26333 and Turkish Accounting Standards (“TAS”), Turkish Financial Reporting Standards
(“TFRS”) and other regulations, circulars, communiqués and pronouncements in respect of accounting and financial reporting made by
Banking Regulation and Supervision Agency (“BRSA”). This responsibility includes: designing, implementing and maintaining internal control
relevant to the preparation and fair presentation of the financial statements that are free from material misstatement, whether due to fraud or
error; selecting and applying appropriate accounting policies; and making accounting estimates that are reasonable in the circumstances.
Auditors’ Responsibility
Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with the
regulation on “Licensing and Operations of Audit Firms in Banking” published in the Official Gazette No: 26333 on November 1, 2006 and
the International Standards on Auditing. We planned and performed our audit to obtain reasonable assurance whether the financial
statements are free from material misstatements. An audit involves performing procedures to obtain audit evidence about the amounts and
disclosures in the financial statements. The procedures selected depend on the auditor’s judgment, including the consideration of the
effectiveness of internal control and appropriateness of accounting policies applied relevant to the entity’s preparation and fair presentation
of the financial statements in order to design audit procedures that are appropriate in the circumstances. We believe that the audit evidence
we have obtained is sufficient and appropriate to provide a basis for our audit opinion.
Independent Auditors’ Opinion
In our opinion, the accompanying financial statements present fairly, in all material respects, the financial position of Asya Katılım Bankası
A.Ş. as at December 31, 2011 and the results of its operations and its cash flows for the year then ended in accordance with the prevailing
accounting principles and standards set out as per Article 37 of the Banking Act No: 5411 and other regulations, circulars and
communiqués in respect of accounting and financial reporting and pronouncements made by Banking Regulation and Supervision Agency
(“BRSA”).
Additional paragraph for the English translation
The effect of the differences between the accounting principles summarized in Section 3 and the accounting principles generally accepted in
countries in which the accompanying financial statements are to be distributed and International Financial Reporting Standards (IFRS) have
not been quantified and reflected in the accompanying financial statements. The accounting principles used in the preparation of the
accompanying financial statements differ materially from IFRS. Accordingly, the accompanying financial statements are not intended to
present the Bank’s financial position and results of its operations in accordance with accounting principles generally accepted in such
countries of users of the financial statements and IFRS.
DRT BAĞIMSIZ DENETİM VE SERBEST MUHASEBECİ MALİ MÜŞAVİRLİK A.Ş.
Hüseyin GÜRER
Partner
İstanbul, February 23, 2012
095
THE UNCONSOLIDATED FINANCIAL REPORT OF
ASYA KATILIM BANKASI A.Ş. FOR THE YEAR ENDED
DECEMBER 31, 2011
Address : Saray Mahallesi Dr. Adnan Büyükdeniz Caddesi No:10 34768 Ümraniye/İSTANBUL
Phone and Fax
: 0 216 633 50 00 / 0 216 633 69 89
Website : www.bankasya.com.tr
E-Mail
: [email protected]
The year end unconsolidated financial report designed by the Banking Regulation and Supervision Agency in line with Communiqué on
Financial Statements to be Publicly Announced and the Related Policies and Disclosures consists of the sections listed below:
• GENERAL INFORMATION ABOUT THE BANK
• UNCONSOLIDATED FINANCIAL STATEMENTS OF THE BANK
• EXPLANATIONS ON THE CORRESPONDING ACCOUNTING POLICIES APPLIED IN THE RELATED PERIOD
• INFORMATION ON FINANCIAL STRUCTURE OF THE BANK
• EXPLANATORY DISCLOSURES AND FOOTNOTES ON UNCONSOLIDATED FINANCIAL STATEMENTS
• OTHER EXPLANATIONS
• INDEPENDENT AUDITORS’ REPORT
The unconsolidated financial statements and the explanatory footnotes and disclosures, unless otherwise indicated, are prepared in
Thousands of Turkish Lira, in accordance with the Communiqué on Banks’ Accounting Practice and Maintaining Documents, Turkish
Accounting Standards, Turkish Financial Reporting Standards, related communiqués and the Banks’ records, have been independently
audited and presented as attached.
Behçet AKYAR
Abdullah ÇELİK
Ahmet BEYAZ
Kamil YILMAZ
Chairman of the Board
of Directors
Member of the Board of
Directors and General
Manager
Assistant General Manager
Responsible of Financial
Reporting
Manager in Charge of
Financial Reporting
Hülagü ÖZCAN
İsmail Erol İŞBİLEN
Directors and Member of the
Audit Committee
Audit Committee
Responsible personnel for the questions that can be raised on the financial statements:
Name-Surname/Title: Merve Yasemin GÜNEŞ / Assistant Manager in Charge of Budgeting and Financial Controlling
Telephone Number : 0 216 633 54 82
Fax Number
: 0 216 633 69 89
096
SECTION ONE: GENERAL INFORMATION
I.
II.
III.
IV.
V.
History of the Bank Including Its Incorporation Date, Initial Status and Amendments to the Initial Status Shareholder Structure, Shareholders Having Direct or Indirect, Joint or Individual Control Over the Management and Internal Audit of the Bank,
Changes in Shareholder Structure During the Current Period, if any and Information on the Bank’s Risk Group
Explanations Regarding the Shares of the Bank Owned by and Areas of Responsibility of the Chairman and the Members of Board of Directors,
Audit Committee Members, Chief Executive Officer, Executive Vice Presidents Individuals and Institutions That Have Qualified Shares in the Bank
Summary Information on the Bank’s Services and Activity Areas
098
098
098
099
099
SECTION TWO: THE UNCONSOLIDATED FINANCIAL STATEMENTS
I. II.
III.
IV. V.
VI. VII.
Balance Sheet
Statement of Off-Balance Sheet Contingencies and Commitments
Statement of Income
Statement of Profit and Loss Accounted for under Equity
Statement of Changes in Shareholders’ Equity
Statement of Cash Flows
Statement of Profit Distribution
100-101
102
103
104
105
106
107
SECTION THREE: ACCOUNTING PRINCIPLES
I.
Explanations on Basis of Presentation
II. Explanations on Strategy for Use of Financial Instruments and Foreign Currency Transactions
III. Explanations on Forward and Option Contracts and Derivative Instruments
IV. Explanations on Profit Share Income and Expenses
V. Explanations on Fees and Commission Income and Expenses
VI. Explanations on Financial Assets
VII. Explanations on Impairment of Financial Assets
VIII. Explanations on Offsetting Financial Assets and Liabilities
IX. Explanations on Sales and Repurchase Agreements and Lending of Securities
X. Explanations on Assets Held for Sale, Discontinued Operations and Liabilities Related to Those Assets
XI. Explanations on Goodwill and Other Intangible Assets
XII. Explanations on Tangible Assets
XIII. Explanations on Leasing Transactions
XIV. Explanations on Provisions and Contingent Liabilities
XV. Explanations on Liabilities for Employee Benefits XVI. Explanations on Taxation
XVII. Additional Disclosures on Borrowing XVIII. Explanations on Issuance of Share Certificates
XIX. Explanations on Avalized Drafts and Acceptances
XX. Explanations on Government Incentives
XXI. Explanations on Segment Reporting
XXII. Explanations on Other Matters
108
108
108
108
109
109
110
110
111
111
111
112
112
112
112
113
113
113
113
114
114
114
SECTION FOUR: INFORMATION ON FINANCIAL STRUCTURE
I.
II.
III.
IV.
V.
VI.
VII.
VIII.
IX.
Explanations on Capital Adequacy Standard Ratio
Explanations on Credit Risk
Explanations on Market Risk
Explanations on Operational Risk
Explanations on Currency Risk
Explanations on Interest Rate Risk
Explanations on Liquidity Risk
Explanations on Presentation of Financial Assets and Liabilities at Fair Value
Explanations on Transactions Carried out on Behalf of Other Parties and Fiduciary Assets
115
117
121
122
122
124
124
127
128
SECTION FIVE: EXPLANATIONS AND DISCLOSURES ON THE UNCONSOLIDATED FINANCIAL STATEMENTS
I.
II.
III.
IV.
V.
VI.
VII.
VIII.
Explanations and Disclosures Related to the Assets
Explanations and Disclosures Related to the Liabilities
Explanations and Disclosures Related to the Off-Balance Sheet Contingencies and Commitments
Explanations and Disclosures Related to the Income Statement
Explanations and Disclosures Related to the Statements of Changes in Shareholders’ Equity
Explanations and Disclosures Related to the Statement of Cash Flows
Explanations on the Risk Group of the Bank
Explanations on the Bank’s Domestic, Foreign, Off-shore Branches or Investments in Associates and Foreign Representative Offices
129
145
152
157
162
163
164
165
SECTION SIX: OTHER EXPLANATIONS
I.
Other Explanations on the Operations of the Bank
165
SECTION SEVEN: INDEPENDENT AUDITORS’ REPORT
I.
II.
Explanations on the Independent Auditor’s Report
Other Footnotes and Explanations Prepared by the Independent Auditors
165
165
097
NOTES AND DISCLOSURES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED DECEMBER 31, 2011
(Amounts expressed in thousands of Turkish Lira (“TRY”) unless otherwise stated.)
I.
History of the Bank Including Its Incorporation Date, Initial Legal Status and Amendments to the Legal
Status
Incorporation of Asya Finans Kurumu A.Ş. is permitted with the decision of the Council of Ministers No: 96/8041 on April 11, 1996 as
published in the Official Gazette dated April 25, 1996. The Bank was registered on September 20, 1996 and “the Articles of Association”
was published in the Trade Registry Gazette on September 25, 1996. The Decision regarding the change in the title of the Bank was settled
in the Extraordinary General Board of Directors’ meeting dated December 22, 2005 and the title was changed from Asya Finans Kurumu
A.Ş. into Asya Katılım Bankası A.Ş. (“the Bank”) and it was published in the Trade Registry Gazette on December 26, 2005.
II. Shareholder Structure, Shareholders Having Direct or Indirect, Joint or Individual Control Over the
Management and Internal Audit of the Bank, Changes in Shareholder Structure During the Current Period, if
any and Information on the Bank’s Risk Group
The Bank has no shareholders having more than 10% shareholding direct or indirect, joint or individual control over the management of the
Bank. The Bank is not included in any group.
III. Explanations Regarding the Shares of the Bank Owned by and Areas of Responsibility of the Chairman and
the Members of Board of Directors, Audit Committee Members, Chief Executive Officer, Executive Vice
Presidents
Title
Directors
Directors
Behçet AKYAR
Salih SARIGÜL (*)
0,2056
Ahmet ÇELİK (*)
Tacettin NEGİŞ (**) (***)
Member of the Board of Directors and the Audit
Committees
Committees
Member of the Board and General Manager
Product development Coordination (****)
Corporate Credit Allocation II,
Estate
Banking Operations
Financing
Auditor
Auditor
Auditor
0,4800
-
İsmail Erol İŞBİLEN (***)
Hülagü ÖZCAN (***)
General Manager
Abdullah ÇELİK
Assistant General
Managers
Ali TUĞLU
Ali Fuat TAŞKESENLİOĞLU (*****)
Erdal ERDEM (*****)
Fahrettin SOYLU
Ercüment GÜLER
Ahmet BEYAZ
Zafer ERTAN
Ahmet AKAR
Feyzullah EĞRİBOYUN
Auditors
Ownership
Percentage
%
Name
Ali AKBULUT
Atıf BİLGİN
İrfan HACIOSMANOĞLU
0,0003
0,0004
0,0002
0,2411
0,7093
(*) Bank Asya's Board members Mr. Salih SARIGÜL and Mr. Ahmet ÇELİK have announced their resignations, effective on January 26, 2012 Mr. Ali CELIK and Mr. Faruk ILK were
appointed as the board members to fill their vacancies.
(**) Bank Asya's Board member Mr. Tacettin NEGİŞ has announced his resignation, effective on February 2, 2012. Mr. Mustafa Talat KATIRCIOĞLU was appointed as the board members
to fill his vacancy.
(***) Pay rate is not presented due to being below 0,001%.
(****) Related departments operate under control of the Headquarter.
(*****) Bank Asya's Executive Vice Presidents Mr. Ali Fuat TAŞKESENLİOĞLU and Mr. Erdal ERDEM have resigned as of January 6, 2012.
098
IV.
Individuals and Institutions That Have Qualified Shares in the Bank
The Bank’s capital, amounting to TRY 900.000.000, consists of qualified shares, amounting to TRY 360.000.000 and the holders of the A
Group type shares are considered as qualified. The qualified shareholders are listed below:
Share Amount
Share Amount
Paid Shares
ORTADOĞU TEKSTİL TİC. SAN. A.Ş.
Name / Commercial Name:
39.572
10,99
39.572
Unpaid Shares
-
FORUM İNŞAAT DEKORASYON TURİZM SAN. VE TİC. A.Ş.
34.668
9,63
34.668
-
ABDULKADİR KONUKOĞLU
20.088
5,58
20.088
-
BJ TEKSTİL TİCARET VE SANAYİ A.Ş.
18.000
5,00
18.000
-
BİRİM BİRLEŞİK İNŞAATÇILIK MÜMESSİLLİK SAN. VE TİC. A.Ş.
17.783
4,94
17.783
-
SERRA TURİZM LTD. ŞTİ.
15.000
4,17
15.000
-
OSMAN CAN PEHLİVAN
14.400
4,00
14.400
-
NEGİŞ GİYİM İMALAT VE İHRACAT A.Ş.
13.142
3,65
13.142
-
HASAN SAYIN
12.723
3,53
12.723
-
İBRAHİM SAYIN
12.679
3,52
12.679
-
OTHER
161.945
44,99
161.945
-
Total
360.000
100,00
360.000
-
V. Summary Information on the Bank’s Services and Activity Areas
The Bank operates in accordance with the principles of interest-free banking as a participation bank by collecting funds through current
accounts and profit sharing accounts, and lending such funds through production support, finance lease and profit/loss sharing partnership
and shared investments.
The Bank has two ways of collecting funds; current accounts and profit sharing accounts. The Bank classifies current accounts and profit
sharing accounts in accordance with their maturities in its accounting system. Profit sharing accounts are classified into five different maturity
groups; up to one month, up to three months (three months included), up to six months (six months included), up to one year (one year
included) and one year and more than one year (one month, three months, six months and one year profit share payment).
The Bank could determine the participation rates on profit/loss sharing accounts with respect to the maturity group of TRY and foreign
currency accounts, separately under the limitation that the participation rate on loss shall not be less than 50%, for different currency type,
amount and maturity groups specifically.
The Bank constitutes specific fund pools allocated to the individually predetermined projects for financing purposes. Profit sharing accounts,
which are part of the funds collected for project financing purpose, are distinguished from others with respect to the terms, accounted
separately from the others and no transfers can be made from these accounts to any other maturity groups. Specific fund pools are
liquidated at the end of the financing period. The Bank has no specific fund pools as of December 31, 2011.
In addition to ordinary banking activities, the Bank operates as an agency on behalf of Işık Sigorta A.Ş. and intervenes stock purchase-sell
transactions on behalf of Bizim Menkul Değerler A.Ş. through its branches.
099
UNCONSOLIDATED BALANCE SHEET
(STATEMENT OF FINANCIAL POSITION)
ASSETS
Note
I.
II.
2.1
2.1.1
2.1.2
2.1.3
2.1.4
2.2
2.2.1
2.2.2
2.2.3
2.2.4
III.
IV.
V.
5.1
5.2
5.3
VI.
6.1
6.1.1
6.1.2
6.1.3
6.2
6.3
VII.
VIII.
8.1
8.2
8.2.1
8.2.2
IX.
9.1
9.2
X.
10.1
10.2
10.2.1
10.2.2
CASH AND BALANCES WITH THE CENTRAL BANK
FINANCIAL ASSETS AT FAIR VALUE THROUGH PROFIT OR LOSS (Net)
Financial assets held for trading
Public sector debt securities
Share certificates
Derivative financial assets held for trading
Other marketable securities
Financial assets at fair value through profit or loss
Share certificates
Loans
BANKS
MONEY MARKET PLACEMENTS
FINANCIAL ASSETS AVAILABLE FOR SALE (Net)
Share certificates
LOANS AND RECEIVABLES
Loans and receivables
Loans to Risk Group of the Bank
Other
Non-performing loans
Specific provisions (-)
HELD TO MATURITY INVESTMENTS (Net)
INVESTMENTS IN ASSOCIATES (Net)
Accounted for under equity method
Unconsolidated associates
Financial investments
Non-financial investments
INVESTMENTS IN SUBSIDIARIES (Net)
Unconsolidated financial subsidiaries
Unconsolidated non-financial subsidiaries
ENTITIES UNDER COMMON CONTROL (JOINT VENT.) (Net)
Consolidated under equity method
Unconsolidated
Financial subsidiaries
Non-financial subsidiaries
XI.
FINANCE LEASE RECEIVABLES
11.1
11.2
11.3
11.4
XII.
12.1
12.2
12.3
XIII.
XIV.
14.1
14.2
XV.
XVI.
16.1
16.2
Finance lease receivables
Operating lease receivables
Other
Unearned income ( - )
DERIVATIVE FINANCIAL ASSETS FOR HEDGING PURPOSES
Fair value hedge
Cash flow hedge
Hedge of net investment risks in foreign operations
TANGIBLE ASSETS (Net)
INTANGIBLE ASSETS (Net)
Goodwill
Other
INVESTMENT PROPERTIES (Net)
TAX ASSET
Current tax asset
Deferred tax asset
XVII.
ASSETS HELD FOR SALE AND DISCONTINUED OPERATIONS (Net)
17.1
17.2
XVIII.
Held for sale
Discontinued Operations
OTHER ASSETS
TOTAL ASSETS
(1)
(2)
(3)
(4)
(5)
(6)
(7)
(8)
(9)
(10)
(11)
(12)
(13)
(14)
(15)
(16)
(17)
THOUSAND TURKISH LIRA
CURRENT PERIOD
PRIOR PERIOD
Audited
Audited
(31/12/2011)
(31/12/2010)
TRY
FC
Total
TRY
FC
527.427
1.152.225
1.679.652
1.357.173
727.792
1.250
1.250
2.581
1.250
1.250
2.581
1.250
1.250
2.581
15.882
343.483
359.365
36.237
150.375
779.637
779.637
394.577
93
93
93
779.544
779.544
394.484
11.588.089
1.565.682 13.153.771
9.967.521
987.275
11.278.387
1.565.242 12.843.629
9.824.377
986.884
304.173
6.283
310.456
248.182
1.707
10.974.214
1.558.959 12.533.173
9.576.195
985.177
614.033
1.697
615.730
445.673
1.478
(304.331)
(1.257)
(305.588)
(302.529)
(1.087)
77.053
77.053
77.032
96.873
96.873
86.606
96.873
96.873
86.606
38.525
38.525
32.625
58.348
58.348
53.981
154.761
154.761
144.963
97.809
97.809
88.011
56.952
56.952
56.952
277.570
20.181
297.751
81.966
23.505
105.471
370.569
(92.999)
453.692
11.012
11.012
19.398
19.398
21.860
(1.679)
-
392.429
(94.678)
453.692
11.012
11.012
19.398
19.398
95.514
(13.548)
353.452
10.419
10.419
9.811
9.811
26.200
(2.695)
-
121.714
(16.243)
353.452
10.419
10.419
9.811
9.811
8.724
8.724
96.021
1.139
8.724
8.724
97.160
6.509
6.509
94.814
811
6.509
6.509
95.625
14.106.139
3.083.960
17.190.099
12.621.080
1.892.339
14.513.419
The accompanying notes are an integral part of these combined financial statements
100
Total
2.084.965
2.581
2.581
2.581
186.612
394.577
93
394.484
10.954.796
10.811.261
249.889
10.561.372
447.151
(303.616)
77.032
86.606
86.606
32.625
53.981
144.963
88.011
56.952
-
UNCONSOLIDATED BALANCE SHEET
LIABILITIES AND EQUITY
Note
I.
FUND COLLECTED
(1)
1.1
Fund from Risk Group of the Bank
1.2
Other
CURRENT PERIOD
Audited
(31/12/2011)
PRIOR PERIOD
Audited
(31/12/2010)
TRY
FC
Total
TRY
FC
Total
7.813.463
4.583.580
12.397.043
7.662.288
3.504.294
11.166.582
177.714
63.720
241.434
131.304
82.142
213.446
7.635.749
4.519.860
12.155.609
7.530.984
3.422.152
10.953.136
II.
DERIVATIVE FINANCIAL LIABILITIES HELD FOR TRADING
(2)
-
11.715
11.715
-
5.397
5.397
III.
FUNDS BORROWED
(3)
-
1.457.830
1.457.830
-
622.237
622.237
IV.
MONEY MARKET BALANCES
279.207
-
279.207
-
-
-
V.
MARKETABLE SECURITIES ISSUED (Net)
-
-
-
-
-
-
VI.
SUNDRY CREDITORS
376.682
2.636
379.318
278.187
2.656
280.843
VII.
OTHER LIABILITIES
(4)
221.158
62.681
283.839
256.348
14.813
271.161
VIII.
FINANCE LEASE PAYABLES
(5)
-
-
-
-
-
-
8.1
Finance lease payables
-
-
-
-
-
-
8.2
Operating lease payables
-
-
-
-
-
-
8.3
Other
-
-
-
-
-
-
8.4
Deferred finance lease expenses (-)
-
-
-
-
-
-
IX.
DERIVATIVE FINANCIAL LIABILITIES FOR HEDGING PURPOSES
-
-
-
-
-
-
9.1
Fair value hedge
-
-
-
-
-
-
9.2
Cash flow hedge
-
-
-
-
-
-
9.3
Hedge of net investment in foreign operations
-
-
-
-
-
-
X.
PROVISIONS
165.608
26.630
192.238
159.391
17.979
177.370
10.1
General loan loss provisions
110.319
20.747
131.066
100.356
16.848
117.204
10.2
Restructuring provisions
-
-
-
-
-
-
10.3
Reserve for employee benefits
28.854
-
28.854
23.058
-
23.058
10.4
Insurance technical reserves (Net)
10.5
Other provisions
(6)
(7)
(8)
-
-
-
-
-
-
26.435
5.883
32.318
35.977
1.131
37.108
51.482
1
51.483
48.161
1
48.162
51.482
1
51.483
48.161
1
48.162
-
-
-
-
-
-
-
-
-
-
-
-
XI.
TAX LIABILITY
11.1
Current tax liability
11.2
Deferred tax liability
XII.
PAYABLES RELATED TO ASSETS HELD FOR SALE ND
DISCONTINUED OPERATIONS (Net)
12.1
Held for sale
-
-
-
-
-
12.2
Discontinued operations
-
-
-
-
-
-
XIII.
SUBORDINATED LOANS
(10)
-
-
-
-
-
-
XIV.
SHAREHOLDERS' EQUITY
(11)
2.137.426
-
2.137.426
1.941.667
-
1.941.667
14.1
Paid-in capital
900.000
-
900.000
900.000
-
900.000
14.2
Supplementary Capital
(6.017)
-
(6.017)
14.314
-
14.314
14.2.1
Share premium
3.307
-
3.307
3.307
-
3.307
14.2.2
Share cancellation profits
-
-
-
-
-
-
14.2.3
Marketable securities valuation differences
(13.599)
-
(13.599)
6.732
-
6.732
(9)
14.2.4
Tangible assets revaluation differences
4.275
-
4.275
4.275
-
4.275
14.2.5
Intangible assets revaluation differences
-
-
-
-
-
-
14.2.6
Investment property revaluation reserve
-
-
-
-
-
-
14.2.7
Bonus shares obtained from associates, subsidiaries and jointly
controlled entities (Joint Vent.)
-
-
-
-
-
-
14.2.8
Hedging funds (Effective portion)
-
-
-
-
-
-
14.2.9
Accumulated valuation differences from assets held for sale and from
discontinued operations
-
-
-
-
-
-
14.2.10
Other capital reserves
-
-
-
-
-
-
14.3
Profit reserves
1.027.353
-
1.027.353
767.391
-
767.391
65.948
-
65.948
52.950
-
52.950
-
-
-
-
-
-
961.405
-
961.405
714.441
-
714.441
14.3.1
Legal reserves
14.3.2
Status reserves
14.3.3
Extraordinary reserves
14.3.4
Other profit reserves
14.4
Profit or loss
14.4.1
Prior year income / (losses)
14.4.2
Current year income / (losses)
14.5
Minority shares
TOTAL LIABILITIES AND EQUITY
-
-
-
-
-
-
216.090
-
216.090
259.962
-
259.962
-
-
-
-
-
-
216.090
-
216.090
259.962
-
259.962
-
-
-
-
-
-
11.045.026
6.145.073
17.190.099
10.346.042
4.167.377
14.513.419
101
UNCONSOLIDATED STATEMENT OF OFF-BALANCE SHEET
CONTINGENGIES AND COMMITMENTS
Note
A.
I.
1.1.
1.1.1.
1.1.2.
1.1.3.
1.2.
1.2.1.
1.2.2.
1.3.
1.3.1.
1.3.2.
1.4.
1.5.
1.5.1.
1.5.2.
1.6.
1.7.
II.
2.1.
2.1.1.
2.1.2.
2.1.3.
2.1.4.
2.1.5.
2.1.6.
2.1.7.
2.1.8.
2.1.9.
2.1.10.
2.1.11.
2.1.12.
2.2.
2.2.1.
2.2.2.
III.
3.1.
3.1.1.
3.1.2.
3.1.3.
3.2.
3.2.1.
3.2.1.1.
3.2.1.2.
3.2.2.
3.3.
B.
IV.
4.1.
4.2.
4.3.
4.4.
4.5.
4.6.
4.7.
4.8.
V.
5.1.
5.2.
5.3.
5.4.
5.5.
5.6.
5.7.
VI.
OFF BALANCE SHEET CONTINGENCIES AND COMMITMENTS
(I+II+III)
GUARANTEES
Letters of guarantees
Guarantees subject to State Tender Law
Guarantees given for foreign trade operations
Other letters of guarantee
Bank loans
Import letter of acceptance
Other bank acceptances
Letters of credit
Documentary letters of credit
Other letters of credit
Prefinancing given as guarantee
Endorsements
Endorsements to the Central Bank of Turkey
Other endorsements
Other guarantees
Other collaterals
COMMITMENTS
Irrevocable commitments
Forward asset purchase commitments
Share capital commitment to associates and subsidiaries
Loan granting commitments
Securities underwriting commitments
Commitments for reserve deposit requirements
Payment commitment for checks
Tax and fund liabilities from export commitments
Commitments for credit card expenditure limits
Commitments for promotions related with credit cards and banking
activities
Receivables from short sale commitments
Payables for short sale commitments
Other irrevocable commitments
Revocable commitments
Revocable loan granting commitments
Other revocable commitments
DERIVATIVE FINANCIAL INSTRUMENTS
Derivative financial instruments for hedging purposes
Fair value hedge
Cash flow hedge
Held for trading transactions
Forward foreign currency buy/sell transactions
Forward foreign currency transactions-buy
Forward foreign currency transactions-sell
Other Forward buy/sell transactions
Other
CUSTODY AND PLEDGED ITEMS (IV+V+VI)
ITEMS HELD IN CUSTODY
Assets under management
Investment securities held in custody
Checks received for collection
Commercial notes received for collection
Other assets received for collection
Assets received for public offering
Other items under custody
Custodians
PLEDGED ITEMS
Marketable securities
Guarantee notes
Commodity
Warranty
Properties
Other pledged items
Pledged items-depository
ACCEPTED AVALIZED DRAFTS AND SURETYSHIPS
TOTAL OFF BALANCE SHEET ACCOUNTS (A+B)
(1), (2)
(1)
(4)
CURRENT PERIOD
PRIOR PERIOD
Audited
Audited
(31/12/2011)
(31/12/2010)
TRY
FC
Total
TRY
FC
7.183.246
14.881.266
7.181.426
5.737.843
12.919.269
4.047.507
3.996.113
3.996.113
27.386
27.386
2.898
2.898
21.110
3.628.894
3.628.894
498.695
10.798
353.633
650.723
1.883
2.066.016
5.301.252
3.560.462
3.560.462
296.584
296.584
1.331.621
1.331.621
112.585
587.140
587.140
587.140
-
9.348.759
7.556.575
7.556.575
323.970
323.970
1.334.519
1.334.519
133.695
4.216.034
4.216.034
1.085.835
10.798
353.633
650.723
1.883
2.066.016
4.226.595
4.195.799
4.195.799
23.000
23.000
642
642
7.154
2.686.588
2.686.588
36.324
2.000
341.648
580.319
1.880
1.661.296
5.000.288
3.742.856
3.742.856
131.318
131.318
996.720
996.720
129.394
79.243
79.243
79.243
-
9.226.883
7.938.655
7.938.655
154.318
154.318
997.362
997.362
136.548
2.765.831
2.765.831
115.567
2.000
341.648
580.319
1.880
1.661.296
7.236
-
7.236
7.257
-
7.257
39.910
21.619
21.619
21.619
144.252.279
996.242
2.885
736.005
257.343
5
4
143.256.037
820.957
49.893.921
2.643.502
18.800.856
71.096.801
-
1.294.854
1.294.854
1.294.854
103.667.485
821.158
316.160
20.756
126.829
357.413
102.846.327
370.522
38.782.884
759.906
2.744.840
60.188.175
-
39.910
1.316.473
1.316.473
1.316.473
247.919.764
1.817.400
2.885
1.052.165
278.099
126.829
5
357.417
246.102.364
1.191.479
88.676.805
3.403.408
21.545.696
131.284.976
-
55.864
268.243
268.243
268.243
114.534.965
737.083
2.885
537.081
197.111
4
2
113.797.882
558.289
38.978.316
2.124.763
15.363.750
56.772.764
-
658.312
658.312
658.312
74.648.884
373.825
193.630
15.177
40.842
124.176
74.275.059
300.630
27.921.735
553.137
1.260.824
44.238.733
-
55.864
926.555
926.555
926.555
189.183.849
1.110.908
2.885
730.711
212.288
40.842
4
124.178
188.072.941
858.919
66.900.051
2.677.900
16.624.574
101.011.497
-
151.950.299
110.850.731
262.801.030
121.716.391
80.386.727
202.103.118
102
Total
7.698.020
UNCONSOLIDATED STATEMENT OF INCOME
STATEMENT OF INCOME
Note
CURRENT PERIOD
Audited
(01/01/2011-31/12/2011)
I.
PROFIT SHARE INCOME
(1)
1.278.154
1.206.930
1.1
Profit share on loans
1.201.460
1.126.940
1.2
Profit share from reserve deposits
-
13.364
1.3
Profit share from banks
1.892
22.369
1.4
Profit share from money market placements
1.5
Profit share from marketable securities portfolio
PRIOR PERIOD
Audited
(01/01/2010-31/12/2010)
-
-
58.116
30.884
1.5.1
Held-for-trading financial assets
-
-
1.5.2
Financial assets at fair value through profit and loss
-
-
1.5.3
Available-for-sale financial assets
49.234
21.050
1.5.4
Investment-held for maturity
1.6
Finance lease income
1.7
Other profit share income
II.
PROFIT SHARE EXPENSE
2.1
Expense on profit sharing accounts
2.2
Profit share expense on funds borrowed
2.3
Profit share expense on money market borrowings
2.4
Expense on securities issued
2.5
Other profit share expense
III.
IV.
(2)
8.882
9.834
16.686
13.373
-
-
(646.930)
(613.392)
(593.829)
(596.677)
(38.562)
(16.538)
(14.340)
-
-
-
(199)
(177)
NET PROFIT SHARE INCOME (I - II)
631.224
593.538
NET FEES AND COMMISSIONS INCOME/EXPENSE
259.808
249.378
4.1
Fees and commisions received
319.881
300.661
4.1.1
Non-cash loans
133.643
151.840
4.1.2
Other
186.238
148.821
4.2
Fees and commisions paid
(60.073)
(51.283)
4.2.1
Non-cash loans
4.2.2
Other
(12)
(12)
(12)
(10)
(60.061)
(51.273)
V.
DIVIDEND INCOME
(3)
-
-
VI.
NET TRADING INCOME
(4)
39.120
44.963
6.1
Securities trading gains / (losses)
6.2
Gains /(losses) from derivative financial instruments
6.3
Foreign exchange gains / (losses)
VII.
OTHER OPERATING INCOME
(5)
-
-
64.210
30.508
(25.090)
14.455
130.545
134.193
VIII.
NET OPERATING INCOME (III+IV+V+VI+VII)
1.060.697
1.022.072
IX.
PROVISION FOR LOAN LOSSES AND OTHER RECEIVABLES (-)
(6)
(228.198)
(167.487)
X.
OTHER OPERATING EXPENSES (-)
(7)
(563.367)
(530.287)
XI.
NET OPERATING PROFIT/(LOSS) (VIII-IX-X)
269.132
324.298
XII.
AMOUNT IN EXCESS RECORDED AS GAIN AFTER MERGER
-
-
XIII.
GAIN/(LOSS) ON EQUITY METHOD
-
-
XIV.
GAIN/(LOSS) ON NET MONETARY POSITION
-
-
XV.
PROFIT/(LOSS) FROM CONTINUED OPERATIONS BEFORE TAXES (XI+…+XIV)
(8)
269.132
324.298
XVI.
TAX PROVISION FOR CONTINUED OPERATIONS (±)
(9)
(53.042)
(64.336)
16.1
Current income tax (charge)/benefit
(57.546)
(70.346)
16.2
Deferred tax (charge)/benefit
XVII.
NET PROFIT/(LOSS) FROM CONTINUED OPERATIONS (XV±XVI)
(10)
4.504
6.010
216.090
259.962
XVIII.
INCOME ON DISCONTINUED OPERATIONS
-
-
18.1
Income on assets held for sale
-
-
18.2
Income on sale of associates, subsidiaries and jointly controlled entities (Joint Vent.)
-
-
18.3
Income on other discontinued operations
-
-
XIX.
LOSS FROM DISCONTINUED OPERATIONS (-)
-
19.1
Loss from assets held for sale
-
-
19.2
Loss on sale of associates, subsidiaries and jointly controlled entities (Joint vent.)
-
-
19.3
Loss from other discontinued operations
-
-
XX.
PROFIT / (LOSS) ON DISCONTINUED OPERATIONS BEFORE TAXES (XVIII-XIX)
-
-
XXI.
TAX PROVISION FOR DISCONTINUED OPERATIONS (±)
-
21.1
Current income tax charge
-
-
21.2
Deferred tax charge/ (benefit)
-
-
XXII.
NET PROFIT/LOSS FROM DISCONTINUED OPERATIONS (XX±XXI)
XXIII.
NET PROFIT/LOSS (XVII+XXII)
23.1
Group’s profit/loss
23.2
Minority shares
(11)
Earnings per share
-
-
216.090
259.962
216.090
259.962
-
-
0,24
0,29
103
STATEMENT OF PROFIT AND LOSS ITEMS ACCOUNTED
UNDER EQUITY
STATEMENT OF PROFIT AND LOSS ITEMS ACCOUNTED UNDER EQUITY
I.
Additions to marketable securities revaluation differences from financial assets available for sale
CURRENT PERIOD
Audited
(01/01/2011-31/12/2011)
PRIOR PERIOD
Audited
(01/01/2010-31/12/2010)
(25.414)
4.764
II.
-
-
III.
-
-
IV.
Foreign exchange differences for foreign currency transactions
-
-
V.
Profit/Loss from derivative financial instruments for cash flow hedge purposes (Effective portion of fair value
differences)
-
-
VI.
Profit/Loss from derivative financial instruments for hedge of net investment in foreign operations (Effective
portion of fair value differences)
-
-
VII.
The effect of corrections of errors and changes in accounting policies
-
-
VIII.
Other profit loss items accounted for under equity due to TAS
-
-
IX.
Deferred tax of valuation differences
5.083
(953)
X.
Total Net Profit/Loss accounted for under equity (I+II+…+IX)
(20.331)
3.811
XI.
Profit/Loss
-
-
11.1
Change in fair value of marketable securities (Transfer to Profit/Loss)
-
-
11.2
Reclassification and transfer of derivatives accounted for cash flow hedge purposes to Income Statement
-
-
11.3
Transfer of hedge of net investments in foreign operations to Income Statement
-
-
11.4
Other
XII.
Total Profit/Loss accounted for the period (X±XI)
104
-
-
(20.331)
3.811
IX.
VIII.
IX.
X.
XI.
XII.
12.1
12.2
XIII.
XIV.
XV.
XVI.
XVII.
XVIII.
18.1
18.2
18.3
VII.
II.
III.
IV.
4.1
4.2
V.
VI.
I.
X.
XI.
XII.
XIII.
XIV.
14.1
14.2
XV.
XVI.
XVII.
XVIII.
XIX.
XX.
20.1
20.2
20.3
Prior Period Balance - 31.12.2010
Changes in period
Increase/decrease related to merger
Hedging funds (Effective Portion)
Cash-flow hedge
controlled entities (Joint vent.)
Foreign exchange differences
The disposal of assets
The reclassification of assets
The effect of change in associate’s equity
Capital increase
Cash
Internal sources
Share premium
Inflation adjustment to paid-in capital
Other
Period net income/(loss)
Profit distribution
Dividends distributed
Transfers to reserves
Other
Closing Balance (I+II+III+-…...+XVI+XVII+XVIII)
CURRENT PERIOD Audited (01/01-31/12/2011)
II.
2.1
2.2.
III.
IV.
V.
VI.
6.1
6.2
VII.
VIII.
Corrections according to TAS 8
The effect of corrections of errrors
The effects of changes in accounting policy
New Balance (I+II)
Changes in period
Increase/decrease related to merger
Hedging funds (Effective Portion)
Cash-flow hedge
controlled entities (Joint vent.)
Capital increase
Cash
Internal sources
Share premium
Other
Profit distribution
Other
I.
PRIOR PERIOD Audited (01/01-31/12/2010)
STATEMENT OF CHANGES OF SHAREHOLDER'S EQUITY
Note
-
3,307
-
3.307
-
3.307
-
3.307
-
3.307
-
-
-
-
-
-
-
12.998
12.998
65,948
-
52.950
-
15.064
15.064
52.950
-
37.886
-
37.886
Share
Certificate
Legal
Cancellation Reserves
Profits
-
-
-
-
-
-
-
246.964
246.964
961,405
-
714.441
-
256.217
256.217
714.441
-
458.224
-
458.224
-
-
-
-
-
-
-
216.090
216.090
-
-
259.962
259.962
-
-
-
(259.962)
(259.962)
-
-
259.962
-
(301.281)
(30.000)
(271.281)
-
-
301.281
-
301.281
(13,599)
-
6.732
(20.331)
-
6.732
-
2.921
3.811
-
2.921
4,275
-
4.275
-
4.275
-
4.275
-
4.275
-
-
-
-
-
-
-
Current
Marketable
Tangible and
Prior Period
Bonus Shares
Statutory Extraordinary
Other Period Net
Securities Intangible Assets
Net Income
Obtained from
Reserves
Reserve Reserve
Income /
Revaluation
Revaulation
/ (Expense)
Subsidiaries
(Expense)
Reserve
Differences
-
-
900,000
-
900.000
-
-
-
900.000
-
-
Inflation
Share
Adjustment to
Premium
Paid-in Capital
900.000
-
900.000
Paid-in
Capital
-
-
-
-
-
-
-
-
-
-
-
-
-
216.090
2,137,426
-
1.941.667
(20.331)
-
259.962
(30.000)
(30.000)
1.941.667
-
1.707.894
3.811
-
1.707.894
-
216.090
- 2,137,426
-
- 1.941.667
(20.331)
-
259.962
(30.000)
(30.000)
- 1.941.667
-
- 1.707.894
3.811
-
- 1.707.894
Valuation Diff. from
Total Equity
NonHedging
Assets Held for
Excluding
controlling Total Equity
Funds Sale and from Disc. Non-controlling
Interest
Interest
Op.
UNCONSOLIDATED STATEMENT OF CHANGES
IN SHAREHOLDER’S EQUITY
105
UNCONSOLIDATED STATEMENT OF CASH FLOWS
Note
CURRENT PERIOD
Audited
(01/01-31/12/2011)
PRIOR PERIOD
Audited
(01/01-31/12/2010)
73.392
347.458
1.193.742
1.126.572
(638.541)
(612.566)
A.
CASH FLOWS FROM BANKING OPERATIONS
1.1
Operating profit before changes in operating assets and liabilities
1.1.1
Profit share income received
1.1.2
Profit share expense paid
1.1.3
Dividend received
1.1.4
Fees and commissions received
1.1.5
1.1.6
1.1.7
Payments to personnel and service suppliers
1.1.8
Taxes paid
1.1.9
Others
1.2
Changes in operating assets and liabilities
1.2.1
1.2.2
1.2.3
Net (increase) decrease in due from banks and other financial institutions
1.2.4
Net (increase) decrease in loans
1.2.5
Net (increase) decrease in other assets
1.2.6
Net increase (decrease) in bank deposits
101.005
10.926
1.2.7
Net increase (decrease) in other deposits
903.693
1.927.951
1.2.8
Net increase (decrease) in funds borrowed
672.030
417.118
1.2.9
Net increase (decrease) in due payables
-
-
1.2.10
Net increase (decrease) in other liabilities
377.583
164.374
I.
Net cash provided from banking operations
486.751
379.128
B.
CASH FLOWS FROM INVESTING ACTIVITIES
II.
Net cash provided from investing activities
(375.119)
(315.800)
2.1
Cash paid for purchase of entities under common control, associates and subsidiaries
(Joint Vent.)
(I.7-I.8)
(20.065)
(46.696)
2.2
Cash obtained from sale of entities under common control, associates and subsidiaries
(Joint Vent.)
(I.7-I.8)
-
-
2.3
Fixed assets purchases
(I.12)
(31.920)
(47.537)
2.4
Fixed assets sales
(I.12)
2.5
Cash paid for purchase of financial assets available for sale
2.6
Cash obtained from sale of financial assets available for sale
-
50.000
2.7
Cash paid for purchase of investment securities
-
(50.000)
2.8
Cash obtained from sale of investment securities
2.9
Other
C.
CASH FLOWS FROM FINANCING ACTIVITIES
III.
-
-
331.526
300.661
Other income
90.226
102.519
Collections from previously written off loans
14.509
20.636
(264.766)
(242.029)
(81.339)
(89.412)
(571.965)
(258.923)
413.359
31.670
Net (increase) decrease in financial assets
-
-
Net (increase) decrease in financial assets at fair value through profit or loss
-
-
538.259
378.883
(2.191.597)
(2.857.397)
12.386
(10.185)
81.110
81.900
(400.000)
(350.000)
-
50.000
(4.244)
(3.467)
Net cash provided from financing activities
-
(30.000)
3.1
Cash obtained from funds borrowed and securities issued
-
-
3.2
Cash used for repayment of funds borrowed and securities issued
-
-
3.3
Capital increase
-
-
3.4
Dividends paid
-
(30.000)
3.5
Payments for finance leases
-
-
3.6
Other
-
-
IV.
Effect of change in foreign exchange rate on cash and cash equivalents
77.996
8.397
V.
Net increase in cash and cash equivalents
189.628
41.725
VI.
Cash and cash equivalents at the beginning of the year
(1)
420.068
378.343
VII.
Cash and cash equivalents at the end of the year
(1)
609.696
420.068
(I.13)
106
PROFIT DISTRIBUTION TABLE
CURRENT PERIOD
PRIOR PERIOD
Audited
Audited
(01/01/2011-31/12/2011)
(01/01/2010-31/12/2010)
I.
DISTRIBUTION OF CURRENT YEAR PROFIT (**)
1.1
1.2
1.2.1
1.2.2
CURRENT YEAR PROFIT
TAXES AND DUTIES PAYABLE (-)
Corporate Tax (Income Tax)
Income Withholding Tax
1.2.3
Other taxes and duties (*)
A.
NET INCOME FOR THE YEAR (1.1-1.2)
1.3
1.4
1.5
PRIOR YEAR'S LOSSES (-)
FIRST LEGAL RESERVES (-)
OTHER STATUTORY RESERVES (-)
B.
NET INCOME AVAILABLE FOR DISTRIBUTION [(A-(1.3+1.4+1.5)]
1.6
1.6.1
1.6.2
1.6.3
1.6.4
1.6.5
1.7
1.8
1.9
1.9.1
1.9.2
1.9.3
1.9.4
1.9.5
1.10
1.11
1.12
1.13
1.14
FIRST DIVIDEND TO SHAREHOLDERS (-)
To Owners of Ordinary Shares
To Owners of Preferred Shares
To Owners of Preferred Shares (Preemptive Rights)
To Profit Sharing Bonds
To Owners of the profit and loss Sharing Certificates
DIVIDEND TO PERSONNEL (-)
DIVIDEND TO BOARD OF DIRECTORS (-)
SECOND DIVIDEND TO SHAREHOLDERS (-)
To Owners of the profit /loss Sharing Certificates
SECOND LEGAL RESERVE (-)
STATUTORY RESERVES (-)
EXTRAORDINARY RESERVES
OTHER RESERVES
SPECIAL FUNDS
II.
DISTRIBUTION OF RESERVES
2.1
2.2
2.3
2.3.1
2.3.2
2.3.3
2.3.4
2.3.5
2.4
2.5
DISTRIBUTED RESERVES
SECOND LEGAL RESERVES (-)
DIVIDENDS TO SHAREHOLDERS (-)
To Holders of the profit /loss Sharing Certificates
DIVIDENDS TO PERSONNEL (-)
DIVIDENDS TO BOARD OF DIRECTORS (-)
III.
EARNINGS PER SHARE
3.1
3.2
3.3
3.4
TO OWNERS OF ORDINARY SHARES
TO OWNERS OF ORDINARY SHARES ( % )
TO OWNERS OF PREFERRED STOCKS
TO OWNERS OF PREFERRED STOCKS ( % )
IV.
DIVIDEND PER SHARE
4.1
4.2
4.3
4.4
TO OWNERS OF ORDINARY SHARES
TO OWNERS OF ORDINARY SHARES ( % )
269.132
(53.042)
(57.546)
-
324.298
(64.336)
(70.346)
-
4.504
6.010
216.090
259.962
-
12.998
-
216.090
246.964
-
246.964
-
-
-
0,24
24
-
0,29
29
-
-
-
(*) Deferred tax benefit is presented in "other tax and duties" line.
(**) Profit distribution is agreed on the General Assembly Meeting and as of the reporting date, the General Assembly meeting has not been held, yet.
107
I.
1. Presentation of Financial Statements
The Bank prepares its financial statements and notes in accordance with the Communiqué on Banks’ Accounting Practice and Maintaining
Documents, Turkish Accounting Standards (“TAS”), Turkish Financial Reporting Standards (“TFRS”), other communiqués, pronouncements
and explanations about accounting and financial reporting issued by the Banking Regulation and Supervision Agency (“BRSA”), Turkish
Commercial Code and the Tax Legislation.
The prior period financial statements are presented in line with the principles of TAS No: 1 “Fundamentals of Preparing and Presenting
Financial Statements” published in the Official Gazette on January 16, 2005 with No: 25702, and in accordance with TAS and TFRS and
other principles, methods and explanations about accounting and financial reporting issued by the BRSA. Certain reclassifications have
been made to the prior year financial statements to comply with the current year presentation.
The accompanying financial statements are prepared in accordance with historical cost basis except for financial assets at fair value through
profit or loss and financial assets available for sale that are presented on fair value basis.
2. Basis of Accounting
The accompanying financial statements are based on the Bank’s legal records. The Bank has recorded the adjustments of inflation
accounting to its legal records beginning from June 30, 2004 to December 31, 2004 in accordance with Act No: 5024 of the Tax Procedural
Code. As of December 31, 2003, the financial statements are prepared in accordance with the legal books and historical cost principle
except for the revaluation of fixed assets and includes adjustments and reclassifications, including restatement for the changes in the general
purchasing power of the Turkish Lira in accordance with Turkish Accounting Standard for “Financial Reporting in Hyperinflationary
Economies” (“TAS 29”) prior to December 31, 2004 for the purpose of fair presentation.
The Bank manages its financial instrument strategies depending on the financing sources. The sources mainly constitute of the current and
profit sharing accounts. As of the balance sheet date, the Bank’s assets and equity structure are sufficient to cover its liabilities. The Bank
allocates 20% of its profit sharing accounts to liquid instruments (December 31, 2010: 23%).
The Bank does not carry a significant foreign currency position risk due to the existing floating exchange rate regime. The investment
decisions are made by taking into consideration the maturity structure of the balance sheet items. The allocations of asset items are
designated, and yield analysis are made based on this designation.
In the statutory records of the Bank, the transactions recorded in foreign currencies (all other currencies except Turkish Lira) are translated
into the Turkish Lira at the exchange rates prevailing at the transaction dates. Monetary asset and liabilities denominated in foreign
currencies are translated into the Turkish Lira at the balance sheet date of the Bank. Foreign exchange gains or losses arising from the
translation of monetary items and foreign currency denominated collections or disbursements are recognized in the income statement.
III. Explanations on Forward and Option Contracts and Derivative Instruments
In determination of fair value of forward and swap transactions, forward rates discounted to the balance sheet date by prevailing are
compared with the expected discounted rates at maturity calculated based on the prevailing profit shares as of the balance sheet date and
arising foreign exchange differences are recognized in the income statement. Although some of the derivative transactions provide economic
hedging in accordance with TAS 39 “Financial Instruments: Recognition and Measurement” since all necessary conditions for hedge
accounting have not been met, the bank classifies these transactions as “held for trading” therefore changes in the fair value of derivative
financial instruments are recognized in profit or loss as they arise. IV. Explanations on Profit Share Income and Expenses
Profit share income and expenses are recognized in the income statement on an accrual basis.
Realized and unrealized profit share accruals of the non-performing loans are reversed and profit share income in connection with these
loans is recorded as profit share income only when they are collected.
108
V. Explanations on Fees and Commission Income and Expenses
Banking service revenues are recognized as income only when they are collected while only the current portion of the prepaid commission
income obtained from loans is recorded as income based on the periodicity principle.
Fees and commissions for funds borrowed paid to other financial institutions, as part of the transaction costs, are recorded as prepaid
expenses and are recognized as expense on the relevant periods.
VI. Explanations on Financial Assets
Financial instruments comprise of financial assets, financial liabilities and derivative instruments. Financial assets and financial liabilities are
recognized on the Bank’s balance sheet when the Bank becomes a party to the contractual provisions of the instrument.
Basically, financial assets form majority of the commercial activities and operations of the Bank. Financial instruments expose, change or
reduce the liquidity and credit risks of the Bank’s financial statements.
Fair value is the amount for which an asset could be exchanged or a liability settled, between knowledgeable willing parties in an arm length
transaction. Fair value is best evidenced by a market price, being the amount obtainable from the sale or payable on the acquisition, of a
financial instrument in an active market, if one exists.
Estimated fair values of financial assets are determined by the Bank by using the market data and relevant valuation methods. However,
interpretation of market data is necessary to determine fair value. Therefore, estimated fair values presented in this report may not be
necessarily equivalent of the disposal values of such assets derived from current market conditions. Some carrying values of the financial
instruments which are same with their cost values are assumed to be equal to their fair values because of their short term nature.
The methods and assumptions used in determining the reasonable estimated values of all financial instruments are mentioned below:
Cash, Banks, and Other Financial Institutions:
Cash and cash equivalents comprise of cash on hand, demand deposits, and highly liquid short-term investments not bearing risk of
significant value change, and that are readily convertible to a known amount of cash. The book value of these financial assets approximate
to their fair value.
Financial Assets at Fair Value through Profit or Loss:
Marketable securities at fair value through profit or loss are classified in two categories; i) marketable securities classified as trading
securities: acquired or incurred principally for the purpose of selling or repurchasing it in the near term in order to benefit from short-term
profit opportunities; ii) marketable securities classified as marketable securities at fair value through profit or loss at initial recognition. The
Bank uses the above-mentioned classification when permitted, or for the purposes of providing a more appropriate presentation.
In this group, trading securities are initially recognized at cost and measured at fair value on the financial statements. Fair value of debt
securities traded in an active market is determined based on the quoted prices or current market prices.
The difference between initial cost and fair value of financial assets at fair value through profit or loss is reflected to profit share income or
diminution in value of marketable securities accounts. Profit share income from financial assets at fair value through profit or loss is reflected
in profit share income.
As of December 31, 2011, the Bank has TRY 1.250 Thousand of derivative financial assets held for trading at fair value through profit or loss
(December 31, 2010: TRY 2.581 Thousand).
Held to Maturity Investments:
Held to maturity investments include securities with fixed or determinable payments and fixed maturity when there is an intention of holding
till maturity and the relevant conditions for fulfillment of such intention, including the funding ability. This portfolio excludes loans and
receivables. Subsequent to initial recognition, held to maturity investments are measured at amortized cost by using the effective interest
rate less impairment losses, if any. The Bank has no financial assets acquired and classified as held to maturity investments that cannot be
subject to such classification for two years because of the non-performance of tainting rules.
The profit share income received from held to maturity investments is recorded as profit share income in the income statement.
As of December 31, 2011, the Bank has TRY 77.053 Thousand of held to maturity investments (December 31, 2010: TRY 77.032
Thousand).
109
Financial Assets Available for Sale:
Financial assets available for sale are initially recognized at cost including the transaction costs. After initial recognition, bonds classified
available for sale are measured at fair value and unrealized gains/losses originating from the difference between the amortized cost and the
fair value are recorded in “Marketable Securities Value Increase Fund” under equity. At the disposal of available for sale financial assets, value
increase/decrease recorded in “Marketable Securities Value Increase Fund” under equity is transferred to the income statement. Equity
instruments that are classified as available for sale assets are recorded with their value after deduction of any impairment from original cost.
As of December 31, 2011, the Bank has TRY 779.637 Thousand of available for sale financial assets (December 31, 2010: TRY 394.577
Thousand).
Loans and Receivables:
Loans and receivables are recognized at amortized cost. Fees, transaction costs and other similar costs in connection with the guarantees
of loans and receivables are not considered as part of the transaction cost and recognized as expense in the income statement.
Loans are transferred to the relevant accounts in with their cash amounts and income accruals are calculated by using the internal rate of
return method and the related income is recorded in the profit share income item. Foreign currency and foreign currency indexed loans are
evaluated and evaluation differences are accounted under “Foreign Exchange Gains” and/or “Foreign Exchange Losses” in the income
statement.
The classification and provisioning of doubtful loans/receivables are appropriately accounted for in accordance with the prevailing
regulations, and specific provisions allocated are recognized in the income statement for the period. Collections made from such loans are
recognized under the “Non-performing loans” (including receivables from the doubtful receivables) account and “Profit share income
received from uncollectible loans and other receivables” account.
Released loan loss provisions are accounted as a reversal from provision expense if realized in the current year, and the remaining amounts
are recognized as income in the account of collections from the prior year expenses.
In addition to specific loan loss provisions, general loan loss provision are recognized within the framework of the regulation on “Methods
and Principles for the Determination of Loans and Other Receivables to be Reserved for and Allocation of Reserves” published in the Official
Gazette No. 26333 dated 1 November 2006.
Except for specific provisions, the Bank allocates general reserve in accordance with Communiqué on “Determining the Nature of Loan and
Other Receivable Provisions Allocated by Banks and Procedures and Principles of Allocating Provisions”
VII. Explanations on Impairment of Financial Assets
At each balance sheet date, the Bank evaluates the carrying amounts of its financial asset or a group of financial assets to determine
whether there is an objective indication that those assets have suffered an impairment loss. If such an indication exists, the Bank determines
the related impairment.
A financial asset or a financial asset group incurs impairment loss only if there is an objective indicator related to the occurrence (loss/
damage event) of one or more than one event (or occurrence) subsequent to initial recognition of that asset; and such loss event causes an
impairment loss as a result of the effect on the reliable estimate of the expected future cash flows of the related financial asset and asset
group. Any amounts attributable to expected losses arising from any future events is not recognized under no circumstances.
Companies that are required to prepare separate financial statements under the statutory requirements in accordance with TAS 27
“Consolidated and Separate Financial Statements” can represent their subsidiaries or associates either at cost or based on requirements set
out in TAS 39, “Financial Instruments: Recognition and Measurement”. In this respect, the Bank chooses to use the first method and
presents the subsidiaries, jointly controlled entities and associates at cost less impairment loss, if any.
VIII.Explanations on Offsetting Financial Assets and Liabilities
Financial assets and liabilities are offset when the Bank has a legally enforceable right to set off, and when the Bank has the intention of
collecting or paying the net amount of related assets and liabilities. In other circumstances, the Bank does not offset financial asset and
liabilities.
110
IX. Explanations on Sales and Repurchase Agreements and Lending of Securities
The Bank enters into revenue sharing certificates repurchase agreements with the Central Bank of the Republic of Turkey for the money
market transactions.
X. Explanations on Assets Held for Sale, Discontinued Operations and Liabilities Related to Those Assets
The principles on accounting, assessment and disposal of assets held for sale are determined based on the Communiqué of “Principles and
Procedures on Bank’s Disposal of Precious Metals and Assets Held for Sale” published on November 1, 2006 in the official Gazette
numbered 26333.
Although the Bank has assets held for sale in the balance sheet, due to the fact that the Bank does not have a formal plan to dispose of
these assets in one year subsequent to their classification date, such assets are continued to be depreciated. For this reason, these assets
are classified as tangible assets instead of assets held for sale in the accompanying financial statements.
Assets held for sale are measured at the lower of the carrying amount of assets and fair value less any cost incurred for disposal. Assets
held for sale are not amortized and presented in the financial statements separately. In order to classify an asset as held for sale, only when
the sale is highly probable and the asset (or disposal group) is available for immediate sale in its present condition. Management must be
committed to the sale, which should be expected to qualify for recognition as a completed sale. Highly saleable condition requires a plan by
the management regarding the sale of the asset to be disposed of (or else the group of assets), together with an active program for the
determination of buyers as well as for the completion of the plan. Also the asset (or else the group of assets) shall be actively marketed in
conformity with its fair value. On the other hand, the sale is expected to be recognized as a completed sale within one year after the
classification date; and the necessary transactions and procedures to complete the plan should demonstrate the fact that there is remote
possibility of making any significant changes or cancellation of the plan.
Various events and conditions may extend the completion period of the disposal more than a year. If such delay arises from any events and
conditions beyond the control of the entity and there is sufficient evidence that the entity has an ongoing disposal plan for these assets, such
assets (or else group of assets) are continued to be classified as assets held for sale (or else group of assets).
As of December 31, 2011, assets held for sale amounts to TRY 8.724 Thousand (December 31, 2010: TRY 6.509 Thousand).
A discontinued operation is a division of a bank that is either disposed of or held for sale. Results of discontinued operations are included in
the income statement separately. The Bank’s has not a discontinued operation.
XI. Explanations on Goodwill and Other Intangible Assets
Goodwill arising on the acquisition of a subsidiary or a jointly controlled entity represents the excess of the cost of acquisition over the
Group’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the subsidiary or jointly controlled entity
recognized at the date of acquisition. Goodwill is initially recognized as an asset at cost and is subsequently measured at cost less any
accumulated impairment losses. For the purpose of impairment testing, goodwill is allocated to each of the Group’s cash-generating units
expected to benefit from the synergies of the combination. Cash-generating units to which goodwill has been allocated are tested for
impairment annually, or more frequently when there is an indication that the unit may be impaired.
If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to
reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying
amount of each asset in the unit. An impairment loss recognized for goodwill is not reversed in a subsequent period. On disposal of a
subsidiary or a jointly controlled entity, the attributable amount of goodwill is included in the determination of the profit or loss on disposal.
No goodwill amount is recognized in the unconsolidated financial statements of the Bank as of the balance sheet date.
Intangible assets acquired prior to January 1, 2005 are accounted for at restated cost less accumulated depreciation and any impairment
loss, and the intangible assets acquired in subsequent periods are accounted for at acquisition cost less accumulated depreciation and any
impairment loss if any, for those acquired prior to January 1, 2005. Intangible assets are amortized by using the straight line method
considering their useful lives. Amortization method is reviewed at the end of each year periodically. Intangible assets mainly constitute of
rights and amortized using the straight line method in 5 years.
111
XII.Explanations on Tangible Assets
Prior to January 1, 2005, tangible assets are accounted for at acquisition cost plus any other direct costs incurred to bring the asset for
ready to use. Tangible assets are measured at their acquisition cost less accumulated depreciation and impairment loss, if any.
Depreciation of assets held less than one year as of the balance sheet date is accounted for proportionately.
If the fair value of tangible assets is under their carrying value, impairment loss is allocated for exceeding amounts and these amounts are
recognized as impairment in the financial statements.
Gains or losses resulting from disposals of tangible assets are recognized in the income statement.
Maintenance costs of the tangible assets are recognized in the income statement as an expense.
There are no pledges, mortgages, or other restrictions on tangible assets.
Tangible Asset
Useful Life
Safety Boxes
5 years
Office Equipment
5 years
Furniture and Fixtures
5 years
Vehicles
5 years
Leasehold Improvements
Buildings
5 years
50 years
XIII. Explanations on Leasing Transactions
Bank as a Lessor:
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the
lessee.
Amounts due from lessees under finance leases are recorded as receivables at the amount of the Bank’s net investment in the leases.
Finance lease income is allocated to accounting periods so as to reflect a constant periodic rate of return on the Bank’s net investment
outstanding in respect of the leases.
Bank as a Lessee:
lessee.
Assets held under finance leases are recognized as assets of the Bank at their fair value at the inception of the lease or, if lower, at the
present value of the minimum lease payments. The corresponding liability to the lessor is included in the balance sheet as a finance lease
obligation. Lease payments are apportioned between finance charges and reduction of the lease obligation so as to achieve a constant rate
of interest on the remaining balance of the liability. Finance charges are charged to profit or loss, unless they are directly attributable to
qualifying assets, in which case they are capitalized in accordance with the Bank’s general policy on borrowing costs.
As of December 31, 2011, the Bank as a lessee has operating leases for vehicles, general management and branches in addition to its
assets through financial lease.
XIV. Explanations on Provisions and Contingent Liabilities
Provisions are recognized when there is a present obligation, it is probable that an outflow of resources embodying economic benefits will be
required to settle the obligation and a reliable estimate can be made of the amount of the obligation. Contingent liabilities are continuously
reviewed in order to determine whether there is any possibility of cash flow with regards to the sources having economic benefit for the
Bank.
XV. Explanations on Liabilities for Employee Benefits
Under the existing Turkish law and union agreements, severance indemnity payment is required for employees retired or fired except
resignations. The severance indemnity pay provision recognized represents the present value of the defined benefit obligation as adjusted for
unrecognized gains and losses in accordance with TAS 19 “Employee Benefits”. The defined obligation is determined by independent
actuaries.
112
The main actuarial assumptions used in the calculation of severance indemnity pay provision are as follows: December 31, 2011 (*)
December 31, 2010
Discount Rate
9,2% - 11,55%
10%
Inflation Rate
4,5% - 8,75%
5,1%
(*) According to employees retirement dates, different rates have been used in the range of rates given in the table above.
TRY 2.732 (TRY full amount) salary ceiling, which was effective as of December 31, 2011 was taken into account in the current year
calculations. It is assumed that the amount of the salary ceiling will increase each year in line with the inflation rate. The age of retirement is
considered as the earliest age possible that an individual can retire and CSO 1980 female/male mortality table is used for the mortality rate.
XVI.Explanations on Taxation
Tax expense comprises of current tax and deferred tax expenses.
Current tax payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the income statement because it
excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or
deductible. The Group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the balance
sheet date. According to the Article 32 of the Corporate Tax Law No: 5520 announced in the Official Gazette dated June 21, 2006, the
corporate tax rate is 20%.
Deferred tax asset or liability is recognized on differences between the carrying amounts of assets and liabilities in the financial statements
and the corresponding tax bases used in the computation of taxable profit, and are accounted for using the balance sheet method. Deferred
tax liabilities are generally recognized for all taxable temporary differences and deferred tax assets are recognized for all deductible
temporary differences to the extent that it is probable that taxable profits will be available against which those deductible temporary
differences can be utilized. Such assets and liabilities are not recognized if the temporary difference arises from goodwill or from the initial
recognition (other than in a business combination) of other assets and liabilities in a transaction that affects neither the taxable profit nor the
accounting profit.
The carrying amount of deferred tax assets is reviewed at each balance sheet date and reduced to the extent that it is no longer probable
that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the
asset is realized and recognized in the income statement. If deferred tax is in connection with the assets directly associated with the equity, it
shall be directly associated with shareholder’s equity items.
Taxes payables and prepaid taxes are offset since they are levied by the same taxation authority. Deferred tax assets and liabilities are also
offset.
The Bank has adjusted its statutory financial statements based on inflation accounting as of January 1, 2004 in accordance with Law No:
5024.
XVII.Additional Disclosures on Borrowings
Borrowings are recognized in accordance with TAS 39 “Financial Instruments: Recognition and Measurement”.
No specific hedging technique is applied for borrowings, their accounting and valuation methods excluding some general methods applied
for avoiding any liquidity and currency risks.
There are no debt securities or convertible bonds issued by the Bank.
XVIII. Explanations on Issuance of Share Certificates
As of December 31, 2011, there are no exported share certificates of the Bank.
XIX. Explanations on Avalized Drafts and Acceptances
Avalized drafts and acceptances are realized simultaneously with the payment dates of the customers and they are presented in the
off-balance sheet commitment accounts.
113
XX.
Explanations on Government Incentives
As of balance sheet date, there are no government incentives used by the Bank.
XXI.
Explanations on Segment Reporting
The Bank operates in corporate, commercial and retail banking areas in line with its mission by means of profit/loss sharing methodology.
Current Period Retail
Corporate and Commercial
Treasury
Undistributed
Total
Total Assets
2.546.891
10.829.396
1.854.936
1.958.876
17.190.099
Total Liabilities
8.458.383
3.938.660
1.748.752
3.044.304
17.190.099
Net Profit Share Income / (Expense) (*)
(289.384)
Net Fees and Commissions Income / (Expense) Other Operating Income / (Expense)
Profit Before Tax
Tax Provision
11.929
911.657 9.187
229.316
(3.324)
(236)631.224
21.887
259.808
(7.628)
(17.078)
-
(597.194)
(621.900)
(285.083)
1.123.895
5.863
(575.543)
269.132
-
-
-
(53.042)
(53.042)
(285.083)
1.123.895
5.863
(628.585)
216.090
(*) The allocation of retail, corporate and commercial banking segments above, is the result of differentiation in fund collection and allocation procedures of the participation banks.
Retail
Corporate and Commercial
Treasury
Undistributed
Total
Total Assets
Prior Period 1.660.799
9.357.642
2.212.187
1.282.791
14.513.419
Total Liabilities
7.611.765
3.554.817
627.634
2.719.203
14.513.419
Net Fees and Commissions Income / (Expense)
Other Operating Income / (Expense)
Profit Before Tax
Tax Provision
(331.567)
872.795 39.115
13.195593.538
3.953
233.281
(1.408)
13.552
249.378
(7.194)
(16.476)
-
(494.948)
(518.618)
(334.808)
1.089.600
37.707
(468.201)
324.298
-
-
-
(64.336)
(64.336)
(334.808)
1.089.600
37.707
(532.537)
259.962
(*) The allocation of retail, corporate and commercial banking segments above, is the result of differentiation in fund collection and allocation procedures of the participation banks.
XXII.Explanations on Other Matters
There are no explanations on other matters.
114
SECTION FOUR: INFORMATION ON FINANCIAL STRUCTURE
I.
Explanations on Capital Adequacy Standard Ratio
The unconsolidated capital adequacy ratio of the Bank is 13,31% (December 31, 2010: 13,33%). Capital Adequacy Standard Ratio is
calculated in accordance with the Communiqué on “Measurement and Assessment of Capital Adequacy of Banks”, which was published on
November 1, 2006 in the Official Gazette No: 26333. The calculation of Capital Adequacy Ratio includes the methods used in determining
the Capital Adequacy Ratio, determination of risk weighted assets and non-cash credits in line with the relevant banking regulation and
measuring the market risk and operational risk ratio in line with the same regulation.
Risk Weights
Bank
Amount Subject to Credit Risk
Balance Sheet Items (Net)
Cash and Cash Equivalents
Matured Marketable Securities
0%
10%
20%
50%
100%
150%
200%
2.732.982
-
353.323
4.401.848
7.107.347
62.207
17.875
319.491
-
-
-
-
-
-
-
-
-
-
-
-
-
Due from Central Bank of Turkey Republic
562.382
-
-
-
-
-
-
Due from Domestic Banks, Foreign Banks,
Branches and Head Office Abroad
-
-
348.379
-
10.986
-
-
Interbank Money Market Placements
-
-
-
-
-
-
-
Receivables from Reverse Repo
Transactions
-
-
-
-
-
-
-
Reserve Deposits
661.056
-
-
-
-
-
-
Loans
246.274
-
4.820
4.155.335
5.420.347
62.207
17.875
Non-Performing Loans (Net)
-
-
-
-
283.452
-
-
Financial Lease Receivables
4.675
-
-
91.816
114.988
-
-
771.250
-
-
-
93
-
-
75.000
-
-
-
-
-
-
-
-
-
-
-
-
-
Financial Assets Available for Sale
Held to Maturity Investments
Receivables from Installment Sales of
Assets
Sundry Debtors
Accrued Profit Share and Income Accruals
Subsidiaries, Associates and Entities Under
Common Control (Joint Vent.) (Net)
Tangible Assets
-
-
-
-
7.783
-
-
14.965
-
124
154.697
525.796
-
-
-
-
-
-
251.634
-
-
-
-
-
-
412.847
-
-
77.889
-
-
-
79.421
-
-
162.566
-
161.617
1.050.110
4.336.494
-
-
Guarantees and Commitments
162.566
-
154.152
1.050.110
4.336.494
-
-
Derivative Financial Instruments
-
-
7.465
-
-
-
-
Other Assets
Off-Balance Sheet Items
Non Risk Weighted Accounts
-
-
-
-
-
-
-
Total Risk Weighted Assets
2.895.548
-
514.940
5.451.958
11.443.841
62.207
17.875
115
Summary of the Capital Adequacy Standard Ratio of the Bank:
Bank
Total Risk Weighted Assets (TRWA)
Current Period
Prior Period
14.401.869
12.900.990
62.788
38.438
Amount Subject to Market Risk (ASMR)
Amount Subject to Operational Risk (ASOR) (*)
1.683.782
1.480.592
2.148.814
1.922.505
13,31
13,33
Shareholders’ Equity / (TRWA + ASMR + ASOR) *100
(*) The amount subject to operational risk is in accordance with the “Regulation Regarding Measurement and Evaluation of the Bank’s Capital Adequacy Ratio” published in the Official
Gazette No: 26333 dated 1 November 2006 which is effective from 1 June 2007. Operational risk is calculated by using the Basic Indicator Approach.
Components of Shareholders’ Equity:
CORE CAPITAL
Paid-in Capital (*)
Nominal Capital
Capital Commitments (-)
Paid-in Capital Indexation Difference
Share Premium
Share Cancellations Profits
Legal Reserves
First Legal Reserve (Turkish Commercial Code 466/1)
Second Legal Reserve (Turkish Commercial Code 466/2)
Other Legal Reserve per Special Legislation
Statutory Reserves
Extraordinary Reserves
Reserves Allocated by the General Assembly
Retained Earnings
Accumulated Losses
Foreign Currency Share Capital Exchange Difference
Inflationary Adjustment to Legal Reserve, Status Reserves and Extraordinary Reserves Profit
Current Year Net Profit
Prior Years’ Profits
Provision for Possible Losses up to 25% of the Core Capital
Gains on Sale of Associates and Subsidiaries and Properties to be added to Capital
Primary Subordinated Loans up to 15% of the Core Capital
Losses that cannot be Covered by Reserves (-)
Net Current Year Loss
Prior Years’ Losses
Leasehold Improvements (-)
Prepaid Expenses (-) (**)
Intangible Assets (-)
Deferred Tax Asset Exceeding 10% of the Core Capital (-)
Excess Amount in the Article 56, Clause 3 of the Banking Law (-)
Total Core Capital
Current Period
894.525
894.525
3.307
65.948
64.021
1.927
961.405
961.405
216.090
216.090
4.275
48.384
11.012
2.086.154
Prior Period
894.525
894.525
3.307
52.950
51.023
1.927
714.441
714.441
259.962
259.962
4.275
55.453
13.153
10.419
1.850.435
(*) The Bank has purchased 1.500.000 units of its own pledged shares at TRY 5.475 Thousands as a result of sale in accordance with Turkish Commercial Code article 329/2.The effect of
purchase has been considered as deduction from the paid-in capital item in the capital adequacy table.
(**) Prepaid expenses are not deducted from the core capital according to the Article 1 of the “Regulation for amending the Regulation on Equities of Banks” published in the Official
Gazette No: 27870 dated March 10, 2011.
116
SUPPLEMENTARY CAPITAL
General Loan Loss Provision
Current Period
Prior Period
79.229
70.287
45% of the Revaluation Reserve for Movable Fixed Assets
-
-
45% of the Revaluation Reserve for Properties
-
-
Bonus Shares Obtained from Associates, Subsidiaries and Entities Under Common Control
-
-
Primary Subordinated Loans Excluded in The Calculation of the Core Capital
-
-
Secondary Subordinated Loans
-
-
(13.599)
3.029
45% of Marketable Securities Valuation Differences
Associates and Subsidiaries
-
-
Available for Sale Securities
(13.599)
3.029
-
-
65.630
73.316
-
-
2.151.784
1.923.751
2.970
1.246
Shareholdings of Banks and Financial Institutions (Domestic, Foreign) from which the Bank
Keeps Ten Percent or More of Capitals
-
34
Shareholdings of Banks and Financial Institutions (Domestic, Foreign) from which the Bank
Keeps Less than Ten Percent of Capitals which Exceed Ten Percent of Bank’s Core And
Supplementary Capital
-
-
Secondary Subordinated Loans Granted to Banks and Financial Institutions (Domestic,
Foreign) or Qualified Shareholders and Placements That Possess the Nature of Their Primary
or Secondary Subordinated Debt
-
-
Loans Granted Being Non-Compliant with the Articles 50 and 51 of the Banking Law
-
-
1.185
1.212
Indexation Differences for Capital Reserves, Profit Reserves and Retained Earnings (Except
Indexation Differences for Legal Reserves, Statutory Reserves and Extraordinary Reserves)
Total Supplementary Capital
TIER III CAPITAL
CAPITAL
DEDUCTIONS FROM THE CAPITAL
The Net Book Value of Properties Exceeding Fifty Percent of Equity and Properties Held for
Sale and Properties and Commodity to be Disposed, Acquired in Exchange of Loans and
Receivables according to the Article 57 of the Banking Law and have not been Disposed yet
After 5 Years after Foreclosure
Other (*)
TOTAL SHAREHOLDERS’ EQUITY
1.785
-
2.148.814
1.922.505
(*) In accordance with the principles of the regulations described in “Measurement and Practices of Bank’s Shareholder’s Equity” published in the Official Gazette No: 26333, Article 10/1,
clause (e), dated November 1, 2006, BRSA has published the board decision related to consumer loans for the purpose of acquiring housing in the Official Gazette No: 27789 dated
December 18, 2010.
II.
Credit worthiness of loan customers are monitored and semiannually and regularly reviewed by the Risk Monitoring Department of the Bank
in accordance with the Communiqué on “Determining the Nature of Loan and Other Receivable Provisions Allocated by Banks and
Procedures and Principles of Allocating Provisions”. The account statements are obtained based on the prevailing regulations. Credit limits
are determined by the Board of Directors, the Credit Committee of the Bank and the Credit Administration. The Bank obtains sufficient
guarantees for its risks, comprising of personal surety, real-estate mortgage, cash blockage, and customer cheques.
For the derivative transactions and other similar positions of the Bank, operational limits are set by the Board of Directors and the
transactions are performed within these limits.
There are no options or any other similar transactions.
Indemnified non-cash loans are subject to the same risk weight with the overdue loans.
117
The Bank monitors restructured and rescheduled loans in accordance with the Communiqué on “Determining the Nature of Loan and Other
Receivable Provisions Allocated by Banks and Procedures and Principles of Allocating Provisions”. Financial position and business operation
of those customers are analyzed systematically and, principal and profit payments based on the restructured payment plan are monitored by
the corresponding departments.
As of December 31, 2011, the risk of the Bank from its top 100 cash loan customers share in total cash loans ratio is 38,60% (December
31, 2010: 39,32%).
As of December 31, 2011, the risk of the Bank from its top 100 non-cash loan customers share in total non-cash loan ratio is 47,01%
(December 31, 2010: 47,22%).
As of December 31, 2011, the cash and non-cash receivables of the Bank from its top 100 loan customers share in total balance sheet
assets and non-cash loan ratio is 35,86% (December 31, 2010: 36,66%).
As of December 31, 2011 the Bank’s general loan loss provision amount for its credit risk is TRY 131.066 Thousand (December 31, 2010:
TRY 117.204 Thousand).
Distribution of Credit Risk by Types of Borrowers and Geographical Concentration:
Loans to Individuals and
Corporate (**)
Loans to Banks and
Other Financial
Institution
Marketable Securities
Other Loans (****)
(***)
Current
Period
Prior
Period
Current
Period
Prior
Period
Current
Period
Prior
Period
Current
Period
Prior
Period
Private Sector
10.305.287
9.170.204
256
563
Public Sector
1.183
1.439
-
-
1.250
2.581
12.209.133
11.586.101
856.597
471.516
-
-
-
-
366.753
186.612
-
-
1.556.767
723.120
2.529.515
1.639.055
-
-
-
-
-
-
-
-
166.782
194.113
93
93
251.634
231.569
12.835.985
10.810.698
367.009
187.175
857.940
474.190
14.184.316
12.734.903
12.315.211
10.452.269
277.823
69.247
857.133
471.532
12.633.085
11.898.438
142.942
102.925
24.905
34.515
753
836
1.141.970
344.560
OECD Countries (*)
10.881
Off-Shore Banking
Regions
9.740
9.041
7.406
54
1.822
173.063
321.702
175.405
136.804
39
-
-
-
15.897
18.103
37.183
796
36.866
74.871
-
-
4.214
3.973
Borrowers’
Concentration
Banks
Retail
Share Certificates
Total
Geographical
Concentration
Domestic
European Union
Countries
USA, Canada
Other Countries
Total
154.363
108.164
18.335
1.136
-
-
216.087
148.127
12.835.985
10.810.698
367.009
187.175
857.940
474.190
14.184.316
12.734.903
(*) OECD countries other than European Union countries, USA and Canada.
(**) Non-performing loans are not included.
(***) Includes financial assets at fair value through profit or loss, Available for Sale and Held to Maturity
(****) Includes transactions defined as loan in Article 48 of Law No: 5411 and not covered in the first three columns of the Uniform Chart of Accounts above.
118
Information According to Geographical Concentration:
Current Period - December 31, 2011
Domestic
European Union Countries
OECD Countries (*)
Off-shore Banking Regions
USA, Canada
Other Countries
Associates, Subsidiaries and Entities Under
Common Control (Joint Vent.)
Unallocated Assets/Liabilities (**)
Unallocated Assets/Liabilities
Total
Prior Period - December 31, 2010
Domestic
OECD Countries (*)
USA, Canada
Other Countries
Common Control
Total
Assets
Liabilities
Non-Cash
Loans
Equity
Investments
Net Income
16.308.637
170.553
19.976
192.542
74.050
172.707
13.351.023
833.082
22.209
126.530
162.387
557.442
8.842.441
162.203
146.443
15.896
4.214
177.562
-
216.090
-
-
-
-
251.634
-
16.938.465
15.052.673
9.348.759
251.634
216.090
13.796.716
138.276
18.968
142.923
75.667
109.300
11.814.522
276.678
61.916
32.959
52.649
333.028
8.923.684
69.318
94.303
18.103
3.973
117.502
-
259.962
-
-
-
-
231.569
-
14.281.850
12.571.752
9.226.883
231.569
259.962
(**) Assets and liabilities that cannot be allocated on an coherent basis.
119
Sector Concentration for Cash Loans:
Current Period
Agriculture
Farming and Raising
Livestock
Forestry, Wood and Paper
TRY
(%)
FC
(%)
TRY
(%)
FC
(%)
227.134
2,01
7.834
0,50
270.144
2,75
6.423
0,65
177.436
1,57
4.355
0,28
219.777
2,24
5.252
0,53
40.721
0,36
645
0,04
40.540
0,41
-
-
Fishery
Manufacturing
Mining and Quarry
Production
Electricity, Gas and Water
Prior Period
8.977
0,08
2.834
0,18
9.827
0,10
1.171
0,12
4.159.484
36,88
917.144
58,59
3.868.022
39,38
389.656
39,49
186.542
1,65
329.822
21,07
163.782
1,67
65.098
6,60
3.088.879
27,39
345.801
22,09
2.885.961
29,38
211.262
21,41
884.063
7,84
241.521
15,43
818.279
8,33
113.296
11,48
Construction
2.350.846
20,84
128.611
8,22
2.064.055
21,01
166.922
16,91
Services
1.719.671
15,25
508.254
32,47
1.717.887
17,48
420.177
42,57
690.980
6,13
79.161
5,06
603.476
6,14
46.121
4,67
Wholesale and Retail Trade
Hotel, Tourism, Food and
230.770
2,05
94.276
6,02
224.160
2,28
99.674
10,10
Beverage Services
262.792
2,33
269.811
17,24
319.317
3,25
257.557
26,10
Transportation and
110.698
0,98
7.388
0,47
89.029
0,91
-
-
Communication
136.322
1,21
-
-
206.592
2,10
-
-
15.210
0,13
1.797
0,11
12.746
0,13
2.319
0,23
135.794
1,20
55.821
3,57
93.270
0,95
14.493
1,47
Financial Institutions
Real Estate and Renting
Services
Self-Employment Services
137.105
1,22
-
-
169.297
1,72
13
-
2.821.252
25,02
3.399
0,22
1.904.269
19,38
3.706
0,38
11.278.387
100,00
1.565.242
100,00
9.824.377
100,00
986.884
100,00
Education Services
Health and Social Services
Other
Total
The table below shows the maximum exposure to credit risk for the components of the financial statements:
Central Bank of the Republic of Turkey
Due from Banks
Derivative Financial Assets Held for Trading
Loans
Finance Lease Receivables
Prior Period
1.360.161
1.830.902
359.365
186.612
1.250
2.581
779.637
394.577
77.053
77.032
13.153.771
10.954.796
297.751
105.471
16.028.988
13.551.971
Contingent Liabilities
9.348.759
9.226.883
Commitments
4.216.034
2.765.831
Total
13.564.793
11.992.714
Total Credit Risk Exposure
29.593.781
25.544.685
Total
120
Current Period
Credit Rating System:
The credit risk is assessed through the internal rating system of the Bank, by classifying loans from highest grade to lowest grade according
to the probability of default. As of December 31, 2011 consumer loans are excluded from the internal rating system of the Bank. Additional
scoring methodologies are applied for these loans. The risks that are subject to rating models can be allocated as follows:
Share in Total (%)
Category
Description of Category
Current Period
Above Average
Prior Period
The borrower has a very strong financial structure
35%
35%
Average
The borrower has an intermediate level of financial structure
35%
36%
Under Average
The financial structure of the borrower has to be closely
monitored in the medium term
13%
11%
Not Graded
The borrower is not assessed by the Bank
Total
III.
17%
18%
100%
100%
Explanations on Market Risk
The amount subject to market risk is calculated and reported with the Standard Method described in Section 4 of the Communiqué on
“Measurement and Assessment of Banks’ Capital Adequacy” published in the Official Gazette No: 26333 dated November 1, 2006. Market
risk is measured on a monthly basis.
a) Explanations related to market risk:
Amount
(I) Capital Requirement to be Employed For General Market Risk - Standard Method
1.559
(II) Capital Requirement to be Employed For Specific Risk - Standard Method
-
(III) Capital Requirement to be Employed For Currency Risk - Standard Method
3.464
(IV) Capital Requirement to be Employed For Commodity Risk - Standard Method
-
(V) Capital Requirement to be Employed For Settlement Risk - Standard Method
-
(VI) Total Capital Requirement to be Employed For Market Risk Resulting From Options - Standard Method
-
(VII) Total Capital Requirement to be Employed For Market Risk in Banks Using Risk Measurement Model
-
(VIII) Total Capital Requirement to be Employed For Market Risk (I+II+III+IV+V+VI)
5.023
(IX) Amount Subject to Market Risk (12,5 x VIII) or (12,5 x VII)
62.788
b) Average market risk table calculated at the end of each month in the current period:
Current Period
Prior Period
Average
Maximum
Minimum
Average
Maximum
Minimum
20.919
41.838
-
10.144
20.288
-
-
-
-
-
-
-
63.900
113.938
13.863
14.000
24.075
3.925
Commodity Risk
-
-
-
-
-
-
Settlement Risk
-
-
-
-
-
-
Option Risk
-
-
-
-
-
-
84.819
155.776
13.863
24.144
44.363
3.925
Interest Rate Risk (*)
Common Stock Risk
Currency Risk
Total Value Subject to Risk
(*) The Bank calculates by considering market risk of revenue sharing certificates, forward and swap transactions.
121
c) Other price risks:
The Bank does not have investments in equity shares; hence it is not subject to share price risk.
V. Explanations on Currency Risk
Foreign currency risk indicates the probability of loss that banks are subject to due to the exchange rate changes in the market. While
calculating the share capital requirement, all foreign currency assets, liabilities and forward transactions of the Bank are taken into
consideration and value at risk is calculated by using the standard method.
Currency risk is managed by considering internal currency limits that are designated as Bank’s risk policies. Within the frame of legal limits
defined by FC Net General Position / Equity Ratio and internal currency risk limits determined by Board of Directors , decisions are taken by
Asset and Liability Committee meet periodically, take decisions for currency and parity risk hedge and those decisions are implemented
strictly.
The Bank does not use any derivative instruments for hedging.
The Standard Method stated in the statutory reporting is used to measure the currency risk of the Bank. The risk measurements with the
context of the Standard Method are performed on a monthly basis.
The announced current foreign exchange buying rates of the Bank as of December 31, 2011 and the previous five working days are as
follows:
December 31, 2011
“FC Evaluation Rate” of the Bank
US Dollar
Euro
Sterling
100 Japanese Yen
1,9065
2,4626
2,9347
2,4475
Previously;
29.12.2011 (Day 1)
1,8897
2,4462
2,9228
2,4203
28.12.2011 (Day 2)
1,8847
2,4626
2,9501
2,4183
27.12.2011 (Day 3)
1,8833
2,4609
2,9444
2,4137
26.12.2011 (Day 4)
1,8809
2,4510
2,9382
2,4029
23.12.2011 (Day 5)
1,8779
2,4497
2,9432
2,4475
The simple arithmetic averages of the major current foreign exchange buying rates of the Bank for the thirty days before the balance sheet
date are as follows; TRY 1,8577 per US Dollar, TRY 2,4463 per EUR, TRY 2,8972 per GBP and TRY 2,3823 per 100 JPY.
122
Information on the Foreign Currency Risk of the Bank: Foreign Currencies (Thousand TRY)
EUR
USD
YEN
Other
Total
Cash (Cash in TRY,Cash in Foreign Currency, Money in Transit,
Cheques Purchased) and Balances with Central Bank of the
Republic of Turkey
180.072
616.682
-
355.471
1.152.225
Due from Banks
120.984
208.973
1.200
12.326
343.483
Assets
Financial Assets at Fair Value Through Profit or Loss (**)
-
-
-
-
-
Money Market Placements
-
-
-
-
-
-
-
-
-
-
1.464.200
3.041.048
-
-
4.505.248
Subsidiaries, Associates and Entities Under Common Control
-
-
-
-
-
-
-
-
-
-
Derivative Financial Assets for Hedging Purposes
-
-
-
-
-
Tangible Assets
-
-
-
-
-
Intangible Assets
-
-
-
-
-
816
323
-
-
1.139
1.766.072
3.867.026
1.200
367.797
6.002.095
Loans (*)
Other Assets
Total Assets
Liabilities
Current and Profit Sharing Accounts of Banks
Current and Profit Sharing Accounts
Money Market Borrowings
Funds Provided from Other Financial Institutions
Marketable Securities Issued
Sundry Creditors
Derivative Financial Liabilities for Hedging Purposes
Other Liabilities (**)
Total Liabilities
Net Balance Sheet Position
Net Off-Balance Sheet Position
Financial Derivative Assets (***)
49.109
68.242
-
43
117.394
1.266.253
2.232.127
1.089
966.717
4.466.186
-
-
-
-
-
517.435
933.116
-
7.279
1.457.830
-
-
-
-
-
1.086
1.550
-
-
2.636
-
-
-
-
-
8.681
65.324
138
58
74.201
1.842.564
3.300.359
1.227
974.097
6.118.247
(76.492)
566.667
(27)
(606.300)
(116.152)
77.106
(581.698)
38
607.267
102.713
148.988
234.910
38
608.417
992.353
71.882
816.608
-
1.150
889.640
1.535.113
3.567.860
86.954
111.325
5.301.252
Total Assets
1.137.440
3.181.535
5.561
129.542
4.454.078
Total Liabilities
1.324.989
2.672.825
6.457
145.664
4.149.935
(187.549)
508.710
(896)
(16.122)
304.143
188.586
(508.585)
907
16.933
(302.159)
Financial Derivative Assets
195.760
3.332
907
17.699
217.698
7.174
511.917
-
766
519.857
1.376.636
3.485.728
44.138
93.786
5.000.288
Financial Derivative Liabilities (***)
Non-Cash Loans (****)
Financial Derivative Liabilities
(*) TRY 2.919.385 Thousand foreign currency indexed loans are included in loans line (December 31, 2010: TRY 2.564.320 Thousand).
(**) In accordance with the principles of the Regulations on the “Measurement and Practices of Bank’s Net Overall FX position Shareholders’ Equity Ratio on a Consolidated and
Unconsolidated Basis”, general reserves recorded to expense accounts amounting to TRY 15.111 Thousand (December 31, 2010: TRY 12.045 Thousand) in assets and income accrual
from derivative financial instruments amounting to TRY 1.250 Thousand (December 31, 2010 : TRY 2.581 Thousand) in liabilities and expense accrual from derivate financial instruments
amounting to TRY 11.715 Thousand (December 31, 2010: TRY 5.397 Thousand), are not taken into consideration in the currency risk calculation.
(***) TRY 350.891 Thousand forward asset purchase commitments are added to derivative financial assets and TRY 236.248 Thousand forward asset sale commitments are added to
derivative financial liabilities (December 31, 2010: TRY 22.963 Thousand forward asset purchase commitments, and TRY 56.280 Thousand forward asset sale commitments ).
(****) The related balances do not have any effect on off balance sheet position.
123
Foreign Currency Sensitivity:
The Bank is mainly exposed to USD and EUR currency risks.
The following table details the Bank’s sensitivity to a 10% increase and decrease in the TRY against USD and EUR. 10% is the sensitivity
rate used when reporting foreign currency risk internally to key management personnel and represents management’s assessment of the
possible change in foreign exchange rates. A positive number indicates an increase in profit or loss and other equity in the case of short
position and a decrease in the case of long position where the TRY strengthens against USD and EUR.
Change in Currency Rate in %
Effect on Profit or Loss
Current Period
Prior Period
13
USD
10% increase
(1.503)
USD
10% decrease
1.503
(13)
EUR
10% increase
61
104
EUR
10% decrease
(61)
(104)
VI. Explanations on Interest Rate Risk
Since the Bank has interest-free banking operations, it does not have any interest sensitive asset or liability and consequently, it does not
have any interest rate risk.
VII. Explanations on Liquidity Risk
In order to avoid the liquidity risk, the Bank diversifies its funding resources as customer deposits and foreign borrowings, considers the
maturity match between assets and liabilities, focuses on strategies especially for the provision of long-term resources and retains its liquid
assets in order to provide sufficient liquidity in any market fluctuations.
Maturity structure of TRY and FC deposits, cost and change in the total amount are monitored on daily basis by considering the past
developments and future expectations.
The Bank’s policy is to establish an asset structure that primarily meets all kinds of liabilities by using liquid resources. The Board of Directors
of the Bank determines a standard for the liquidity ratios, and applies the standard on a regular basis in order to ensure.
The table below gives a summary of the liquidity ratio of the Bank:
Current Period
124
1st Term Period (Weekly)
2nd Term Period (Monthly)
Average (%)
135,72
110,28
Highest (%)
167,26
121,20
Lowest (%)
112,65
100,63
Prior Period
Average (%)
164,61
127,57
Highest (%)
211,24
151,42
Lowest (%)
131,67
101,97
Presentation of Assets and Liabilities according to Their Maturities:
Current PeriodDecember 31, 2011
Demand
Up to 1
Month
1-3
Months
3-12
Months
1-5 Years
Over 5
Years
Undistributed (*)
Total
Cash (Cash in
TRY,Cash in Foreign
Currency, Money in
Transit, Cheques
Purchased) and
Balances with
Central Bank of the
Republic of Turkey
881.872
797.780
-
-
-
-
-
1.679.652
Due from Banks
Assets
349.592
-
9.773
-
-
-
-
359.365
Financial Assets at
Fair Value Through
Profit or Loss
-
1.250
-
-
-
-
-
1.250
Money Market
Placements
-
-
-
-
-
-
-
-
93
-
128.782
254.438
396.324
-
-
779.637
Loans (**)
-
1.844.532
1.539.782
4.505.279
4.723.556
528.231
-
13.141.380
Held to Maturity
Investments
-
-
77.053
-
-
-
-
77.053
Financial Assets
Available for Sale
Other Assets
-
60.279
-
-
-
-
1.091.483
1.151.762
1.231.557
2.703.841
1.755.390
4.759.717
5.119.880
528.231
1.091.483
17.190.099
41.802
52.433
2.085
21.239
-
-
-
117.559
3.079.430
4.160.522
933.001
3.606.952
499.579
-
-
12.279.484
Funds Provided from
Other Financial
Instruments
-
159.282
66.818
970.477
228.680
32.573
-
1.457.830
Money Market
Borrowings
-
279.207
-
-
-
-
-
279.207
Marketable
Securities Issued
-
-
-
-
-
-
-
-
Sundry Creditors
29.581
349.737
-
-
-
-
-
379.318
-
169.363
-
51.483
-
-
2.455.855
2.676.701
3.150.813
5.170.544
1.001.904
4.650.151
728.259
32.573
2.455.855
17.190.099
(2.069.079)
(2.316.880)
753.486
109.566
4.391.621
495.658
(1.364.372)
-
Total Assets
Liabilities
Current and Profit
Sharing Accounts of
Banks
Current and Profit
Sharing Accounts
Other Liabilities (***)
Total Liabilities
Net Liquidity Gap
Prior Period December 31, 2010
Total Assets
1.701.362
1.820.638
2.110.960
3.491.703
4.357.005
261.732
770.019
14.513.419
Total Liabilities
2.112.022
5.200.415
2.135.824
2.770.754
107.528
1.018
2.185.858
14.513.419
(410.660)
(3.379.777)
(24.864)
720.949
4.249.477
260.714
(1.415.839)
-
Net Liquidity Gap
(*)Asset items, such as tangible assets, investment in associates and subsidiaries, stationary supplies, prepaid expenses and non-performing loans which are required for banking
operations and which cannot be converted to cash in short-term are included in this column.
(**) Loans balance also includes Finance Lease Receivables balance.
(***) Equity is presented in the “Undistributed” column under “Other Liabilities”.
125
Analysis of financial liabilities based on the remaining contractual maturities :
The table below is drawn up based on the undiscounted contractual maturities of the financial assets and liabilities. Profit share expenses to
be paid on such liabilities are included in this table. “Adjustments” column indicates items that may lead to potential cash flows in the
following period. These items are included in maturity analysis, but not included in the balance sheet value of such financial liabilities.
December 31, 2011
Funds Collected
Funds Borrowed
Money Market
Borrowings
Total
December 31, 2010
Funds Collected
Funds Borrowed
Money Market
Borrowings
Total
Demand
Up to 1
Month
1-3
Months
3-12
Months
1-5 Years
Over 5
Years
Adjustments
Total
3.121.232
-
4.212.955
160.400
935.086
68.475
3.628.191
995.224
499.579
331.087
40.045
(137.401)
12.397.043
1.457.830
-
279.319
-
-
-
-
(112)
279.207
3.121.232
4.652.674
1.003.561
4.623.415
830.666
40.045
(137.513)
14.134.080
2.080.702
-
4.668.965
27.026
2.086.494
47.278
2.276.132
513.795
54.289
72.834
1.147
(39.843)
11.166.582
622.237
-
-
-
-
-
-
-
-
2.080.702
4.695.991
2.133.772
2.789.927
127.123
1.147
(39.843)
11.788.819
Analysis of contractual expiry by maturity of the Bank’s derivative financial instruments:
December 31, 2011
Held for Trading Transactions
Forward Sales Contracts
Swap Sales Contracts
Total
December 31, 2010
Total
126
Up to 1 Month
1-3 Months
3-12 Months
1-5 Years
Over 5 Years
Total
662.842
662.842
662.842
-
-
-
-
662.842
662.842
662.842
Up to 1 Month
1-3 Months
3-12 Months
1-5 Years
Over 5 Years
Total
254.867
254.867
254.867
208.710
208.710
208.710
-
-
-
463.577
463.577
463.577
VIII. Presentation of Financial Assets and Liabilities at Fair Value
As the loan portfolio has fixed profit sharing rates, estimated fair value is calculated by using the discounted cash flows.
The table below summarizes the book value and fair value of the financial assets and liabilities. Book value is the sum of the acquisition value
and accumulated profit share accruals.
Financial Assets
Banks and Other Financial
Institutions (*)
Financial Assets Available For
Sale
Loans (**)
Financial Liabilities
Funds Collected From Banks (***)
Other Current and Profit Sharing
Accounts (***)
Funds Provided From Other
Sundry Creditors
Book Value
Current Period
15.717.596
Fair Value
Current Period
15.695.447
Prior Period
13.405.855
Prior Period
14.183.059
1.719.526
2.017.514
1.719.526
2.017.514
779.637
394.577
779.637
394.577
77.053
13.141.380
14.513.398
117.559
77.032
10.916.732
12.069.662
12.916
77.282
13.119.002
14.457.976
117.559
79.962
11.691.006
12.069.758
12.916
12.279.484
11.153.666
12.279.484
11.153.666
1.457.830
622.237
1.402.408
622.333
379.318
279.207
280.843
-
379.318
279.207
280.843
-
(*) As receivables from banks and other financial institutions are in short-term nature, their fair value approximates to their book value.
(**) In order to calculate the fair value of loans, current profit sharing rates are used as of the balance sheet date. Loan balance also includes finance lease receivables. Fair values of loans
are calculated under the assumption that all installments are distributed equally.
(***) Book value of the funds collected approximates to their fair value as it is revalued with the year end unit values.
The following table shows an analysis of financial instruments recorded at fair value, between those whose fair value is recorded on quoted
market prices, those involving valuation techniques where all model inputs are observable in the market and, those where the valuation
techniques involves the use of non observable inputs:
December 31, 2011
Financial Assets
Financial Assets at Fair Value Through Profit or Loss
Total
Financial Liabilities at Fair Value Through Profit or Loss
Other Financial Liabilities
Total
1st Level TRY
2nd Level TRY
3rd Level TRY
399.250
399.250
1.250
380.294
381.544
-
-
11.715
11.715
-
127
December 31, 2010
Financial Assets
Financial Assets Available For Sale
Total
Total
1st Level TRY
2nd Level TRY
3rd Level TRY
103.400
103.400
2.581
291.084
293.665
-
-
5.397
5.397
-
IX. Explanations Related to Transactions Carried out on Behalf of Other Parties and Fiduciary Assets
The Bank does not deal with fiduciary operations or transactions made on behalf of other.
128
SECTION FIVE: EXPLANATIONS AND DISCLOSURES ON THE UNCONSOLIDATED FINANCIAL STATEMENTS
I.
Explanations and Disclosures Related to the Assets
1. Information on Cash and Balances with Central Bank of the Republic of Turkey
1.1.Information on Cash:
Current Period
Cash in TRY/ Foreign Currency
Other
Total
TRY
113.521
412.559
1.347
527.427
FC
204.602
947.602
21
1.152.225
Prior Period
TRY
87.612
1.261.233
8.328
1.357.173
FC
158.106
569.669
17
727.792
1.2.Information on Central Bank of the Republic of Turkey Accounts:
Unrestricted Demand Deposit
Unrestricted Time Deposit
Restricted Time Deposit
Other (*)
Total
Current Period
TRY
412.559
412.559
FC
149.823
797.779
947.602
Prior Period
TRY
1.261.233
1.261.233
FC
248.965
320.704
569.669
(*) Stands for the reserve deposit kept in Central Bank of the Republic of Turkey in relation to foreign currency liabilities.
According to the communiqué No: 2005/1 on “Reserve Deposits”, the banks operating in Turkey are required to keep reserve deposit at the
rates varying from 5% to 11% (December 31, 2010: 6 % for all TRY liabilities) for TRY liabilities and at the rates varying from 6% to 11%
(December 31, 2010: 11% for all FC liabilities) for foreign currency liabilities mainly denominated in U.S. Dollar and Euro depending on the
maturity of the liabilities. Profit share has not paid for reserve deposits.
2. Information on Financial Assets at Fair Value through Profit or Loss
2.1.Information on Financial Assets at Fair Value through Profit or Loss Blocked/Given as Collateral or Subject to Repurchase
Agreements:
None.
2.2.Positive Differences related to Derivative Financial Assets Held-for-Trading:
Forward Transactions (*)
Swap Transactions
Futures Transactions
Options
Other
Total
Current Period
TRY
-
FC
1.121
129
1.250
Prior Period
TRY
-
FC
67
2.514
2.581
(*) Includes forward asset purchase/sale commitments.
129
3. Information on Banks
3.1.Information on Banks and Other Financial Institutions:
Current Period
TRY
15.882
15.882
15.882
Banks
Domestic
Foreign
Total
FC
343.483
261.685
81.798
343.483
Prior Period
TRY
36.237
36.237
36.237
FC
150.375
32.447
117.928
150.375
3.2. Information on Foreign Bank Accounts:
USA, Canada
OECD Countries (*)
Off-Shore Banking Regions
Other
Total
Unrestricted Amount
Current Period
Prior Period
24.905
34.515
36.866
74.871
9.041
7.406
39
1.174
1.136
72.025
117.928
Restricted Amount
Current Period
Prior Period
9.773
9.773
-
4. Information on Financial Assets Available for Sale
4.1. Information on Financial Assets Available for Sale Given as Collateral/Blocked or Subject to Repurchase Agreements:
4.1.1 Information on financial assets Available for Sale given as collateral or blocked:
None.
4.1.2 Financial assets Available for Sale subject to repurchase agreements:
As of December 31, 2011, the Bank has revenue sharing certificates in “Available for Sale Financial Assets” portfolio which are subject to
repurchase agreements with the Central Bank of the Republic of Turkey amounting to TRY 322.459 Thousand nominal value (December 31,
2010: None) and TRY 325.712 Thousand fair value (December 31, 2010: None).
4.2.Information on Financial Assets Available for Sale:
As of December 31, 2011, the Bank has revenue sharing certificates which have TRY 775.000 Thousand nominal value (December 31,
2010: TRY 375.000 Thousand) and TRY 779.544 Thousand fair value at “Available for Sale Financial Assets” portfolio (December 31, 2010:
Debt Securities
Quoted on a Stock Exchange
Not Quoted (*)
Share Certificates
Not Quoted
Impairment (-)
Total
(*) Includes debt securities that are not traded in the stock market at the end of the related periods although they are listed.
130
Current Period
783.294
399.250
384.044
93
93
(3.750)
779.637
Prior Period
394.484
103.400
291.084
93
93
394.577
5. Information on Loans
5.1. Information on All Types of Loans and Advances Given to Shareholders and Employees of the Bank:
Current Period
Cash
Prior Period
Non-Cash
Direct Loans Granted to Shareholders
Corporate Shareholders
Real Person Shareholders
Indirect Loans Granted to Shareholders
Loans Granted to Employees
Total
57.567
22.986
34.581
148.505
14.291
220.363
Cash
2.565
1.870
695
162.080
118
164.763
Non-Cash
78.453
33.583
44.870
94.095
9.870
182.418
3.138
2.655
483
39.644
118
42.900
5.2.Information on First and Second Group Loans and Other Receivables Including Restructured or Rescheduled Loans:
Standard Loans and Other Receivables
Cash Loans
Loans
Discount Notes
Export Loans
Import Loans
Business Loans
Consumer Loans
Credit Cards
Investments on Profit/Loss
Partnership
Precious Metals Loans
Loans Given to Financial Sector
International Loans
Other
Other Receivables
Total
Closely Monitored Loans and Other
Receivables (*)
Loans and Other
Restructured or
Receivables
Rescheduled
Loans and Other
Receivables
Restructured or
Rescheduled
132.974
171.345
8.505.578
1.615.760
927.066
2.789
92.516
518
2.569
11.641
273.119
12.363
6.690
111.799
379.901
877
1.010
7.623
-
-
-
256
429.707
35.376
11.825.685
758
1
99.151
27.782
7.198
338.793
69.914
16.499
580.000
(*) In addition to the closely monitored loans, the Bank also has TRY 1.384 Thousand of closely monitored finance lease receivables. (December 31, 2010: TRY 320 Thousand).
5.3.Loan Distribution based on the Maturity Structure:
Short-Term Loans and Other
Receivables
Loans
Other Receivables
Medium-Term and Long-Term
Loans
Loans
Other Receivables
Receivables
Loans and Other
Restructured or
Receivables
Rescheduled
Loans and Other
Receivables
Restructured or
Rescheduled
3.721.056
3.275
82.924
18.031
3.721.056
-
3.275
-
82.924
-
18.031
-
8.104.629
95.876
255.869
561.969
8.104.629
-
95.876
-
255.869
-
561.969
131
5.4.Information on Consumer Loans, Retail Credit Cards, Loans Given to Personnel and Personnel Credit Cards:
Consumer Loans-TRY
Housing Loans
Vehicle Loans
Consumer Loans
Other
Consumer Loans-FC Indexed
Housing Loans
Vehicle Loans
Consumer Loans
Other
Consumer Loans-FC
Housing Loans
Vehicle Loans
Consumer Loans
Other
Retail Credit Cards-TRY
With Installments
Without Installment
Retail Credit Cards-FC
With Installments
Without Installment
Personnel Loans-TRY
Housing Loans
Vehicle Loans
Consumer Loans
Other
Personnel Loans-FC Indexed
Housing Loans
Vehicle Loans
Consumer Loans
Other
Personnel Loans-FC
Housing Loans
Vehicle Loans
Consumer Loans
Other
Personnel Credit Cards-TRY
With Installments
Without Installment
Personnel Credit Cards-FC
With Installments
Without Installment
Overdraft Account-TRY(Individuals)
Overdraft Account-FC (Individuals)
Total
132
Short Term
4.725
1.882
1.075
532
1.236
879.849
273.318
606.531
107
5
63
39
6.338
2.614
3.724
891.019
Medium-term and Long-term
1.612.026
1.498.834
105.304
7.888
4.938
4.812
65
61
13.686
13.686
7.715
3.339
4.053
323
7
7
124
124
1.638.496
Total
1.616.751
1.500.716
106.379
8.420
1.236
4.938
4.812
65
61
893.535
287.004
606.531
7.822
3.344
4.116
362
7
7
6.462
2.738
3.724
2.529.515
5.5.Information on Installment Basis Commercial Loans and Corporate Credit Cards:
Installment Basis Commercial Loans-TRY
Business Loans
Vehicle Loans
General Purpose Loans
Other
Installment Basis Commercial Loans-FC Indexed
Business Loans
Vehicle Loans
Other
Installment Basis Commercial Loans-FC
Business Loans
Vehicle Loans
Other
Corporate Credit Cards-TRY
With Installments
Without Installment
Corporate Credit Cards-FC
With Installments
Without Installments
Overdraft Account-TRY(Corporate)
Overdraft Account- FC (Corporate)
Total
Short Term
21.663
51
21
21.591
37.267
1.850
35.417
58.930
Medium-term and Long-term
16.429
9.112
7.317
71
71
16.500
Total
38.092
9.163
7.338
21.591
37.338
1.921
35.417
75.430
5.6.Allocation of Loans according to Borrowers:
Public Sector
Private Sector
Total
Current Period
1.183
12.842.446
12.843.629
Prior Period
1.439
10.809.822
10.811.261
Current Period
12.315.468
528.161
12.843.629
Prior Period
10.452.831
358.430
10.811.261
Current Period
107.795
107.795
Prior Period
77.494
77.494
5.7. Domestic and Foreign Loans:
Domestic Loans
Foreign Loans
Total
5.8.Loans Granted to Subsidiaries and Associates:
Loans Granted to Subsidiaries and Associates Directly
Loans Granted to Subsidiaries and Associates Indirectly
Total
133
5.9. Specific Provisions Provided against Loans:
Current Period
40.541
62.435
202.612
305.588
Loans and Receivables with Limited Collectability
Loans and Receivables with Doubtful Collectability
Uncollectible Loans and Receivables
Total
Prior Period
6.737
37.039
259.840
303.616
5.10. Information on Non-Performing Loans (Net):
5.10.1. Information on Loans and Other Receivables included in the Non-Performing Loans which are Restructured or Rescheduled:
Current Period
(Gross Amount Before Specific Provision)
Restructured Loans and Other Receivables
Rescheduled Loans and Other Receivables
Prior Period
III Group
Loans and
Receivables with
Limited Collectability
IV Group
Loans and
Receivables with
Doubtful Collectability
V Group
10.751
962
9.789
13.290
1.468
11.822
1.700
272
1.428
2.779
2.116
663
4.839
2.344
2.495
7.333
3.966
3.367
IV Group
Loans and Receivables
with Doubtful
Collectability
90.907
10.488
231.489
(133.298)
(52.762)
146.824
(62.435)
84.389
V Group
Uncollectible Loans
and Receivables
5.10.2. Information on Movement of Non-Performing Loans:
Ending Balance of Prior Period
Additions in the Current Period (+) (*)
Transfer from Other NPL Accounts (+)
Transfer to Other NPL Accounts (-)
Collections in the Current Period (-) (*)
Write offs (-)
Corporate and Commercial Loans
Retail Loans
Credit Cards
Other
Ending Balance of the Current Period
Specific Provisions (-)
Net Balance at the Balance Sheet
III Group
Loans and
Receivables with
42.035
504.261
(231.489)
(103.531)
211.276
(40.541)
170.735
(*) Movements between loan groups presented double within additions and collections in the interim financial reporting periods are offset by the year end.
134
Uncollectible Loans
and Receivables
314.209
45.527
133.298
(68.945)
(166.459)
(111.642)
(1.647)
(51.179)
(1.991)
257.630
(202.612)
55.018
5.10.3. Information on Foreign Currency Non-Performing Loans and Other Receivables:
Group III
Loans and
Receivables with
Group IV
with Doubtful
Collectability
-
-
1.697
(1.257)
440
-
-
1.478
(1.087)
391
Group III
Loans and
Receivables with
Group IV
with Doubtful
Collectability
Group V
Current Period (Net)
Loans to Individuals and Corporates (Gross)
Loans to Individuals and Corporates (Net)
Banks (Gross)
Banks (Net)
Other Loans and Receivables (Gross)
Other Loans and Receivables (Net)
211.276
(40.541)
170.735
-
146.824
(62.435)
84.389
-
257.630
(202.612)
55.018
-
Prior Period (Net)
Banks (Gross)
Banks (Net)
42.035
(6.737)
35.298
-
90.907
(37.039)
53.868
-
314.209
(259.840)
54.369
-
Current Period
Ending Balance
Prior Period
Ending Balance
Group V
Uncollectible Loans
and Receivables
5.10.4. Gross and Net Amounts of Non-Performing Loans with Respect to User Groups:
Uncollectible Loans
and Receivables
5.10.5. Non-Performing Loans and Main Guidelines of Liquidation Process for Loans and Receivables:
If the Bank has collateral components stated in Article 9 of the Communiqué on “Determining the Nature of Loan and Other Receivable
Provisions Allocated by Banks and Procedures and Principles of Allocating Provisions”, such components are immediately liquidated by
applying managerial or legal procedures. In the absence of collateral component, even if there is an indication of insolvency, the Bank
reviews the financial intelligence of the debtor systematically to determine subsequently acquired property holdings and applies the legal
procedures.
Prior and subsequent to the legal procedures, as a result of reviews performed regarding the financial information provided, the Bank intends
to liquidate its loans and other receivables from the companies that have potential development in the production and consequent
contribution to the economy by means of the rescheduled agreements.
135
5.10.6. Explanation on Write–off Policy:
Provision allocations arising from during or after the transfer of any loan receivables to “Non-performing loans” are performed by the Bank’s
Loan Monitoring Department within the framework of the Banking Regulations and Supervisory Agency. Additionally, loans are written-off of
against the assets, at least once a year, by the Credit Monitoring Agency to the extent that at least one of the following below is met and
provision is fully made for all non-performing loans in accordance with the decision made by the Board of Directors:
- Receivables with the document obtained from Collections Agency stating that the receivable cannot be followed up or;
- Receivables assessed as uncollectible within existing conditions by the Law Department although the collection follow up process is going on.
5.11. Other Explanations and Disclosures:
The information related to loan quality is stated as below:
Current Period – December 31, 2011
Loans (*)
Corporate and Commercial Lending
Small Business Lending
Consumer Lending
Credit Cards
Total
Neither past due
nor Impaired
Past due but
not Impaired
Past due and
Impaired
Total
5.496.990
3.881.933
1.616.278
929.635
11.924.836
385.712
512.141
13.240
7.700
918.793
287.399
263.544
7.009
57.778
615.730
6.170.101
4.657.618
1.636.527
995.113
13.459.359
(*) The Bank classifies small medium entities (“SME”) considering the criteria set out in the Council of Ministers’ decision dated November 18, 2005 and numbered 25997 published in the
Official Gazette and the Communiqué on “Descriptions, Nature and Classification of Small Medium Entities”.
Prior Period – December 31, 2010
Loans (*)
Consumer Lending
Credit Cards
Total
Neither past due
nor Impaired
Past due but
not Impaired
Past due and
Impaired
Total
4.797.616
3.468.651
913.669
723.690
9.903.626
541.809
319.019
16.660
30.147
907.635
67.751
275.436
6.790
97.174
447.151
5.407.176
4.063.106
937.119
851.011
11.258.412
(*) The Bank classifies small medium entities (“SME”) considering the criteria set out in the Council of Ministers’ decision dated November 18, 2005 and numbered 25997 published in the
The details of loan guarantees and leasing portfolio are stated as below:
Current Period (*)(**)(***)
Residential, Commercial or Industrial
Real Estates
Financial Assets
Other
Total
Neither past due
nor Impaired
Past due but
not Impaired
Past due and
Impaired
Total
4.812.274
365.376
99.616
5.277.266
516.885
1.392.830
6.721.989
113.870
168.083
647.329
15.500
120.786
235.902
646.255
1.681.699
7.605.220
(*) Individual loan agreements, general loan agreements, foreign currency cheques, suretyships, customer cheques and notes and other guarantees are not included in the table above.
(**) The table above is prepared by taking into consideration the lowest value presented as a result of the comparison made between the outstanding loan balance as of the balance sheet
date and the lower of the net amount reached at the fair value of collaterals stated in the corresponding expertise reports or the net collateral amount less any pledges or incumbrances on
such amounts, if any.
(***) Guarantee details of the credit portfolio are determined based on the “Measurement and Assessment of Capital Adequacy of Banks” published on November 1, 2006 in the Official
Gazette numbered 26333.
136
Prior Period (*)(**)(***)
Real Estates
Financial Assets
Other
Total
Neither past due
nor Impaired
Past due but
not Impaired
Past due and
Impaired
Total
2.806.286
338.661
83.668
3.228.615
337.821
1.220.199
4.364.306
112.982
184.860
636.503
25
74.116
157.809
450.828
1.479.175
5.158.618
(*) Individual loan agreements, general loan agreements, foreign currency cheques, surety ships, customer cheques and notes and other guarantees are not included in the table above.
date and the lower of the net amount reached at the fair value of collaterals stated in the corresponding expertise reports or the net collateral amount less any pledges or in cumbrances on
Aging analysis of past due but not impaired loans per classes of financial statements is stated as below:
Loans and Advances to Customers
Corporate Lending
SME Lending
Consumer Lending
Credit Cards
Total
Less than 30
Days (*)
31-60 Days
61-90 Days
More than
90 Days
Total
304.216
388.047
2.126
1.730
1.384
697.503
61.091
49.282
6.729
5.970
123.072
20.405
74.812
4.385
99.602
-
385.712
512.141
13.240
7.700
1.384
920.177
(*) The Bank follows up the entire loan balance overdue less than 30 days within the closely monitored loans based on conservatism principal and TRY 621.618 Thousand of such amount
is not overdue as of December 31, 2010 (Finance Lease Receivable TRY 1.384 Thousand).
Loans and Advances to Customers
Corporate Lending
SME Lending
Consumer Lending
Credit Cards
Total
Less than 30
Days (*)
31-60 Days
61-90 Days
More than
90 Days
Total
443.294
175.747
914
405
33
620.393
32.530
43.752
9.352
21.263
2
106.899
65.985
99.520
6.394
8.479
285
180.663
-
541.809
319.019
16.660
30.147
320
907.955
(*) The Bank follows up the entire loan balance overdue less than 30 days within the closely monitored loans based on conservatism principal and TRY 608.548 Thousand of such amount
is not overdue as of December 31, 2009 (Finance Lease Receivable TRY 39 Thousand).
Explanations on the loans and other receivables of the Bank for which the payment schedules are revised as per the agreement:
Based on the Article 4 of the Communiqué “Methods and Principles for the Determination of Loans and Other Receivables to be Reserved
for and Allocation of Reserves”, the number of loans, total amount and extension periods for which the payment schedules are revised after
May 28, 2011 are as follows:
Loans
Quantity
Amount
Up to 1 Month
1-3 Months
-
1
54
Extension Period
3-12 Months
1-5 Years
4
338
9
1.871
Over 5 Years
Total
2
22.948
16
25.211
137
6. Information on Held to Maturity Investments (Net)
6.1. Information on Financial Assets Blocked/Given as Collateral or Subject to Repurchase Agreements:
6.1.1
Information on Held to Maturity Investments Given as Collateral or Blocked:
None.
6.1.2
Held to Maturity Investments Subject to Repurchase Agreements:
As of December 31, 2011, the Bank has revenue sharing certificates in “Held to Maturity Investments” portfolio which are subject to
6.2. Information on Government Bonds Classified as Held- to-Maturity Investments:
The Bank has TRY 77.053 Thousand of revenue sharing certificate as of December 31, 2011.
Current Period
Government Bonds
Treasury Bills
Other Public Debt Securities
Total
TRY
77.053
77.053
Prior Period
FC
-
TRY
77.032
77.032
FC
-
TRY
77.032
51.435
25.597
77.032
FC
-
6.3. Information on Held to Maturity Investments:
Current Period
Debt Securities
Not Quoted (*)
Impairment Provision (-)
Total
TRY
77.053
51.446
25.607
77.053
Prior Period
FC
-
6.4. Movement of Held to Maturity Investments:
Beginning Balance
Foreign Currency Differences on Monetary Assets
Purchases During Year
Disposals through Sales and Redemptions
Valuation Effects
Closing Balance
138
Current Period
77.032
21
77.053
Prior Period
76.460
50.000
(50.000)
572
77.032
7. Information on Associates
7.1.Information on Associates:
Company Name
(1)
(2)
(3)
(4)
Address (City/Country)
İstanbul/Turkey
İstanbul/ Turkey
Dakar/Senegal
Ankara/ Turkey
Tamweel Holding S.A. (**)
Kredi Garanti Fonu A.Ş.
Bank’s Share Percentage, If
Different-Voting Percentage (%)
21,84%
21,84%
40,00%
1,67%
Bank’s Risk Group Share
Percentage (%)
21,84%
21,84%
40,00%
1,67%
(*) The Bank participated in Yeni Mağazacılık A.Ş. and Landmark Holding A.Ş. with the Financing Method for Participation Banks explained in the regulation No: 19 regarding “Banks’
Lending Transactions” published and became effective in the Official Gazette numbered 26333, dated November 1, 2006 by means of joint investment method. These are recorded as
associates in accordance with the Uniform Chart of Accounts published in the Official Gazette numbered 26415 and dated January 26, 2007.
(**) As of February 4, 2010, the Bank has paid for TRY 21.548 Thousand and as a consequence, became owner of 40% of Tamweel Africa Holding S.A. that is owned by the Islamic
Corporation for the Development of the Private Sector (“ICD”) which is a group establishment of the Islamic Development Bank (“IDB”). TRY 9.077 Thousand and TRY 4.900 Thousand has
paid for capital increase respectively on June 8, 2010 and October 3, 2011. As of the reporting date capital registry process has not been finalized yet.
(1) (*)
(2) (*)
(3) (**)
(4) (*)
Total Assets
Equity
Total Fixed
Assets
Profit Share
Income
277.131
43.453
706.650
207.899
(116.811)
43.231
104.781
201.048
84.490
43.402
15.707
2.904
6
25.121
3.979
Income from
Marketable
Securities Portfolio
-
Current
Period
Profit/Loss
(93.799)
(192)
13.158
7.672
Prior Period
Profit/Loss
(86.383)
(1.486)
8.539
7.632
Fair Value
(***) 175.277
(****) 56.966
-
(*) Financial information is provided from the associate’s unaudited financial statements as of December 31, 2011.
(**) Financial information is provided from the associate’s not reviewed financial statements as of September 30, 2011.
(***) It is expertise value of the Bank’s associate, Yeni Mağazacılık A.Ş., as of February 4, 2010.
(****) It is the expertise value of the Bank’s associate, Landmark Holding A.Ş., as of February 9, 2010.
7.3.Movement of Associates:
Balance at the Beginning of the Period
Movements in Period
Purchases
Free Shares Obtained
Dividends from Current Year Income
Sales
Revaluation Increase
Provision for Diminution in Value
Balance at the End of the Period
Capital Commitments (*)
Share Percentage at the End of the Period (%)
Current Period
86.606
10.267
10.267
96.873
1.000
1,67%-40,00%
Prior Period
45.063
41.543
41.543
86.606
2.000
1,67%-40,00%
(*) It consists of capital commitment amounting to TRY 1.000 Thousand to Bank’s associate, Kredi Garanti Fonu A.Ş. (December 31, 2010: TRY 2.000 Thousand).
7.4.Sectoral Information on the Investments in Associates and the Related Carrying Amounts:
Banks
Insurance Companies
Factoring Companies
Leasing Companies
Finance Companies
Other Subsidiaries
Current Period
96.873
Prior Period
86.606
139
8. Information on Subsidiaries (Net)
8.1.Information on Subsidiaries:
Company Name
(1)
(2)
(3)
(4)
(5)
(6)
Address (City/ Country
Nil Yönetim Hizmetleri Tur. San. ve Tic. A.Ş.
Asya Emeklilik ve Hayat A.Ş. (*)
Asyafin Sigorta Aracılık Hizmetleri Ltd. Şti.
Ankara/Türkiye
İstanbul/Türkiye
İstanbul/Türkiye
İstanbul/Türkiye
İstanbul/Türkiye
İstanbul/Türkiye
Bank’s Share
Percentage, If DifferentVoting Percentage (%)
99,93%
99,50%
97,99%
95,00%
65,42%
22,94%
Bank’s Risk Group Share
Percentage (%)
99,93%
99,50%
97,99%
95,00%
65,42%
22,94%
(*) The Bank has participated to Asya Emeklilik ve Hayat A.Ş. dated on July 1, 2011.
8.2. Information on Subsidiaries:
(*)
Total Assets
Equity
Total Fixed
Assets
(1)
(2)
(3)
(4)
(5)
(6)
73.218
5
9.002
211
205.787
137.297
64.004
2
8.778
208
74.097
108.661
1.784
472
1.467
34.728
Profit
Share
Income
91
255
12
9.056
402
Income from
Marketable
Securities Portfolio
(5)
1.236
-
Current Period
Profit/Loss
Prior Period
Profit/Loss
Fair Value
149
9
(1.221)
1
4.606
(1.903)
414
(9)
5
1.106
842
(**) 190.616
(***) 192.051
(*) Financial information is provided from the unaudited financial statements of subsidiaries as December 31, 2011.
(**) It is expertise value of the Bank’s subsidiary, Işık Sigorta A.Ş., as of February 4, 2010.
(***)VAT included fair value is TRY 192.051 Thousand, including land, per expertise appraisal dated January 26, 2010.
8.3. Movement of Subsidiaries:
Movements in Period
Purchases
Sales
Current Period
144.963
9.798
9.798
154.761
9.798
22,94%-99,93%
(*) It consists of capital commitment amounting to TRY 9.798 Thousand to the Bank’s subsidary, Asya Emeklilik ve Hayat A.Ş.
140
Prior Period
139.810
5.153
5.153
144.963
22,94%-99,93%
8.4.Sectoral Information on the Financial Subsidiaries and the Related Carrying Amounts:
Subsidiaries
Banks
Insurance Companies
Factoring Companies
Leasing Companies
Finance Companies
Other Subsidiaries
Current Period
50.154
47.655
Prior Period
50.154
37.857
8.5.Subsidiaries Quoted on the Stock Exchange:
None.
9. Information on Entities under Common Control
None.
10. Information on Finance Lease Receivables (Net)
10.1. Presentation of Finance Lease Receivables According to Their Remaining Maturities:
Less than 1 Year
1 to 4 Years
More than 4 Years
Total
Current Period
Gross
77.197
183.888
131.344
392.429
Prior Period
Gross
5.562
106.620
9.532
121.714
Net
58.572
139.523
99.656
297.751
Net
4.820
92.391
8.260
105.471
10.2. Information on Net Investments in Finance Leases:
Gross Finance Lease Receivables
Unearned Finance Lease Income (-)
Net Receivable from Finance Leases
Current Period
392.429
(94.678)
297.751
Prior Period
121.714
(16.243)
105.471
11. Information on Derivative Financial Assets for Hedging Purposes
None.
141
12. Information on Tangible Assets
Buildings
Leased Tangible
Assets
Vehicles
Assets to be
Disposed off
Other
Tangible
Assets (*)
Total
Cost
Opening Balance - January 1, 2011
Additions
Disposals
Transfers (**)
Impairment Losses /(Reversal) (***)
Closing Balance - December 31, 2011
12.454
(8.123)
(111)
4.220
36.106
(3.523)
32.583
2.129
803
(714)
(283)
1.935
226.189
177.100
(51.161)
(2.274)
1.228
351.082
205.116
31.117
(6.902)
229.331
481.994
209.020
(70.423)
(2.557)
1.117
619.151
Accumulated Depreciation (-)
Depreciation Expense
Disposals
Transfers (**)
Impairment (Losses) /Reversal (***)
2.442
282
(1.970)
754
26.667
5.961
(3.387)
29.241
397
312
(134)
575
6.138
5.378
(1.649)
(76)
392
10.183
92.898
37.596
(5.788)
124.706
128.542
49.529
(12.928)
(76)
392
165.459
Net Book Value - December 31, 2010
10.012
9.439
1.732
220.051
112.218
353.452
3.466
3.342
1.360
340.899
104.625
453.692
(*) Other tangible fixed assets comprise leasehold improvements, safety box, office equipment, furniture, and other fixed assets. (**) TRY 3.117 Thousand of the balance is transferred from assets held for sale to tangible fixed assets, TRY 5.598 Thousand of assets to be disposed have acquired the classification as
fixed assets is transferred to assets held for sale.
(***) In the current period, the Bank has provided an additional impairment provision for assets disposed off amounting TRY 1.577 Thousand and reversed TRY 2.413 Thousand
impairment due to disposals. In the current period, the Bank has provided an additional provision for buildings amounting TRY 111 Thousand.
Cost
Additions
Disposals
Transfers (**)
Impairment (Losses) / Reversal (***)
Buildings
Leased Tangible
Assets
Vehicles
Assets to be
Disposed off
Other
Tangible
Assets (*)
Total
12.112
342
12.454
38.917
(2.811)
36.106
1.293
1.873
(1.037)
2.129
186.864
104.400
(69.279)
(1.234)
5.438
226.189
163.827
45.664
(4.375)
205.116
403.013
151.937
(77.502)
(1.234)
5.780
481.994
2.127
309
21.632
7.370
703
338
4.127
3.691
64.530
32.349
93.119
44.057
Accumulated Depreciation(-)
Accumulated Depreciation of Tangible
Assets Held for Resale
Transfers (**)
-
(2.335)
(644)
(1.875)
(3.981)
(8.835)
6
2.442
26.667
397
(95)
290
6.138
92.898
(95)
296
128.542
9.985
17.285
590
182.737
99.297
309.894
10.012
9.439
1.732
220.051
112.218
353.452
(*) Other tangible fixed assets comprise leasehold improvements, safety box, office equipment, furniture and other fixed assets. (**) TRY 7.205 Thousand of the balance is transferred from assets held for sale to tangible fixed assets, TRY 8.344 Thousand of real estate to be disposed have acquired the classification
as fixed assets is transferred to assets held for sale.
(***) During the period, the Bank has provided an additional impairment of TRY 1.619 Thousand and reversed TRY 7.103 Thousand impairment due to disposals.
142
13. Information on Intangible Assets
13.1. Opening and Ending Book Values and Accumulated Depreciation Balances:
Book Value
Accumulated Depreciation
Net Book Value
Current Period
24.972
(13.960)
11.012
Prior Period
20.728
(10.309)
10.419
13.2. Intangible Assets Movement Table:
Computer Software
Cost
Opening Balance- January 1, 2011
20.728
Additions
Disposals
Closing Balance- December 31, 2011
4.244
24.972
Accumulated Amortization (-)
Amortization Expense
Disposals
10.309
3.651
13.960
Net Book Value- December 31, 2010
10.419
11.012
Computer Software
Cost
17.261
Additions
Disposals
3.467
20.728
Disposals
7.037
3.272
10.309
10.224
10.419
14. Information on Investment Properties
None (December 31, 2010: None).
143
15. Information on Deferred Tax Asset
As of December 31, 2011, deferred tax asset computed on the temporary differences, except for general loan provision and provision for
possible risks, is TRY 19.398 Thousand, and is recorded in the deferred tax asset account.
Deferred Commission Income
Retirement Pay Provision and Short-Term Employee Benefits
Other Provisions
Valuation of Financial Assets
Tangible Assets Tax Base Differences
Deferred Tax Asset (net)
Current Period
Deferred Tax Base
Deferred Tax Asset/(Liability)
60.881
12.176
28.854
5.771
5.726
1.145
16.133
3.227
(14.604)
(2.921)
96.990
19.398
Other Provisions
Other
Deferred Tax Asset (net)
Prior Period
Deferred Tax Base
33.145
6.629
23.058
4.612
21.233
4.247
(23.362)
(4.672)
(5.038)
(1.008)
17
3
49.053
9.811
Movement of the deferred tax asset as of December 31, 2011 and December 31, 2010 is stated as below:
Deferred Tax Asset, January 1
Deferred Tax Recognized Directly Under Equity
Deferred Tax Benefit /(Charge), December 31
Deferred Tax Asset
Current Period
9.811
5.083
4.504
19.398
Prior Period
4.754
(953)
6.010
9.811
16. Information on Assets Held for Sale
Assets held for sale consist of tangible assets which are obtained from non-performing loans and they are recognized as required in
accordance with the prevailing the Communiqué of “Principles and Procedures on Bank’s Disposal of Precious Metals and Assets Held for
Sale” published on November 1, 2006 in the Official Gazette numbered 26333 in the unconsolidated financial statements.
Opening Balance- January 1
Additions
Outflows
Transfers (net) (*)
Impairment
Closing Balance-December 31
Current Period
6.509
3.239
(3.468)
2.481
(37)
8.724
Prior Period
9.196
(3.791)
1.139
(35)
6.509
(*) TRY 3.117 Thousand of the balance is transferred from assets held for sale to tangible fixed assets, TRY 5.598 Thousand of assets to be disposed have acquired the classification as
fixed assets is transferred to assets held for sale.
17. Information on Other Assets
Other assets amount to TRY 97.160 Thousand. Other assets account does not exceed 10% of the total assets (December 31, 2010: TRY
95.625 Thousand).
144
II. Explanations and Disclosures Related to the Liabilities
1.1.Information on Maturity Structure of Deposits:
Current Period
I. Real Persons Current
Deposits-TRY
II. Real Persons Profit Sharing
Accounts-TRY
III. Other Current Accounts-TRY
Public Sector
Commercial Sector
Other Institutions
Commercial and Other
Institutions
Banks and Finance Houses
Central Bank
Domestic Banks
Foreign Banks
Banks
Other
IV. Profit Sharing Accounts-TRY
Public Sector
Commercial Sector
Other Institutions
Institutions
Banks
V. Real Persons Current
Deposits-FC
VI. Real Persons Profit Sharing
Accounts-FC
VII. Other Current Accounts-FC
Commercial Residents in
Turkey
Abroad
Banks
Central Bank
Domestic Banks
Foreign Banks
Banks
Other
VIII.Profit Sharing Accounts- FC
Public Sector
Commercial Sector
Other Institutions
Institutions
IX. Precious Metal Deposits
X. Profit Sharing Accounts Special
Fund Pools-TRY
Residents in Turkey
Residents Abroad
XI. Profit Sharing Accounts Special
Fund Pools-FC
Residents in Turkey
Residents Abroad
Total(I+II+…..+IX+X+XI)
Demand
Up to 1
Month
Up to 3
Month
Up to 6
Month
Up to 9
Month
Up to 1
Year
1 Year and
Over
Accumulated
Profit Sharing
Accounts
Total
560.652
-
-
-
-
-
-
-
560.652
- 121.309 2.314.661
-
4.951.603
951.137
27.575
893.823
28.391
- 1.552.244
-
799.747 163.642
-
-
-
-
-
-
951.137
27.575
893.823
28.391
1.183
-
-
-
-
-
-
-
1.183
165
165
-
227.521
82
212.946
14.474
272.785
10
266.556
6.139
35.508
81
13.819
21.608
-
18.441
6.071
12.370
795.816
2.590
680.261
112.215
-
165
165
1.350.071
2.763
1.179.653
166.806
-
19
80
-
-
-
750
-
849
-
-
-
-
-
-
-
-
-
236.574
-
-
-
-
-
-
-
236.574
- 101.823
-
390.367
386.765
70.884
807.731
-
1.757.570
420.885
-
-
-
-
-
-
-
420.885
350.762
-
-
-
-
-
-
-
350.762
28.486
-
-
-
-
-
-
-
28.486
41.637
15.737
25.900
-
198.825
30
147.610
634
264.490
262.053
342
91.093
12.296
78.772
-
59.129
35.292
-
603.030
46
575.303
23.335
-
41.637
15.737
25.900
1.216.567
76
1.032.554
103.083
-
1.987
10
25
-
1.210
1.865
-
5.097
951.984
48.564
-
2.085
-
-
-
22.627
-
2.481
-
-
75.757
951.984
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
3.121.232 2.368.957 1.723.787 361.127
- 300.702 4.521.238
- 12.397.043
145
Demand
Prior Period
I. Real Persons Current
Deposits-TRY
II. Real Persons Profit Sharing
Accounts-TRY
III. Other Current AccountsTRY
Public Sector
Commercial Sector
Other Institutions
Institutions
Central Bank
Domestic Banks
Foreign Banks
Banks
Other
IV. Profit Sharing AccountsTRY
Public Sector
Commercial Sector
Other Institutions
Institutions
Banks
V. Real Persons Current
Deposits-FC
VI. Real Persons Profit Sharing
Accounts-FC
VII. Other Current AccountsFC
Turkey
Abroad
Banks
Central Bank
Domestic Banks
Foreign Banks
Banks
Other
VIII. Profit Sharing AccountsFC
Public Sector
Commercial Sector
Other Institutions
Institutions
X. Profit Sharing Accounts
Special Fund Pools TRY
Residents in Turkey
Residents Abroad
XI. Profit Sharing Accounts
Special Fund Pools-FC
Residents in Turkey
Residents Abroad
Total(I+II+…..+IX+X+XI)
146
Up to 1
Month
Up to 3
Month
Up to 6 Up to 9
Month
Month
-
Up to 1
Year
1 Year and
Over
Accumulated
Profit Sharing
Accounts
-
Total
487.918
-
-
-
-
-
487.918
-
1.851.180
1.175.698
254.717
- 190.314 1.471.293
-
4.943.202
-
1.851.180
1.175.698
254.717
- 190.314 1.471.293
-
4.943.202
878.481
-
-
-
-
-
-
-
878.481
90.765
771.459
14.455
-
-
-
-
-
-
-
90.765
771.459
14.455
829
-
-
-
-
-
-
-
829
973
973
-
-
-
-
-
-
-
-
973
973
-
-
466.431
550.401
61.145
-
12.531
262.179
-
1.352.687
-
5
455.276
10.653
64
508.302
41.960
28.153
32.992
-
8.679
3.852
243.774
17.569
-
69
1.244.184
107.026
-
497
75
-
-
-
836
-
1.408
-
-
-
-
-
-
-
-
-
261.028
-
-
-
-
-
-
-
261.028
-
523.290
544.120
122.153
- 132.089
474.593
-
1.796.245
329.903
-
-
-
-
-
-
-
329.903
302.274
-
-
-
-
-
-
-
302.274
20.243
-
-
-
-
-
-
-
20.243
7.386
5.172
2.214
-
-
-
-
-
-
-
-
7.386
5.172
2.214
-
-
252.706
457.861
120.325
-
35.627
127.227
-
993.746
-
52
231.416
588
447.709
5.405
37.631
79.313
-
34.664
-
112.202
11.712
-
52
863.622
97.018
-
20.629
211
3.381
-
963
3.313
-
28.497
123.372
21
-
4.536
-
-
-
-
-
-
4.557
123.372
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
2.080.702
3.093.607
2.728.080
558.340
- 370.561 2.335.292
- 11.166.582
1.2.Current and Participation Accounts Attributable to Real Entities/Persons under the Guarantee of Saving Deposit Insurance Fund
Exceeding the Limit of the Deposit Insurance Fund:
Under the Guarantee of Saving
Deposit Insurance
Current Period
Prior Period
Real Persons Current and Profit Sharing Accounts
that are not Subject to Commercial Activities
TRY Accounts
FC Accounts
Foreign Branches’ Deposits under Foreign
Authorities’ Insurance
Off-shore Banking Regions’ Deposits under Foreign
Exceeding the Limit of Saving Deposit
Insurance
Current Period
Prior Period
3.825.673
3.503.770
4.577.635
4.036.931
2.775.039
1.050.634
2.854.573
649.197
2.737.187
1.840.448
2.545.285
1.491.646
-
-
-
-
-
-
-
-
1.3.Current and Profit Sharing Accounts which are not under the Guarantee of Deposit Insurance Fund:
Deposits and Other Accounts held at Foreign Branches
Deposits and Other Accounts held by Shareholders and their Relatives
Deposits and Other Accounts of the Chairman and Members of Board of Directors, Chief Executive Officer, Senior
Executive Officers and their Relatives
Deposits and Other Accounts held as Assets subject to the Crime defined in the Article 282 of the Turkish Criminal
Code no. 5237 dated 26 September 2004
Deposits at Depository Banks established for Off-Shore Banking Activities in Turkey
Total
Current Period
26.121
32.769
58.890
2. Information on Derivative Financial Liabilities Held for Trading
As of December 31, 2011, derivative financial liabilities held for trading amounts to TRY 11.715 Thousand (December 31, 2010: TRY 5.397
Thousand).
Swap Transactions
Options
Other
Total
Current Period
TRY
-
FC
2.312
9.403
11.715
Prior Period
TRY
-
FC
176
5.221
5.397
3. Information on Borrowings
3.1. Information on Banks and Other Financial Institutions:
Loans from Central Bank of the Republic of Turkey
From Domestic Banks and Institutions
From Foreign Banks, Institutions and Funds
Total
Current Period
TRY
FC
24.821
1.433.009
1.457.830
Prior Period
TRY
-
FC
45.096
577.141
622.237
147
3.2. Maturity Analysis of Borrowings:
Short-Term
Total
Current Period
TRY
-
FC
938.119
519.711
1.457.830
Prior Period
TRY
-
FC
545.027
77.210
622.237
3.3.Additional Explanation Related to the Concentrations of the Bank’s Major Liabilities:
None.
4. Other Liabilities with Exceeding 10% of the Balance Sheet Total (Excluding Off-Balance Sheet Commitments) and
the Breakdown of Such Liabilities Constituting at Least 20% of the Grand Total
Other liability items amount to TRY 283.839 Thousand and do not exceed 10% of the total balance sheet total (December 31, 2010: TRY
271.161 Thousand).
5. Information on Financial Lease Obligations
None.
6. Information on Derivative Financial Liabilities for Hedging Purposes
None.
7. Explanations on Provisions
7.1.Information on General Loan Loss Provision:
General Loan Loss Provision
Provision for First Group Loans and Receivables
Profit Sharing Accounts’ Share
The Bank’s Share
Other
Provision for Second Group Loans and Receivables
The Bank’s Share
Other
Provision for Non Cash Loans
148
Current Period
131.066
98.783
47.908
50.875
15.538
3.929
11.609
16.745
Prior Period
117.204
85.241
43.833
41.408
15.711
3.084
12.627
16.252
7.2.Movement of General Loan Loss Provisions:
Current Period
Charge for Period
Reversal of Prior Period Expenses
Profit Sharing Accounts Share
Prior Period
Opening Balance – January 1, 2010
Charge for Period
117.204
9.768
(3.925)
8.019
131.066
89.368
22.088
(1.561)
7.309
117.204
7.3.Information on Provision for Foreign Exchange Losses on the Foreign Currency Indexed Loans and Finance Lease Receivables:
As of December 31, 2011, the Bank’s provision for foreign currency indexed loans amounts to TRY 2.518 Thousand (December 31, 2010:
TRY 9.962 Thousand). Provisions for foreign currency indexed loans are offset under the loan balance in the financial statements.
7.4.Information on the Specific Provisions Provided for Unindemnified Non-Cash Loans:
As of December 31, 2011, the Bank’s specific provision provided for unindemnified non-cash loans amounts to TRY 21.016 Thousand
7.5.Information on Other Provisions:
7.5.1. Information on Provisions for Potential Risks:
7.5.2. Information on Other Provisions:
Other Provisions
Provision for Credit Cards Promotion of Banking Services
Provision for Unindemnified Non-Cash Loans
Provision Amount Allocated for Profit-Share Accounts
Payment Commitment for Checks
Litigation Provision
Other (*)
Total
Current Period
4.434
21.016
3.616
2.001
1.251
32.318
Prior Period
4.212
9.705
6.170
1.021
16.000
37.108
(*) The balance includes provisions accounted for future losses which may be incurred on loan portfolio.
149
7.5.3. Movement of the Retirement Pay Provision:
Opening Balance - January 1
Current Service Cost
Interest Cost
Benefits Paid
Settlement/Curtailment/Termination Loss/(Gain)
Actuarial Loss/(Gain)
Closing Balance – December 31
Current Period
11.955
2.166
1.151
(1.188)
336
981
15.401
Prior Period
7.974
1.736
870
(782)
561
1.596
11.955
The Bank has reflected the employee benefit provision to the financial statements by using actuarial valuation method stated in TAS 19.
As of December 31, 2011 the Bank provided a provision of TRY 13.453 Thousand for the unused vacation pays (December 31, 2010: TRY
11.103 Thousand).
8. Explanations on Taxes Payable
8.1.Information on Current Tax Liability:
As of December 31, 2011, the Bank’s corporate tax payable is TRY 9.011 Thousand after offsetting pre-paid corporate tax (December 31,
2010: TRY 15.726 Thousand).
Provision for Corporate Taxes
Prepaid Corporate Tax
Corporate Tax Payable
Current Period
57.546
(48.535)
9.011
Prior Period
70.346
(54.620)
15.726
Current Period
9.011
8.599
638
10.537
415
10.317
39.517
Prior Period
15.726
7.179
471
6.261
1.748
10.175
41.560
8.2.Information on Taxes Payable:
Corporate Taxes Payable
Taxation of Securities
Property Tax
Banking Insurance Transaction Tax (BITT)
Foreign Exchange Transaction Tax
Value Added Tax Payable
Other
Total
150
8.3.Premiums:
Social Security Premiums-Employee
Social Security Premiums-Employer
Bank Social Aid Pension Fund Premium-Employee
Bank Social Aid Pension Fund Premium-Employer
Pension Fund Membership Fees and Provisions-Employee
Pension Fund Membership Fees and Provisions-Employer
Unemployment Insurance-Employee
Unemployment Insurance-Employer
Other
Total
Current Period
4.574
6.417
325
650
11.966
Prior Period
2.522
3.543
179
358
6.602
8.4.Explanations on Deferred Tax Liabilities:
9. Information on Liabilities Regarding Assets Held for Sale and Discontinued Operations:
None.
10. Information on Subordinated Loans
None.
11. Information on Shareholders’ Equity
11.1. Presentation of Paid-in Capital:
Common Stock
Preferred Stock (*)
Current Period
540.000
360.000
Prior Period
540.000
360.000
(*) Preferred stockholders have the right to nominate candidates for the Board of Directors and the Audit Committee.
11.2. Paid-in Capital Amount, Explanation as to whether the Registered Share Capital System is Applicable at Bank if so Amount of
the Registered Share Capital Ceiling:
Registered capital system is not applied in the Bank.
11.3.
Share Capital Increases and Their Sources; Other Information on Increased Capital Shares in the Current Period:
None.
11.4.
Information on Share Capital Increases from Capital Reserves:
None.
11.5.
Information on Share Capital Increases from Revaluation Funds:
None.
11.6. Capital Commitments in the Last Fiscal Year and at the End of the Following Interim Period, General Purpose of These
Commitments and Projected Resources Required to Meet These Commitments:
None.
151
11.7. Indicators of the Bank’s Income, Profitability and Liquidity for Prior Periods and Possible Effects of These Future Assumptions
on the Bank’s Equity due to the Uncertainty of These Indicators:
The Bank carries its activities in profitable level and retains the major portion of its net profit within equity by means of transfers to reserve
accounts and capital increases. The Bank, also allocates its equity to highly liquid and profit generating assets.
11.8.
Summary of Privileges Granted to Preferred Stocks:
The holders of the preferred stocks have the right to nominate candidates for the Board of Directors and the Audit Committee.
11.9.
Explanations on Marketable Securities Value Increase Fund:
From Associates, Subsidiaries, and Entities under Common Control (Joint Vent.)
Valuation Difference
Foreign Exchange Difference
From Financial Assets Available for Sale
Total
Current Period
(13.599)
(13.599)
(13.599)
Prior Period
6.732
6.732
6.732
III. Explanations and Disclosures Related to the Off-Balance Sheet Contingencies and Commitments
1. Explanation on Contingent Liabilities
1.1.Nature and Amounts of Irrevocable Loan Commitments:
Asset Purchase-Sale Commitments
Capital Commitments for Associates And Subsidiaries (*)
Loan Granting Commitments
Commitments for Credit Card Expenditure Limits
Commitments for Credit Card And Retail Banking Promotions
Payment Commitments for Checks
Tax and Fund Liabilities from Export Commitments
Other Irrevocable Commitments
Total
Current Period
1.085.835
10.798
353.633
2.066.016
7.236
650.723
1.883
39.910
4.216.034
Prior Period
115.567
2.000
341.648
1.661.296
7.257
580.319
1.880
55.864
2.765.831
(*) It consists of capital commitment amounting to TRY 9.798 Thousand to the Bank’s subsidary, Asya Emeklilik ve Hayat A.Ş. and TRY 1.000 Thousand to the Bank’s associates, Kredi
Garanti Fonu A.Ş. (December 31, 2010: It consists of capital commitment amounting to TRY 2.000 Thousand to the Bank’s associate, Kredi Garanti Fonu A.Ş.).
1.2.Non-cash Loans Including Guarantees, Bank Acceptances and Avalized Drafts, Collaterals That Qualify as Financial Guarantees
and Other Letters of Credit:
1.2.1. Non-cash Loans Including Guarantees, Bank Acceptances and Avalized Drafts, Collaterals That Qualify as Financial
Guarantees and Other Letters of Credit:
Guarantees
Bank Acceptances and Avalized Drafts
Letters of Credit
Other Guarantees
Total
152
Current Period
7.556.575
323.970
1.334.519
133.695
9.348.759
Prior Period
7.938.655
154.318
997.362
136.548
9.226.883
1.2.2. Definite Guarantees, Provisional Guarantees, Surety ships, and Similar Transactions:
Definite Letters of Guarantee Provisional Letters of Guarantees
Suretyships and Similar Transactions
Total
Current Period
5.222.228
759.066
1.575.281
7.556.575
Prior Period
5.891.224
937.000
1.110.431
7.938.655
Current Period
481.766
6.335
475.431
8.866.993
9.348.759
Prior Period
134.953
5.405
129.548
9.091.930
9.226.883
1.3. Total Amount of Non-Cash Loans:
Non-cash loans given against achieving cash loans
With maturity of 1 year or less than 1 year
With maturity of more than 1 year
Other non-cash loans
Total
2. Sectoral Risk Concentration of Non-Cash Loans
Agricultural
Farming and Raising
Livestock
Forestry
Fishery
Manufacturing
Mining
Production
Electric, Gas and Water
Construction
Services
Hotel, Food and Beverage
Services
Transportation and
Telecommunication
Services
Education Services
Other
Total
TRY
59.359
Current Period
(%)
FC
1,47
53.049
(%)
1,00
TRY
59.075
Prior Period
(%)
FC
1,40
21.182
(%)
0,42
46.078
1,14
47.705
0,90
46.038
1,09
21.014
0,42
12.012
1.269
1.215.112
118.431
665.044
431.637
1.847.275
848.606
212.744
0,30
0,03
30,02
2,93
16,43
10,66
45,64
20,97
5,26
492
4.852
2.858.268
236.047
2.084.712
537.509
1.401.148
958.710
173.321
0,01
0,09
53,92
4,45
39,32
10,15
26,43
18,08
3,27
12.080
957
1.285.981
99.866
706.971
479.144
2.006.166
803.842
214.921
0,29
0,02
30,43
2,36
16,73
11,34
47,47
19,01
5,08
13
155
2.841.818
229.697
1.660.230
951.891
1.275.631
821.537
166.733
56,83
4,59
33,20
19,04
25,51
16,42
3,33
69.196
1,71
107.478
2,03
73.912
1,75
58.248
1,16
171.298
4,23
399.846
7,54
143.854
3,40
414.787
8,30
124.597
3,08
221.315
4,17
81.229
1,92
123.979
2,48
38.550
0,95
5.832
0,11
87.120
2,06
18.576
0,37
51.748
30.567
149.906
77.155
4.047.507
1,28
0,76
3,70
1,90
100,00
25.782
7.083
18.053
30.077
5.301.252
0,49
0,13
0,34
0,57
100,00
41.260
24.405
137.141
71.531
4.226.595
0,98
0,58
3,24
1,69
100,00
9.300
4.199
25.715
40.120
5.000.288
0,19
0,08
0,51
0,82
100,00
153
3. Information on Ist and IInd Group Non-Cash Loans
Non-Cash Loans
Letters of Guarantee
Endorsements and Acceptances
Letters of Credit
Endorsements
Underwriting Commitments
Factoring Commitments
Other Commitments and Contingencies
I st Group
TRY
3.939.696
3.892.666
25.244
758
21.028
II nd Group
TRY
107.811
103.447
2.142
2.140
82
FC
5.202.176
3.462.721
296.584
1.330.286
112.585
FC
99.076
97.741
1.335
-
4. Derivative Financial Instruments
Derivative Transactions according to Purposes
Trading
Hedging
Current Period
Prior Period
Current Period
Prior Period
Type of Trading Transactions
Foreign Currency Related Derivative Transactions (I):
Forward Transactions
Swap Transactions
Option Transactions
Interest Related Derivative Transactions (II) :
Forward Interest Rate Transaction
154
1.316.473
1.316.473
-
926.555
926.555
-
-
-
-
-
-
-
Interest Rate Swap Transactions
Interest Option Transactions
Futures Interest Transactions
Marketable Securities Call-Put Options (III)
Other Trading Derivative Transactions (IV)
A. Total Trading Derivative Transactions (I+II+III+IV)
1.316.473
926.555
-
-
Types of Hedging Transactions
Fair Value Hedges
Cash Flow Hedges
Net Investment Hedges
B. Total Hedging Related Derivatives
Total Derivative Transactions (A+B)
1.316.473
926.555
-
-
As of December 31, 2011, the breakdown of the Bank’s foreign currency forward transactions based on currencies are disclosed below in
their TRY equivalents.
Current Period
TRY
USD
EUR
GOLD
Total
Forward Buy
12.169
9.533
44.327
587.602
653.631
Forward Sell
9.450
653.392
662.842
Prior Period
TRY
USD
EUR
Total
Forward Buy
268.243
194.735
462.978
Forward Sell
463.577
463.577
As of December 31, 2011, the Bank does not have any derivative transactions for the purpose of cash flow hedge.
5. Explanations on Contingent Liabilities and Assets
As of the balance sheet date, there are 204 ongoing court cases against the Bank amounting to TRY 19.825 Thousand and EUR 946 based
on the information provided from the legal department of the Bank. (December 31, 2010: There were 172 ongoing court cases against the
Bank amounting to TRY 18.161 Thousand and EUR 946 based on the information provided from the legal department of the Bank). For one
of the ongoing court cases mentioned above, provision amounting to TRY 1.251 Thousand has been allocated (December 31, 2010: TRY
1.021 Thousand). Total amount of letters of guarantees, guarantees and commitments submitted by the Bank pursuant to its own internal
affairs and guarantees given by other institutions submitted by the Bank pursuant to the third parties benefit of the Bank stands at TRY
32.430 Thousand and is recognized under “Other irrevocable commitments” item of off-balance sheet contingencies and commitments
6. Explanations on Custodian and Intermediary Services
None.
155
7. Summary Information on the Bank’s Rating by the International Rating Institutions
FITCH RATINGS
Foreign Currency
Long Term
Short Term
Outlook
Turkish Lira
Long Term
Short Term
Outlook
International
Long Term
Outlook
Individual Rating
Support Points
B+
B
Stable
B+
B
Stable
A-(tour)
Stable
D
5
The information is obtained from the Fitch Ratings Report as of November 22, 2011.
MOODY’S
Financial Strength
Outlook
Foreign Currency
Long Term
Short Term
Outlook
Turkish Lira
Long Term
Short Term
Outlook
International
Long Term
Short Term
D
Stable
Ba3
B1
Stable
Ba2
Ba1
Stable
A3
TR-1
The information is obtained from the Moody’s Investor Service report as of February 10, 2011.
SAHA Kurumsal Yönetim ve Kredi Derecelendirme Hizmetleri A.Ş. has completed its Corporate Governance rating report for Bank Asya in
accordance with the Turkish Capital Markets Board’s communiqué of “Capital Market Rating Operations and Corporate Governance
Principles”. Bank Asya’s Corporate Governance rating score previously has been identified as 81,69 on July 1, 2010 and revised to 82,56 as
of July 1, 2011.
156
IV. Explanations and Disclosures Related to the Income Statement
1.
Information on Profit Share Income
1.1. Information on Profit Share on Loans:
Profit Share on Loans
Short Term Loans
Medium and Long Term Loans
Profit Share on Non-Performing Loans
Premiums Received from Resource Utilization
Support Fund
I Group
TRY
1.070.992
358.215
698.268
14.509
FC
102.071
29.292
72.779
-
-
-
II Group
TRY
25.346
3.321
22.025
-
FC
3.051
141
2.910
-
1.2.Profit Share from Banks:
Current Period
TRY
Central Bank of the Republic of Turkey (Reserve
Deposit)
Domestic Banks
Foreign Banks (*)
Total
FC
Prior Period
TRY
FC
-
-
13.364
-
31
1.289
1.320
572
572
20.394
33.758
1.975
1.975
(*) Foreign banks include profit shares from “murabaha” loans.
1.3. Information on Interest Received from Marketable Securities:
Financial Assets Held-for-Trading
Financial Assets at Fair Value through Profit or
Loss
Total
Current Period
TRY
-
FC
-
Prior Period
TRY
-
FC
-
-
-
-
-
49.234
8.882
58.116
-
21.050
9.834
30.884
-
Current Period
15.438
Prior Period
15.164
1.4. Information on Profit Share Income Received from Associates and Subsidiaries:
Profit Share Income Received from Associates and Subsidiaries
157
2. Information on Profit Share Expenses
2.1. Information on Interest on Funds Borrowed:
Banks
Domestic Banks
Foreign Banks
Foreign Head Office and Branches
Other Institutions
Total
Current Period
TRY
-
FC
38.562
1.036
37.526
38.562
Prior Period
TRY
-
FC
16.538
1.036
15.502
16.538
2.2. Information on Profit Share Expense Given to Associates and Subsidiaries:
Profit Share Expenses Given to Associates and Subsidiaries
2.3.Information on Profit Share Expense to Marketable Securities Issued:
None.
158
Current Period
7.585
Prior Period
6.133
2.4.Distribution of Profit Share Expense on Deposits Based on Maturity of Deposits:
Current Period
Account Name
TRY
Real Person’s Profit Sharing Acc.
Public Sector Profit Sharing Acc.
Commercial Sector Profit Sharing Acc.
Other Institutions Profit Sharing Acc.
Total
FC
Precious Metal Deposits
Total
Grand Total
Up to 1
Month
Up to 3
Month
Profit Sharing Accounts
Up to 6
Up to 9
Up to 1 More than
Month
Month
Year
1 Year
127.526
4
17.957
915
146.402
70.871
28
22.520
2.150
95.569
14.933
6
1.136
1.026
17.101
-
11.874
1.374
879
14.127
156.517
37
52.461
3.156
212.171
381.721
75
95.448
8.126
485.370
533
16.548
1
5.660
16
22.758
169.160
67
14.974
11.252
166
26.459
122.028
406
3.078
1.307
4.386
9.177
26.278
-
583
5.010
2.099
7.692
21.819
29
23.526
18.210
608
42.373
254.544
1.618
63.136
1
38.528
5.176
108.459
593.829
Up to 1
Month
Up to 3
Month
Up to 6
Up to 9
Up to 1 More than
Month
Month
Year
1 Year
88.688
1
18.799
454
107.942
102.234
2
27.166
790
130.192
27.032
1.531
3.480
32.043
-
20.927
5.130
182
26.239
157.190
20.970
1.831
179.991
396.071
3
73.596
6.737
476.407
812
14.736
1
5.335
14
20.898
128.840
69
20.560
13.712
309
34.650
164.842
7.796
5.215
3.321
16.332
48.375
-
8.360
2.272
10.632
36.871
30.298
6.961
499
37.758
217.749
881
81.750
1
33.495
4.143
120.270
596.677
Prior Period
Account Name
TRY
Total
FC
Total
Grand Total
Total
Total
159
3. Information on Dividend Income
4. Information on Net Trading Income (Net)
Profit
Securities Trading Gains
Gains on Derivative Financial Instruments
Foreign Exchange Gains
Loss (-)
Securities Trading Losses
Losses on Derivative Financial Instruments
Foreign Exchange Losses
5. Current Period
6.057.300
225.104
5.832.196
(6.018.180)
(160.894)
(5.857.286)
Prior Period
3.265.633
65.342
3.200.291
(3.220.670)
(34.834)
(3.185.836)
Current Period
1.203
22.619
88.007
18.716
130.545
Prior Period
9.719
19.079
88.478
16.917
134.193
Information on Other Operating Income
The detail of other operating income is stated as below:
Communication Expense Reversal
Gain on Sale of Assets
Reversals from Previous Years’ Expenses (*)
Other
Total
(*) Includes TRY 67.242 Thousand reversals from specific provisions for loans, general loan provision, and doubtful fees and other receivables provision and TRY 12.293 Thousand
reversals from provisions for cheques. (December 31, 2010: TRY 88.110 Thousand).
6. Provision Expenses of the Bank for Loans and Other Receivables
Specific Provisions for Loans and Other Receivables
III. Group Loans and Receivables
IV. Group Loans and Receivables
V. Group Loans and Receivables
Doubtful Commission, Fee and Other Receivables
General Loan Loss Provision Expenses
Provision Expenses for Possible Losses
Marketable Securities Impairment Losses
Financial Assets at Fair Value through Profit or Loss
Impairment Losses on Investment in Associates, Subsidiaries, Entities under
Common Control and Held to Maturity Investments
Investments in Associates
Subsidiaries
Entities under Common Control
Other
Total
160
Current Period
170.277
30.827
953
127.637
10.860
9.768
-
Prior Period
107.508
27.471
14.379
54.915
10.743
22.088
-
-
-
48.153
228.198
37.891
167.487
7. Information on Other Operating Expenses
Personnel Expenses
Provision for Employee Termination Benefits
Bank Social Aid Provision Fund Deficit Provision
Impairment Losses on Tangible Assets
Depreciation Expenses of Tangible Assets
Impairment Losses on Intangible Assets
Impairment Losses on Goodwill
Amortization Expenses of Intangible Assets
Impairment Losses on Investments Accounted for under Equity Method
Impairment Losses on Assets to be Disposed off
Depreciation Expenses of Assets to be Disposed off
Impairment Losses on Assets Held for Sale
Other Operating Expenses
Operating Lease Expenses
Repair and Maintenance Expenses
Advertisement Expenses
Other Expenses
Loss on Sales of Assets
Other
Total
Current Period
264.766
4.634
111
44.151
3.651
1.577
5.378
37
193.721
57.324
3.560
30.015
102.822
2.893
42.448
563.367
Prior Period
242.029
4.763
40.366
3.272
1.619
3.691
244
177.497
44.714
2.681
33.650
96.452
9.637
47.169
530.287
8. Information on Continuing Operations Profit or Loss Before Tax
The Bank’s profit before tax is decreased by 17,01% (December 31, 2010: 14,30%) as compared to the prior year figures and total profit
before tax amounts to TRY 269.132 Thousand (December 31, 2010: TRY 324.288 Thousand). Profit before tax includes TRY 631.224
Thousand (December 31, 2010: TRY 593.538 Thousand) net profit share income, TRY 259.808 Thousand (December 31, 2010: TRY
249.378 Thousand) net fees and commission income. Total operating expense amount is TRY 563.367 Thousand (December 31, 2010:
9. Information on Continuing Operations Tax Provision
As of December 31, 2011, current tax expense is TRY 57.546 Thousand (December 31, 2010: TRY 70.346 Thousand) and deferred tax
income is TRY 4.504 Thousand (December 31, 2010: TRY 6.010 Thousand).
10. Information on Operating Profit/Loss After Taxes
The Bank’s net profit for the year ended December 31, 2011 has declined by 16,88% in compare to the prior year’s net profit.
11. Explanations on Net Income / Loss for the Period:
The nature and amount of certain income and expense items from ordinary operations is disclosed if the disclosure for nature, amount, and
repetition rate of such items is required for the complete understanding of the Bank’s performance for the period: None.
Effect of changes in accounting estimates on income statement for the current and, if any, for subsequent periods: None.
161
12. The Description and Amounts of Items which Constitute at Least 20% of Other Items in the Income Statement, If
These Liabilities Exceed 10% of the Total Income Statement
Other fees and commissions income/expense are stated as below:
Other Fees and Commission Received
Member Firm-POS Fees and Commission
Credit Card Fees and Commission
Commissions on Collection and Disbursement
Expertise Fees
Money Transfer Commissions
Insurance Underwriting Commissions
Other
Total
Other Fees and Commission Paid
Other
Total
Current Period
Prior Period
60.590
51.726
16.379
14.395
8.811
8.285
26.052
186.238
57.234
40.938
9.452
8.530
6.978
5.686
20.003
148.821
Current Period
Prior Period
53.573
6.488
60.061
45.550
5.723
51.273
13. Nature and Amount of Changes in Accounting Estimates which Have Material Effects on the Current Period or Expected to
Have Material Effects on the Subsequent Periods
None.
V. Explanations and Disclosures Related to the Statements of Changes in Shareholders’ Equity
1. Increases from Valuation of Financial Assets Available for Sale
Increase resulting from revaluation of financial assets available for sale is TRY 13.599 Thousand (December 31, 2010: TRY 6.732 Thousand).
2. Increases Due to Cash Flow Hedges
None.
3. Reconciliation of Foreign Exchange Differences at Beginning and End of Current Period
None.
4. Dividends Declared Subsequent to the Balance Sheet Date, but Before the Announcement of the Financial
Statements
None.
5. Dividends per Share Proposed Subsequent to the Balance Sheet Date
None.
6. Proposals to General Assembly for the Payment Dates of Dividends and if It will not be Distribute the Reasons for
This
The Board of Directors has not decided for profit distribution as of the reporting date.
7. Amounts Transferred to Legal Reserves
As of December 31, 2011, amount transferred to legal reserves is TRY 12.998 Thousand (December 31, 2010: TRY 15.064 Thousand).
8. Information on Shares Issued
None.
162
VI. Explanations and Disclosures Related to Statement of Cash Flows
1. Cash and Cash Equivalents
1.1.Components of Cash and Cash Equivalents and Accounting Policies Used to Determine Such Components:
“Cash” is defined as cash in TRY and foreign currency, money in transit, cheques purchased and demand deposits in Banks, and “Cash
equivalents” is defined as time deposits in Banks having original maturity less than three months and short term “murabaha” (sale at a
markup) loans. Deposits held in Central Bank of the Republic of Turkey are not presented as cash equivalents.
1.2.The effects of the other items stated in the cash flow statement and the changes in foreign currency exchange rates on cash
and cash equivalents:
“Other” item amounting to TRY (571.965) Thousand in “Operating profit before changes in operating assets and liabilities” consists of fees
and commission paid, operating lease expenses, repairment and maintenance expenses, advertisement expenses and other operating
expenses.(December 31, 2010: TRY (258.923) Thousand “Other Income” amounting to TRY 90.226 Thousand consists of gains on
derivative financial transactions, foreign exchange gains and other operating income (December 31, 2010: TRY 102.519 Thousand).
“Net increase/decrease in other assets” amounting to TRY 12.386 Thousand in “Changes in operating assets and liabilities” consists of
changes in sundry debtors, other assets and intangible asset purchases. (December 31, 2010: TRY (10.185) Thousand) “Net increase/
decrease in other liabilities” with a total amount of TRY 377.577 Thousand consists of changes in sundry creditors and other liabilities.
“Other items” amounting to TRY 4.244 Thousand (31 December 2010: TRY 3.467 Thousand) in “Net cash provided from investing activities”
consists of cash paid for purchases of intangible assets.
The effect of changes in foreign exchange rates on cash and cash equivalents as of December 31, 2011 is approximately TRY 77.996
Thousand (December 31, 2010: TRY 8.397 Thousand).
1.3.Cash and Cash Equivalents at the Beginning of the Period:
Cash
Cash in TRY/Foreign Currency
Banks-Demand Deposit
Cash Equivalents
Banks-Time Deposit
Murabaha Transactions Classified as Loans
Total Cash and Cash Equivalents
Current Period
420.068
233.456
186.612
420.068
Prior Period
268.088
131.325
136.763
110.255
10.255
100.000
378.343
Current Period
599.923
250.331
349.592
9.773
9.773
609.696
Prior Period
420.068
233.456
186.612
420.068
1.4. Cash and Cash Equivalents at the End of the Period:
Cash
Cash Equivalents
Banks-Time Deposit
163
VII. Explanations on the Risk Group of the Bank
1. Transaction Volume of the Risk Group of the Bank, Outstanding Loan and Deposit Balances and Current Income
and Expense Amounts
1.1.Current Period:
Subsidiaries and Associates
Loans and Other Receivables (*)
Balance at Beginning of Period
Balance at End of Period
Profit Share and Commission
Income
Direct and Indirect
Other Entities Included in
Shareholders
the Risk Group
Cash
Non-Cash
Cash
Non-Cash
Cash
Non-Cash
77.494
107.795
8.921
16.806
-
-
172.548
206.072
42.782
164.645
15.438
-
-
-
35.797
-
(*) The risk group balance includes TRY 3.411 Thousand finance lease receivables (December 31, 2010: TRY 153 Thousand).
1.2.Prior Period:
Income
Direct and Indirect
Shareholders
the Risk Group
Cash
Non-Cash
Cash
Non-Cash
Cash
Non-Cash
52.357
77.494
9.225
8.921
-
-
220.914
172.548
68.491
42.782
15.164
-
-
-
23.870
-
(*) The risk group balance includes TRY 153 Thousand finance lease receivables (December 31, 2009: TRY 237 Thousand).
1.3.Risk Group Deposits Balances of the Bank:
Current and Profit Sharing
Accounts
Profit Share Expense
Direct and Indirect
Shareholders
Other Entities Included in the
Risk Group
Current Period
Current Period
Current Period
104.089
113.796
7.585
-
109.357
127.638
4.950
1.4.Information on Forward and Option Agreements and Other Similar Agreements with Related Parties:
None.
1.5.Information on Compensation of Key Management Personnel:
During the current period, the total amount of remuneration and benefits provided to the key management personnel of the Bank is TRY
10.297 Thousand (December 31, 2010: TRY 8.642 Thousand). Besides remuneration, the key management personnel also receive some
further in kind rights.
164
VIII.Explanations on the Bank’s Domestic, Foreign, Off-shore Branches or Investments in Associates and
Foreign Representative Offices
1. Explanations on the Bank’s Domestic, Foreign, Off-shore Branches or Investments in Associates and Foreign
Representative Offices
Number
200
Employees
4.542
Rep-Offices Abroad (*)
-
-
Country
-
Branches Abroad
-
-
-
Total Assets
-
Capital
-
Off-shore Branches
-
-
-
-
-
Domestic Branches
(*) The Bank has received all necessary approvals from BRSA to open a representative office in Mumbai, India and a branch in Arbil, Iraq. As of the reporting date, opening representative
office and branch is still in progress.
2.
Explanations on Branch and Agency Openings or Closings of the Bank:
The Bank has opened 25 new branches in the period of January 1 - December 31, 2011.
I.
Other Disclosures:
1. Subsequent Events:
Bank Asya's Board members Mr. Salih SARIGÜL and Mr. Ahmet ÇELİK have announced their resignations, effective on January 26th, 2012
and Mr. Tacettin NEGIS has announced his resignation, effective on February 2nd, 2012 then, retrospectively Mr. Ali ÇELİK, Mr. Faruk İLK
and Mr. Mustafa Talat KATIRCIOĞLU were appointed as the board members to fill their vacancies.
SECTION SEVEN: INDEPENDENT AUDITOR’S REPORT
I.
Explanations on the Independent Auditor’s Report
The financial statements of the Bank for the year January 1 – December 31, 2011 have been audited by DRT Bağımsız Denetim ve Serbest
Muhasebeci Mali Müşavirlik A.Ş. (Member of Deloitte Touche Tohmatsu Limited).
The independent auditor’s report is presented at the beginning of the financial statements and related notes.
II. Other Footnotes and Explanations Prepared by the Independent Auditors
There is no significant matter or disclosure which may be in connection with the Bank’s operations but not explained in the above sections.
165
ASYA KATILIM BANKASI
A.Ş. AND ITS FINANCIAL
SUBSIDIARIES
INDEPENDENT AUDITORS’
REPORT, CONSOLIDATED
FINANCIAL STATEMENTS AND
NOTES FOR THE YEAR ENDED
DECEMBER 31, 2011
(Translated into English from the Original
Turkish Report)
167
Consolidated Financial Statements and Accompanying Notes
168
ASYA KATILIM BANKASI A.Ş. AND ITS FINANCIAL SUBSIDIARIES
FOR THE YEAR JANUARY 1, 2011 - DECEMBER 31, 2011
To the Board of Directors of
İstanbul
We have audited the accompanying balance sheet of Asya Katılım Bankası A.Ş. (the “Bank”) and its financial subsidiaries (“the Group”) as at
December 31, 2011 and the related consolidated statements of income, cash flows and changes in shareholders’ equity for the year then
ended, and a summary of significant accounting policies and other explanatory notes.
Management’s Responsibility for the Financial Statements:
The Board of Directors of the Bank is responsible for the preparation and fair presentation of the financial statements in accordance with the
regulation on “Procedures and Principles Regarding Banks’ Accounting Practices And Maintaining Documents” published in the Official
Gazette dated November 1, 2006 and numbered 26333 and Turkish Accounting Standards (“TAS”), Turkish Financial Reporting Standards
(“TFRS”) and other regulations, circulars, communiqués and pronouncements in respect of accounting and financial reporting made by
Banking Regulation and Supervision Agency (“BRSA”). This responsibility includes: designing, implementing and maintaining internal control
relevant to the preparation and fair presentation of the financial statements that are free from material misstatement, whether due to fraud or
error; selecting and applying appropriate accounting policies; and making accounting estimates that are reasonable in the circumstances.
Auditors’ Responsibility
Our responsibility is to express an opinion on these consolidated financial statements based on our audit. We conducted our audit in
accordance with the regulation on “Licensing and Operations of Audit Firms in Banking” International Standards published in the Official
Gazette No: 26333 on November 1, 2006 and the International Standards on Auditing. We planned and performed our audit to obtain
reasonable assurance whether the financial statements are free from material misstatements. An audit involves performing procedures to
obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor’s
judgment, including the consideration of the effectiveness of internal control and appropriateness of accounting policies applied relevant to
the entity’s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the
circumstances. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.
Independent Auditors’ Opinion
In our opinion, the accompanying consolidated financial statements present fairly, in all material respects, the financial position of Asya
Katılım Bankası A.Ş. as at December 31, 2011 and the results of its operations and its cash flows for the year then ended in accordance
with the prevailing accounting principles and standards set out as per Article 37 of the Banking Act No: 5411 and other regulations, circulars
and communiqués in respect of accounting and financial reporting and pronouncements made by Banking Regulation and Supervision
Agency (“BRSA”).
Additional paragraph for the English translation:
The effect of the differences between the accounting principles summarized in Section 3 and the accounting principles generally accepted in
countries in which the accompanying financial statements are to be distributed and International Financial Reporting Standards (“IFRS”) have
not been quantified and reflected in the accompanying financial statements. The accounting principles used in the preparation of the
accompanying financial statements differ materially from IFRS. Accordingly, the accompanying financial statements are not intended to
present the Bank’s financial position and results of its operations in accordance with accounting principles generally accepted in such
countries of users of the financial statements and IFRS
DRT BAĞIMSIZ DENETİM VE SERBEST MUHASEBECİ MALİ MÜŞAVİRLİK A.Ş.
Hüseyin GÜRER
Partner
İstanbul, April 5, 2012
169
THE CONSOLIDATED FINANCIAL REPORT OF ASYA
KATILIM BANKASI A.Ş. FOR THE YEAR ENDED
DECEMBER 31, 2011
Address of the Headquarter of the Bank : Saray Mahallesi, Dr. Adnan Büyükdeniz Caddesi No:10 34768 Ümraniye/İSTANBUL
Phone and Fax Numbers of the Bank
: 0 216 633 50 00 / 0 216 633 69 89
Website of the Bank
: www.bankasya.com.tr
E-Mail
: [email protected]
The consolidated financial report designed by the Banking Regulation and Supervision Agency in line with Communiqué on “Financial
Statements to be Publicly Announced and the Related Policies and Disclosures” consists of the sections listed below:
•
•
•
•
•
•
•
GENERAL INFORMATION ABOUT THE PARENT BANK
CONSOLIDATED FINANCIAL STATEMENTS OF THE PARENT BANK
EXPLANATIONS ON THE CORRESPONDING ACCOUNTING POLICIES APPLIED IN THE RELATED PERIOD
INFORMATION ON CONSOLIDATED FINANCIAL STRUCTURE OF THE GROUP
EXPLANATORY DISCLOSURES AND FOOTNOTES ON CONSOLIDATED FINANCIAL STATEMENTS
OTHER EXPLANATIONS AND DISCLOSURES
The subsidiaries and associates consolidated within the framework of the reporting package are as follows:
(1)
Subsidiaries
Associates
(2)
-
(3)
-
(4)
-
The consolidated financial statements and the explanatory footnotes and disclosures, unless otherwise indicated, are prepared in
Thousands of the Turkish Lira, in accordance with the Communiqué on Banks’ Accounting Practice and Maintaining Documents, Turkish
Accounting Standards, Turkish Financial Reporting Standards, related communiqués and the Banks’ records, have been independently
audited and presented as attached.
Behçet AKYAR
Abdullah ÇELİK
Ahmet BEYAZ
Kamil YILMAZ
Chairman of the Board
of Directors
Directors and General
Manager
Assistant General Manager
Responsible of Financial
Reporting
Manager in Charge of
Financial Reporting
Dr. Ercüment GÜLER
Mehmet URUÇ
Audit Committee
Audit Committee
Responsible personnel for the questions that can be raised on the financial statements:
Name-Surname/Title: Merve Yasemin GÜNEŞ / Assistant Manager in Charge of Budgeting and Financial Controlling
Telephone Number : 0 216 633 54 82
Fax Number
: 0 216 633 69 89
170
I.
II.
III.
IV.
V.
History of the Bank Including Its Incorporation Date, Initial Status and Amendments to the Initial Status Shareholder Structure, Shareholders Having Direct or Indirect, Joint or Individual Control Over the Management and Internal Audit of the Bank,
Changes in Shareholder Structure During the Current Period, if any and Information on the Bank’s Risk Group
Explanations Regarding the Shares of the Bank Owned by and Areas of Responsibility of the Chairman and the Members of Board of Directors,
Audit Committee Members, Chief Executive Officer, Executive Vice Presidents Individuals and Institutions That Have Qualified Shares in the Bank
Summary Information on the Bank’s Services and Activity Areas
172
173
173
174
174
SECTION TWO: THE CONSOLIDATED FINANCIAL STATEMENTS
I. II.
III. IV.
V. VI.
VII.
Consolidated Balance Sheet
Consolidated Statement of Off-Balance Sheet Contingencies and Commitments
Consolidated Statement of Income
Consolidated Statement of Income and Expense Accounted under Equity
Consolidated Statement of Changes in Shareholders’ Equity
Consolidated Statement of Cash Flows
Consolidated Statement of Profit Distribution
176-177
178
179
180
181
182
183
I.
III.
Information about the Parent Bank and its Consolidated Subsidiaries
IV. Explanations on Forward and Option Contracts and Derivative Instruments
V. Explanations on Profit Share Income and Expenses
VI. Explanations on Fees and Commission Income and Expenses
VII. Explanations on Financial Assets
VIII. Explanations on Impairment of Financial Assets
IX. Explanations on Offsetting Financial Assets and Liabilities
X. Explanations on Sales and Repurchase Agreements and Lending of Securities
XI. Explanations on Assets Held for Sale, Discontinued Operations and Liabilities Related to Those Assets
XII. Explanations on Goodwill and Other Intangible Assets
XIII. Explanations on Tangible Assets
XIV. Explanations on Leasing Transactions
XV. Explanations on Provisions and Contingent Liabilities
XVI. Explanations on Liabilities for Employee Benefits XVII. Explanations on Taxation
XVIII. Additional Disclosures on Borrowing
XIX. Explanations on Issuance of Share Certificates
XX. Explanations on Avalized Drafts and Acceptances
XXI. Explanations on Government Incentives
XXII. Explanations on Segment Reporting
XXIII. Explanations on Other Matters
184
184
184
185
185
185
185
187
187
187
187
188
188
188
189
189
189
190
190
190
190
190
191
SECTION FOUR: INFORMATION ON THE CONSOLIDATED FINANCIAL STRUCTURE
I.
II.
III.
IV.
V.
VI.
VII.
VIII.
IX.
Explanations Related to the Consolidated Capital Adequacy Standard Ratio
Explanations Related to the Consolidated Credit Risk
Explanations Related to the Consolidated Market Risk
Explanations Related to the Consolidated Operational Risk
Explanations Related to the Consolidated Currency Risk
Explanations Related to the Consolidated Interest Rate Risk
Explanations Related to the Consolidated Liquidity Risk Explanations on Presentation of Financial Assets and Liabilities at Fair Value
Explanations on Transactions Carried out on Behalf of Other Parties and Fiduciary Assets
192
195
197
198
198
200
200
203
203
SECTION FIVE: EXPLANATIONS AND DISCLOSURES ON THE CONSOLIDATED FINANCIAL STATEMENTS
I.
II.
III.
IV.
V.
VI.
VII.
VIII. Explanations and Disclosures Related to the Consolidated Assets
Explanations and Disclosures Related to the Consolidated Liabilities
Explanations and Disclosures Related to the Consolidated Off-Balance Sheet Contingencies and Commitments
Explanations and Disclosures Related to the Consolidated Income Statement Explanations and Disclosures Related to the Statements of Changes in Shareholders’ Equity
Explanations and Disclosures Related to the Statements of Cash Flows
Explanations on the Risk Group of the Parent Bank
Explanations on the Bank’s Domestic, Foreign, Off-shore Branches or Investments in Associates and Foreign Representative Offices
204
221
227
231
236
237
238
239
I.
Other Explanations on the Operations of the Parent Bank
239
I.
II.
Explanations on the Independent Auditors’ Report
Other Footnotes and Explanations Prepared by the Independent Auditors
239
239
171
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE
YEAR ENDED DECEMBER 31, 2011
I.
History of the Parent Bank Including Its Incorporation Date, Initial Legal Status and Amendments to the
Initial Legal Status
Incorporation of the Parent Bank is permitted with the decision of the Council of Ministers No: 96/8041 on April 11, 1996 as published in the
Official Gazette dated April 25, 1996. The Parent Bank was registered on September 20, 1996 and “the Articles of Association” was
published in the Trade Registry Gazette on September 25, 1996. The decision regarding the change in the title of the Bank was settled in
the Extraordinary General Board of Directors’ meeting dated December 22, 2005 and the title was changed from Asya Finans Kurumu A.Ş.
into Asya Katılım Bankası A.Ş. and it was published in the Trade Registry Gazette on December 26, 2005.
Information on Consolidated Subsidiaries:
Işık Sigorta A.Ş. (“the Company”) was established in 1995 in İstanbul and operates in various insurance and reinsurance sectors excluding
life insurance.
The Company is registered in Turkey, and it’s headquarter is located in Saray Mah. Dr. Adnan Büyükdeniz Cad. No: 10 34768 Ümraniye,
İstanbul.
The Company currently has 169 personnel as of December 31, 2011. Işık Sigorta A.Ş. currently has 4 regional management offices, 2
regional representation offices and 1.172 (including the Bank branches) agencies.
Based on the announcement of the Capital Market Board dated August 13, 2009, it has been permitted transformation of the subsidiary of
the Parent Bank “Asyafin Turizm İnşaat San. A.Ş.” into “Tuna Gayrimenkul Yatırım Ortaklığı A.Ş.” with the decision dated March 27, 2009
and numbered 7/194. The transformation and registration have been completed as of September 30, 2009 and “the Articles of Association’’
has been published in the Trade Registry Gazette on October 8, 2009.
The company’s main operations are development of residential and saleable real estate and generation of rental revenue from its own real
estate portfolio.
The company is registered in Turkey, and its headquarter is located in Saray Mah. Dr. Adnan Büyükdeniz Cad. No: 10 34768 Ümraniye,
İstanbul. The company currently has 18 personnel as of December 31, 2011.
Asyafin Sigorta Aracılık Hizmetleri Ltd. Şti. was established in 1997 in İstanbul and shows a variety of insurance and reinsurance activities. As
of reporting date, the Company has no operation.
The Company is registered in Turkey, and it’s headquarter is located in Saray Mah. Dr. Adnan Büyükdeniz Cad. No: 10 34768 Ümraniye,
İstanbul.
Asya Emeklilik ve Hayat A.Ş. was established in 2011 and plans to operate private pension, life and casualty insurance areas. As of reporting
date, the Company has not started its operations yet.
The Company is registered in Turkey, and its headquarter is located in Saray Mah. Dr. Adnan Büyükdeniz Cad. No: 10 34768 Ümraniye,
İstanbul. The company currently has 24 personnel as of December 31, 2011.
Information on Consolidated Associate:
Tamweel Africa Holding S.A. (the “Holding”) was established in June 9, 2009. 60% of it belongs to ICD, 40% of it belongs to Asya Katılım
Bankası A.Ş.
The Holding is registered in Senegal, and its headquarter is located in 66 rue Carnot, 5ème Etage Résidence Diouma Léna, Dakar.
The Holding currently has 10 personnel as of December 31, 2011 and 4 banks operating in Senegal, Guinea, Niger and Mauritania.
172
II. Shareholder Structure, Shareholders Having Direct or Indirect, Joint or Individual Control Over the
Management and Internal Audit of the Parent Bank, Changes in Shareholder Structure During the Current
Period, if any and Information on the Bank’s Risk Group
The Parent Bank has no shareholders having more than 10% shareholding or direct or indirect, joint or individual control over the management of the Parent Bank. The Parent Bank is not included in any group.
III. Explanations Regarding the Shares of the Parent Bank Owned by and Areas of Responsibility of the
Chairman and the Members of Board of Directors, Audit Committee Members, Chief Executive Officer,
Executive Vice Presidents
Title
Directors
Directors
Behçet AKYAR
0,0003
Salih SARIGÜL (*)
0,2056
Ahmet ÇELİK (*)
Tacettin NEGİŞ (**) (***)
Committees
Committees
Member of the Board and General Manager
Product Development Coordination (****)
Corporate Credit Allocation II,
Estate
Banking Operations
Financing
0,4800
-
Ali AKBULUT (******)
Auditor
0,0002
Atıf BİLGİN
Auditor
0,2411
İrfan HACIOSMANOĞLU
Auditor
0,7093
İsmail Erol İŞBİLEN (***)(*******)
Hülagü ÖZCAN (***) (*******)
General Manager
Abdullah ÇELİK
Assistant General
Managers
Ali TUĞLU
Ali Fuat TAŞKESENLİOĞLU (*****)
Erdal ERDEM (*****)
Fahrettin SOYLU
Dr. Ercüment GÜLER (*******)
Ahmet BEYAZ
Zafer ERTAN
Ahmet AKAR
Feyzullah EĞRİBOYUN
Auditors
Ownership
Percentage
Name
-
-
0,0004
(*) Bank Asya's Board members Mr. Salih SARIGÜL and Mr. Ahmet ÇELİK have announced their resignations as of January 26, 2012 and Mr. Ali ÇELİK and Mr. Faruk İLK were appointed
as the board members to fill their vacancies.
(**) Bank Asya's Board member Mr. Tacettin NEGİŞ has announced his resignation as of February 2, 2012 and Mr. Mustafa Talat KATIRCIOĞLU was appointed as the board members to
fill his vacancy.
(***) Pay rate is not presented due to being below 0,001%.
(****) Related departments operate under control of the Headquarter.
(*****) Bank Asya's Executive Vice Presidents Mr. Ali Fuat TAŞKESENLİOĞLU and Mr. Erdal ERDEM have resigned as of January 6, 2012.
(******)Bank Asya's Auditor Mr. Ali AKBULUT has announced his resignation. Mr. Mehmet GÖZÜTOK was appointed as the auditor.
(*******) Bank Asya's Board members Mr. Ismail Erol ISBILEN and Mr. Hülagü ÖZCAN have announced their resignations, effective on March 12th 2012. Mr. Dr. Ercument GULER
(Executive Vice President) and Mr. Mehmet URUÇ (Chief Legal Counsel) were appointed as the board members to fill their vacancies.
173
IV. Individuals and Institutions That Have Qualified Shares in the Parent Bank
The Parent Bank’s capital, amounting to TRY 900.000.000, consists of qualified shares, amounting to TRY 360.000.000 and the holders of
the A Group type shares are considered as qualified. The qualified shareholders are listed below.
Name & Surname / Commercial Title
Share Amount
Share Amount
Paid Shares
Unpaid Shares
ORTADOĞU TEKSTİL TİC. SAN. A.Ş.
39.572
10,99
39.572
-
FORUM İNŞAAT DEKORASYON TURİZM SAN. VE TİC. A.Ş.
34.668
9,63
34.668
-
ABDULKADİR KONUKOĞLU
20.088
5,58
20.088
-
BJ TEKSTİL TİCARET VE SANAYİ A.Ş.
18.000
5,00
18.000
-
BİRİM BİRLEŞİK İNŞAATÇILIK MÜMESSİLLİK SAN. VE TİC. A.Ş.
17.783
4,94
17.783
-
SERRA TURİZM LTD. ŞTİ.
15.000
4,17
15.000
-
OSMAN CAN PEHLİVAN
14.400
4,00
14.400
-
NEGİŞ GİYİM İMALAT VE İHRACAT A.Ş.
13.142
3,65
13.142
-
HASAN SAYIN
12.723
3,53
12.723
-
İBRAHİM SAYIN
12.679
3,52
12.679
-
OTHER
161.945
44,99
161.945
-
Total
360.000
100,00
360.000
-
V. Summary Information on the Bank’s Services and Activity Areas
The Parent Bank operates in accordance with the principles of interest-free banking as a participation bank, by collecting funds through
current accounts and profit sharing accounts, and lending such funds through production support, finance lease and profit/loss sharing
partnership.
The Parent Bank has two ways of collecting funds; current accounts and profit sharing accounts. The Parent Bank classifies current
accounts and profit sharing accounts in accordance with their maturities in its accounting system. Profit sharing accounts are categorized
into five different maturity groups; up to one month, up to three months (three months included), up to six months (six months included), up
to one year and one year (one year included) and more than one year (one month, three months, six months and one year profit share
payment).
The Parent Bank could determine the participation rates on profit/loss sharing accounts with respect to the maturity group of TRY and
foreign currency accounts, seperately under the limitation that the participation rate on loss shall not be less than 50%, for different currency
type, amount and maturity groups specifically.
The Parent Bank constitutes specific fund pools, allocated to the individually predetermined projects for financing purposes. Profit sharing
accounts, which are part of the funds collected for project financing purpose, are distinguished from others with respect to the terms,
accounted seperately from the others and it is not allowed to make any transfers from these accounts to any other maturity groups. Specific
fund pools are clarified at the end of the financing period. The Parent Bank has no specific fund pools as of December 31, 2011.
In addition to the regular banking activities, the Parent Bank operates as an agency on behalf of Işık Sigorta A.Ş. and intervenes stock
purchase-sell transactions on behalf of Bizim Menkul Değerler A.Ş. through its branches.
174
SECTION TWO
THE CONSOLIDATED
FINANCIAL STATEMENTS
175
CONSOLIDATED BALANCE SHEET
ASSETS
Note
I.
II.
2.1
2.1.1
2.1.2
2.1.3
2.1.4
2.2
2.2.1
2.2.2
2.2.3
2.2.4
III.
IV.
V.
5.1
5.2
5.3
VI.
6.1
6.1.1
6.1.2
6.1.3
6.2
6.3
VII.
VIII.
8.1
8.2
8.2.1
8.2.2
IX.
9.1
9.2
X.
10.1
10.2
10.2.1
10.2.2
CASH AND BALANCES WITH THE CENTRAL BANK
FINANCIAL ASSETS AT FAIR VALUE THROUGH PROFIT AND LOSS (Net)
Trading financial assets
Share certificates
Derivative financial assets held for trading
Share certificates
Loans
BANKS
MONEY MARKET PLACEMENTS
FINANCIAL ASSETS AVAILABLE FOR SALE (Net)
Share certificates
LOANS AND RECEIVABLES
Loans and receivables
Loans to risk group of the Bank
Other
Non-performing loans
Specific provisions (-)
HELD TO MATURITY INVESTMENTS (Net)
INVESTMENTS IN ASSOCIATES (Net)
Accounted for under equity method
Unconsolidated
Financial associates
Non-financial associates
INVESTMENTS IN SUBSIDIARIES (Net)
Unconsolidated financial subsidiaries
Unconsolidated non-financial subsidiaries
ENTITIES UNDER COMMON CONTROL (Net)
Consolidated under equity method
Unconsolidated
Financial subsidiaries
Non-financial subsidiaries
XI.
FINANCE LEASE RECEIVABLES
11.1
11.2
11.3
11.4
XII.
12.1
12.2
12.3
XIII.
XIV.
14.1
14.2
XV.
XVI.
16.1
16.2
XVII.
17.1
17.2
XVIII.
Finance lease receivables
Operating lease receivables
Other
Unearned income ( - )
DERIVATIVE FINANCIAL ASSETS FOR HEDGING PURPOSES
Fair value hedge
Cash flow hedge
Hedge of net investment risks in foreign operations
TANGIBLE ASSETS (Net)
INTANGIBLE ASSETS (Net)
Goodwill
Other
INVESTMENT PROPERTY (Net)
TAX ASSET
Current tax asset
Deferred tax asset
ASSETS HELD FOR SALE AND DISCONTINUED OPERATIONS (Net)
Held for Sale
Discontinued Operations
OTHER ASSETS
TOTAL ASSETS
(1)
(2)
(3)
(4)
(5)
(6)
(7)
(8)
(9)
(10)
(11)
(12)
(13)
(14)
(15)
(16)
(17)
CURRENT PERIOD
PRIOR PERIOD
Audited
Audited
(31/12/2011)
(31/12/2010)
TRY
FC
Total
TRY
FC
527.427
1.152.225
1.679.652
1.357.177
727.792
7.611
1.250
8.861
4.897
2.581
7.611
1.250
8.861
4.897
2.581
7.611
7.611
4.897
1.250
1.250
2.581
59.371
343.487
402.858
74.157
150.402
779.763
779.763
394.708
219
219
224
779.544
779.544
394.484
11.588.089
1.565.682 13.153.771
9.967.521
987.275
11.278.387
1.565.242 12.843.629
9.824.377
986.884
304.173
6.283
310.456
248.182
1.707
10.974.214
1.558.959 12.533.173
9.576.195
985.177
614.033
1.697
615.730
445.673
1.478
(304.331)
(1.257)
(305.588)
(302.529)
(1.087)
77.053
77.053
77.032
107.248
107.248
87.147
45.900
45.900
31.166
61.348
61.348
55.981
3.000
3.000
2.000
58.348
58.348
53.981
84.014
84.014
83.964
84.014
84.014
83.964
277.570
20.181
297.751
81.966
23.505
105.471
370.569
(92.999)
454.718
16.238
4.111
12.127
35.641
21.955
21.955
8.724
8.724
217.145
21.860
(1.679)
3.103
392.429
(94.678)
454.718
16.238
4.111
12.127
35.641
21.955
21.955
8.724
8.724
220.248
95.514
(13.548)
354.326
14.549
4.111
10.438
36.812
10.754
10.754
6.509
6.509
215.235
26.200
(2.695)
2.686
121.714
(16.243)
354.326
14.549
4.111
10.438
36.812
10.754
10.754
6.509
6.509
217.921
14.262.567
3.085.928
17.348.495
12.766.754
1.894.241
14.660.995
176
Total
2.084.969
7.478
7.478
4.897
2.581
224.559
394.708
224
394.484
10.954.796
10.811.261
249.889
10.561.372
447.151
(303.616)
77.032
87.147
31.166
55.981
2.000
53.981
83.964
83.964
-
CONSOLIDATED BALANCE SHEET
LIABILITIES AND EQUITY
Note
I.
FUND COLLECTED
(1)
1.1
Fund from risk group of the Bank
1.2
Other
CURRENT PERIOD
Audited
(31/12/2011)
PRIOR PERIOD
Audited
(31/12/2010)
TRY
FC
Total
TRY
FC
Total
7.719.000
4.573.921
12.292.921
7.588.685
3.497.810
11.086.495
83.251
54.061
137.312
57.701
75.658
133.359
7.635.749
4.519.860
12.155.609
7.530.984
3.422.152
10.953.136
II.
DERIVATIVE FINANCIAL LIABILITIES HELD FOR TRADING
(2)
-
11.715
11.715
-
5.397
5.397
III.
FUNDS BORROWED
(3)
27.357
1.457.830
1.485.187
28.474
622.237
650.711
IV.
MONEY MARKET BALANCES
279.207
-
279.207
-
-
-
V.
MARKETABLE SECURITIES ISSUED (NET)
-
-
-
-
-
-
VI.
SUNDRY CREDITORS
388.746
3.900
392.646
278.850
4.056
282.906
VII.
OTHER LIABILITIES
(4)
226.983
62.810
289.793
261.131
14.833
275.964
VIII.
FINANCE LEASE PAYABLES
(5)
-
-
-
-
-
-
8.1
Finance lease payables
-
-
-
-
-
-
8.2
Operating lease payables
-
-
-
-
-
-
8.3
Other
-
-
-
-
-
-
8.4
Deferred finance lease expenses (-)
-
-
-
-
-
-
IX.
DERIVATIVE FINANCIAL LIABILITIES FOR HEDGING PURPOSES
-
-
-
-
-
-
9.1
Fair value hedge
-
-
-
-
-
-
9.2
Cash flow hedge
-
-
-
-
-
-
9.3
-
-
-
-
-
-
X.
PROVISIONS
267.047
28.103
295.150
251.820
18.787
270.607
10.1
General loan loss provisions
110.319
20.747
131.066
100.356
16.848
117.204
10.2
Restructuring provisions
-
-
-
-
-
-
10.3
Reserve for employee benefits
30.262
-
30.262
24.262
-
24.262
10.4
Insurance technical reserves (Net)
99.556
1.473
101.029
90.938
808
91.746
10.5
Other provisions
26.910
5.883
32.793
36.264
1.131
37.395
XI.
TAX LIABILITY
55.106
1
55.107
50.360
1
50.361
11.1
Current tax liability
55.098
1
55.099
50.360
1
50.361
11.2
Deferred tax liability
8
-
8
-
-
-
XII.
PAYABLES RELATED TO ASSETS HELD FOR SALE (Net)
-
-
-
-
-
-
12.1
Held for sale
-
-
-
-
-
-
12.2
Discontinued operations
-
-
-
-
-
-
XIII.
SUBORDINATED LOANS
(10)
-
-
-
-
-
-
XIV.
SHAREHOLDERS' EQUITY
(11)
2.246.769
-
2.246.769
2.038.554
-
2.038.554
14.1
Paid-in capital
900.000
-
900.000
900.000
-
900.000
14.2
Capital reserves
(6.017)
-
(6.017)
14.314
-
14.314
14.2.1
Share premium
3.307
-
3.307
3.307
-
3.307
14.2.2
-
-
-
-
-
-
14.2.3
Marketable securities revaluation reserve
(13.599)
-
(13.599)
6.732
-
6.732
(6)
(7)
(8)
(9)
14.2.4
Tangible assets revaluation reserve
4.275
-
4.275
4.275
-
4.275
14.2.5
Intangible assets revaluation reserve
-
-
-
-
-
-
14.2.6
Investment property revaluation reserve
-
-
-
-
-
-
14.2.7
controlled entities
-
-
-
-
-
-
14.2.8
Hedging funds (Effective portion)
-
-
-
-
-
-
14.2.9
Value increase on assets held for resale
-
-
-
-
-
-
14.2.10
Other capital reserves
-
-
-
-
-
-
14.3
Profit reserves
1.028.676
-
1.028.676
762.457
-
762.457
66.732
-
66.732
53.679
-
53.679
-
-
-
-
-
-
956.412
-
956.412
709.448
-
709.448
14.3.1
Legal reserves
14.3.2
Status reserves
14.3.3
Extraordinary reserves
14.3.4
Other profit reserves
14.4
Profit or loss
14.4.1
Prior year income / (losses)
14.4.2
Current year income / (losses)
14.5
Minority shares
(12)
TOTAL LIABILITIES AND EQUITY
5.532
-
5.532
(670)
-
(670)
214.334
-
214.334
252.534
-
252.534
(7.483)
-
(7.483)
(9.561)
-
(9.561)
221.817
-
221.817
262.095
-
262.095
109.776
-
109.776
109.249
-
109.249
11.210.215
6.138.280
17.348.495
10.497.874
4.163.121
14.660.995
177
STATEMENT OF OFF-BALANCE SHEET CONTINGENGIES
AND COMMITMENTS
Note
A.
I.
1.1.
1.1.1.
1.1.2.
1.1.3.
1.2.
1.2.1.
1.2.2.
1.3.
1.3.1.
1.3.2.
1.4.
1.5.
1.5.1.
1.5.2.
1.6.
1.7.
II.
2.1.
2.1.1.
2.1.2.
2.1.3.
2.1.4.
2.1.5.
2.1.6.
2.1.7.
2.1.8.
2.1.9.
2.1.10.
2.1.11.
2.1.12.
2.2.
2.2.1.
2.2.2.
III.
3.1.
3.1.1.
3.1.2.
3.1.3.
3.2.
3.2.1.
3.2.1.1.
3.2.1.2.
3.2.2.
3.3.
B.
IV.
4.1.
4.2.
4.3.
4.4.
4.5.
4.6.
4.7.
4.8.
V.
5.1.
5.2.
5.3.
5.4.
5.5.
5.6.
5.7.
VI.
OFF BALANCE SHEET COMMITMENTS AND CONTINGENCIES
(I+II+III)
GUARANTEES
Letters of guarantees
Guarantees subject to State Tender Law
Guarantees given for foreign trade operations
Other letters of guarantee
Bank loans
Import letter of acceptances
Other bank acceptances
Letter of credits
Documentary letter of credits
Other letter of credits
Prefinancing given as guarantee
Endorsements
Endorsements to the Central Bank of Turkey
Other endorsements
Other guarantees
Other collaterals
COMMITMENTS
Irrevocable commitments
Forward asset purchase commitments
Share capital commitment to associates and subsidiaries
Loan granting commitments
Securities underwriting commitments
Commitments for reserve deposit requirements
Payment commitment for checks
Tax and fund liabilities from export commitments
Commitments for credit card expenditure limits
Commitments for promotions related with credit cards and banking
activities
Receivables from short sale commitments
Payables for short sale commitments
Other irrevocable commitments
Revocable commitments
Revocable loan granting commitments
Other revocable commitments
DERIVATIVE FINANCIAL INSTRUMENTS
Derivative financial instruments for hedging purposes
Fair value hedge
Cash flow hedge
Held for trading transactions
Forward foreign currency buy/sell transactions
Forward foreign currency transactions-buy
Forward foreign currency transactions-sell
Other Forward buy/sell transactions
Other
CUSTODY AND PLEDGED ITEMS (IV+V+VI)
ITEMS HELD IN CUSTODY
Assets under management
Investment securities held in custody
Checks received for collection
Commercial notes received for collection
Other assets received for collection
Assets received for public offering
Other items under custody
Custodians
PLEDGED ITEMS
Marketable securities
Guarantee notes
Commodity
Warranty
Properties
Other pledged items
Pledged items-depository
ACCEPTED INDEPENDENT GUARANTEES AND WARRANTIES
TOTAL OFF BALANCE SHEET ACCOUNTS (A+B)
(1), (2)
(1)
(4)
CURRENT PERIOD
PRIOR PERIOD
Audited
Audited
(31/12/2011)
(31/12/2010)
TP
YP
Toplam
TP
YP
7.183.246
14.881.266
7.181.426
5.737.843
12.919.269
4.047.507
3.996.113
3.996.113
27.386
27.386
2.898
2.898
21.110
3.628.894
3.628.894
498.695
10.798
353.633
650.723
1.883
2.066.016
5.301.252
3.560.462
3.560.462
296.584
296.584
1.331.621
1.331.621
112.585
587.140
587.140
587.140
-
9.348.759
7.556.575
7.556.575
323.970
323.970
1.334.519
1.334.519
133.695
4.216.034
4.216.034
1.085.835
10.798
353.633
650.723
1.883
2.066.016
4.226.595
4.195.799
4.195.799
23.000
23.000
642
642
7.154
2.686.588
2.686.588
36.324
2.000
341.648
580.319
1.880
1.661.296
5.000.288
3.742.856
3.742.856
131.318
131.318
996.720
996.720
129.394
79.243
79.243
79.243
-
9.226.883
7.938.655
7.938.655
154.318
154.318
997.362
997.362
136.548
2.765.831
2.765.831
115.567
2.000
341.648
580.319
1.880
1.661.296
7.236
-
7.236
7.257
-
7.257
39.910
21.619
21.619
21.619
144.252.279
996.242
2.885
736.005
257.343
5
4
143.256.037
820.957
49.893.921
2.643.502
18.800.856
71.096.801
-
1.294.854
1.294.854
1.294.854
103.667.485
821.158
316.160
20.756
126.829
357.413
102.846.327
370.522
38.782.884
759.906
2.744.840
60.188.175
-
39.910
1.316.473
1.316.473
1.316.473
247.919.764
1.817.400
2.885
1.052.165
278.099
126.829
5
357.417
246.102.364
1.191.479
88.676.805
3.403.408
21.545.696
131.284.976
-
55.864
268.243
268.243
268.243
114.534.965
737.083
2.885
537.081
197.111
4
2
113.797.882
558.289
38.978.316
2.124.763
15.363.750
56.772.764
-
658.312
658.312
658.312
74.648.884
373.825
193.630
15.177
40.842
124.176
74.275.059
300.630
27.921.735
553.137
1.260.824
44.238.733
-
55.864
926.555
926.555
926.555
189.183.849
1.110.908
2.885
730.711
212.288
40.842
4
124.178
188.072.941
858.919
66.900.051
2.677.900
16.624.574
101.011.497
-
151.950.299
110.850.731
262.801.030
121.716.391
80.386.727
202.103.118
178
Toplam
7.698.020
CONSOLIDATED STATEMENT OF INCOME
STATEMENT OF INCOME
Note
CURRENT PERIOD
Audited
(01/01/2011-31/12/2011)
I.
PROFIT SHARE INCOME
(1)
1.280.858
1.209.222
1.1
Profit share on loans
1.201.460
1.126.940
1.2
Profit share on reserve deposits
-
13.364
1.3
Profit share on banks
4.548
24.640
1.4
Profit share on money market placements
1.5
Profit share on marketable securities portfolio
PRIOR PERIOD
Audited
(01/01/2010-31/12/2010)
-
-
58.116
30.884
1.5.1
Held-for-trading financial assets
-
-
1.5.2
-
-
1.5.3
Available-for-sale financial assets
49.234
21.050
1.5.4
Investment-held for maturity
1.6
Finance lease income
1.7
Other profit share income
II.
PROFIT SHARE EXPENSE
2.1
Expense on profit sharing accounts
2.2
Profit share expense on funds borrowed
2.3
Profit share expense on money market borrowings
2.4
Expense on securities issued
2.5
Other profit share expense
III.
IV.
(2)
8.882
9.834
16.686
13.373
48
21
(644.482)
(608.057)
(586.782)
(591.143)
(43.161)
(16.736)
(14.340)
-
-
-
(199)
(178)
NET PROFIT SHARE INCOME (I - II)
636.376
601.165
NET FEES AND COMMISSIONS INCOME
241.076
234.907
4.1
Fees and commisions received
320.699
304.371
4.1.1
Non-cash loans
133.643
151.840
4.1.2
Other
187.056
152.531
4.2
Fees and commisions paid
(79.623)
(69.464)
4.2.1
Non-cash loans
4.2.2
Other
V.
DIVIDEND INCOME
(3)
131
171
VI.
NET TRADING INCOME
(4)
39.457
48.127
(12)
(12)
(12)
(10)
(79.611)
(69.454)
6.1
Securities trading gains / (losses)
(1.334)
3.281
6.2
Profit on derivative financial instruments gains / (losses)
64.210
30.508
6.3
Foreign exchange gains / (losses)
VII.
OTHER OPERATING INCOME
(5)
(23.419)
14.338
230.837
221.097
VIII.
NET OPERATING INCOME (III+IV+V+VI+VII)
1.147.877
1.105.467
IX.
PROVISION FOR LOAN LOSSES AND OTHER RECEIVABLES (-)
(6)
(228.198)
(167.553)
X.
OTHER OPERATING EXPENSES (-)
(7)
(646.653)
(610.874)
XI.
NET OPERATING INCOME/(LOSS) (VIII-IX-X)
273.026
327.040
XII.
AMOUNT IN EXCESS RECORDED AS GAIN AFTER MERGER
XIII.
GAIN / (LOSS) ON EQUITY METHOD
-
-
3.632
1.211
XIV.
GAIN / (LOSS) ON NET MONETARY POSITION
-
-
XV.
PROFIT/(LOSS) FROM CONTINUED OPERATIONS BEFORE TAXES (XI+…+XIV)
(8)
276.658
328.251
(9)
(54.515)
(65.126)
(60.625)
(70.887)
XVI.
TAX PROVISION FOR CONTINUED OPERATIONS (±)
16.1
Provision for current income taxes
16.2
Provision for deferred taxes
XVII.
NET PROFIT/(LOSS) FROM CONTINUED OPERATIONS (XV±XVI)
(10)
6.110
5.761
222.143
263.125
-
XVIII.
INCOME ON DISCONTINUED OPERATIONS
-
18.1
Income on assets held for sale
-
-
18.2
Income on sale of associates, subsidiaries and jointly controlled entities (Joint Vent.)
-
-
18.3
Income on other discontinued operations
-
-
XIX.
LOSS FROM DISCONTINUED OPERATIONS (-)
-
-
19.1
Loss from assets held for sale
-
19.2
Loss on sale of associates, subsidiaries and jointly controlled entities (Joint vent.)
-
-
19.3
Loss from other discontinued operations
-
-
XX.
PROFIT / (LOSS) ON DISCONTINUED OPERATIONS BEFORE TAXES (XVIII-XIX)
-
-
XXI.
TAX PROVISION FOR DISCONTINUED OPERATIONS (±)
-
-
21.1
Provision for current income taxes
-
21.2
Provision for deferred taxes
-
-
XXII.
NET PROFIT/LOSS FROM DISCONTINUED OPERATIONS (XX±XXI)
-
-
XXIII.
NET PROFIT/LOSS (XVII+XXII)
23.1
Group’s profit/loss
23.2
(11)
222.143
263.125
221.817
262.095
Minority shares
326
1.030
Earnings per share
0,25
0,29
179
STATEMENT OF PROFIT AND LOSS ITEMS ACCOUNTED
UNDER EQUITY
STATEMENT OF PROFIT AND LOSS ITEMS ACCOUNTED UNDER EQUITY
CURRENT PERIOD
Audited
(01/01/2011-31/12/2011))
PRIOR PERIOD
Audited
(01/01/2010-31/12/2010)
(25.414)
4.764
-
I.
Additions to marketable securities revaluation differences for available for sale financial assets
II.
-
III.
-
-
IV.
Foreign exchange differences for foreign currency transactions
6.202
(670)
V.
Profit/Loss from derivative financial instruments for cash flow hedge purposes (Effective portion of fair value
differences)
-
-
VI.
Profit/Loss from derivative financial instruments for hedge of net investment in foreign operations (Effective
portion of fair value differences)
-
-
VII.
The effect of corrections of errors and changes in accounting policies
-
-
VIII.
Other profit loss items accounted under equity due to TAS
-
-
IX.
Deferred tax of valuation differences
5.083
(953)
X.
Total Net Profit/Loss accounted under equity (I+II+…+IX)
(14.129)
3.141
XI.
Profit/Loss
-
-
11.1
Change in fair value of marketable securities (Transfer to Profit/Loss)
-
-
11.2
Reclassification and transfer of derivatives accounted for cash flow hedge purposes to Income Statement
-
-
11.3
Transfer of hedge of net investments in foreign operations to Income Statement
-
-
11.4
Other
XII.
Total Profit/Loss accounted for the period (X±XI)
180
-
-
(14.129)
3.141
VIII.
IX.
X.
XI.
XII.
12.1
12.2
XIII.
XIV.
XV.
XVI.
XVII.
XVIII.
18.1
18.2
18.3
VII.
II.
III.
IV.
4.1
4.2
V.
VI.
I.
X.
XI.
XII.
XIII.
XIV.
14.1
14.2
XV.
XVI.
XVII.
XVIII.
XIX.
XX.
20.1
20.2
20.3
IX.
IV.
V.
VI.
6.1
6.2
VII.
VIII.
I.
II.
2.1
2.2.
III.
Changes in period
Increase/Decrease related to merger
Marketable securities revaluation differences
Hedging Funds (Effective Portion)
Cash-flow hedge
Bonus shares obtained from associates, subsidiaries and
jointly controlled entities (Joint vent.)
Capital increase
Cash
Internal sources
Share premium
Other
Profit distribution
Other
CURRENT PERIOD Audited (01/01-31/12/2011)
Corrections according to TAS 8
The effect of corrections of errrors
The effects of changes in accounting policy
New Balance (I+II)
Changes in period
Increase/Decrease related to merger
Marketable securities revaluation differences
Hedging Funds (Effective Portion)
Cash-flow hedge
Bonus shares obtained from associates, subsidiaries and
jointly controlled entities (Joint vent.)
Capital increase
Cash
Internal sources
Share premium
Other
Profit distribution
Other
Closing Balance (III+-…...+XVI+XVII+XVIII)
PRIOR PERIOD Audited (01/01-31/12/2010)
STATEMENT OF CHANGES OF SHAREHOLDER'S EQUITY
Note
-
-
-
900.000
-
900.000
-
-
-
900.000
-
3.307
-
3.307
-
3.307
-
3.307
3.307
-
-
-
-
-
-
-
13.053
13.053
66.732
-
53.679
-
5
15.296
15.296
53.679
-
38.378
38.378
-
Share
Inflation
Share
Certificate
Legal
Adjustment to
Premium Cancellation Reserves
Paid-in Capital
Profits
900.000
900.000
-
Paid-in
Capital
-
-
-
-
-
-
Statutory
Reserves
246.964
246.964
956.412
-
709.448
-
256.217
256.217
709.448
-
453.231
453.231
-
Extraordinary
Reserve
-
-
291.813
291.813
-
Current
Prior
Period
Period Net
Net
Income /
Income /
(Expense)
(Expense)
-
-
252.534
-
6.202
- 221.817
- (260.017)
- (260.017)
5.532 221.817
(7.483)
-
(670)
-
(670)
139
- 262.095
- (301.513)
- (30.000)
- (271.513)
(670) 262.095
(9.561)
-
-
Other
Reserve
(13.599)
-
6.732
(20.331)
-
6.732
-
2.921
2.921
3.811
-
Marketable
Securities
Revaluation
Reserve
4.275
-
4.275
-
4.275
-
4.275
4.275
-
Tangible and
Intangible Assets
Revaulation
Differences
-
-
-
-
-
-
Bonus Shares
Obtained from
Subsidiaries
-
-
-
-
-
-
Hedging
Funds
-
-
-
-
-
-
Valuation Diff.
from Assets
Held for Sale
and from Disc.
Op.
6.202
221.817
2.136.993
-
1.929.305
(20.331)
-
(670)
144
262.095
(30.000)
(30.000)
1.929.305
-
1.693.925
1.693.925
3.811
-
Total Equity
Excluding
Noncontrolling
Interest
201
326
109.776
-
109.249
-
2.715
2.715
13
1.030
109.249
-
105.491
105.491
-
Noncontrolling
Interest
6.202
201
222.143
2.246.769
-
2.038.554
(20.331)
-
(670)
2.715
2.715
157
263.125
(30.000)
(30.000)
2.038.554
-
1.799.416
1.799.416
3.811
-
Total Equity
CONSOLIDATED STATEMENT OF CHANGES
IN SHAREHOLDER’S EQUITY
181
CONSOLIDATED STATEMENT OF CASH FLOWS
CURRENT PERIOD
Audited
(01/01-31/12/2011)
Note
A.
CASH FLOWS FROM BANKING OPERATIONS
1.1
Operating profit before changes in operating assets and liabilities
1.1.1
Profit share income received
1.1.2
Profit share expense paid
1.1.3
Dividend received
1.1.4
PRIOR PERIOD
Audited
(01/01-31/12/2010)
86.774
361.641
1.196.837
1.129.355
(635.818)
(607.311)
131
171
Fees and commissions received
332.344
304.371
1.1.5
Other income
190.470
193.093
1.1.6
Collections from previously written off loans
1.1.7
Payments to personnel and service suppliers
1.1.8
Taxes paid
1.1.9
Others
1.2
Changes in operating assets and liabilities
1.2.1
Net (increase) decrease in financial assets
1.2.2
Net (increase) decrease in financial assets at fair value through profit or loss
1.2.3
Net (increase) decrease in due from banks and other financial institutions
1.2.4
Net (increase) decrease in loans
1.2.5
Net (increase) decrease in other assets
1.2.6
14.509
20.636
(278.459)
(253.214)
(84.318)
(90.912)
(648.922)
(334.548)
395.935
46.203
(3.588)
13.358
-
-
536.720
377.821
(2.191.597)
(2.857.397)
13.094
(7.124)
Net increase (decrease) in bank deposits
101.005
10.926
1.2.7
Net increase (decrease) in other deposits
879.369
1.899.303
1.2.8
Net increase (decrease) in funds borrowed
670.927
445.578
1.2.9
Net increase (decrease) in due payables
-
-
1.2.10
Net increase (decrease) in other liabilities
390.005
163.738
I.
Net cash provided from banking operations
482.709
407.844
B.
CASH FLOWS FROM INVESTING ACTIVITIES
II.
Net cash provided from investing activities
(367.544)
(336.591)
2.1
Cash paid for purchase of entities under common control, associates and subsidiaries
(I.7-I.8)
(10.317)
(68.555)
2.2
Cash obtained from sale of entities under common control, associates and subsidiaries
(I.7-I.8)
-
-
2.3
Fixed assets purchases
(I.12)
(32.924)
(48.591)
2.4
Fixed assets sales
(I.12)
2.5
Cash paid for purchase of financial assets available for sale
2.6
Cash obtained from sale of financial assets available for sale
-
50.000
2.7
Cash paid for purchase of investment securities
-
(50.000)
2.8
Cash obtained from sale of investment securities
2.9
Other
C.
CASH FLOWS FROM FINANCING ACTIVITIES
III.
Net cash provided from financing activities
(I.13)
81.094
84.031
(400.000)
(350.000)
-
50.000
(5.397)
(3.476)
-
(27.285)
3.1
Cash obtained from funds borrowed and securities issued
-
2.715
3.2
Cash used for repayment of funds borrowed and securities issued
-
-
3.3
Capital increase
-
-
3.4
Dividends paid
-
(30.000)
3.5
Payments for finance leases
-
-
3.6
Other
-
-
IV.
Effect of change in foreign exchange rate on cash and cash equivalents
77.979
8.412
V.
Net increase in cash and cash equivalents
193.144
52.380
VI.
Cash and cash equivalents at the beginning of the year
(1)
442.557
390.177
VII.
Cash and cash equivalents at the end of the year
(1)
635.701
442.557
182
CONSOLİDATED PROFIT DISTRIBUTION TABLE
CURRENT PERIOD
PRIOR PERIOD
Audited
Audited
(01/01/2011-31/12/2011)
(01/01/2010-31/12/2010)
I.
DISTRIBUTION OF CURRENT PERIOD PROFIT
1.1
1.2
1.2.1
1.2.2
1.2.3
CURRENT PERIOD PROFIT
TAXES AND DUES PAYABLE (-)
Corporate Tax (Income Tax)
Withholding Tax
Other taxes and dues
-
-
A.
NET PERIOD PROFIT (1.1-1.2)
-
-
1.3
1.4
1.5
PRIOR YEAR'S LOSSES (-)
FIRST LEGAL RESERVES (-)
OTHER STATUTORY RESERVES (-)
-
-
B.
DISTRIBUTABLE NET PERIOD PROFIT [(A-(1.3+1.4+1.5)]
-
-
1.6
1.6.1
1.6.2
1.6.3
1.6.4
1.6.5
1.7
1.8
1.9
1.9.1
1.9.2
1.9.3
1.9.4
1.9.5
1.10
1.11
1.12
1.13
1.14
FIRST DIVIDEND TO SHAREHOLDERS (-)
To Owners of Preferred Stocks
To Owners of Preferred Stocks (Preemptive Rights)
DIVIDEND TO PERSONNEL (-)
DIVIDEND TO BOARD OF DIRECTORS (-)
SECOND DIVIDEND TO SHAREHOLDERS (-)
SECOND LEGAL RESERVE (-)
STATUS RESERVES (-)
EXTRAORDINARY RESERVES
OTHER RESERVES
SPECIAL FUNDS
-
-
II.
DISTRIBUTION FROM RESERVES
2.1
2.2
2.3
2.3.1
2.3.2
2.3.3
2.3.4
2.3.5
2.4
2.5
DISTRIBUTED RESERVES
SECOND LEGAL RESERVES (-)
SHARE TO SHAREHOLDERS (-)
SHARE TO PERSONNEL (-)
SHARE TO BOARD OF DIRECTORS (-)
-
-
III.
EARNINGS PER SHARE
3.1
3.2
3.3
3.4
TO OWNERS OF STOCKS
TO OWNERS OF STOCKS ( % )
-
-
IV.
DIVIDEND PER SHARE
-
-
4.1
4.2
4.3
4.4
TO OWNERS OF STOCKS
TO OWNERS OF STOCKS ( % )
-
-
(*) Based on the prevailing regulations in Turkey, profit distribution is not made on the consolidated income.
183
I.
1. Presentation of Financial Statements
The Parent Bank prepares its financial statements and notes in accordance with the Communiqué on Banks’ Accounting Practice and
Maintaining Documents published in the Official Gazette No: 26333 dated November 1, 2006, Turkish Accounting Standards (“TAS”), Turkish
Financial Reporting Standards (“TFRS”), other communiqués, pronouncements and explanations about accounting and financial reporting
issued by the Banking Regulation and Supervision Agency (“BRSA”), Turkish Commercial Code and the Tax Legislation.
The Parent Bank prepares financial statements by applying accounting policies and basis of accounting in accordance with the Turkish
Accounting Standards (“TAS”) and related communiqués, pronouncements and explanations issued by the Banking Regulation and
Supervision Agency (“BRSA”). The related accounting policies and basis of accounting are explained below.
The prior year financial statements are presented in line with the principles of TAS No:1 “Fundamentals of Preparing and Presenting Financial
Statements” published in the Official Gazette on January 16, 2005 with No:25702, and in accordance with Turkish Accounting Standards
and Turkish Financial Reporting Standards; and other principles, methods and explanations about accounting and financial reporting issued
by the BRSA. Certain reclassifications have been made to the prior year financial statements to comply with the current year presentation.
The accompanying financial statements are prepared in accordance with historical cost basis except for financial assets at fair value through
profit or loss and financial assets available for sale that are presented on fair value basis.
2. Basis of Accounting
The accompanying consolidated financial statements are based on the Group’s legal records. The Group has recorded the adjustments and
reclassifications of inflation accounting to its legal books beginning from June 30, 2004 to December 31, 2004 in accordance with Act No:
5024 of the Tax Procedural Code. As of December 31, 2003 the consolidated financial statements are prepared in accordance with the legal
books and historical cost principle except for the revaluation of fixed assets and includes adjustments and reclassifications, including
restatement for the changes in the general purchasing power of the Turkish Lira in accordance with International Accounting Standard No:
29 “Financial Reporting in Hyperinflationary Economies” (“TAS 29”) before December 31, 2004 for the purpose of fair presentation.
The Group manages its financial instrument strategies depending on the financing sources. The sources mainly constitute of the current and
profit sharing accounts. As of the balance sheet date, the Group’s assets and equity structure are sufficient to cover its liabilities. The Group
uses 21% of the funds collected in liquid instruments (December 31, 2010: 23%).
The Group does not carry a significant foreign currency position risk due to the existing floating exchange rate regime. The investment
decisions are made by taking into consideration of the maturity structure of the balance sheet items. The allocation of asset items are
designated, and yield analysis are made based on this designation.
In the statutory books of the Group, the transactions recorded in foreign currencies (all other currencies except Turkish Lira) are translated
into the Turkish Lira at the exchange rates prevailing at the transaction dates. Monetary asset and liabilities denominated in foreign
currencies are translated into the Turkish Lira at the year end exchange rates. Foreign exchange gains or losses arising from the translation
of monetary items and foreign currency denominated collections or disbursements are recognized in the income statement.
III. Information on Consolidated Subsidiaries and Associates
Asya Katılım Bankası A.Ş. and its subsidiaries Işık Sigorta A.Ş., Tuna Gayrimenkul Yatırım Ortaklığı A.Ş., Asyafin Sigorta Aracılık Hizmetleri
Ltd. Şti and Asya Emeklilik ve Hayat A.Ş. are consolidated by line consolidation method in the accompanying consolidated financial
statements and its associate Tamweel Africa Holding S.A. is consolidated by using equity method. Entities that are consolidated are
assessed based on the communiqué on “Regulations Regarding Banks’ Consolidated Financial Statements” published on Official Gazette
numbered 26340 dated November 8, 2006. The Parent Bank and the consolidated subsidiaries and associate are referred to as “Group”.
When there are differences between the accounting policies of the subsidiaries and associate with the Parent Bank, the financial statements
are adjusted in accordance with the principle of materiality.
184
Asyafin Sigorta Aracılık Hizmetleri Ltd. Şti. has consolidated for the first time based on the change of the communiqué on “Regulations
Regarding Banks’ Consolidated Financial Statements” published on Official Gazette numbered 27824 dated January 23, 2011. Associate,
Tamweel Africa Holding S.A. prepares in accordance with the International Financial Accounting Standards. The Group has used to equity
method for the first time in 2010 due to purchase of 40% of Tamweel Africa Holding S.A.’s share. Asya Emeklilik ve Hayat A.Ş. was
established in July 01, 2011 and has been consolidated for the first time in September 30, 2011.
Based on the announcement of the Capital Market Board dated August 13, 2009, it has been permitted transformation of the subsidiary of
the Parent Bank “Asyafin Turizm İnşaat San. A.Ş.” into “Tuna Gayrimenkul Yatırım Ortaklığı A.Ş.” with the decision dated March 27, 2009
and numbered 7/194. The transformation and registration have been completed as of September 30, 2009 and “the Articles of Association”
has been published in the Trade Registry Gazette on October 8, 2009.
IV. Explanations on Forward and Option Contracts and Derivative Instruments
In determination of fair value of forward and swap transactions, forward rates discounted to the balance sheet date by prevailing rates are
compared with the expected discounted forward rates at maturity calculated based on the prevailing profit shares as of the balance sheet
date and arising foreign exchange differences are recognized in the income statement. Although some of the derivative transactions provide
economic hedging in accordance with TAS 39 “Financial Instruments: Recognition and Measurement” since all necessary conditions for
hedge accounting have not been met yet, the Parent Bank classifies these transactions as “held for trading” therefore changes in the fair
value of derivative financial instruments are recognized in profit or loss as they arise.
V. Explanations on Profit Share Income and Expenses
Profit share income and expenses are recognized in the income statement on an accrual basis.
Realized and unrealized profit share accruals of the non-performing loans are reversed and profit share income in connection with these
loans is recorded as profit share income only when they are collected.
VI. Explanations on Fees and Commission Income and Expenses
Banking service revenues are recognized as income only when they are collected while only the current portion of the prepaid commission
income obtained from loans is recorded as income based on the periodicity principle.
Fees and commissions for funds borrowed paid to other financial institutions, as part of the transaction costs, are recorded as prepaid
expenses and are recognized as expense on the relevant periods.
VII. Explanations on Financial Assets
Financial instruments comprise of financial assets, financial liabilities and derivative instruments. Financial assets and financial liabilities are
recognized on the Group’s consolidated balance sheet when the Group becomes a party to the contractual provisions of the instrument.
Basically, financial assets form majority of the commercial activities and operations of the Group. Financial
instruments expose, change or reduce the liquidity and credit risks of the Group’s financial statements.
Fair value is the amount for which an asset could be exchanged or a liability settled, between knowledgeable willing parties in an arm’s
length transaction. Fair value is best evidenced by a market price, being the amount obtainable from the sale or payable on the acquisition,
of a financial instrument in an active market, if one exists.
Estimated fair values of financial assets are determined by the Group by using the information about the market and relevant valuation
methods. However, interpretation of market information is necessary to determine fair value. Therefore, estimated fair values presented in
this report may not be necessarily equivalent of the disposal values of such assets derived from current market conditions. Some carrying
values of the financial instruments (which are same with their cost values) are assumed to be equal to their fair values because of their short
term nature.
The methods and assumptions used in determining the reasonable estimated values of all financial instruments are mentioned below:
Cash, Banks, and Other Financial Institutions:
Cash and cash equivalents comprise of cash on hand, demand deposits, and highly liquid short-term investments not bearing risk of
significant value change, and that are readily convertible to a known amount of cash. The book value of these financial assets approximate
to their fair value.
185
Financial Assets at Fair Value through Profit and Loss:
Marketable securities at fair value through profit or loss are classified in two categories; i) marketable securities classified as trading
securities: acquired or incurred principally for the purpose of selling or repurchasing it in the near term in order to benefit from short-term
profit opportunities; ii) marketable securities classified as marketable securities at fair value through profit or loss at initial recognition. The
Parent Bank uses the above-mentioned classification when permitted, or for the purposes of providing a more appropriate presentation.
In this group, trading securities are initially recognized at cost and measured at fair value on the financial statements. Fair value of debt
securities traded in an active market is determined based on the quoted prices or current market prices.
The difference between initial cost and fair value of financial assets at fair value through profit and loss is reflected to profit share income or
diminution in value of marketable securities accounts. Profit share income from financial assets at fair value through profit and loss is
reflected in profit share income.
As of December 31, 2011, the Group has TRY 8.861 Thousand of derivative financial assets held for trading at fair value through profit or
loss (December 31, 2010: TRY 7.478 Thousand).
Held to Maturity Investments:
Investments held to maturity include securities with fixed or determinable payments and fixed maturity when there is an intention of holding
till maturity and the relevant conditions for fulfillment of such intention, including the funding ability. This portfolio excludes loans and
receivables. Subsequent to initial recognition, held to maturity investments are measured at amortized cost by using the effective interest
rate less impairment losses, if any. The Group has no financial assets acquired and classified as held to maturity investments that cannot be
subject to such classification for two years because of the nonperformance of tainting rules.
The profit share income received from held to maturity investments is recorded as profit share income in the income statement.
As of December 31, 2011, the Group has TRY 77.053 Thousand of held to maturity investments (December 31, 2010: TRY 77.032
Thousand).
Financial Assets Available for Sale:
Financial assets available for sale are initially recognized at cost including the transaction costs. After initial recognition, available for sale
securities are measured at fair value and unrealized gains/losses originating from the difference between the amortized cost and the fair
value are recorded in “Marketable Securities Value Increase Fund” under equity. At the disposal of available for sale financial assets, value
increase/decrease recorded in “Marketable Securities Value Increase Fund” under equity is transferred to the income statement. Equity
instruments classified as available for sale are accounted at cost less impairment, if any.
As of December 31, 2011, the Group has TRY 779.763 Thousand of financial assets available for sale (December 31, 2010: TRY 394.708
Thousand).
Loans and Receivables:
Loans and receivables are recognized at amortized cost. Fees, transaction costs and other similar costs in connection with the guarantees
of loans and receivables are not considered as part of the transaction cost and recognized in the income statement.
Loans are transferred to the relevant accounts in cash amounts and income accruals are calculated by using the internal rate of return
method and the related income is recorded in the profit share income item. Foreign currency and foreign currency indexed loans are
evaluated and evaluation differences are accounted under “Foreign Exchange Gains” and/or “Foreign Exchange Losses” in the income
statement.
The classification and provisioning of doubtful loans/receivables are appropriately accounted for in accordance with the prevailing
regulations, and specific provisions allocated are recognized in the income statement for the period. Collections made from such loans are
recognized under the “Non-performing loans” (including receivables from the doubtful receivables) account and “Profit share income
received from Uncollectible Loans and Other Receivables” account.
Released provisions are accounted as a cancellation of such provisions if realized in the current year, and the remaining amounts are
recognized in the account of collections from the prior year expenses.
In addition to specific loan loss provisions, general loan loss provision are recognized within the framework of the regulation on “Methods
and Principles for the Determination of Loans and Other Receivables to be Reserved for and Allocation of Reserves” published in the Official
Gazette No. 26333 dated 1 November 2006.
Except for specific provisions, the Bank allocates general reserve in accordance with Communiqué on “Determining the Nature of Loan and
Other Receivable Provisions Allocated by Banks and Procedures and Principles of Allocating Provisions”
186
VIII.Explanations on Impairment of Financial Assets
At each balance sheet date, the Group evaluates the carrying amounts of its financial asset or a group of financial assets to determine
whether there is an objective indication that those assets have suffered an impairment loss. If such an indication exists, the Group
determines the related impairment.
A financial asset or a financial asset group incurs impairment loss only if there is an objective indicator related to the occurrence (loss/
damage event) of one or more than one event (or occurrence) subsequent to initial recognition of that asset; and such loss event causes an
impairment loss as a result of the effect on the reliable estimate of the expected future cash flows of the related financial asset and asset
group. Any amounts attributable to expected losses arising from any future events is not recognized under no circumstances.
Companies that are required to prepare separate financial statements under the statutory requirements in accordance with TAS 27
“Consolidated and Separate Financial Statements” can represent their subsidiaries or associates either at cost or the requirements set out in
IAS 39, “Financial Instruments: Recognition and Measurement”. In this case, the Parent Bank chooses to use the first method and presents
the subsidiaries, jointly controlled entities and associates at cost less impairment loss, if any.
IX. Explanations on Offsetting Financial Assets and Liabilities
Financial assets and liabilities are offset when the Group has a legally enforceable right to set off, and when the Group has the intention of
collecting or paying the net amount of related assets and liabilities or when the Group has the right to offset the assets and liabilities
simultaneously.
X. Explanations on Sales and Repurchase Agreements and Lending of Securities
The Group does not have any repurchase agreements or lending of securities.
XI. Explanations on Assets Held for Sale, Discontinued Operations and Liabilities Related to Those Assets
The principles on accounting, assessment and disposal of assets held for sale are determined based on the Communiqué of “Principles and
Procedures on Bank’s Disposal of Precious Metals and Assets Held for Sale” published on November 1, 2006 in the Official Gazette
numbered 26333.
Although the Parent Bank has assets held for sale in the balance sheet, due to the fact that the Parent Bank does not have a formal plan to
dispose of these assets in one year subsequent to their classification date, such assets are continued to be depreciated. For this reason,
these assets are classified as tangible assets instead of assets held for sale in the accompanying financial statements.
Assets held for sale are measured at the lower of the carrying amount of assets and fair value less any cost incurred for disposal. Assets
held for sale are not amortized and presented in the financial statements separately. An asset is classified as held for sale, only when the sale
is highly probable and the asset (or disposal group) is available for immediate sale in its present condition. Management must be committed
to the sale, which should be expected to qualify for recognition as a completed sale. Highly saleable condition requires a plan by the
management regarding the sale of the asset to be disposed of (or else the group of assets), together with an active program for the
determination of buyers as well as for the completion of the plan. Also the asset (or else the group of assets) shall be actively marketed in
conformity with its fair value. On the other hand, the sale is expected to be recognized as a completed sale within one year after the
classification date; and the necessary transactions and procedures to complete the plan should demonstrate the fact that there is remote
possibility of making any significant changes or cancellation of the plan.
Various events and conditions may extend the completion period of the disposal more than a year. If such delay arises from any events and
conditions beyond the control of the entity and there is sufficient evidence that the entity has an ongoing disposal plan for these assets, such
assets (or else group of assets) are continued to be classified as assets held for sale (or else group of assets).
A discontinued operation is a division of a bank that is either disposed of or held for sale. Results of discontinued operations are included in
the income statement separately. The Group does not have any discontinued operations.
187
XII.Explanations on Goodwill and Other Intangible Assets
Goodwill arising on the acquisition of a subsidiary or a jointly controlled entity represents the excess of the cost of acquisition over the
Group’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the subsidiary or jointly controlled entity
recognized at the date of acquisition. Goodwill is initially recognized as an asset at cost and is subsequently measured at cost less any
accumulated impairment losses. For the purpose of impairment testing, goodwill is allocated to each of the Group’s cash-generating units
expected to benefit from the synergies of the combination. Cash-generating units to which goodwill has been allocated are tested for
impairment annually, or more frequently when there is an indication that the unit may be impaired.
If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to
reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying
amount of each asset in the unit. An impairment loss recognized for goodwill is not reversed in a subsequent period. On disposal of a
subsidiary or a jointly controlled entity, the attributable amount of goodwill is included in the determination of the profit or loss on disposal.
Intangible assets acquired prior to January 1, 2005 are accounted for at restated cost less accumulated depreciation and any impairment
loss, and the intangible assets acquired in subsequent periods are accounted for at acquisition cost less accumulated depreciation and any
impairment loss if any, for those acquired prior to January 1, 2005. Intangible assets are amortized by using the straight line method
considering their useful lives. Amortization method is reviewed at the end of each year periodically. Intangible assets mainly constitute of
rights and amortized using the straight line method in 5 years.
As of December 31, 2011, goodwill amounts to TRY 4.111 Thousand (December 31, 2010: TRY 4.111 Thousand).
XIII.Explanations on Tangible Assets
Prior to January 1, 2005, tangible assets are accounted for at acquisition cost plus any other direct costs incurred to bring the asset for
ready to use. Tangible assets are measured at their acquisition cost less accumulated depreciation and impairment loss, if any.
Depreciation of assets held less than one year as of the balance sheet date is accounted for proportionately.
If the fair value of tangible assets under their carrying value, impairment loss is allocated for exceeding amounts and these amounts are
recognized as impairment in the financial statements.
Gains or losses resulting from disposals of tangible assets are recognized in the income statement.
Maintenance costs of the tangible assets are recognized in the income statement as an expense.
There are no pledges, mortgages or other restrictions on tangible assets.
Tangible Asset
Useful Life
Safety Boxes
5 years
Office Equipment
5 years
Furniture and Fixtures
5 years
Vehicles
5 years
Leasehold Improvements
5 years
Buildings
50 years
XIV. Explanations on Leasing Transactions
Group as a Lessor:
lessee.
Amounts due from lessees under finance leases are recorded as receivables at the amount of the Group’s net investment in the leases.
Finance lease income is allocated to accounting periods so as to reflect a constant periodic rate of return on the Group’s net investment
outstanding in respect of the leases.
188
Group as a Lessee:
lessee.
Assets held under finance leases are recognized as assets of the Group at their fair value at the inception of the lease or, if lower, at the
present value of the minimum lease payments. The corresponding liability to the lessor is included in the balance sheet as a finance lease
obligation. Lease payments are apportioned between finance charges and reduction of the lease obligation so as to achieve a constant rate
of interest on the remaining balance of the liability. Finance charges are charged to profit or loss, unless they are directly attributable to
qualifying assets, in which case they are capitalized in accordance with the Group’s general policy on borrowing costs.
As of December 31, 2011, the Group, as a lessee, has operating leases for vehicles, general management and branches in addition to its
assets through financial lease.
XV. Explanations on Provisions and Contingent Liabilities
Provisions are recognized when there is a present obligation, it is probable that an outflow of resources embodying economic benefits will be
required to settle the obligation; a reliable estimate can be made of the amount of the obligation. Contingent liabilities are continuously
reviewed in order to determine whether there is any possibility of cash flow with regards to the sources having economic benefit for the
Group.
XVI. Explanations on Liabilities for Employee Benefits
Under the existing Turkish law and union agreements, severance indemnity payment is required for employees retired or fired except
resignations. The severance indemnity pay provision recognized represents the present value of the defined benefit obligation as adjusted for
unrecognized gains and losses in accordance with TAS 19 “Employee Benefits”. The defined obligation is determined by independent
actuaries.
The main actuarial assumptions used in the calculation of severance indemnity pay provision are as follows:
December 31, 2011 (*)
December 31, 2010
Discount Rate
9,2% - 11,55%
10%
Inflation Rate
4,5% - 8,75%
5,1%
(*) According to employees retirement dates, different rates have been used in the range of rates given in the table above.
TRY 2.732 (TRY full amount) salary ceiling, which was effective December 31(December 31, 2010: TRY 2.571 full amount), 2011 was taken
into account in the current year calculations. It is assumed that the amount of the salary ceiling will increase each year in line with the
inflation rate. The age of retirement is considered as the earliest age possible that an individual can retire and CSO 1980 female/male
mortality table is used for the mortality rate.
XVII. Explanations on Taxation
Tax expense is comprises of current tax and deferred tax expenses.
Current tax payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the income statement because it
excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or
deductible. The Group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the balance
sheet date. According to the Article 32 of the Corporate Tax Law No: 5520, announced in the Official Gazette dated June 21, 2006, the
corporate tax rate is 20%.
Deferred tax asset or liability is recognized on differences between the carrying amounts of assets and liabilities in the financial statements
and the corresponding tax bases used in the computation of taxable profit, and are accounted for using the balance sheet method. Deferred
tax liabilities are generally recognized for all taxable temporary differences and deferred tax assets are recognized for all deductible
temporary differences to the extent that it is probable that taxable profits will be available against which those deductible temporary
differences can be utilized. Such assets and liabilities are not recognized if the temporary difference arises from goodwill or from the initial
recognition (other than in a business combination) of other assets and liabilities in a transaction that affects neither the taxable profit nor the
accounting profit.
The carrying amount of deferred tax assets is reviewed at each balance sheet date and reduced to the extent that it is no longer probable
that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the
asset is realized and recognized in the income statement. If deferred tax is in connection with the assets directly associated with the equity, it
shall be directly associated with shareholders’ equity items.
189
Taxes payables and prepaid taxes are offset since they are levied by the same taxation authority. Deferred tax assets and liabilities are also
offset.
The Group has adjusted its statutory financial statements based on inflation accounting as of January 1, 2004 in accordance with Law No:
5024.
The revenue earned from real estate investment activities of the Group’s subsidiary (Tuna Gayrimenkul Yatırım Ortaklığı A.Ş.) which has
acquired the status of the real estate investment trust, is exempt from Corporate Tax according to Article 5/(1) (d) (4) of the Corporate Tax
Law No: 5520.
XVIII.Additional Explanations on Borrowings
Borrowings are recognized in accordance with TAS 39 “Financial Instruments: Recognition and Measurement”.
No specific hedging technique is applied for borrowings, their accounting and valuation methods excluding some general methods applied
for avoiding any liquidity and currency risks.
There are no debt securities or convertible bonds issued by the Group.
XIX. Explanations on Issuance of Share Certificates
As of December 31, 2011 there are no exported share certificates of the Group.
XX.Explanations on Acceptances
Acceptances are realized simultaneously with the payment dates of the customers and they are presented as probable commitments in the
off-balance sheet accounts.
XXI. Explanations on Government Incentives
As of the balance sheet date, there are no government incentives used by the Group.
XXII.Explanations on Segment Reporting
The Parent Bank operates in corporate, commercial and retail banking areas in line with its mission by means of profit/loss sharing
methodology
Retail
Corporate and
Commercial
Treasury
Undistributed
Elimination
Total
Total Assets
2.555.931
10.850.898
1.995.939
2.139.274
(193.547)
17.348.495
Total Liabilities
8.468.562
3.960.065
1.748.752
3.364.663
(193.547)
17.348.495
(289.124)
920.713
4.896
(109)
-
636.376
Net Fees and Commissions Income/
(Expense)
11.929
229.316
(5.648)
5.479
-
241.076
(9.101)
(17.078)
1.366
(579.613)
-
(604.426)
Gain from Investments in Associates
Accounted for under Equity Method
-
-
-
-
3.632
3.632
(286.296)
1.132.951
614
(574.243)
3.632
276.658
Current Period
Profit Before Tax
Tax Provision
-
-
-
(54.515)
-
(54.515)
(286.296)
1.132.951
614
(628.758)
3.632
222.143
Minority Share
Group Share
326
221.817
(*) The allocation of retail, corporate and commercial banking segments of the Parent Bank above is the result of differentiation in fund collection and allocation procedures of the
participation banks.
190
Retail
Corporate and
Commercial
Treasury
Undistributed
Elimination
Total
Total Assets
1.660.820
9.379.383
2.328.509
1.460.526
(168.243)
14.660.995
Total Liabilities
7.611.786
3.563.058
627.634
3.026.760
(168.243)
14.660.995
(331.567)
880.060
39.115
13.557
-
601.165
Net Fees and Commissions Income/
(Expense)
3.953
233.281
(1.408)
(919)
-
234.907
(7.194)
(16.476)
3.281
(488.643)
-
(509.032)
Gain from Investments in Associates
Accounted for under Equity Method
-
-
-
-
1.211
1.211
(334.808)
1.096.865
40.988
(476.005)
1.211
328.251
-
-
-
(65.126)
-
(65.126)
(334.808)
1.096.865
40.988
(541.131)
1.211
263.125
Prior Period
Profit Before Tax
Tax Provision
Minority Share
Group Share
1.030
262.095
(*) The allocation of retail, corporate and commercial banking segments of the Parent Bank above is the result of differentiation in fund collection and allocation procedures of the
participation banks.
XXIII.Explanations on Other Matters
There are no explanations on other matters.
191
192
Explanations Related to the Consolidated Capital Adequacy Standard Ratio
-
-
Receivables From Installment
Sales of Assets
Sundry Debtors
-
-
-
Derivative Financial Instruments
Non Risk Weighted Accounts
2.899.995
162.566
Guarantees and Commitments
Total Risk Weighted Assets
162.566
Off-Balance Sheet Items
82.336
Tangible Assets
Other Assets
-
Subsidiaries, Associates and
Entities Under Common Control
(Net)
14.965
75.000
Accrued Profit Share and Income
Accruals
771.250
Available-for-Sale Financial
Assets
-
4.675
Financial Lease Receivables
246.274
Non-Performing Loans (Net)
661.056
-
Receivables From Reverse Repo
Transactions
Loans
-
Interbank Money Market
Placements
Reserve Deposits
-
562.382
Due From Domestic Banks,
Foreign Banks, Branches and
Head Office Abroad
Due From Central Bank of Turkey
-
319.491
Cash and Cash Equivalents
Matured Marketable Securities
2.737.429
0%
Balance Sheet Items (Net)
Amount Subject to Credit Risk
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
10%
558.433
-
7.465
154.152
161.617
-
-
-
842
-
-
-
-
-
-
4.820
-
-
-
391.154
-
-
-
396.816
20%
-
-
4.336.494
4.336.494
163.349
449.463
145.362
525.796
46.860
-
-
94
114.988
283.452
5.420.347
-
-
-
10.986
-
-
-
7.160.697
5.451.958 11.497.191
-
-
1.050.110
1.050.110
-
-
-
154.697
-
-
-
-
91.816
-
4.155.335
-
-
-
-
-
-
-
4.401.848
100%
62.207
-
-
-
-
-
-
-
-
-
-
-
-
-
-
62.207
-
-
-
-
-
-
-
62.207
150%
17.875
-
-
-
-
-
-
-
-
-
-
-
-
-
-
17.875
-
-
-
-
-
-
-
17.875
200%
2.895.548
-
-
162.566
162.566
77.889
-
-
14.965
-
-
75.000
771.250
4.675
-
246.274
661.056
-
-
-
562.382
-
319.491
2.732.982
0%
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
10%
514.940
-
7.465
154.152
161.617
-
-
-
124
-
-
-
-
-
-
4.820
-
-
-
348.379
-
-
-
353.323
20%
100%
-
-
4.336.494
4.336.494
79.421
412.847
251.634
525.796
7.783
-
-
93
114.988
283.452
5.420.347
-
-
-
10.986
-
-
-
7.107.347
5.451.958 11.443.841
-
-
1.050.110
1.050.110
-
-
-
154.697
-
-
-
-
91.816
-
4.155.335
-
-
-
-
-
-
-
4.401.848
50%
Parent Bank
50%
Risk Weights
Risk Weights
Consolidated
62.207
-
-
-
-
-
-
-
-
-
-
-
-
-
-
62.207
-
-
-
-
-
-
-
62.207
150%
17.875
-
-
-
-
-
-
-
-
-
-
-
-
-
-
17.875
-
-
-
-
-
-
-
17.875
200%
The capital adequacy ratio of the Group based on the consolidated financial statements is 13,48% (December 31, 2010: 13,46%). Capital Adequacy Standard Ratio is
calculated in accordance with the Communiqué on “Measurement and Assessment of Capital Adequacy of Banks”, which was published on November 1, 2006 in the Official
Gazette numbered 26333. The calculation of Capital Adequacy Ratio includes the methods used in determining the Capital Adequacy Ratio, determination of risk weighted
assets and non-cash loans in line with the relevant banking regulation and measuring the market risk and operational risk ratio in line with the same regulation.
I.
SECTION FOUR: INFORMATION ON THE CONSOLIDATED FINANCIAL STRUCTURE
Summary Information Related to Capital Adequacy Standard Ratio:
Consolidated
Total Risk Weighted Assets (TRWA)
Parent Bank
Current Period
Prior Period
Current Period
Prior Period
14.463.917
12.962.593
14.401.869
12.900.990
65.450
45.800
62.788
38.438
Amount Subject to Operational Risk (ASOR) (*)
Amount Subject to Market Risk (ASMR)
1.840.463
1.627.144
1.683.782
1.480.592
2.206.854
1.970.220
2.148.814
1.922.505
13,48
13,46
13,31
13,33
Shareholders’ Equity / (TRWA + ASMR + ASOR) *100
(*) The amount subject to operational risk is in accordance with the “Regulation Regarding Measurement and Evaluation of the Bank’s Capital Adequacy Ratio” published in the Official
Gazette No: 26333 dated November 1, 2006 which is effective from June 1, 2007. Operational risk is calculated by using the Basic Indicator Approach.
Information Related to Consolidated Components of Shareholders’ Equity:
CORE CAPITAL
Paid-in Capital (*)
Nominal Capital
Capital Commitments (-)
Paid-in Capital Indexation Difference
Share Premium
Share Cancellations Profits
Legal Reserves
First Legal Reserve (Turkish Commercial Code 466/1)
Second Legal Reserve (Turkish Commercial Code 466/2)
Other Legal Reserve Per Special Legislation
Status Reserves
Other Profit Reserves
Extraordinary Reserves
Reserves Allocated by the General Assembly
Retained Earnings
Accumulated Losses
Foreign Currency Share Capital Exchange Difference
Inflationary Adjustment to Legal Reserve, Status Reserves and Extraordinary
Reserves
Profit
Prior Years’ Profits
Provision for Possible Losses up to 25% of the Core Capital
Gains on Sale of Associates and Subsidiaries and Properties to be Added to
Capital
Primary Subordinated Loans up to 15% of the Core Capital
Minority Interest
Losses that cannot be Covered by Reserves (-)
Net Loss for the Period
Prior Years’ Losses
Leasehold Improvements (-)
Prepaid Expenses (-) (**)
Intangible Assets (-)
Deferred Tax Asset Exceeding 10% of the Core Capital (-)
Excess Amount in Clause 3, Article 56 of the Banking Law (-)
Consolidated Goodwill (Net) (-)
TOTAL CORE CAPITAL
Consolidated
Current Period
Prior Period
894.525
894.525
894.525
894.525
3.307
3.307
66.732
53.679
64.805
51.752
1.927
1.927
5.532
(670)
956.412
709.448
956.412
709.448
-
Parent Bank
Current Period
Prior Period
894.525
894.525
894.525
894.525
3.307
3.307
65.948
52.950
64.021
51.023
1.927
1.927
961.405
714.441
961.405
714.441
-
-
-
-
-
221.817
221.817
-
262.095
262.095
-
216.090
216.090
-
259.962
259.962
-
4.275
4.275
4.275
4.275
109.776
7.483
7.483
48.435
12.127
4.111
2.190.220
109.249
9.561
9.561
55.504
26.881
10.438
4.111
1.929.413
48.384
11.012
2.086.154
55.453
13.153
10.419
1.850.435
(*) The Bank has purchased 1.500.000 units of its own pledged shares at TRY 5.475 Thousand as a result of sale in accordance with Turkish Commercial Code article 329/2.The effect of
purchase has been considered as deduction from the paid-in capital item in the capital adequacy table.
(**) Prepaid expenses are not deducted from the core capital according to the Article 1 of the “Regulation for amending the Regulation on Equities of Banks” published in the Official
Gazette No: 27870 dated March 10, 2011.
193
SUPPLEMENTARY CAPITAL
Consolidated
Parent Bank
Current Period
Prior Period
Current Period
Prior Period
79.229
70.287
79.229
70.287
45% of The Revaluation Reserve for Movable Fixed Assets
-
-
-
-
45% of The of Revaluation Reserve for Properties -
-
-
-
Bonus Shares Obtained From Associates, Subsidiaries and
Entities Under Common Control
-
-
-
-
Primary Subordinated Loans Excluded in the Calculation of the
Core Capital
-
-
-
-
Secondary Subordinated Loans
-
-
-
-
(13.599)
3.029
(13.599)
3.029
-
-
-
-
(13.599)
3.029
(13.599)
3.029
Indexation Differences for Capital Reserves, Profit Reserves
and Retained Earnings (Except Indexation Differences for Legal
Reserves, Statutory Reserves and Extraordinary Reserves)
-
-
-
-
Minority Interest
-
-
-
-
65.630
73.316
65.630
73.316
-
-
-
-
2.255.850
2.002.729
2.151.784
1.923.751
48.996
32.509
2.970
1.246
126
131
-
34
Secondary Subordinated Loans and Primary or Secondary
Subordinated Debt Placements Granted to Banks and Financial
Institutions (Domestic, Foreign) or Qualified Shareholders
-
-
-
-
Shareholdings in the Banks and Financial Institutions which are
Accounted for Under the Equity Pick up Method but the Assets
and Liabilities are not Consolidated
45.900
31.166
-
-
-
-
-
-
The Net Book Value of the Bank’s Real Estates in Excess of
50% of the Equity and in accordance with Article 57 of the Act,
Net Book Value of Real Estates and Commodities Acquired in
Exchange of Loans and Receivables that should be Disposed
of However; have not been Disposed of Although It has been 5
Years since the Beginning of the Acquisition Date
1.185
1.212
1.185
1.212
Other (*)
1.785
-
1.785
-
2.206.854
1.970.220
2.148.814
1.922.505
General Loan Loss Reserves
45% of The Marketable Securities Value Increase Fund
Associates and Subsidiaries
Available for Sale Financial Assets
TOTAL SUPPLEMENTARY CAPITAL
TIER III CAPITAL
CAPITAL
DEDUCTIONS FROM THE CAPITAL
Consolidated Investments in Banks and Financial Institutions
Loans Granted not in Compliance with Articles 50 and 51 of
the Banking Law
TOTAL SHAREHOLDERS’ EQUITY
(*) In accordance with the principles of the regulations described in “Measurement and Practices of Bank’s Shareholder’s Equity” published in the Official Gazette No: 26333, Article 10/1,
clause (e), dated November 1, 2006, BRSA has published the board decision related to consumer loans for the purpose of acquiring housing in the Official Gazette No: 27789 dated
December 18, 2010.
194
II.
Credit worthiness of loan customers are monitored and semiannually and regularly reviewed by the Risk Monitoring Department of the
Parent Bank in accordance with the Communiqué on “Determining the Nature of Loan and Other Receivable Provisions Allocated by Banks
and Procedures and Principles of Allocating Provisions”. The account statements are obtained based on the prevailing regulations. Credit
limits are determined by the Board of Directors, the Credit Committee of the Parent Bank and the Credit Administration. The Parent Bank
obtains sufficient guarantees for its risks, comprising of personal surety, real-estate mortgage, cash blockage and customer cheques.
For the derivative transactions and other similar positions of the Parent Bank, operational limits are set by the Board of Directors and the
transactions are performed within these limits.
There are no options or any other similar transactions.
Indemnified non-cash loans are subject to the same risk weight with the overdue loans.
The Parent Bank monitors restructured and rescheduled loans in accordance with the Communiqué on “Determining the Nature of Loan and
Other Receivable Provisions Allocated By Banks and Procedures and Principles of Allocating Provisions”. Financial position and business
operation of those customers are analyzed systematically and, principal and profit payments based on the restructured payment plan are
monitored by the corresponding departments.
As of December 31, 2011, the risk of the Parent Bank from its top 100 cash loan customers share in total cash loans ratio is 38,60%
(December 31, 2010: 39,32%).
As of December 31, 2011, the risk of the Parent Bank from its top 100 non-cash loan customers share in total non-cash loan ratio is
47,01% (December 31, 2010: 47,22%).
As of December 31, 2011, the cash and non-cash receivables of the Parent Bank from its top 100 loan customers share in total balance
sheet assets and non-cash loan ratio is 35,86% (December 31, 2010: 36,66%).
As of December 31, 2011 the Parent Bank’s general provision amount for its credit risk is TRY 131.066 Thousand (December 31, 2010: TRY
117.204 Thousand).
Distribution of Credit Risk by Types of Borrowers and Geographical Concentration:
Loans to Individuals and
Corporate (**)
Borrowers’
Concentration
Private Sector
Public Sector
Banks
Retail
Share Certificates
Total
Geographical
Concentration
Domestic
European Union
Countries
OECD Countries (*)
Off-Shore Banking
Regions
USA, Canada
Other Countries
Total
Loans to Banks and
Other Financial
Institution
Current
Prior
Period
Period
Current
Period
Prior
Period
10.305.287
1.183
2.529.515
12.835.985
9.170.204
1.439
1.639.055
10.810.698
255
410.247
410.502
12.315.211
10.452.269
142.942
Marketable Securities
Other Loans (****)
(***)
Current
Period
Prior
Period
Current
Period
Prior
Period
563
224.559
225.122
1.250
856.597
7.830
865.677
2.581
471.516
5.121
479.218
12.209.133
1.556.805
166.782
191.262
14.123.982
11.586.101
723.120
194.113
171.111
12.674.445
321.316
107.194
864.870
476.560
12.572.751
11.837.439
102.925
24.905
34.515
753
836
1.141.971
344.560
10.881
9.740
9.041
7.406
54
1.822
173.063
321.702
175.405
136.804
39
-
-
-
15.896
18.103
37.183
154.363
12.835.985
796
108.164
10.810.698
36.866
18.335
410.502
74.871
1.136
225.122
865.677
479.218
4.214
216.087
14.123.982
3.973
148.668
12.674.445
(**) Non-performing loans are not included.
(***) Includes financial assets at fair value through profit or loss, available-for-sale and held-to-maturity.
(****) Includes transactions defined as loan in Article 48 of Law No: 5411 and not covered in the first three columns of the Uniform Chart of Accounts above.
195
Information According to Geographical Concentration:
Domestic
OECD Countries (*)
USA, Canada
Other Countries
Common Control
Total
Domestic
OECD Countries (*)
USA, Canada
Other Countries
Common Control
Total
Assets
Liabilities
Non-Cash
Loans
Equity
Investments
Net Income
16.527.405
170.553
19.976
192.542
74.050
172.707
13.400.076
833.082
22.209
126.530
162.387
557.442
8.842.441
162.203
146.443
15.896
4.214
177.562
-
221.817
-
-
-
-
191.262
-
17.157.233
15.101.726
9.348.759
191.262
221.817
14.004.750
138.276
18.968
142.923
75.667
109.300
11.865.211
276.678
61.916
32.959
52.649
333.028
8.923.684
69.318
94.303
18.103
3.973
117.502
-
262.095
-
-
-
-
171.111
-
14.489.884
12.622.441
9.226.883
171.111
262.095
(**) Assets and liabilities that cannot be allocated on a coherent basis.
Sector Concentration for Cash Loans:
Agriculture
Farming and Raising Livestock
Forestry, Wood and Paper
Fishery
Manufacturing
Mining and Quarry
Production
Electricity, Gas and Water
Construction
Services
Hotel, Tourism, Food and
Beverage Services
Transportation and
Communication
Services
Education Services
Other
Total
196
TRY
227.134
177.436
40.721
8.977
4.159.484
186.542
3.088.879
884.063
2.350.846
1.719.671
690.980
Current Period
(%)
FC
2,01
7.834
1,57
4.355
0,36
645
0,08
2.834
36,88
917.144
1,65
329.822
27,39
345.801
7,84
241.521
20,84
128.611
15,25
508.254
6,13
79.161
(%)
0,50
0,28
0,04
0,18
58,59
21,07
22,09
15,43
8,22
32,47
5,06
TRY
270.144
219.777
40.540
9.827
3.868.022
163.782
2.885.961
818.279
2.064.055
1.717.887
603.476
Prior Period
(%)
FC
2,75
6.423
2,24
5.252
0,41
0,10
1.171
39,38
389.656
1,67
65.098
29,38
211.262
8,33
113.296
21,01
166.922
17,48
420.177
6,14
46.121
(%)
0,65
0,53
0,12
39,49
6,60
21,41
11,48
16,91
42,57
4,67
230.770
2,05
94.276
6,02
224.160
2,28
99.674
10,10
262.792
2,33
269.811
17,24
319.317
3,25
257.557
26,10
110.698
0,98
7.388
0,47
89.029
0,91
-
-
136.322
1,21
-
-
206.592
2,10
-
-
15.210
135.794
137.105
2.821.252
11.278.387
0,13
1,20
1,22
25,02
100,00
1.797
55.821
3.399
1.565.242
0,11
3,57
0,22
100,00
12.746
93.270
169.297
1.904.269
9.824.377
0,13
0,95
1,72
19,38
100,00
2.319
14.493
13
3.706
986.884
0,23
1,47
0,38
100,00
The table below shows the maximum exposure to credit risk for the components of the financial statements:
Due from Banks
Derivative Financial Assets Held for Trading
Available-for-Sale Financial Assets
Loans
Current Period
Prior Period
1.360.161
1.830.902
402.858
224.559
8.861
7.478
779.763
394.708
77.053
77.032
13.153.771
10.954.796
297.751
105.471
16.080.218
13.594.946
Contingent Liabilities
9.348.759
9.226.883
Commitments
4.216.034
2.765.831
Total
13.564.793
11.992.714
Total Credit Risk Exposure
29.645.011
25.587.660
Total
Credit Rating System:
The credit risk is assessed through the internal rating system of the Parent Bank, by classifying loans from highest grade to lowest grade
according to the probability of default. As of December 31, 2011 consumer loans are excluded from the internal rating system of the Parent
Bank. Additional scoring methodologies are applied for these loans. The risks that are subject to rating models can be allocated as follows:
The Share in Total (%)
Category
Description of Category
Current Period
Above Average
Prior Period
The borrower has a very strong financial structure
35%
35%
Average
The borrower has an intermediate level of financial structure
35%
36%
Under Average
The financial structure of the borrower has to be closely
monitored in the medium term
13%
11%
Not Graded
The borrower is not assessed by the Parent Bank
Total
17%
18%
100%
100%
III. Explanations Related to the Consolidated Market Risk
The amount subject to market risk is calculated and reported with the Standard Method described in Section 4 of the Communiqué on
“Measurement and Assessment of Banks’ Capital Adequacy” published in the Official Gazette No: 26333 dated November 1, 2006. Market
risk is measured on a monthly basis.
a) Explanations related to market risk:
Amount
(I) Capital Requirement to be Employed for General Market Risk - Standard Method
(II) Capital Requirement to be Employed for Specific Risk - Standard Method
(III) Capital Requirement to be Employed for Currency Risk - Standard Method
2.168
304
2.764
(IV) Capital Requirement to be Employed for Commodity Risk - Standard Method
-
(V) Capital Requirement to be Employed for Settlement Risk - Standard Method
-
(VI) Total Capital Requirement to be Employed for Market Risk Resulting From Options – Standard Method
(VII) Total Capital Requirement to be Employed for Market Risk in Banks Using Risk Measurement Model
(VIII) Total Capital Requirement to be Employed for Market Risk (I+II+III+IV+V+VI)
(IX) Amount Subject to Market Risk (12,5 x VIII) or (12,5 x VII)
5.236
65.450
197
b) Average market risk table calculated at the end of each month in the current period:
Current Period
Prior Period
Average
Maximum
Minimum
Average
Maximum
Minimum
Interest Rate Risk (*)
30.278
41.838
13.838
12.284
20.288
3.288
Common Stock Risk
7.722
10.675
3.800
10.694
15.338
6.150
34.122
45.850
24.512
17.563
19.238
16.275
Commodity Risk
-
-
-
-
-
-
Settlement Risk
-
-
-
-
-
-
Option Risk
-
-
-
-
-
-
72.122
98.363
42.150
40.541
54.864
25.713
Currency Risk
Total Value Subject to Risk
(*) The Parent Bank calculates by considering market risk of revenue sharing bonds, forward and swap transactions .
c) Other price risks:
The Group is exposed to stock price risk as a consequence of investing in publicly traded companies in İstanbul Stock Exchange.
As of reporting date, assuming that all other variables have fixed and 10% higher/lower change in revaluation method parameters (stock
prices and funds prices) is appeared, income before tax in statement of income will be anticipated TRY 628 Thousand and TRY 94
Thousand increase/decrease, respectively (December 31, 2010: TRY 490 Thousand and None).
IV. Explanations on Operational Risk
The Group calculates the amount subject to operational risk based on “Basic Indicator Method” by using 2010, 2009 and 2008 year end
gross income balances of the Group, in accordance with the Section 4 of the “Regulation Regarding Measurement and Evaluation of Banks’
Capital Adequacy Ratio” published in the Official Gazette No: 26333 dated November 1, 2006, namely “The Calculation of the Amount
Subject to Operational Risk”.
V. Explanations Related to Consolidated Currency Risk
Foreign currency risk indicates the probability of loss that banks are subject to due to the exchange rate changes in the market. While
calculating the share capital requirement, all foreign currency assets, liabilities and forward transactions of the Parent Bank are taken into
consideration and value at risk is calculated by using the standard method.
Currency risk is managed by considering internal currency limits that are designated as Bank’s risk policies. Within the frame of legal limits
defined by FC Net General Position / Equity Ratio and internal currency risk limits determined by Board of Directors , decisions are taken by
Asset and Liability Committee meet periodically, take decisions for currency and parity risk hedge and those decisions are implemented
strictly.
The Parent Bank does not use any derivative instruments for hedging.
The Standard Method stated in the statutory reporting is used to measure the currency risk of the Parent Bank. The risk measurements are
performed on a monthly basis.
The announced current foreign exchange buying rates of the Parent Bank as of December 31, 2011 and the previous five working days
are as follows:
“FC Evaluation Rate”
Previously;
29.12.2011 (Day 1)
28.12.2011 (Day 2)
27.12.2011 (Day 3)
26.12.2011 (Day 4)
23.12.2011 (Day 5)
US Dollar
1,9065
1,8897
1,8847
1,8833
1,8809
1,8779
December 31, 2011
Euro
2,4626
2,4462
2,4626
2,4609
2,4510
2,4497
Sterling
2,9347
100 Japanese Yen
2,4475
2,9228
2,9501
2,9444
2,9382
2,9432
2,4203
2,4183
2,4137
2,4029
2,4475
The simple arithmetic averages of the major current foreign exchange buying rates of the Parent Bank for the thirty days before December
31, 2011 are as follows; TRY 1,8577 per US Dollar, TRY 2,4463 per EURO, TRY 2,8972 per GBP and TRY 2,3823 per 100 JPY.
198
Information on the Foreign Currency Risk of the Group: Foreign Currencies (Thousand TRY)
EUR
USD
YEN
Other
Total
Cash (Cash in TRY,Cash in Foreign Currency, Money in Transit,
Cheques Purchased) and Balances with Central Bank of the
Republic of Turkey
180.072
616.682
-
355.471
1.152.225
Due from Banks
Assets
120.987
208.973
1.200
12.327
343.487
Financial Assets at Fair Value through Profit and Loss (**)
-
-
-
-
-
Money Market Placements
-
-
-
-
-
Financial Assets Available-for-Sale
-
-
-
-
-
1.464.200
3.041.048
-
-
4.505.248
Subsidiaries, Associates and Entities under Common Control
-
-
-
-
-
Held-to-Maturity Investments
-
-
-
-
-
Derivative Financial Assets for Hedging Purposes
-
-
-
-
-
Tangible Assets
-
-
-
-
-
Loans (*)
Intangible Assets
Other Assets
Total Assets
-
-
-
-
-
1.265
1.838
-
-
3.103
1.766.524
3.868.541
1.200
367.798
6.004.063
49.109
68.242
-
43
117.394
1.264.585
2.224.175
1.089
966.678
4.456.527
-
-
-
-
-
517.435
933.116
-
7.279
1.457.830
-
-
-
-
-
1.279
2.609
-
12
3.900
Liabilities
Current and Profit Sharing Accounts of Banks
Current and Profit Sharing Accounts
Funds Provided from Other Financial Institutions
Marketable Securities Issued
Sundry Creditors
Derivative Financial Liabilities for Hedging Purposes
-
-
-
-
-
9.241
66.366
138
58
75.803
1.841.649
3.294.508
1.227
974.070
6.111.454
(75.125)
574.033
(27)
(606.272)
(107.391)
77.107
(581.698)
38
607.267
102.714
148.989
234.910
38
608.417
992.354
71.882
816.608
-
1.150
889.640
1.535.113
3.567.860
86.954
111.325
5.301.252
Total Assets
1.137.690
3.183.187
5.561
129.542
4.455.980
Total Liabilities
1.323.332
2.670.207
6.457
145.683
4.145.679
(185.642)
512.980
(896)
(16.141)
310.301
188.586
(508.585)
907
16.933
(302.159)
195.760
3.332
907
17.699
217.698
7.174
511.917
-
766
519.857
1.376.636
3.485.728
44.138
93.786
5.000.288
Other Liabilities (**)
Total Liabilities
(*) TRY 2.919.385 Thousand of foreign currency indexed loan is also shown under loans line (December 31, 2010: TRY 2.564.320 Thousand).
(**) In accordance with the principles of the Regulations on the “Measurement and Practices of Bank’s Net Overall FX position Shareholders’ Equity Ratio on a Consolidated and
Unconsolidated Basis”, income accrual from derivative financial instruments amounting to TRY 1.250 Thousand (December 31, 2010 : TRY 2.581 Thousand) in assets and general
reserves recorded to expense accounts amounting to TRY 15.111 Thousand (December 31, 2010: TRY 12.045 Thousand) and expense accrual from derivate financial instruments
amounting to TRY 11.715 Thousand (December 31, 2010: TRY 5.397 Thousand) in liabilities, are not taken into consideration in the currency risk calculation.
(***) Forward asset purchase-sale commitments of TRY 350.892 Thousand are added to derivative financial assets and TRY 236.248 Thousand is added to derivative financial liabilities
(December 31, 2010: TRY 22.963 Thousand is added to derivative financial assets and TRY 56.280 Thousand is added to derivative financial liabilities).
(****) The related balances do not have any effect on off balance sheet position.
199
Foreign Currency Sensitivity:
The Group is mainly exposed to USD and EUR currency risks.
The following table details the Bank’s sensitivity to a 10% increase and decrease in the TRY against USD and EUR. 10% is the sensitivity
rate used when reporting foreign currency risk internally to key management personnel and represents management’s assessment of the
possible change in foreign exchange rates. A positive number indicates an increase in profit or loss and other equity in the case of short
position and a decrease in the case of long position where the TRY strengthens against USD and EUR.
Change in Currency Rate in %
Effect on Profit or Loss
Current Period
Prior Period
USD
10 % increase
(767)
440
USD
10 % decrease
767
(440)
EUR
10 % increase
198
294
EUR
10 % decrease
(198)
(294)
VI. Explanations on Interest Rate Risk
Since the Group has interest-free banking operations, it does not have any interest sensitive asset or liability and consequently, it does not
have any interest rate risk.
VII. Explanations on Liquidity Risk
In order to avoid the liquidity risk, the Parent Bank diversifies its funding resources as customer deposits and foreign borrowings, considers
the maturity match between assets and liabilities, focuses on strategies especially for the provision of long-term resources and retains its
liquid assets in order to provide sufficient liquidity in any market fluctuations.
Maturity structure of the TRY and FC deposits, cost and change in the total amount are monitored on daily basis by considering the past
developments and future expectations.
The Parent Bank’s policy is to establish an asset structure that primarily meets all kinds of liabilities by using liquid resources. The Board of
Directors of the Parent Bank determines a standard for the liquidity ratios, and applies the standard on a regular basis in order to ensure.
The table below gives a summary of the liquidity ratio of the Parent Bank:
Current Period
200
Average (%)
135,72
110,28
Highest (%)
167,26
121,20
Lowest (%)
112,65
100,63
Prior Period
Average (%)
164,61
127,57
Highest (%)
211,24
151,42
Lowest (%)
131,67
101,97
Presentation of Assets and Liabilities According to Their Maturities:
Current Period –
December 31, 2011
Assets
Cash (Cash in
TRY,Cash in Foreign
Currency, Money in
Transit, Cheques
Purchased) and
Balances with
Central Bank of the
Republic of Turkey
Due from Banks
Financial Assets at
Fair Value through
Profit and Loss
Money Market
Placements
Available-for-Sale
Financial Assets
Loans (**)
Held-To-Maturity
Investments
Other Assets
Total Assets
Demand
Up to 1
Month
1-3
Months
3-12
Months
1-5 Years
Over 5
Years
Undistributed (*)
Total
881.872
797.780
-
-
-
-
-
1.679.652
350.496
34.801
15.876
1.683
2
-
-
402.858
7.611
1.250
-
-
-
-
-
8.861
-
-
-
-
-
-
-
-
219
-
128.782
254.438
396.324
-
-
779.763
-
1.844.532
1.539.782
4.505.279
4.723.556
528.231
-
13.141.380
-
-
77.053
-
-
-
-
77.053
13.219
1.253.417
71.612
2.749.975
11.651
1.773.144
14.891
4.776.291
12
5.119.894
528.231
1.147.543
1.147.543
1.258.928
17.348.495
41.802
52.433
2.085
21.239
-
-
-
117.559
3.078.507
4.138.206
913.761
3.551.409
493.479
-
-
12.175.362
-
160.135
68.559
977.405
246.515
32.573
-
1.485.187
-
279.207
-
-
-
-
-
279.207
Liabilities
Current and Profit
Sharing Accounts of
Banks
Other Current and
Profit Sharing
Accounts
Funds Provided from
Other Financial
Instruments
Money Market
Borrowings
Marketable
Securities Issued
Sundry Creditors
Other Liabilities (***)
Total Liabilities
Net Liquidity Gap
-
-
-
-
-
-
-
-
32.336
9.467
3.162.112
(1.908.695)
348.495
171.455
5.149.931
(2.399.956)
2.895
1.547
988.847
784.297
3.711
52.920
4.606.684
169.607
4.493
744.487
4.375.407
32.573
495.658
716
2.663.145
2.663.861
(1.516.318)
392.646
2.898.534
17.348.495
-
Prior Period –
December 31, 2010
Total Assets
Total Liabilities
Net Liquidity Gap
1.719.318
2.110.538
(391.220)
1.865.913
5.151.527
(3.285.614)
2.123.035
2.122.186
849
3.503.712
2.775.218
728.494
4.357.094
119.400
4.237.694
261.732
1.018
260.714
830.191
2.381.108
(1.550.917)
14.660.995
14.660.995
-
(*)Asset items, such as tangible assets, investment in associates and subsidiaries, stationary supplies, prepaid expenses and non-performing loans which are
required for banking operations and which cannot be converted to cash in short-term are included in this column..
(**) Loans balance also includes Finance Lease Receivable balance.
(***) Equity is presented in the “Undistributed” column under “Other Liabilities”.
201
Analysis of Financial Liabilities Based on the Remaining Contractual Maturities:
The table below is drawn up based on the undiscounted contractual maturities of the financial assets and liabilities. Profit share expenses to
be paid on such liabilities are included in this table. “Adjustments” column indicates items that may lead to potential cash flows in the
following period. These items are included in maturity analysis, but not included in the balance sheet value of such financial liabilities.
December 31, 2011
Funds Collected
Funds Borrowed
Money Market
Borrowings
Total
December 31, 2010
Funds Collected
Funds Borrowed
Money Market
Borrowings
Total
Demand
Up to 1
Month
1-3
Months
3-12
Months
1-5 Years
Over 5
Years
Adjustments
Total
3.120.309
-
4.190.639
161.258
915.846
70.225
3.572.648
1.002.191
493.479
349.273
40.045
(137.805)
12.292.921
1.485.187
-
279.319
-
-
-
-
(112)
279.207
3.120.309
4.631.216
986.071
4.574.839
842.752
40.045
(137.917)
14.057.315
2.079.169
-
4.619.951
27.346
2.069.954
47.910
2.276.132
516.549
41.289
97.772
1.147
(40.013)
11.086.495
650.711
-
-
-
-
-
-
-
-
2.079.169
4.647.297
2.117.864
2.792.681
139.061
1.147
(40.013)
11.737.206
Analysis of Contractual Expiry by Maturity of the Group’s Derivative Financial Instruments:
December 31, 2011
Total
December 31, 2010
Total
202
Up to 1 Month
1-3 Months
3-12 Months
1-5 Years
Over 5 Years
Total
662.842
662.842
662.842
-
-
-
-
662.842
662.842
662.842
Up to 1 Month
1-3 Months
3-12 Months
1-5 Years
Over 5 Years
Total
254.867
254.867
254.867
208.710
208.710
208.710
-
-
-
463.577
463.577
463.577
VIII.
Presentation of Financial Assets and Liabilities at Fair Value
As the loan portfolio has fixed profit sharing rates, estimated fair value is calculated by using the discounted cash flows.
The table below summarizes the book value and fair value of the financial assets and liabilities. Book value is the sum of the acquisition value
and accumulated profit share accruals.
Financial Assets
Banks and Other Financial
Institutions (*)
Loans (**)
Funds Collected From Banks (***)
Other Current and Profit Sharing
Accounts (***)
Funds Provided From Other
Sundry Creditors
Book Value
Current Period
15.761.215
Fair Value
Current Period
15.739.066
Prior Period
13.443.933
Prior Period
14.221.137
1.763.019
2.055.461
1.763.019
2.055.461
779.763
77.053
13.141.380
14.449.961
117.559
394.708
77.032
10.916.732
12.020.112
12.916
779.763
77.282
13.119.002
14.393.631
117.559
394.708
79.962
11.691.006
12.020.378
12.916
12.175.362
11.073.579
12.175.362
11.073.579
1.485.187
650.711
1.428.857
650.977
392.646
279.207
282.906
-
392.646
279.207
282.906
-
(*) As receivables from banks and other financial institutions are in short-term nature, their fair value approximates to their book value.
(**)In order to calculate the fair value of loans, current profit sharing rates are used as of the balance sheet date. Loan balance also includes finance lease receivables. Fair values of loans
are calculated under the assumption that all installments are distributed equally.
(***) Book value of the funds collected approximates to their fair value as it is revalued with the year end unit value.
The following table shows an analysis of financial instruments recorded at fair value, between those whose fair value is recorded on quoted
market prices, those involving valuation techniques where all model inputs are observable in the market and, those where the valuation
techniques involves the use of non observable inputs:
December 31, 2011
Financial Assets
Total
Total
1st Level TRY
2nd Level TRY
3rd Level TRY
7.611
399.250
406.861
1.250
380.294
381.544
-
-
11.715
11.715
-
December 31, 2010
Financial Assets
Total
Total
1st Level TRY
2nd Level TRY
3rd Level TRY
4.897
103.400
108.297
2.581
291.084
293.665
-
-
5.397
5.397
-
IX. Explanations Related to Transactions Carried out on Behalf of Other Parties and Fiduciary Assets
The Group does not deal with fiduciary operations or transactions made on behalf of others.
203
SECTION FIVE: EXPLANATIONS AND DISCLOSURES ON THE CONSOLIDATED FINANCIAL STATEMENTS
I. Explanations and Disclosures Related to the Consolidated Assets
1. Information on Cash and Balances with the Central Bank of Turkish Republic
1.1.Information on Cash:
Current Period
Cash in TRY/ Foreign Currency
Other
Total
TRY
113.521
412.559
1.347
527.427
FC
204.602
947.602
21
1.152.225
Prior Period
TRY
87.616
1.261.233
8.328
1.357.177
FC
158.106
569.669
17
727.792
1.2.Information on the Central Bank of Turkish Republic Accounts:
Current Period
Unrestricted Demand Deposit
Unrestricted Time Deposit
Restricted Time Deposit
Other (*)
Total
TRY
412.559
412.559
FC
149.823
797.779
947.602
Prior Period
TRY
1.261.233
1.261.233
FC
248.965
320.704
569.669
(*) Stands for the reserve deposit kept in Central Bank of the Republic of Turkey in relation to foreign currency liabilities.
According to the communiqué No: 2005/1 on “Reserve Deposits”, the banks operating in Turkey are required to keep reserve deposit at the
rates varying from 5% to 11% (December 31, 2010: 6 % for all TRY liabilities) for TRY liabilities and at the rates varying from 6% to 11%
(December 31, 2010: 11% for all FC liabilities) for foreign currency liabilities mainly denominated in U.S. Dollar and Euro depending on the
maturity of the liabilities. Profit share has not paid for reserve deposits.
2. Information on Financial Assets at Fair Value through Profit and Loss
2.1. Information on Financial Assets at Fair Value through Profit and Loss Blocked/Given as Collateral or Subject to Repurchase
Agreements:
None.
2.2.Positive Differences Related to Derivative Financial Assets Held for Trading:
Current Period
Swap Transactions
Options
Other
Total
204
TP
-
Prior Period
YP
1.121
129
1.250
TP
-
YP
67
2.514
2.581
3. Information on Banks
3.1.Information on Banks and Other Financial Institution:
Current Period
Banks
Domestic (*)
Foreign
Branches and Head Office
Abroad
Total
Prior Period
TRY
59.371
59.371
-
FC
343.487
261.689
81.798
TRY
74.157
74.157
-
FC
150.402
32.474
117.928
-
-
-
-
59.371
343.487
74.157
150.402
(*) It also contains TRY 17.487 Thousand blocked accounts (December 31, 2010: TRY 15.231 Thousand) which is deposited by Işık Sigorta A.Ş. as elementary branches insurance
warranty in favor of Turkish Treasury.
3.2. Information on Foreign Bank Accounts:
USA, Canada
OECD Countries (*)
Off-Shore Banking Regions
Other
Total
Unrestricted Amount
Current Period
Prior Period
24.905
34.515
36.866
74.871
9.041
7.406
39
1.174
1.136
72.025
117.928
Restricted Amount
Current Period
9.773
9.773
Prior Period
-
4. Information on Financial Assets Available for Sale
4.1. Information on Available for Sale Financial Assets Blocked/Given as Collateral or Subject to Repurchase Agreements:
4.1.1 Information on Financial Assets Available For Sale Given as Collateral or Blocked:
None.
4.1.2 Information on Financial Assets Available for Sale Subject to Repurchase Agreements:
As of December 31, 2011, the Group has revenue sharing certificates in “Available for Sale Financial Assets” portfolio which are subject to
2010: None.) and TRY 325.712 Thousand fair value (December 31, 2010: None).
4.2. Information on Financial Assets Available for Sale
As of December 31, 2011, the Parent Bank has revenue sharing certificate which has TRY 775.000 Thousand nominal value (December 31,
2010: TRY 375.000 Thousand) and TRY 779.544 Thousand fair value at “Available for Sale Financial Assets” portfolio (December 31, 2010:
TRY 394.484 Thousand), as of 4,35% and TRY 125 Thousand of Tarsim Tarım Sigortaları Havuz İşletmesi A.Ş.’s shares and TRY 94
Thousand other share certificates as of December 31, 2011.
Debt Securities
Not Quoted (*)
Share Certificates
Not Quoted
Total
Current Period
783.294
399.250
384.044
219
219
(3.750)
779.763
Prior Period
394.484
103.400
291.084
224
224
394.708
205
5.
Information on Loans
5.1. Information on All Types of Loans or Advances Given to Shareholders and Employees of the Parent Bank:
Cash
57.567
22.986
34.581
148.505
14.291
220.363
Direct Loans Granted to Shareholders
Corporate Shareholders
Real Person Shareholders
Indirect Loans Granted to Shareholders
Loans Granted to Employees
Total
Current Period
Non-Cash
2.565
1.870
695
162.080
118
164.763
Cash
78.453
33.583
44.870
94.095
9.870
182.418
Prior Period
Non-Cash
3.138
2.655
483
39.644
118
42.900
5.2.Information on First and Second Group Loans and Other Receivables Including Restructured or Rescheduled Loans:
Cash Loans
Discount Notes
Export Loans
Import Loans
Business Loans
Consumer Loans
Credit Cards
Investments on Profit/Loss
Partnership
Precious Metal Loans
Loans Given to Financial Sector
International Loans
Other
Other Receivables
Total
Receivables (*)
Loans and Other
Restructured or
Receivables
Rescheduled
Loans and Other
Receivables
Restructured or
Rescheduled
132.974
171.345
8.505.578
1.615.760
927.066
2.789
92.516
518
2.569
11.641
273.119
12.363
6.690
111.799
379.901
877
1.010
7.623
-
-
-
256
429.707
35.376
11.825.685
758
1
99.151
27.782
7.198
338.793
69.914
16.499
580.000
(*) In addition to the closely monitored loans, the Bank also has TRY 1.384 Thousand of closely monitored finance lease receivables. (December 31, 2010: TRY 320 Thousand).
5.3.Loan Distribution Based by Maturity Structure:
Short-Term Loans and Other
Receivables
Loans
Other Receivables
Loans
Loans
Other Receivables
206
Receivables
Loans and Other
Restructured or
Receivables
Rescheduled
Loans and Other
Receivables
Restructured or
Rescheduled
3.721.056
3.275
82.924
18.031
3.721.056
-
3.275
-
82.924
-
18.031
-
8.104.629
95.876
255.869
561.969
8.104.629
-
95.876
-
255.869
-
561.969
-
5.4.Information on Consumer Loans, Retail Credit Cards, Loans Given to Personnel and Personnel Credit Cards:
Consumer Loans-TRY
Housing Loans
Vehicle Loans
Consumer Loans
Other
Consumer Loans-FC Indexed
Housing Loans
Vehicle Loans
Consumer Loans
Other
Consumer Loans-FC
Housing Loans
Vehicle Loans
Consumer Loans
Other
Retail Credit Cards-TRY
With Installments
Without Installment
Retail Credit Cards-FC
With Installments
Without Installment
Personnel Loans-TRY
Housing Loans
Vehicle Loans
Consumer Loans
Other
Personnel Loans-FC Indexed
Housing Loans
Vehicle Loans
Consumer Loans
Other
Personnel Loans-FC
Housing Loans
Vehicle Loans
Consumer Loans
Other
Personnel Credit Cards-TRY
With Installments
Without Installment
Personnel Credit Cards-FC
With Installments
Without Installment
Overdraft Account-TRY(Individuals)
Overdraft Account-FC (Individuals)
Total
Short Term
4.725
1.882
1.075
532
1.236
879.849
273.318
606.531
107
5
63
39
6.338
2.614
3.724
891.019
Medium-term and Long-Term
1.612.026
1.498.834
105.304
7.888
4.938
4.812
65
61
13.686
13.686
7.715
3.339
4.053
323
7
7
124
124
1.638.496
Total
1.616.751
1.500.716
106.379
8.420
1.236
4.938
4.812
65
61
893.535
287.004
606.531
7.822
3.344
4.116
362
7
7
6.462
2.738
3.724
2.529.515
207
5.5.Information on Installment Basis Commercial Loans and Corporate Credit Cards:
Installment Commercial Loans-TRY
Business Loans
Vehicle Loans
Consumer Loans
Other
Installment Commercial Loans-FC Indexed
Business Loans
Vehicle Loans
Consumer Loans
Other
Installment Commercial Loans-FC
Business Loans
Vehicle Loans
Consumer Loans
Other
Corporate Credit Cards-TRY
With Installments
Corporate Credit Cards-FC
With Installments
Overdraft Account-TRY(Corporate)
Overdraft Account- FC (Corporate)
Total
Short Term
21.663
51
21
21.591
37.267
1.850
35.417
58.930
Medium and Long Term
16.429
9.112
7.317
71
71
16.500
Total
38.092
9.163
7.338
21.591
37.338
1.921
35.417
75.430
Current Period
1.183
12.842.446
12.843.629
Prior Period
1.439
10.809.822
10.811.261
Current Period
12.315.468
528.161
12.843.629
Prior Period
10.452.831
358.430
10.811.261
Current Period
107.795
107.795
Prior Period
77.494
77.494
5.6.Allocation of Loans according to Borrowers:
Public Sector
Private Sector
Total
5.7. Domestic and Foreign Loans:
Domestic Loans
Foreign Loans
Total
5.8.Loans Granted to Subsidiaries and Associates:
Loans Granted to Subsidiaries and Associates Directly
Loans Granted to Subsidiaries and Associates Indirectly
Total
208
5.9.Specific Provisions Provided Against Loans:
Current Period
40.541
62.435
202.612
305.588
Loans and Receivables with Limited Collectibility
Loans and Receivables with Doubtful Collectability
Uncollectible Loans and Receivables
Total
Prior Period
6.737
37.039
259.840
303.616
5.10. Information on Non-Performing Loans (Net):
5.10.1. Information on Loans and Other Receivables Included in the Non-Performing Loans which are Restructured or Rescheduled:
III Group
Loans and
Receivables with
Limited Collectibility
Current Period
Prior Period
IV Group
Loans and
Receivables with
Doubtful
Collectability
V Group
Uncollectible Loans
and Receivables
10.751
962
9.789
13.290
1.468
11.822
1.700
272
1.428
2.779
2.116
663
4.839
2.344
2.495
7.333
3.966
3.367
III Group
IV Group
Loans and
Receivables with
Doubtful
Collectability
90.907
10.488
231.489
(133.298)
(52.762)
146.824
(62.435)
84.389
V Group
5.10.2. Information on Movement of Non-Performing Loans:
Loans and
Receivables with
Ending Balance of Prior Period
Additions in the Current Period (+) (*)
Transfer from Other NPL Accounts (+)
Transfer to Other NPL Accounts (-)
Collections in the Current Period (-) (*)
Write offs (-)
Corporate and Commercial Loans
Retail Loans
Credit Cards
Other
Ending Balance of the Current Period
42.035
504.261
(231.489)
(103.531)
211.276
(40.541)
170.735
Uncollectible Loans
and Receivables
314.209
45.527
133.298
(68.945)
(166.459)
(111.642)
(1.647)
(51.179)
(1.991)
257.630
(202.612)
55.018
(*) Movements between loan groups presented double within additions and collections in the interim financial reporting periods are offset by the year end.
209
5.10.3. Information on Foreign Currency Non-Performing Loans and Other Receivables:
III Group
Loans and
Receivables with
Current Period
Ending Balance
Prior Period
Ending Balance
IV Group
Loans and
Receivables with
Doubtful
Collectability
V Group
Uncollectible Loans
and Receivables
-
-
1.697
(1.257)
440
-
-
1.478
(1.087)
391
IV Group
Loans and
Receivables with
Doubtful
Collectability
V Group
5.10.4. Gross and Net Amounts of Non-Performing Loans with Respect to User Groups:
III Group
Loans and
Receivables with
Current Period (Net)
Loans to Real Persons and Legal Entities (Net)
Banks (Gross)
Banks (Net)
Prior Period (Net)
Banks (Gross)
Banks (Net)
210
Uncollectible Loans
and Receivables
211.276
(40.541)
170.735
-
146.824
(62.435)
84.389
-
257.630
(202.612)
55.018
-
42.035
(6.737)
35.298
-
90.907
(37.039)
53.868
-
314.209
(259.840)
54.369
-
5.10.5. Non-Performing Loans and Main Guidelines of Liquidation Process for Loans and Receivables:
If the Parent Bank has collateral components stated in Article 9 of the Communiqué on “Determining the Nature of Loan and Other
Receivable Provisions Allocated by Banks and Procedures and Principles of Allocating Provisions”, such components are immediately
liquidated by applying managerial or legal procedures. In the absence of collateral component, even if there is an indication of insolvency, the
Parent Bank reviews the financial intelligence of the debtor systematically to determine subsequently acquired property holdings and applies
the legal procedures.
Prior and subsequent to the legal procedures, as a result of reviews performed regarding the financial information provided, the Parent Bank
intends to liquidate its loans and other receivables from the companies that have potential development in the production and consequent
contribution to the economy by means of the rescheduled agreements.
5.10.6. Explanation on Write–off Policy:
Provision allocations arising from during or after the transfer of any loan receivables to “Non-performing loans” are performed by the Parent
Bank’s Loan Monitoring Department within the framework of the Banking Regulations and Supervisory Agency. Additionally, loans are
written-off against the assets, at least once a year, by the Credit Monitoring Agency to the extent that at least one of the following below is
met and provision is fully made for all non-performing loans in accordance with the decision made by the Board of Directors:
- Receivables with the document obtained from Collections Agency stating that the receivable cannot be followed up or;
- Receivables assessed as uncollectible within existing conditions by the Law Department although the collection follow up process is
going on.
The information related to loan quality is stated as below:
Loans (*)
Consumer Lending
Credit Cards
Total
Neither past due nor
Impaired
Past due but not
Impaired
Past due and
Impaired
Total
5.496.990
3.881.933
1.616.278
929.635
11.924.836
385.712
512.141
13.240
7.700
918.793
287.399
263.544
7.009
57.778
615.730
6.170.101
4.657.618
1.636.527
995.113
13.459.359
(*) The Group classifies small medium entities (“SME”) considering the criteria set out in the Council of Ministers’ decision dated November 18, 2005 and numbered 25997 published in the
Loans (*)
Consumer Lending
Credit Cards
Total
Impaired
Past due but not
Impaired
Past due and
Impaired
Total
4.797.616
3.468.651
913.669
723.690
9.903.626
541.809
319.019
16.660
30.147
907.635
67.751
275.436
6.790
97.174
447.151
5.407.176
4.063.106
937.119
851.011
11.258.412
(*) The Group classifies small medium entities (“SME”) considering the criteria set out in the Council of Ministers’ decision dated November 18, 2005 and numbered 25997 published in the
211
The details of loan guarantees and leasing portfolio are stated as below:
Current Period (*)(**)(***)
Impaired
Past due but not
Impaired
Past due and Impaired
Total
4.812.274
365.376
99.616
5.277.266
516.885
1.392.830
6.721.989
113.870
168.083
647.329
15.500
120.786
235.902
646.255
1.681.699
7.605.220
Real Estates
Financial Assets
Other
Total
(*) Individual loan agreements, general loan agreements, foreign currency cheques, suretyships, customer cheques and notes and other guarantees are not included in the table above.
date and the lower of the net amount reached at the fair value of collaterals stated in the corresponding expertise reports or the net collateral amount less any pledges or incumbrances on
Prior Period (*)(**)(***)
Impaired
Past due but not
Impaired
Past due and Impaired
Total
2.806.286
338.661
83.668
3.228.615
337.821
1.220.199
4.364.306
112.982
184.860
636.503
25
74.116
157.809
450.828
1.479.175
5.158.618
Real Estates
Financial Assets
Other
Total
(*) Individual loan agreements, general loan agreements, foreign currency cheques, surety ships, customer cheques and notes and other guarantees are not included in the table above.
date and the lower of the net amount reached at the fair value of collaterals stated in the corresponding expertise reports or the net collateral amount less any pledges or in cumbrances on
Aging analysis of past due but not impaired loans per classes of financial statements is stated as below:
Current Period – December
31, 2011
Loans and Advances to
Customers
Corporate Lending
SME Lending
Consumer Lending
Credit Cards
Total
Less than 30
Days (*)
31-60 Days
61-90 Days
More than 91
Days
Total
304.216
388.047
2.126
1.730
1.384
697.503
61.091
49.282
6.729
5.970
123.072
20.405
74.812
4.385
99.602
-
385.712
512.141
13.240
7.700
1.384
920.177
(*) The Parent Bank follows up the entire loan balance having less than 30 days overdue in the watch list based on conservatism principal and TRY 621.618 Thousand of such amount
does not have payment overdue as of December 31, 2011 (Finance Lease Receivables: TRY 1.384 Thousand)
Prior Period – December
31, 2010
Loans and Advances to
Customers
Corporate Lending
SME Lending
Consumer Lending
Credit Cards
Total
Less than 30
Days (*)
31-60 Days
61-90 Days
More than 91
Days
Total
443.294
175.747
914
405
33
620.393
32.530
43.752
9.352
21.263
2
106.899
65.985
99.520
6.394
8.479
285
180.663
-
541.809
319.019
16.660
30.147
320
907.955
(*) The Parent Bank follows up the entire loan balance having less than 30 days overdue in the watch list based on conservatism principal and TRY 608.548 Thousand of such amount
does not have payment overdue as of December 31, 2010 (Finance Lease Receivables: TRY 39 Thousand).
212
Explanations on the loans and other receivables of the Parent Bank for which the payment schedules are revised as per the agreement:
Based on the Article 4 of the Communiqué “Methods and Principles for the Determination of Loans and Other Receivables to be Reserved
for and Allocation of Reserves”, the number of loans, total amount and extension periods for which the payment schedules are revised after
May 28, 2011 are as follows:
Extension Period
Loans
Quantity
Amount
Up to 1
Month
1-3 Months
3-12 Months
1-5 Years
Over 5 Years
Total
-
1
54
4
338
9
1.871
2
22.948
16
25.211
6. Information on Held-to-Maturity Investments (Net)
6.1.Information on Financial Assets Blocked/Given as Collateral or Subject to Repurchase Agreements:
6.1.1. Information on Held to Maturity Investments Given as Collateral or Blocked:
None.
6.1.2. Held to Maturity Investments Subject to Repurchase Agreements:
As of December 31, 2011, the Bank has revenue sharing certificates in “Held to Maturity Investments” portfolio which are subject to
6.2.Information on Government Bonds Classified as Held to Maturity Investments:
The Group has TRY 77.053 Thousand of revenue sharing certificate as of December 31, 2011 (December 31, 2010: TRY 77.032 Thousand).
Current Period
Government Bonds
Treasury Bill
Other
Total
TRY
77.053
77.053
Prior Period
FC
-
TRY
77.032
77.032
FC
-
TRY
77.032
51.435
25.597
77.032
FC
-
6.3.Information on Investments Held-to-Maturity:
Current Period
Debt Securities
Not Quoted (*)
Total
TRY
77.053
51.446
25.607
77.053
Prior Period
FC
-
6.4.Movement of Held-to-Maturity Investments:
Beginning Balance
Foreign Currency Differences on Monetary Assets
Purchases During Year
Disposals through Sales and Redemptions
Valuation Effects
Closing Balance
Current Period
77.032
21
77.053
Prior Period
76.460
50.000
(50.000)
572
77.032
213
7. Information on Associates
7.1.Information on the Consolidated Associates:
Company Name
(1)
(2)
(3)
Address (City/ Country)
İstanbul/Turkey
İstanbul/Turkey
Ankara/Turkey
Kredi Garanti Fonu A.Ş.
The Parent Bank’s Share
Percentage, if Different-Voting
Percentage (%)
21,84%
21,84%
1,67%
The Parent Bank’s Risk
Group Share
Percentage (%)
21,84%
21,84%
1,67%
(*) The Parent Bank participated in Yeni Mağazacılık A.Ş. and in Landmark Holding A.Ş. with the Financing Method for Participation Banks explained in the regulation No: 19 regarding
“Banks’ Lending Transactions” published and became effective in the Official Gazette numbered 26333, dated November 1, 2006 by means of joint investment method. These are
recorded as associates in accordance with the Uniform Chart of Accounts published in the Official Gazette numbered 26415 and dated January 26, 2007.
(1) (*)
(2) (*)
(3) (*)
Total Assets
Equity
Total Fixed
Assets
277.131
43.453
207.899
(116.811)
43.231
201.048
84.490
43.402
2.904
Profit
Share
Income
6
3.979
Income from
Marketable
Securities
Portfolio
-
Current
Period
Profit/Loss
Prior Period
Profit/Loss
(93.799)
(192)
7.672
(86.383)
(1.486)
7.632
Fair Value
(**) 175.277
(***) 56.966
-
(*) Financial information is provided from the associate’s unaudited financial statements as of December 31, 2011.
(***) It is expertise value of the Bank’s associate, Yeni Mağazacılık A.Ş., as of February 4, 2010.
(****) It is the expertise value of the Bank’s associate, Landmark Holding A.Ş., as of February 9, 2010.
Company Name
(1)
Address (City/ Country)
Dakar/Senegal
Tamweel Africa Holding S.A. (*)
The Parent Bank’s Share
Percentage, if Different-Voting
Percentage (%)
40,00%
The Parent Bank’s Risk
Group Share
Percentage (%)
40,00%
(*) As of February 4, 2010, the Bank has paid for TRY 21.548 Thousand and as a consequence, became owner of 40% of Tamweel Africa Holding S.A. that is owned by the Islamic
Corporation for the Development of the Private Sector (“ICD”) which is a group establishment of the Islamic Development Bank (“IDB”). TRY 9.077 Thousand and TRY 4.900 Thousand has
paid for capital increase respectively on June 8, 2010 and October 3, 2011. As of the reporting date capital registry process has not been finalized yet.
(*)
Total Assets
Equity
Total Fixed
Assets
(1)
843.063
112.165
19.622
Profit
Share
Income
35.127
Income from
Marketable
Securities
Portfolio
-
Current
Period
Profit/Loss
Prior Period
Profit/Loss
Fair Value
8.625
6.117
-
(*) Financial information is provided from the associate’s audited financial statements as of December 31, 2011.
7.3. Movement of the Consolidated Associates:
Movements in Period
Purchases
Sales
Capital Commitments
Current Period
30.625
4.900
4.900
35.525
40,00%
Prior Period
30.625
30.625
30.625
40,00%
(*)Tamweel Africa Holding S.A., of which acquisition cost is TRY 35.525 Thousand, has been accounted for under equity method and recognized at TRY 45.900 Thousand in the
accompanying consolidated financial statements (December 31, 2010: TRY 31.166 Thousand).
214
7.4. Sectoral Information on the Financial Associates and the Related Carrying Amounts:
Current Period
35.525
Banks
Insurance Companies
Factoring Companies
Leasing Companies
Finance Companies
Other Subsidiaries
Prior Period
30.625
7.5.Quoted on the Stock Exchange:
None.
8. Information on Subsidiaries (Net)
8.1.Information on Unconsolidated Subsidiaries:
Address (City/
Country)
Company Name
(1)
(2)
(3)
Nil Yönetim Hizmetleri Tur. San. ve Tic. A.Ş.
GH Sultanbeyli Gayrimenkul ve Proje Geliştirme A.Ş.
(*)
Total Assets
Equity
Total Fixed
Assets
(1)
(2)
(3)
73.218
5
30.661
64.004
2
27.050
1.784
24.710
Ankara/Turkey
İstanbul/Turkey
İstanbul/Türkiye
Profit
Share
Income
91
-
The Parent Bank’s share
percentage, if differentvoting percentage (%)
99,93%
99,50%
-
Income from
Marketable
Securities
Portfolio
-
The Parent Bank’s risk
group share percentage
(%)
99,93%
99,50%
99,92%
Current
Period
Profit/Loss
Prior Period
Profit/Loss
149
9
(492)
414
(9)
(3.819)
Fair Value
-
27.564
(*) Financial information is provided from the unaudited financial statements of subsidiaries as of December 31, 2011.
8.2. Information on Consolidated Subsidiaries:
(1)
(2)
(3)
(4)
Company Name
Address (City/
Country)
Asya Emeklilk ve Hayat A.Ş. (*)
İstanbul\Turkey
İstanbul\Turkey
İstanbul\Turkey
İstanbul\Turkey
Bank’s share percentage, if
different-voting
percentage (%)
97,99%
95,00%
65,42%
22,94%
The Parent Bank’s risk
group share
percentage (%)
97,99%
95,00%
65,42%
69,39%
(*) The Parent Bank has become the shareholder of Asya Emeklilik ve Hayat A.Ş. established on July 1, 2011.
(*)
Total Assets
(1)
(2)
(3)
(4)
9.002
211
205.491
137.239
Equity
Total Fixed
Assets
Profit
Share
Income
8.770
208
75.258
108.422
472
1.468
34.728
255
12
9.056
375
Income from
Marketable
Securities
Portfolio
(5)
1.236
-
Current
Period
Profit/Loss
Prior Period
Profit/Loss
(1.221)
1
5.786
(2.054)
5
1.106
842
Fair Value
(**) 190.616
(***) 192.051
(*) Financial information is provided from the audited financial statements of subsidiaries as December 31, 2011.
(**) It is expertise value of the Bank’s subsidiary, Işık Sigorta A.Ş., as of February 4, 2010.
(***)VAT included fair value is TRY 192.051 Thousand, including land, per expertise appraisal dated January 26, 2010.
215
8.3. Movement of the Consolidated Subsidiaries:
Current Period
88.011
9.798
9.798
97.809
9.798
22,94%-97,99%
Movements in Period
Purchases
Sales
Provision for Impairment Addition / (Reversal)
Effect of Change at Consolidation Scope
Prior Period
82.824
5.153
5.153
34
88.011
22,94%-95,00%
(*) It consists of TRY 9.798 Thousand capital commitment to the Bank’s subsidary, Asya Emeklilik ve Hayat A.Ş..
8.4.Sectoral Information on the Consolidated Financial Subsidiaries and the Related Carrying Amounts:
Subsidiaries
Banks
Insurance Companies
Factoring Companies
Leasing Companies
Finance Companies
Other Subsidiaries
Current Period
50.154
47.655
Prior Period
50.154
37.857
8.5.Subsidiaries Quoted on the Stock Exchange:
None.
9. Information on Entities under Common Control
None.
10. Information on Finance Lease Receivables (Net)
10.1 Presentation of Finance Lease Receivables According to Their Remaining Maturities:
Current Period
Less than 1 Year
1 to 4 Years
More than 4 Years
Total
Gross
77.197
183.888
131.344
392.429
Prior Period
Net
58.572
139.523
99.656
297.751
Gross
5.562
106.620
9.532
121.714
Net
4.820
92.391
8.260
105.471
10.2. Information on Net Investments in Finance Leases:
Gross Receivable from Finance Leases
Unearned Finance Lease Income (-)
Net Receivable from Finance Leases
11. Derivative Financial Assets for Hedging Purposes
None.
216
Current Period
392.429
(94.678)
297.751
Prior Period
121.714
(16.243)
105.471
12. Information on Tangible Assets
Buildings
Leased
Tangible
Assets
Vehicles
Assets to be
Disposed off
Other
Tangible
Assets (*)
Total
Cost
Additions
Disposals
Transfers (**)
12.454
(8.123)
(111)
4.220
36.146
(3.523)
32.623
2.492
815
(734)
(232)
2.341
226.189
177.100
(51.161)
(2.274)
1.228
351.082
209.093
31.731
(6.907)
(408)
233.509
486.374
209.646
(70.448)
(2.914)
1.117
623.775
Accumulated Depreciation of Disposals
Transfers (**)
2.442
282
(1.970)
754
26.698
5.970
(3.387)
29.281
557
393
(144)
4
810
6.138
5.378
(1.649)
(76)
392
10.183
96.213
37.864
(5.792)
(256)
128.029
132.048
49.887
(12.942)
(328)
392
169.057
10.012
9.448
1.935
220.051
112.880
354.326
3.466
3.342
1.531
340.899
105.480
454.718
(*) Other tangible fixed assets comprise leasehold improvements, safety box, office equipment, furniture and other fixed assets. (**) TRY 3.117 Thousand of the balance is transferred from assets held for sale to tangible fixed assets due to not being disposed off within one year; TRY 5.598 Thousand of real estates
to be disposed off have met the definition of non-current assets held for sale and have been transferred to assets held for sale. In the current period, tangible assets amounting to TRY 172
Thousand have been transferred to intangible assets and investment properties amounting to TRY 67 Thousand have been transferred to tangible assets.
(***) In the current period, TRY 1.577 Thousand additional impairment has been provided for assets to be disposed off and TRY 2.413 Thousand impairment has been reversed due to
disposals. In the current period, TRY 111 Thousand additional impairment has been recognized for buildings.
Buildings
Leased
Tangible
Assets
Vehicles
Assets Held
for Resale
Other
Tangible
Assets (*)
Total
Cost
Additions
Disposals
Transfers (**)
Impairment (Losses) / Reversal
12.112
342
12.454
38.957
(2.811)
36.146
1.760
1.873
(1.141)
2.492
186.864
104.400
(69.279)
(1.234)
5.438
226.189
167.563
45.905
(4.375)
209.093
407.256
152.178
(77.606)
(1.234)
5.780
486.374
Accumulated Depreciation of Disposals
Transfers
Impairment (Losses) / Reversal
2.127
309
6
2.442
21.653
7.380
(2.335)
26.698
845
416
(704)
557
4.127
3.691
(1.875)
(95)
290
6.138
67.511
32.683
(3.981)
96.213
96.263
44.479
(8.895)
(95)
296
132.048
9.985
17.304
914
182.737
100.054
310.994
10.012
9.448
1.935
220.051
112.880
354.326
(*) Other tangible fixed assets comprise leasehold improvements, safety box, office equipments, furniture and other fixed assets. (**) TRY 7.205 Thousand of the balance is transferred from assets held for sale to tangible fixed assets due to not being disposed off within one year, TRY 8.344 Thousand of real estates
to be disposed off have met the definition of non-current assets held for sale and have been transferred to assets held for sale.
(***)During the period, TRY 1.619 Thousand additional impairment has been provided for assets to be disposed off and TRY 7.103 Thousand impairment has been reversed due to
disposals.
217
13. Information on Intangible Assets
13.1. Opening and Ending Book Values and Accumulated Depreciation Balances:
Current Period
26.716
(14.589)
12.127
Book Value
Accumulated Depreciation
Net Book Value
Prior Period
20.889
(10.451)
10.438
13.2. Intangible Assets Movement Table:
Rights
Other Intangible Assets
Total
144
1.148
430
1.722
20.745
4.249
24.994
20.889
5.397
430
26.716
137
225
258
620
10.314
3.655
13.969
10.451
3.880
258
14.589
7
10.431
10.438
1.102
11.025
12.127
Rights
Other Intangible Assets
Total
Cost
Additions
Transfers (*)
Disposals
Transfers (*)
Disposals
(*) In the current period, TRY 172 Thousand of the balance from tangible assets is transferred to intangible assets.
Cost
Additions
Disposals
Disposals
143
1
144
17.347
3.475
(77)
20.745
17.490
3.476
(77)
20.889
132
5
137
7.105
3.276
(67)
10.314
7.237
3.281
(67)
10.451
11
10.242
10.253
7
10.431
10.438
13.3. Information on Goodwill:
As of December 31, 2011, goodwill amounts to TRY 4.111 Thousand (December 31, 2010: TRY 4.111 Thousand).
218
14. Explanations on Investment Properties
Buildings
Lands
Leased
Tangible
Assets
Vehicles
Other
Tangible
Assets
Total
Cost
Additions
Disposals
Transfers (*)
Impairment Expense
33.960
184
(281)
(75)
33.788
4.948
4.948
2.139
2.139
51
(51)
-
8.906
194
(22)
9.078
50.004
378
(281)
(73)
(75)
49.953
Disposals
Transfers (*)
3.469
681
(10)
4.140
-
2.139
2.139
4
(4)
-
7.580
455
(2)
8.033
13.192
1.136
(10)
(6)
14.312
30.491
4.948
-
47
1.326
36.812
29.648
4.948
-
-
1.045
35.641
(*) In the current period, TRY 67 Thousand of the balance from investment properties is transferred to tangible assets.
As of December 31, 2011, fair value of investment properties amounts to TRY 52.915 Thousand (December 31, 2010: TRY 50.199
Thousand).
Buildings
Lands
Leased
Tangible
Assets
Vehicles
Other
Tangible
Assets
Total
33.779
241
(60)
33.960
4.948
4.948
2.139
2.139
51
51
11.597
521
(3.212)
8.906
52.463
813
(3.212)
(60)
50.004
Disposals
2.786
683
3.469
-
2.139
2.139
4
4
9.565
601
(2.586)
7.580
14.490
1.288
(2.586)
13.192
30.993
4.948
-
-
2.032
37.973
30.491
4.948
-
47
1.326
36.812
Cost
Additions
Disposals
Impairment Expense
219
15. Explanations on Deferred Tax Asset
As of December 31, 2011, deferred tax asset calculated as the net amount according to the temporary differences, except for general loan
loss provision and provision for possible risks is TRY 21.947 Thousand. As noted in disclosure 8.4 of section V.II, for purpose of
consolidated financial statements deferred taxes arising from different consolidated subsidiaries are presented separately in assets and
liabilities. Therefore, TRY 21.955 Thousand deferred tax assets and TRY 8 Thousand deferred tax liabilities are presented separately in the
accompanying consolidated financial statements (December 31, 2010: TRY 10.754 Thousand deferred tax assets).
Other Provisions
Other
Deferred Tax Asset/(Liability), net
Current Period
Deferred Tax Base
29.909
5.982
15.835
3.167
60.881
12.176
(14.064)
(2.813)
16.133
3.227
1.042
208
109.736
21.947
Other Provisions
Other
Prior Period
Deferred Tax Base
23.898
4.780
24.769
4.954
33.145
6.629
(22.911)
(4.582)
(5.038)
(1.008)
(94)
(19)
53.769
10.754
Movement of the net deferred tax asset/ (liability) as of December 31, 2011 and December 31, 2010 is stated as below:
Deferred Tax Asset, January 1
Deferred Tax Recognized Directly Under Equity
Deferred Tax Benefit /(Charge)
Current Period
10.754
5.083
6.110
21.947
Prior Period
5.946
(953)
5.761
10.754
16. Information on Assets Held for Sale
Assets held for sale consist of tangible assets which are obtained from non-performing loans and they are recognized as required in
accordance with the prevailing Communiqué of “Principles and Procedures on Bank’s Disposal of Precious Metals and Assets Held for Sale”
published on November 1, 2006 in the Official Gazette numbered 26333 in the consolidated financial statements.
Additions
Disposals
Transfers (Net) (*)
Impairment (**)
Closing Balance, 31 December
Current Period
6.509
3.239
(3.468)
2.481
(37)
8.724
Prior Period
9.196
(3.791)
1.139
(35)
6.509
(*)TRY 3.117 Thousand of the balance is transferred from assets held for sale to tangible fixed assets due to not being disposed off within one year; TRY 5.598 Thousand of real estates to
be disposed off have met the definition of non-current assets held for sale and have been transferred to assets held for sale.
(**)TRY 244 Thousand additional impairment has been recognized and TRY 209 Thousand impairment has been reversed due to disposals in the prior.
17. Information on Other Assets
As of December 31, 2011, other assets amount to TRY 220.248 Thousand. Other assets account does not exceed 10% of the total assets
220
II. Explanations and Disclosures Related to the Consolidated Liabilities
1.1.Information on Maturity Structure of Deposits:
Current Period
I. Real Person Current
Deposits-TRY
II. Real Person Profit Sharing
Accounts-TRY
Public Sector
Commercial Sector
Other Institutions
Institutions
Central Bank
Domestic Banks
Foreign Banks
Banks
Other
Public Sector
Commercial Sector
Other Institutions
Institutions
Banks
V.Real Person Current
Deposits-FC
VI. Real Person Profit Sharing
Accounts-FC
Turkey
Abroad
Banks
Central Bank
Domestic Banks
Foreign Banks
Banks
Other
Public Sector
Commercial Sector
Other Institutions
Institutions
Residents in Turkey
Residents Abroad
Residents in Turkey
Residents Abroad
Total (I+II+…..+IX+X+XI)
Demand
Up to 1
Month
Up to 3
Months
Up to 6
Months
Up to 9
Months
Up to 1
Year
1 Year
and Over
Accumulated
Profit Sharing
Accounts
Total
560.652
-
-
-
-
-
-
-
560.652
-
1.552.244
799.747
163.642
- 121.309
2.314.661
-
4.951.603
950.762
27.575
893.448
28.391
-
-
-
-
-
-
-
950.762
27.575
893.448
28.391
1.183
-
-
-
-
-
-
-
1.183
165
165
-
223.983
82
209.408
14.474
265.225
10
258.996
6.139
35.508
81
13.819
21.608
-
17.430
5.060
12.370
713.837
2.590
598.282
112.215
-
165
165
1.255.983
2.763
1.085.565
166.806
-
19
80
-
-
-
750
-
849
-
-
-
-
-
-
-
-
-
236.574
-
-
-
-
-
-
-
236.574
- 101.823
-
390.367
386.765
70.884
807.731
-
1.757.570
420.337
-
-
-
-
-
-
-
420.337
350.214
-
-
-
-
-
-
-
350.214
28.486
-
-
-
-
-
-
-
28.486
41.637
15.737
25.900
-
198.675
30
147.460
634
264.490
262.053
342
91.093
12.296
78.772
-
59.129
35.292
-
594.069
46
566.342
23.335
-
41.637
15.737
25.900
1.207.456
76
1.023.443
103.083
-
1.987
10
25
-
1.210
1.865
-
5.097
951.984
48.564
-
2.085
-
-
-
22.627
-
2.481
-
-
75.757
951.984
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
3.120.309
2.365.269
1.716.227
361.127
- 299.691
4.430.298
- 12.292.921
221
Prior Period
I. Real Person Current
Deposits-TRY
II. Real Person Profit Sharing
Accounts-TRY
Public Sector
Commercial Sector
Other Institutions
Institutions
Central Bank
Domestic Banks
Foreign Banks
Banks
Other
Public Sector
Commercial Sector
Other Institutions
Institutions
Banks
V.Real Person Current
Deposits-FC
VI. Real Person Profit Sharing
Accounts-FC
Turkey
Abroad
Banks
Central Bank
Domestic Banks
Foreign Banks
Banks
Other
Public Sector
Commercial Sector
Other Institutions
Institutions
Residents in Turkey
Residents Abroad
Residents in Turkey
Residents Abroad
Total (I+II+…..+IX+X+XI)
222
Demand
Up to 1
Month
Up to 3
Months
Up to 6
Months
Up to 9
Months
Up to 1
Year
1 Year
and Over
Accumulated
Profit Sharing
Accounts
Total
487.918
-
-
-
-
-
-
-
487.918
- 1.851.180 1.175.698
254.717
-
-
4.943.202
876.977
90.765
769.955
14.455
-
-
-
-
190.314 1.471.293
-
-
-
876.977
90.765
769.955
14.455
829
-
-
-
-
-
-
-
829
973
973
-
459.845
5
448.690
10.653
500.418
64
458.319
41.960
58.618
25.626
32.992
-
12.531
8.679
3.852
249.176
230.771
17.569
-
973
973
1.280.588
69
1.172.085
107.026
-
497
75
-
-
-
836
-
1.408
-
-
-
-
-
-
-
-
-
261.028
-
-
-
-
-
-
-
261.028
-
523.290
544.120
122.153
-
132.089
474.593
-
1.796.245
329.874
-
-
-
-
-
-
-
329.874
302.245
-
-
-
-
-
-
-
302.245
20.243
-
-
-
-
-
-
-
20.243
7.386
5.172
2.214
-
252.706
52
231.416
588
451.406
441.254
5.405
120.325
37.631
79.313
-
35.627
34.664
-
127.227
112.202
11.712
-
7.386
5.172
2.214
987.291
52
857.167
97.018
-
20.629
211
3.381
-
963
3.313
-
28.497
123.372
21
-
4.536
-
-
-
-
-
-
4.557
123.372
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
2.079.169 3.087.021 2.671.642
555.813
- 370.561 2.322.289
-
11.086.495
1.2.Current and Participation Accounts Attributable to Real Entities/Persons Under the Guarantee of Saving Deposit Insurance
Fund Exceeding the Limit of the Deposit Insurance Fund:
Under the Guarantee of Saving Deposit
Insurance
Exceeding the Limit of Saving Deposit
Insurance
Current Period
Prior Period
Current Period
Prior Period
3.825.673
3.503.770
4.577.635
4.036.931
TRY Accounts
2.775.039
2.854.573
2.737.187
2.545.285
FC Accounts
1.050.634
649.197
1.840.448
1.491.646
Foreign Branches’ Deposits Under Foreign
-
-
-
-
Off-shore Banking Regions’ Deposits Under Foreign
-
-
-
-
Real Persons Current and Profit Sharing Accounts that
are not Subject to Commercial Activities
1.3.Current and Profit Sharing Accounts which are not under the Guarantee of Deposit Insurance Fund:
Current Period
Deposits and Other Accounts held at Foreign Branches
-
Deposits and Other Accounts held by Shareholders and their Relatives
Deposits and Other Accounts of the Chairman and Members of Board of Directors, Chief Executive Officer, Senior
Executive Officers and their Relatives
Deposits and Other Accounts held as Assets subject to the Crime defined in the Article 282 of the Turkish Criminal
Code no. 5237 dated 26 September 2004
Deposits at Depository Banks established for Off-Shore Banking Activities in Turkey
Total
26.121
32.769
58.890
2. Information on Derivative Financial Liabilities Held for Trading
As of December 31, 2011, derivative financial liabilities held for trading amounts to TRY 11.715 Thousand (December 31, 2010: TRY 5.397
Thousand).
Current Period
Swap Transactions
Options
Other
Total
TRY
-
FC
2.312
9.403
11.715
Önceki Dönem
TRY
-
FC
176
5.221
5.397
3. Information on Borrowings
3.1.Information on Banks and Other Financial Institutions:
Loans from Central Bank of the Republic of Turkey
From Domestic Banks and Institutions
From Foreign Banks, Institutions and Funds
Total
TRY
27.357
27.357
Current Period
FC
24.821
1.433.009
1.457.830
TRY
28.474
28.474
Prior Period
FC
45.096
577.141
622.237
3.2. Maturity Analysis of Borrowings:
Current Period
Short-Term
Total
TRY
9.522
17.835
27.357
FC
938.119
519.711
1.457.830
Önceki Dönem
TRY
1.272
27.202
28.474
FC
545.027
77.210
622.237
3.3. Additional Explanation related to the Concentrations of the Parent Bank’s Major Liabilities:
None.
223
4. Other Liabilities Exceeding 10% of the Balance Sheet Total Excluding Off-Balance Sheet Commitments and the
Breakdown of Such Liabilities Constituting at Least 20% of the Grand Total
Other liability items amount to TRY 289.793 Thousand and do not exceed 10% of the balance sheet total (December 31, 2010: TRY
275.964 Thousand).
5. Information on Finance Lease Obligations
None.
6. Information on Derivative Financial Liabilities for Hedging Purposes
None.
7. Explanations on Provisions
7.1. Information on General Loan Loss Provision:
General Provisions
Provisions for First Group Loans and Receivables
The Bank’s Share
Other
Provisions for Second Group Loans and Receivables
The Bank’s Share
Other
Provisions for Non Cash Loans
Current Period
131.066
98.783
47.908
50.875
15.538
3.929
11.609
16.745
Prior Period
117.204
85.241
43.833
41.408
15.711
3.084
12.627
16.252
7.2. Movement of General Loan Loss Provisions
Current Period
Charge for Period
Prior Period
Opening Balance – January 1, 2010
Charge for Period
117.204
9.768
(3.925)
8.019
131.066
89.368
22.088
(1.561)
7.309
117.204
7.3.Information on Provision for Foreign Exchange Losses on the Foreign Currency Indexed Loans and Finance Lease Receivables:
As of December 31, 2011, the Group’s provision for foreign currency indexed loans amounts to TRY 2.518 Thousand (December 31, 2010:
TRY 9.962 Thousand). Provisions for foreign currency indexed loans are offset under the loan balance in the financial statements.
7.4.Information on the Specific Provisions Provided for Unindemnified Non-Cash Loans:
As of December 31, 2011, the Group’s specific provision for unindemnified non-cash loans amounts to TRY 21.016 Thousand (December
31, 2010: TRY 9.705 Thousand).
7.5.Explanations on Other Provisions:
7.5.1. Information on Provisions for Potential Risks:
one (December 31, 2010: None).
224
7.5.2. Information on Other Provisions:
Other Provisions
Provision for Unindemnified Non-Cash Loans
Provision for Credit Cards and Promotion of Banking Services
Provision Amount Allocated for Profit-Share Accounts
Payment Commitment for Checks
Litigation Provision
Other (*)
Total
Current Period
21.016
4.434
3.616
2.001
1.704
22
32.793
Prior Period
9.705
4.212
6.170
1.308
16.000
37.395
(*) Other provisions, provisions for loan portfolio allocated to cover future potential losses include.
7.5.3. Movement of the Retirement Pay Provision:
Current Service Cost
Discount Cost
Benefits Paid
Settlement/Curtailment/Termination Loss/(Gain)
Actuarial Loss/(Gain)
Closing Balance
Current Period
12.697
2.570
1.193
(1.547)
336
981
16.230
Prior Period
8.572
2.016
906
(954)
561
1.596
12.697
The Parent Bank has reflected the employee benefit provision to the financial statements by using actuarial valuation method stated in TAS
19.
As of December 31, 2011, the Group provided a provision of TRY 14.032 Thousand for the unused vacation pay (December 31, 2010: TRY
11.566 Thousand).
8. Explanations on Taxes Payable
8.1.Information on Current Tax Liability:
As of December 31, 2011, the Group’s corporate tax payable is TRY 10.068 Thousand offsetting the prepaid corporate tax (December 31,
2010: TRY 15.726 Thousand).
Current Period
Prior Period
Provision for Corporate Taxes
60.625
70.887
Prepaid Corporate Tax
(50.557)
(55.161)
Corporate Tax Payable
10.068
15.726
(*) In current period income statement, tax expense for prior period amounts to TRY 215 Thousand is presented in the provision for income tax and other dues account (December 31,
2010: None).
8.2.Information on Taxes Payable:
Corporate Taxes Payable
Taxation of Securities
Property Tax
Banking Insurance Transaction Tax (BITT)
Foreign Exchange Transaction Tax
Value Added Tax Payable
Other
Total
Current Period
10.068
8.599
638
11.398
448
11.550
42.701
Prior Period
15.726
7.179
471
7.089
1.779
11.271
43.515
225
8.3.Premiums:
Social Security Premiums-Employee
Social Security Premiums-Employer
Bank Social Aid Pension Fund Premium-Employee
Bank Social Aid Pension Fund Premium-Employer
Pension Fund Membership Fees and Provisions-Employee
Pension Fund Membership Fees and Provisions-Employer
Unemployment Insurance-Employee
Unemployment Insurance-Employer
Other
Total
Current Period
4.748
6.614
338
681
17
12.398
Prior Period
2.628
3.654
186
372
6
6.846
8.4.Explanations on Deferred Tax Liabilities:
As of December 31, 2011, deferred tax liability amounts to TRY 8 Thousand (December 31, 2010: None). Movement of deferred tax liability
and temporary differences are disclosed in Note 15 of section V.I.
9. Information on Liabilities Regarding Assets Held for Sale and Discontinued Operations
None.
10. Information on Subordinated Loans
None.
11. Information on Shareholders’ Equity
11.1. Presentation of Paid-in Capital:
Common Stock
Preferred Stock (*)
Current Period
540.000
360.000
Prior Period
540.000
360.000
(*) Preferred stockholders have the right to nominate candidates for the Board of Directors and the Audit Committee.
11.2. Paid-in Capital Amount, Explanation as on whether the Registered Share Capital System is Applicable at the Parent Bank, if
so, Amount of the Registered Share Capital Ceiling:
Registered capital system is not applied in the Parent Bank.
11.3. Share Capital Increases and Their Sources; Other Information on Increased Capital Shares in the Current Period:
None.
11.4. Information on Share Capital Increases from Capital Reserves:
None.
11.5. Information on Share Capital Increases from Revaluation Funds:
None.
11.6. Capital Commitments in the Last Fiscal Year and at the End of the Following Interim Period, General Purpose of These
Commitments and Projected Resources Required to Meet These Commitments:
None.
226
11.7. Indicators of the Parent Bank’s Income, Profitability and Liquidity for Prior Periods and Possible Effects of These Future
Assumptions on the Equity due to the Uncertainty of These Indicators:
The Parent Bank carries its activities in a high profitable level and retains the major portion of its net profit within equity by means of transfers
to reserve accounts and capital increases. Also, the Parent Bank allocates its equity to highly liquid and profit generating assets.
11.8. Summary Information of Privileges Granted To Preferred Stocks:
The holders of the preferred stocks have the right to nominate candidates for the Board of Directors and the Audit Committee.
11.9. Explanations on Marketable Securities Value Increase Fund:
From Associates, Subsidiaries, and Entities under Common Control (Joint Vent.)
Total
Current Period
(13.599)
(13.599)
(13.599)
Prior Period
6.732
6.732
6.732
Current Period
98.711
18.383
412
(8.056)
326
109.776
Prior Period
98.510
18.383
383
(9.057)
1.030
109.249
12. Explanations on Minority Shares
Paid in Capital
Share Premium
Legal Reserve
Prior Year Profit or Loss
Net Profit/(Loss) for the Period
Total
III. Explanations and Disclosures Related to the Consolidated Off-Balance Sheet Contingencies and
Commitments
1. Explanation on Contingent Liabilities
1.1.Nature and Amounts of Irrevocable Loan Commitments:
Asset Purchase-Sale Commitments
Capital Commitments for Associates and Subsidiaries (*)
Loan Granting Commitments
Commitments for Credit Card Expenditure Limits
Commitments for Credit Card and Retail Banking Promotions
Payment Commitments for Checks
Tax and Fund Liabilities from Export Commitments
Other Irrevocable Commitments
Total
Current Period
1.085.835
10.798
353.633
2.066.016
7.236
650.723
1.883
39.910
4.216.034
Prior Period
115.567
2.000
341.648
1.661.296
7.257
580.319
1.880
55.864
2.765.831
(*) It consists of capital commitment amounting to TRY 9.798 Thousand to the Bank’s subsidary, Asya Emeklilik ve Hayat A.Ş. and TRY 1.000 Thousand to the Bank’s associates, Kredi
Garanti Fonu A.Ş. (December 31, 2010: It consists of capital commitment amounting to TRY 2.000 Thousand to the Bank’s associate, Kredi Garanti Fonu A.Ş.).
227
1.2.Non-cash Loans Including Guarantees, Bank Acceptances and Avalized Drafts, Collaterals That Qualify as Financial Guarantees
and Other Letters of Credit:
1.2.1. Non-cash Loans Including Guarantees, Bank Acceptances and Avalized Drafts, Collaterals That Qualify as Financial
Guarantees and Other Letters of Credit:
Current Period
7.556.575
323.970
1.334.519
133.695
9.348.759
Guarantees
Bank Acceptances and Avalized Drafts
Letter of Credits
Other Guarantees
Total
Prior Period
7.938.655
154.318
997.362
136.548
9.226.883
1.2.2. Long Standing Guarantees, Temporary Guarantees, Sureties and Similar Transactions:
Definite Letters of Guarantee
Provisional Letters of Guarantees
Suretyships and Similar Transactions
Total
Current Period
5.222.228
759.066
1.575.281
7.556.575
Prior Period
5.891.224
937.000
1.110.431
7.938.655
Current Period
481.766
6.335
475.431
8.866.993
9.348.759
Prior Period
134.953
5.405
129.548
9.091.930
9.226.883
1.3. Total Amount of Non-Cash Loans:
Non-cash loans given against achieving cash loans
With maturity of 1 year or less than 1 year
With maturity of more than 1 year
Other non-cash loans
Total
2. Sectoral Risk Concentration of Non-Cash Loans
Agricultural
Farming and Raising Livestock
Forestry
Fishery
Manufacturing
Mining
Production
Electric, Gas and Water
Construction
Services
Hotel, Food and Beverage
Services
Transportation and
Telecommunication
Services
Education Services
Other
Total
228
TRY
59.359
46.078
12.012
1.269
1.215.112
118.431
665.044
431.637
1.847.275
848.606
212.744
Current Period
(%)
FC
1,47
53.049
1,14
47.705
0,30
492
0,03
4.852
30,02 2.858.268
2,93
236.047
16,43 2.084.712
10,66
537.509
45,64 1.401.148
20,97
958.710
5,26
173.321
(%)
1,00
0,90
0,01
0,09
53,92
4,45
39,32
10,14
26,43
18,08
3,27
TRY
59.075
46.038
12.080
957
1.285.981
99.866
706.971
479.144
2.006.166
803.842
214.921
Prior Period
(%)
FC
1,40
21.182
1,09
21.014
0,29
13
0,02
155
30,43 2.841.818
2,36
229.697
16,73 1.660.230
11,34
951.891
47,47 1.275.631
19,01
821.537
5,08
166.733
(%)
0,42
0,42
0,00
0,00
56,83
4,59
33,20
19,04
25,51
16,42
3,33
69.196
1,71
107.478
2,03
73.912
1,75
58.248
1,16
171.298
4,23
399.846
7,54
143.854
3,40
414.787
8,30
124.597
3,08
221.315
4,17
81.229
1,92
123.979
2,48
38.550
0,95
5.832
0,11
87.120
2,06
18.576
0,37
51.748
30.567
149.906
77.155
4.047.507
1,28
0,76
3,70
1,90
100,00
25.782
7.083
18.053
30.077
5.301.252
0,49
0,13
0,34
0,57
100,00
41.260
24.405
137.141
71.531
4.226.595
0,98
0,58
3,24
1,69
100,00
9.300
4.199
25.715
40.120
5.000.288
0,19
0,08
0,51
0,82
100,00
3.
Information on Ist and IInd Group Non-Cash Loans
I st Group
Non-Cash Loans
Letters of Guarantee
Endorsements and Acceptances
Letters of Credit
Endorsements
Underwriting Commitments
Factoring Commitments
Other Commitments and Contingencies
TRY
3.939.696
3.892.666
25.244
758
21.028
II nd Group
FC
5.202.176
3.462.721
296.584
1.330.286
112.585
TRY
107.811
103.447
2.142
2.140
82
FC
99.076
97.741
1.335
-
4. Information on Derivative Financial Instruments
Derivative Transactions According to Purposes
Trading
Hedging
Current Period
Prior Period
Current Period
Prior Period
Type of Trading Transactions
Foreign Currency Related Derivative Transactions (I)
Forward Transactions
Swap Transactions
Option Transactions
Interest Related Derivative Transactions (II)
Forward Rate Transactions
Interest Rate Swap Transactions
Interest Option Transactions
Futures Interest Transactions
Marketable Securities Call-Put Options (III)
Other Trading Derivative Transactions (IV)
A. Total Trading Derivative Transactions (I+II+III+IV)
Types of Hedging Transactions
Fair Value Hedges
Cash Flow Hedges
Net Investment Hedges
B. Total Hedging Related Derivatives
Total Derivative Transactions (A+B)
1.316.473
1.316.473
-
926.555
926.555
-
-
-
-
-
-
-
1.316.473
926.555
-
-
1.316.473
926.555
-
-
229
As of December 31, 2011 and December 31, 2010, the breakdown of the Group’s foreign currency forward transactions based on
currencies are disclosed below in their TRY equivalents.
Current Period
TRY
USD
EUR
GOLD
Total
Forward Buy
12.169
9.533
44.327
587.602
653.631
Forward Sell
9.450
653.392
662.842
Prior Period
TRY
USD
EUR
Total
Forward Buy
268.243
194.735
462.978
Forward Sell
463.577
463.577
As of December 31, 2011, the Group does not have any derivative transactions for the purpose of cash flow hedge.
5. Explanations on Contingent Liabilities and Assets
As of the balance sheet date, there are 1.344 ongoing court cases against the Group amounting to TRY 46.092 Thousand and EUR 946
based on the information provided from the legal department of the Group for one of the ongoing court cases mentioned above (December
31, 2010: There were 1.074 ongoing court cases against the Group amounting to TRY 18.583 Thousand, 2.319 USD and EUR 946),
provision amounting to TRY 1.704 Thousand has been allocated (December 31, 2010: TRY 1.308 Thousand). In addition to the
aforementioned lawsuits, the amount of the loss claim lawsuits from insurance operation is TRY 25.930 Thousand (December 31, 2010:
TRY 16.819 Thousand), and provision for the whole amount has been recognized in the “Insurance technical reserves” item of balance
sheet. Total amount of letters of guarantees, guarantees and commitments submitted by the Group pursuant to its own internal affairs and
guarantees given by other institutions submitted by the Group pursuant to the third parties benefit of the Group stands at TRY 34.501
Thousand (December 31, 2010: TRY 32.454 Thousand) and is recognized under “Other irrevocable commitments” item of off-balance sheet
contingencies and commitments.
6. Explanations related to Custodian and Intermediary Services
None.
7. Summary Information on the Parent Bank’s Rating by the International Rating Institutions
FITCH RATINGS
Foreign Currency
Long Term
Short Term
Outlook
Turkish Lira
Long Term
Short Term
Outlook
International
Long Term
Outlook
Individual Rating
Support Points
B+
B
Stable
B+
B
Stable
A-(tour)
Stable
D
5
The information is obtained from the Fitch Ratings Report as of November 22, 2011.
230
MOODY’S
Financial Strength
Outlook
Foreign Currency
Long Term
Short Term
Outlook
Turkish Lira
Long Term
Short Term
Outlook
International
Long Term
Short Term
D
Stable
Ba3
B1
Stable
Ba2
Ba1
Stable
A3
TR-1
The information is obtained from the Moody’s Investor Service report as of February 22, 2012.
SAHA Kurumsal Yönetim ve Kredi Derecelendirme Hizmetleri A.Ş. has completed its Corporate Governance rating report for Bank Asya in
accordance with the Turkish Capital Markets Board’s communiqué of “Capital Market Rating Operations and Corporate Governance
Principles”. Bank Asya’s Corporate Governance rating score previously has been identified as 81,69 on July 1, 2010 and revised to 82,56 as
of July 1, 2011.
IV. Explanations and Disclosures Related to the Consolidated Income Statement
1. Information on Profit Share Income
1.1. Information on Profit Share on Loans:
I st Group
Profit Share on Loans
Short Term Loans
Medium and Long Term Loans
Profit Share on Non-Performing Loans
Premiums Received from Resource Utilization
Support Fund
II nd Group
TRY
1.070.992
358.215
698.268
14.509
FC
102.071
29.292
72.779
-
TRY
25.346
3.321
22.025
-
FC
3.051
141
2.910
-
-
-
-
-
TP
YP
TP
YP
-
-
13.364
-
2.616
1.289
3.905
71
572
643
2.271
20.394
36.029
1.975
1.975
1.2. Profit Share from Banks:
Current Period
Central Bank of the Republic of Turkey (Reserve
Deposit)
Domestic Banks
Foreign Banks (*)
Foreign Head Office and Branches
Total
Prior Period
(*) Foreign banks include profit shares from “murabaha” loans.
231
1.3. Information on Interest Received from Marketable Securities:
Current Period
Held-for-Trading Financial Assets
Financial Assets at Fair Value through Profit and
Loss
Available for Sale Financial Assets
Total
Prior Period
TP
-
YP
-
TP
-
YP
-
-
-
-
-
49.234
8.882
58.116
-
21.050
9.834
30.884
-
Current Period
15.438
Prior Period
15.164
1.4. Information on Profit Share Income Received from Associates and Subsidiaries:
Profit Share Income Received from Associates and Subsidiaries
2. Information on Profit Share Expenses
2.1. Information on Interest on Funds Borrowed:
Current Period
Banks
Domestic Banks
Foreign Banks
Branches and Foreign Head Office Abroad
Other Institutions
Total
TRY
4.599
4.599
4.599
FC
38.562
1.036
37.526
38.562
Prior Period
TRY
198
198
198
FC
16.538
1.036
15.502
16.538
Current Period
7.585
Prior Period
599
2.2. Information on Profit Share Expense Given to Associates and Subsidiaries:
Profit Share Expenses Given to Associates and Subsidiaries
2.3. Information on Profit Share Expense to Marketable Securities Issued:
None.
232
2.4. Distribution of Profit Share Expense on Deposits Based on Maturity of Deposits:
Current Period
Account Name
TRY
Total
FC
Total
Grand Total
Toplam
Genel Toplam
Up to 3
Months
-
-
-
-
-
-
-
127.526
4
17.620
915
146.065
70.871
28
18.585
2.150
91.634
14.933
6
1.088
1.026
17.053
-
11.874
1.363
879
14.116
156.517
37
49.981
3.156
209.691
381.721
75
88.637
8.126
478.559
533
67
406
-
583
29
1.618
16.548
1
5.660
16
22.758
168.823
14.974
11.097
166
26.304
117.938
3.078
1.307
4.386
9.177
26.230
-
5.010
2.099
7.692
21.808
23.526
18.129
608
42.292
251.983
63.136
1
38.292
5.176
108.223
586.782
Up to 1
Month
Up to 3
Months
88.688
1
18.240
454
107.383
102.234
2
23.906
790
126.932
27.032
1.441
3.480
31.953
-
20.927
3.831
182
24.940
157.190
20.967
1.831
179.988
396.071
3
68.385
6.737
471.196
812
14.736
1
5.335
14
20.898
128.281
69
20.560
13.461
309
34.399
161.331
7.796
5.215
3.321
16.332
48.285
-
8.360
2.272
10.632
35.572
30.298
6.889
499
37.686
217.674
881
81.750
1
33.172
4.143
119.947
591.143
Prior Period
Account Name
TRY
Total
FC
Total
Grand Total
Up to 6
Up to 9
Up to 1 More than
Months
Months
Year
1 Year
Up to 1
Month
Up to 6
Up to 9
Up to 1 More than
Months
Months
Year
1 Year
Total
Total
3. Explanations on Dividend Income
The Group has TRY 131 Thousand of dividend income (December 31, 2010: TRY 171 Thousand).
233
4. Information on Net Trading Income
Income
Securities Trading Gains
Gains on Derivative Financial Instruments
Foreign Exchange Gains
Losses (-)
Securities Trading Losses
Losses on Derivative Financial Instruments
Foreign Exchange Losses
Current Period
6.061.423
1.236
225.104
5.835.083
(6.021.966)
(2.570)
(160.894)
(5.858.502)
Prior Period
3.271.750
4.527
65.342
3.201.881
(3.223.623)
(1.246)
(34.834)
(3.187.543)
Current Period
1.203
22.742
88.007
87.362
13.975
17.548
230.837
Prior Period
9.719
20.540
88.478
82.786
3.154
16.420
221.097
5. Explanations on Other Operating Income
The detail of other operating income is stated as below:
Communication Expense Reversal
Gain on Sale of Assets
Adjustments to Previous Years’ Expenses (*)
Insurance Technical Reserves
Gain on Timeshare Sales
Other
Total
(*) Adjustments to previous years’ expenses consists of amounting to TRY 67.242 Thousand special provision, general loan provision and provision reversal related to receivables and fees
from the doubtful receivables and TRY 12.293 Thousand provision reversal related to cheques (December 31, 2010: TRY 88.110 Thousand).
6. Provision Expenses of the Bank for Loans and Other Receivables
Specific Provisions for Loans and Other Receivables
III. Group Loans and Receivables
IV. Group Loans and Receivables
V. Group Loans and Receivables
Doubtful Commission, Fee and Other Receivables
General Provision Expenses
Provision Expenses for Possible Losses
Marketable Securities Impairment Losses
Financial Assets at Fair Value through Profit and Loss
Investment Securities Available for Sale
Impairment Provision Expense
Associates
Subsidiaries
Entities under Common Control
Investments Held to Maturity
Other
Total
234
Current Period
170.277
30.827
953
127.637
10.860
9.768
48.153
228.198
Prior Period
107.508
27.471
14.379
54.915
10.743
22.088
66
66
37.891
167.553
7. Information on Other Operating Expenses
Personnel Expenses
Provision for Employee Termination Benefits
Bank Social Aid Provision Fund Deficit Provision
Impairment Expenses of Fixed Assets
Depreciation Expenses of Fixed Assets
Impairment Expenses of Intangible Assets
Impairment Expense of Goodwill
Amortization Expenses of Intangible Assets
Impairment Provision for Investments Accounted for under Equity Method
Impairment Expenses of Assets to be Disposed off
Depreciation Expenses of Assets to be Disposed off
Impairment Expenses of Assets Held for Sale
Other Operating Expenses
Rent Expenses
Maintenance Expenses
Advertisement Expenses
Other Expenses
Loss on Sales of Assets
Other (*)
Total
Current Period
278.459
5.080
186
45.645
3.880
1.577
5.378
37
198.476
57.753
3.677
30.406
106.640
2.893
105.042
646.653
Prior Period
253.214
5.079
60
42.076
3.281
1.619
3.691
244
182.016
45.193
2.779
34.259
99.785
9.637
109.957
610.874
(*) Other expenses consist of TRY 52.907 Thousand insurance technical expenses (December 31, 2010: TRY 61.111 Thousand).
8. Explanation on Continuing Operations and Discontinued Operations Profit or Loss before Tax
The Group’s profit before tax is decreased by 15,72% (December 31, 2010: 15%) as compared to the prior year figures and total profit
before tax amounts to TRY 276.658 Thousand (December 31, 2010: TRY 328.251 Thousand ). Profit before tax includes TRY 636.376
Thousand (December 31, 2010: TRY 601.165 Thousand) net profit share income, TRY 241.076 Thousand (December 31, 2010: TRY
234.907 Thousand) net fees and commission income. Total operating expense amount is TRY 646.653 Thousand (December 31, 2010: TRY 610.874 Thousand).
9. Explanation on Continuing Operations and Discontinued Operations Tax Provision
As of December 31, 2011, current tax expense is TRY 60.625 Thousand (December 31, 2010: TRY 70.887 Thousand) and deferred tax
income is TRY 6.110 Thousand (December 31, 2010: TRY 5.761 Thousand deferred tax income).
10. Information on Operating Profit/Loss After Taxes
Net profit of the Group is decreased by 15,58% as of December 31, 2011 as compared to the prior year’s net profit.
11. Explanations on Net Income / Loss for the Period
The nature and amount of certain income and expense items from ordinary operations is disclosed if the disclosure for nature, amount and
repetition rate of such items is required for the complete understanding of the Group’s performance for the period: None.
Effect of changes in accounting estimates on income statement for the current and, if any, for subsequent periods: None.
235
12. The Description and Amounts of Items which Constitute at Least 20% of Other Items in the Income Statement, if
These Liabilities Exceed 10% of the Total Income Statement
Other fees and commissions received/given are stated as below:
Other Fees and Commission Received
Member Firm-POS Fees and Commission
Commissions on Collection and Disbursement
Expertise Fees
Money Transfer Commissions
Insurance Underwriting Commissions
Other
Total
Other Fees and Commissions Given
Credit Cards Commissions and Fees
Other
Total
Current Period
Prior Period
60.590
51.726
16.379
14.395
8.811
8.285
26.870
187.056
57.234
40.938
9.452
8.530
6.978
5.686
23.713
152.531
Current Period
Prior Period
53.573
26.038
79.611
45.550
23.904
69.454
13. Nature and Amount of Changes in Accounting Estimates which have Material Effects on The Current Period or
Expected to have Material Effects on the Subsequent Periods
None.
V. Explanations and Disclosures Related to the Statements of Shareholders’ Equity
1. Increases from Valuation of Financial Assets Available for Sale
Decrease resulting from revaluation of financial assets available for sale is TRY 13.599 Thousand (December 31, 2010: TRY 6.732 Thousand
increase).
2. Increases Due to Cash Flow Hedges
None.
3. Reconciliation of Foreign Exchange Differences at Beginning and End of Current Period
In the current period, the change in other reserves item is a result of the conversion losses of financial institutions.
4. Dividends Declared Subsequent to the Balance Sheet Date, but before the Announcement of the Financial
Statements
None.
5. Dividends per Share Proposed Subsequent to the Balance Sheet Date
None.
6. Proposals to General Assembly for the Payment Dates of Dividends and if It will not be Appropriated the Reasons
for This
The Board of Directors has not decided for profit distribution as of the reporting date.
236
7. Amounts Transferred to Legal Reserves
As of December 31, 2011, amount transferred to legal reserves is TRY 13.053 Thousand (December 31, 2010: TRY 15.296 Thousand).
8. Information on Shares Issued
None.
9. Other Information
Asyafin Sigorta Aracılık Hizmetleri Ltd. Şti. has consolidated for the first time based on the change of the communiqué on “Regulations
Regarding Banks’ Consolidated Financial Statements” published on Official Gazette numbered 27824 dated January 23, 2011 and the
effects of the scope of consolidation are shown on other line at consolidated statements of shareholders’ equity movement.
VI. Explanations and Disclosures Related to Statement of Cash Flows
1. Cash and Cash Equivalents
1.1.Components of Cash and Cash Equivalents and Accounting Policies Used to Determine Such Components:
“Cash” is defined as cash in TRY and foreign currency, money in transit, cheques purchased and demand deposits in Banks, and “Cash
equivalents” is defined as time deposits in Banks having original maturity less than three months and short term “murabaha” (sale at a
markup) loans. Deposits held in Central Bank of the Republic of Turkey are not presented as cash equivalents.
“Other” item amounting to TRY (648.922) Thousand in “Operating profit before changes in operating assets and liabilities” consists of fees
and commission paid, operating lease expenses, repairment and maintenance expenses, advertisement expenses and other operating
expenses (December 31, 2010: TRY (334.548) Thousand). “Other Income” amounting to TRY 190.470 Thousand consists of gains on
derivative financial transactions, insurance operation income foreign exchange gains and other operating income (December 31, 2010: TRY
193.093 Thousand).
“Net increase/decrease in other assets” amounting to TRY 13.094 Thousand in “Changes in operating assets and liabilities” consists of
changes in sundry debtors, insurance operation receivables, other assets and intangible asset purchases (December 31, 2010: TRY (7.124)
Thousand). “Net increase/decrease in other liabilities” with a total amount of TRY 390.005 Thousand consists of changes in sundry creditors
and other liabilities (December 31, 2010: TRY 163.738 Thousand).
“Other items” amounting to TRY 5.397 Thousand (31 December 2010: TRY 3.476 Thousand) in “Net cash provided from investing activities”
consists of cash paid for purchases of intangible assets.
The effect of changes in foreign exchange rates on cash and cash equivalents as of December 31, 2011 is approximately TRY 77.979
Thousand (December 31, 2010: TRY 8.412 Thousand).
Current Period
Prior Period
404.984
255.679
233.460
131.327
171.524
124.352
37.573
134.498
Cash
Cash Equivalents
Banks-Time Deposit
37.573
34.498
-
100.000
442.557
390.177
Current Period
Prior Period
608.441
404.984
260.104
233.460
348.337
171.524
27.260
37.573
27.260
37.573
1.4. Cash and Cash Equivalents at the End of the Period:
Cash
Cash Equivalents
Banks-Time Deposit
-
-
635.701
442.557
237
VII. Explanations on the Risk Group of the Parent Bank
1. Transaction Volume of the Risk Group of the Parent Bank, Outstanding Loan and Deposit Balances and Current
Income and Expense Amounts
1.1.Current Period:
Risk Group of the Parent Bank
Income
Direct and Indirect
Shareholders of the
the Risk Group
Group
Cash
Non-Cash
Cash
Non-Cash
Cash
Non-Cash
77.494
107.795
8.921
16.806
-
-
172.548
206.072
42.782
164.645
15.438
-
-
-
35.797
-
(*) The risk group balance includes TRY 3.411 Thousand finance lease receivables (December 31, 2010: TRY 153 Thousand).
1.2.Prior Period: Risk Group of the Parent Bank
Income
Direct and Indirect
Shareholders of the
the Risk Group
Group
Nakdi
G.Nakdi
Nakdi
G.Nakdi
Nakdi
G.Nakdi
52.357
77.494
9.225
8.921
-
-
220.914
172.548
68.491
42.782
15.164
-
-
-
23.870
-
(*) The risk group balance includes TRY 153 Thousand finance lease receivables (December 31, 2009: TRY 237 Thousand).
1.3.Risk Group Deposits Balances of the Parent Bank:
Risk Group of the Parent Bank
Current and Profit Sharing
Accounts
Balance at the Beginning of Period
Balance at the End of Period
Profit Share Expense
Direct and Indirect
Shareholders of the Group
Other Entities Included in the
Risk Group
Current Period
Current Period
Current Period
24.002
9.674
7.585
-
109.357
127.638
4.950
1.4.Information on Forward and Option Agreements and Other Similar Agreements with Related Parties:
None.
1.5.Information on Compensation of Key Management Personnel:
During the current period, the total amount of remuneration and benefits provided to the key management personnel of the Group is TRY
11.665 Thousand (December 31, 2010: TRY 10.142 Thousand). Besides remuneration, the key management personnel also receive some
further tangible rights.
238
VIII.Explanations on the Parent Bank’s Domestic, Foreign, Off-shore Branches or Investments in Associates and
1. Explanations on the Parent Bank’s Domestic, Foreign, Off-shore Branches or Investments in Associates and
Number
200
Employees
4.542
Rep-Offices Abroad (*)
-
-
Country
-
Branches Abroad
-
-
-
Total Assets
-
Capital
-
Off-shore Branches
-
-
-
-
-
Domestic Branches
(*) The Bank has received all necessary approvals from BRSA to open a representative office in Mumbai, India and a branch in Arbil, Iraq. As of the reporting date, opening representative
office and branch is still in progress.
Işık Sigorta A.Ş. from the consolidated subsidiaries operates domestically and currently has 4 regional management offices, 2 regional
representation offices and 1.172 (including the Bank branches) agencies and 169 personnel as of 31 December 2011. Tuna Gayrimenkul
Yatırım Ortaklığı A.Ş. operates domestically and currently has 18 personnel as of December 31, 2011. Tamweel Africa Holding S.A., which
operates abroad, has currently 4 banks and 10 personnel. Asya Emeklilik ve Hayat A.Ş. operates domestically and currently has 24
personnel.
2. Explanations on Branch and Agency Openings or Closings of the Parent Bank:
The Parent Bank has opened 25 new branches in the period of January 1– December 31, 2011.
I.
Other Explanations on Operations of the Group
1. Subsequent Events
Bank Asya's Board members Mr. Salih SARIGÜL and Mr. Ahmet ÇELİK have announced their resignations, effective on January 26th, 2012,
Mr. Tacettin NEGİŞ has announced his resignation, effective on February 2nd, 2012, Mr. İsmail Erol İŞBİLEN and Hülagü ÖZCAN have
announced their resignations, effective on March 12th, 2012 then, retrospectively Mr. Ali ÇELİK, Mr. Faruk İLK and Mr. Mustafa Talat
KATIRCIOĞLU, Dr. Ercüment GÜLER, Mehmet URUÇ were appointed as the board members to fill their vacancies. In general meeting on
March 31, 2012, the number of Parent Bank’s board members determined as 9 and Mehmet GÖZÜTOK and Recep KOÇAK were
appointed as the board members, Erhan BİRGİLİ was appointed as the auditor.
On March 8, 2012, it has been decided to increase the capital of Tamweel Africa Holding S.A. by EUR 11.639.788 which has been
accounted for under the equity method by the Parent Bank. The Parent Bank has paid EUR 4.655.915 for the capital increase on March 8,
2012. Capital registry process has not been finalized yet.
I.
Explanations on the Independent Auditors’ Report
The financial statements of the Parent Bank for the year January 1 – December 31, 2011 have been audited by DRT Bağımsız Denetim ve
Serbest Muhasebeci Mali Müşavirlik A.Ş. (Member of Deloitte Touche Tohmatsu Limited).
The independent auditor’s report is presented at the beginning of the financial statements and related notes.
II. Other Footnotes and Explanations Prepared by the Independent Auditors
There is no significant matter or disclosure which may be in connection with the Group’s operations but not explained in the above sections.
239
Contact Information
Bank Asya
Branches
Head Office
Akdeniz Corporate Branch
Amasya Branch
Saray Mah. Dr. Adnan Büyükdeniz Cad. No:10
Ümraniye 34768 İstanbul
Phone: (0216) 633 50 00 Fax: (0216) 633 50 50
Tarım Mah. Aspendos Bulvarı Olimpos Erüst İş
Mrk. B Blok No:4 Antalya
Phone: (0242) 313 18 18 Fax: (0242) 311 77 80
Yüzevler Mah. Danişment Cad. No:14/A Amasya
Phone: (0358) 213 11 70 Fax: (0358) 213 10 60
BANK ASYA Regional Offices
Başkent Corporate Branch
Ankara Regional Office
Armada İş Mrk. Eskişehir Yolu No:6 Kat:20/34
06520 Söğütözü / Ankara
Phone: (0312) 219 18 38 Fax: (0312) 219 18 40
Ehlibeyt Mah. Ceyhun Atuf Kansu Cad. 1271 Sk.
Sümer İş Merkezi Kat:3 No:15/11 Balgat / Ankara
Phone: (0312) 472 81 91 Fax: (0312) 472 74 70
Ege Regional Office
Akdeniz Cad. No:1 Reyent İş Hanı Kat:6
Pasaport Konak İzmir
Phone: (0232) 441 15 51 Fax: (0232) 441 15 15
İstanbul Anatolia Regional Office
Yenişehir Mah. Mevlana Sok. No:31
Ataşehir / İstanbul
Phone: (0216) 580 96 96 Fax: (0216) 580 97 27
İstanbul European Regional Office I
Esentepe Mah. Büyükdere Cad. No:102 Maya
Center B Blok K:22 Şişli / İstanbul
Phone: (0212) 272 53 00 Fax: (0212) 272 50 60
İstanbul European Regional Office II
Evren Mah. Koçman Cad. No:40 Güneşli
Bağcılar / İstanbul
Phone: (0212) 630 12 00 Fax: (0212) 630 20 41
Karadeniz Regional Office
Çömlekci Mah. Sanayi Cad. Yaren Sok. No:2 Değirmendere / Trabzon
Phone: (0462) 325 8700 Fax: (0462) 325 8701
Konya Regional Office
Musalla Bağları Mah. Belh Cad. No:10
Selçuklu / Konya
Phone: (0332) 237 13 13 Fax: (0332) 236 10 39
Marmara Regional Office
Ahmet Paşa Mah. Fomara İş Mrk. No:73 Kat:5
Osmangazi / Bursa
Phone: (0224) 272 02 02 Fax: (0224) 272 10 40
Southeastern Anatolia Regional Office
Mücahitler Mah. Gazimuhtarpaşa Bulvarı No:65 Şehitkamil / Gaziantep
Phone: (0342) 323 53 12 Fax: (0342) 323 51 61
240
Boğaziçi Corporate Branch
Esentepe Mah. Büyükdere Cad. No:102 Maya
Center B Blok K:22 Şişli / İstanbul
Phone: (0212) 272 50 04 Fax: (0212) 272 60 69
Ege Corporate Branch
Şehit Fethi Bey Cad. No:55 Heris Tower İş Mrk.
K:16 D:23-24 Pasaport Alsancak / İzmir
Phone: (0232) 441 47 40 Fax: (0232) 441 52 04
Trakya Corporate Branch
Çobançeşme Mah. Sanayi Cad. No:44/A
121-122 Nish İstanbul Yenibosna
Bahçelievler / İstanbul
Phone: (0212) 603 61 88 Fax: (0212) 603 61 89
Ankara
Ankara Branch
Anafartalar Cad. No:63 Anafartalar Altındağ
06060 Ankara
Phone: (0312) 310 47 47 Fax: (0312) 310 47 57
Balgat Branch
Ehlibeyt Mah. Ceyhun Atuf Kansu Cad. No:100/T
(B Blok No: 20) Balgat / Ankara
Phone: (0312) 473 54 20 Fax: (0312) 473 54 30
Çankaya Branch
Güzeltepe Mah. Hoşdere Cad. No:222 Çankaya
06550 Ankara
Phone: (0312) 439 52 50 Fax: (0312) 439 52 55
Etlik Branch
İncirli Mah. Yunus Emre Cad. No:5 Etlik Keçiören
06010 Ankara
Phone: (0312) 321 86 31 Fax: (0312) 322 61 45
BANK ASYA's Branchs
İvedik Organize Sanayi Branch
Adana
Ostim Mah. 23. Cad. Tuğcular İş Mrk. No:18/10
Yenimahalle / Ankara
Phone: (0312) 394 70 95 Fax: (0312) 394 70 98
Adana Branch
Çınarlı Mah. Atatürk Cad. Kemal Özülkü İş
Merkezi No:23 Zeminkat Seyhan 01060 Adana
Phone: (0322) 457 67 00 Fax: (0322) 457 52 53
Çukurova Branch
Turgut Özal Bulvarı Dosteller Apt. No:176
Seyhan / Adana
Phone: (0322) 233 09 81 Fax: (0322) 233 09 31
Adapazarı Branch
Atatürk Bulvarı No:75 Adapazarı
Phone: (0264) 281 39 10 Fax: (0264) 281 39 01
Adıyaman Branch
Atatürk Cad. Ulu Cami Yanı 444 Sok. No:10
Adıyaman
Phone: (0416) 216 60 50 Fax: (0416) 216 66 90
Afyon Branch
BANK ASYA Corporate Branches
Dumlupınar Mah. Yüzbaşı Agâh Cad. No:1 03200
Afyon
Phone: (0272) 214 50 00 Fax: (0272) 214 33 33
Anadolu Corporate Branch
Aksaray Branch
Değirmen Sok. Nidakule İş Mrk. No:18 Kat:19
Kozyatağı Kadıköy / İstanbul
Phone: (0216) 372 13 00 Fax: (0216) 372 15 50
Minarecik Mah. Ankara Cad. No:14/A Aksaray
Phone: (0382) 212 74 36 Fax: (0382) 213 15 70
Keçiören Branch
Güçlükaya Mah. Cumhuriyet Cad. No:11/B
Keçiören / Ankara
Phone: (0312) 360 65 10 Fax: (0312) 360 65 50
Kızılay Branch
Meşrutiyet Cad. No:16/A Kızılay 06640 Ankara
Phone: (0312) 419 37 00 Fax: (0312) 417 29 00
Kızılcahamam Branch
Yenice Mah. Cengiz Topel Cad. No:5/17
Kızılcahamam 06890 Ankara
Phone: (0312) 736 05 90 Fax: (0312) 736 09 30
Ostim Branch
Yenimahalle Yüzüncü Yıl Bulvarı No:74 06370
Ostim / Ankara
Phone: (0312) 354 84 74 Fax: (0312) 354 40 05
Polatlı Branch
Ankara Cad. No:36 Polatlı / Ankara
Phone: (0312) 621 33 58 Fax: (0312) 621 26 49
Pursaklar Branch
Merkez Mah. Belediye Cad. No:17/A-B
Pursaklar / Ankara
Phone: (0312) 527 50 51 Fax: (0312) 527 50 88
Sincan Branch
Balıkesir
Çorum Branch
Atatürk Mah. Onur Sok. No:16/A Sincan / Ankara
Phone: (0312) 276 81 10 Fax: (0312) 276 81 15
Balıkesir Branch
İnönü Cad. No:51 19100 Çorum
Phone: (0364) 224 11 60 Fax: (0364) 224 24 36
Siteler Branch
Demirhendek Cad. No:68 Siteler 06160 Ankara
Phone: (0312) 353 42 00 Fax: (0312) 353 57 00
Yenimahalle Branch
Ragıp Tüzün Cad. No:167 Yenimahalle / Ankara
Phone: (0312) 315 34 43 Fax: (0312) 315 53 80
Antalya
Alanya Branch
Şekerhane Mah. Şevket Tokuş Cad. Kerim
Çağırıcı Sok. No:35/A Alanya
Phone: (0242) 519 07 02 Fax: (0242) 519 05 84
Altıeylül Mah. Kızılay Cad. No:6 10100 Balıkesir
Phone: (0266) 239 66 13 Fax: (0266) 239 68 40
Bandırma Branch
İsmet İnönü Cad. No:68/A Bandırma / Balıkesir
Phone: (0266) 718 15 15 Fax: (0266) 718 15 30
Batman Branch
Bahçelievler Mah. Turgut Özal Bulvarı No:237
Batman
Phone: (0488) 212 07 95 Fax: (0488) 212 07 22
Gazi Cad. No:18 Diyarbakır
Phone: (0412) 224 39 39 Fax: (0412) 223 25 50
Şanlıurfa Yolu Bulvarı Serin Apt.
No:57/C Diyarbakır
Phone: (0412) 251 62 61 Fax: (0412) 251 98 08
Bursa Branch
Yükseliş Mah. Mithat Paşa Cad. Görkem Apt.
No:22/1 07020 Antalya
Phone: (0242) 345 94 45 Fax: (0242) 345 95 59
Dağkapı Branch
İzzet Baysal Cad. Güney Kaya Pasajı No:77 Bolu
Phone: (0374) 212 15 15 Fax: (0374) 212 35 07
Bursa
Kepez Branch
Diyarbakır
Diyarbakır Branch
Adnan Menderes Bulvarı Has İş Merkezi No:9
07040 Antalya
Phone: (0242) 248 00 71 Fax: (0242) 242 43 45
Tarım Mah. Aspendos Bulvarı Olimpos Erüst İş
Merkezi B Blok No:4 Antalya
Phone: (0242) 313 18 18 Fax: (0242) 311 77 80
Saraylar Mah. Saltak Cad. No:6/C
Merkez / Denizli
Phone: (0258) 241 87 88 Fax: (0258) 241 35 70
Bolu Branch
Antalya Branch
Aspendos Bulvarı Branch
Denizli Branch
Haşim İşçan Cad. No:2 Osmangazi 16220 Bursa
Phone: (0224) 225 14 80 Fax: (0224) 225 14 89
Demirtaş Branch
Panayır Mah. Yeni Yalova Cad. No:455/H
Özyıldırım Plaza Osmangazi / Bursa
Phone: (0224) 211 19 09 Fax: (0224) 211 19 08
İnegöl Branch
Nuri Doğrul Cad. No:29 İnegöl / Bursa
Phone: (0224) 715 17 55 Fax: (0224) 715 72 75
Düzce Branch
Burhaniye Mah. İstanbul Cad. No:3/B Düzce
Phone: (0380) 523 57 80 Fax: (0380) 524 94 24
Edirne Branch
Çavuşbey Mah. Hükümet Cad.
No:3 Edirne
Phone: (0284) 212 10 01 Fax :(0284) 212 10 03
Elazığ Branch
Rızaiye Mah. Gazi Cad. No:2 Zemin Kat: 4 Elazığ
Phone: (0424) 237 37 00 Fax: (0424) 237 53 53
Ereğli Branch
Konyaaltı Branch
Nilüfer Branch
Arapsuyu Mah. Atatürk Bulvarı Altınay Plaza
No:127/B-2 Konyaaltı / Antalya
Phone: (0242) 228 45 10 Fax: (0242) 228 40 35
İhsani Mah. İzmir Yolu Bankalar Cad. Çilek Sok.
Atalay 9 Sitesi A Blok No:22 Nilüfer / Bursa
Phone: (0224) 249 49 09 Fax: (0224) 249 45 99
Manavgat Branch
Ulucami Branch
Bahçelievler Mah. Demokrasi Bulvarı No:50
Manavgat / Antalya
Phone: (0242) 746 98 98 Fax: (0242 746 90 28
Atatürk Caddesi No:94 Osmangazi / Bursa
Phone: (0224) 225 20 55 Fax: (0224) 225 20 66
Karaağaç Mah. Fevzi Paşa Cad. No:26/B
Erzincan
Phone: (0446) 214 14 24 Fax: (0446) 214 15 35
Uludağ Branch
Erzurum Branch
Muratpaşa Branch
Ulu Mah. Kıbrıs Şehitleri Cad. No:48/A-B
Osmangazi / Bursa
Phone: (0224) 256 72 72 Fax: (0224) 256 20 29
Gez Mah. Orhan Şerifsoy Cad. No:15 Erzurum
Phone: (0442) 235 76 00 Fax: (0442) 235 76 08
Balbey Mah. İsmetpaşa Cad. İkizhan İş Hanı 12/A
Antalya
Phone: (0242) 242 16 80 Fax: (0242) 242 16 24
Aydın
Aydın Branch
Hükümet Bulvarı Hasan Efendi Mah. No:19/A
Aydın
Phone: (0256) 213 03 90 Fax: (0256) 225 22 26
Nazilli Branch
Yıldırım Branch
Duaçınarı Mah. Ankara Yolu Cad. No:237
Yıldırım / Bursa
Phone: (0224) 367 78 00 Fax: (0224) 367 77 61
Çanakkale Branch
Çarşı Cad. No:131 Çanakkale
Phone: (0286) 212 05 00 Fax: (0286) 214 12 09
Müftü Mah. Erdemir Caddesi No:60/B
Kdz. Ereğli / Zonguldak
Phone: (0372) 322 06 00 Fax: (0372) 322 18 78
Erzincan Branch
Eskişehir Branch
İstiklal Mah. Şair Fuzuli Cad. No:24
Odunpazarı / Eskişehir
Phone: (0222) 230 82 00 Fax: (0222) 230 55 47
Fethiye Branch
Cumhuriyet Mah. Hükümet Cad. No:5
Fethiye / Muğla
Phone: (0252) 612 10 40 Fax: (0252) 612 10 80
Altıntaş Mah. İstasyon Bulvarı No:23
Nazilli / Aydın
Phone: (0256) 314 10 70 Fax: (0256) 314 15 88
241
Contact Information
Bank Asya Branches
Gaziantep
Altunizade Branch
Beykoz Branch
Gatem Branch
Kısıklı Cad. No:7 Altunizade / İstanbul
Phone: (0216) 474 42 11 Fax: (0216) 474 41 48
Fevzi Paşa Mah. No:78 Beykoz / İstanbul
Phone: (0216) 323 91 06 Fax: (0216) 323 91 05
Arnavutköy Branch
Beylikdüzü Branch
İslambey Mah. Fatih Cad. No:24
Arnavutköy / İstanbul
Phone: (0212) 597 08 28 Fax: (0212) 597 70 44
Gürpınar Kavşağı E5 Yolu Üzeri Deko İş Merkezi
Beylikdüzü - Büyükçekmece / İstanbul
Phone: (0212) 872 68 48 Fax: (0212) 873 13 16
Ataşehir Branch
Büyükçekmece Branch
Yenişehir Mah. Mevlana Sok. No:31
Ataşehir / İstanbul
Phone: (0216) 580 98 98 Fax: (0216) 580 97 37
Fatih Mah. Cengiz Topel Cad. No:4/A
Büyükçekmece / İstanbul
Phone: (0212) 881 24 54 Fax: (0212) 881 24 20
Avcılar Branch
Cennet Mahallesi Branch
E-5 Yolu Üzeri Merkez Mah. Engin Sok. No:1
Avcılar 34310 İstanbul
Phone: (0212) 694 80 00 Fax: (0212) 694 78 78
Cennet Mah. Barboros Cad. No:69/B
Küçükçekmece / İstanbul
Phone: (0212) 579 20 85 Fax: (0212) 579 20 91
Bağcılar Branch
Çağlayan Branch
Hatay
Merkez Mah. 1. Sok. No:9 Bağcılar / İstanbul
Phone: (0212) 435 78 00 Fax: (0212) 435 75 57
Antakya Branch
Bahçelievler Branch
Çağlayan Vatan Cad. Avrasya İş Merkezi No: 6/A
Çağlayan - Kağıthane 34403 İstanbul
Phone: (0212) 291 80 08 Fax: (0212) 291 66 64
Yavuz Selim Cad. Zühtiye Ökten İşhanı No:6
Antakya / Hatay
Phone: (0326) 225 13 83 Fax: (0326) 225 26 42
İzzettin Çalışlar Cad. No: 23/B
Phone: (0212) 502 81 00 Fax: (0212) 502 80 88
İskenderun Branch
Bakırköy Branch
Savaş Mah. Mareşal Fevzi Çakmak Cad. No:10
Modern İş Hanı İskenderun / Hatay
Phone: (0326) 617 93 10 Fax: (0326) 613 70 86
İncirli Cad. No: 113 Bakırköy 34740 İstanbul
Phone: (0212) 466 05 06 Fax: (0212) 466 37 00
Muammer Aksoy Bulvarı Prestij İş Merkezi No:8-9
Şehit Kamil 27020 Gaziantep
Phone: (0342) 238 37 37 Fax: (0342) 238 37 77
Gaziantep Branch
İncilipınar Mah. Muammer Aksoy Bulvarı Prestij İş
Merkezi No:9-10 Şehit Kamil 27020 Gaziantep
Phone: (0342) 215 17 79 Fax: (0342) 215 17 93
Suburcu Branch
Karagöz Mah. Karagöz Cad. No: 2/A
Şahinbey / Gaziantep
Phone: (0342) 232 65 10 Fax: (0342) 232 66 72
Giresun Branch
Hacımiktat Mah. Fatih Cad. No:18
Merkez / Giresun
Phone: (0454) 214 10 90 Fax: (0454) 214 10 09
Isparta Branch
Pirimehmet Mah. 118 Cad. Koca Mustafa Pasajı
No:16 Isparta
Phone: (0246) 223 11 19 Fax: (0246) 223 20 75
İstanbul
Acıbadem Branch
Acıbadem Cad. Kazaca Apt. A Blok No:97/B
Kadıköy / İstanbul
Phone: (0216) 545 07 85 Fax: (0216) 327 54 22
Aksaray Branch
Mustafa Kemal Paşa Cad. No:86 Aksaray
Fatih / İstanbul
Phone: (0212) 458 77 77 Fax: (0212) 458 78 58
Altıntepe Branch
Altıntepe Mah. Bağdat Cad. No:71/B
Maltepe / İstanbul
Phone: (0216) 417 80 66 Fax: (0216) 417 86 06
Altıyol Branch
Osmanağa Mah. Söğütlüçeşme Cad. No:29
Kadıköy / İstanbul
Phone: (0216) 330 71 21 Fax: (0216) 330 72 85
242
Bakırköy Çarşı Branch
Cevizlik Mah. İstanbul Cad. No:35/A
Bakırköy / İstanbul
Phone: (0212) 542 77 09 Fax: (0212) 542 51 46
Başakşehir Branch
Ziya Gökalp Mah. İkitelli OSB S.S Tümsan
1.Kısım Sanayi Sitesi 3.Blok No:5
Başakşehir / İstanbul
Phone: (0212) 486 19 24 Fax: (0212) 485 35 68
Bayrampaşa Branch
Yenidoğan Mah. Abdi İpekçi Cad. Parkhan
No:8/B Bayrampaşa / İstanbul
Phone: (0212) 493 13 00 Fax: (0212) 493 16 16
Beşiktaş Branch
Sinanpaşa Mah. Beşiktaş Cad. No:1/A
Beşiktaş / İstanbul
Phone: (0212) 227 95 00 Fax: (0212) 227 22 40
Beşyüzevler Branch
Yıldırım Mah. Eski Edirne Asfaltı Cad. No: 213/A
Bayrampaşa / İstanbul
Phone: (0212) 618 80 35 Fax: (0212) 618 70 65
Çapa Branch
Şehremini Mah. Turgut Özal Cad. No:145/A
Fatih / İstanbul
Phone: (0212) 589 01 09 Fax: (0212 589 01 69
Çekmeköy Branch
Meclis Mah. Teraziler Cad. Aşkın Sok. No:19/B
Sancaktepe/İstanbul
Phone: (0216) 466 13 53 Fax: (0216) 466 13 43
Çeliktepe Branch
Emniyet Evleri Mah. İsmet İnönü Cad. No:12/A
Çeliktepe / İstanbul
Phone: (0212) 282 40 10 Fax: (0212) 282 40 70
Dikilitaş Branch
Dikilitaş Mah. Emirhan Cad. No:85/A
Beşiktaş / İstanbul
Phone: (0212) 236 81 81 Fax: (0212) 236 30 15
Dolayoba Branch
Çınardere Mah. E-5 Yanyolu Cad. No: 63/1
Pendik / İstanbul
Phone: (0216) 379 74 84 Fax: (0216) 379 96 60
Dudullu Branch
Yukarı Dudullu Mah. Alemdağ Cad.
No:449-457/D Ümraniye / İstanbul
Phone: (0216) 612 10 11 Fax: (0216) 612 10 33
Erenköy Branch
Şemsettin Günaltay Cad. Çiğdem Apt. No: 238
Erenköy / İstanbul
Phone: (0216) 467 16 06 Fax: (0216) 467 00 76
Esenler Branch
İmes Sanayi Branch
Levent Sanayi Branch
Atışalanı Cad. No:21 Esenler 34230 İstanbul
Phone: (0212) 611 00 15 Fax: (0212) 611 00 98
İmes Sanayi Sitesi C Blok 301 Sok. No:3/A Yukarı
Dudullu 34775 İstanbul
Phone: (0216) 540 24 24 Fax: (0216) 540 51 70
Sanayi Mah. Sultan Selim Cad. No:1/C
Kağıthane / İstanbul
Phone: (0212) 283 34 20 Fax: (0212) 269 67 69
İmsan Branch
Libadiye Branch
Atatürk Mah. İmsan Sanayi Sitesi 1. Sok. No:42
Küçükçekmece / İstanbul
Phone: (0212) 471 23 24 Fax: (0212) 471 23 34
Bulgurlu Mah. Libadiye Cad. No:60
Üsküdar / İstanbul
Phone: (0216) 545 30 90 Fax: (0216) 545 08 11
İstoç Branch
Maltepe Branch
İstoç E-1 Blok Öksüzoğulları Plaza No:5/3
Bağcılar / İstanbul
Phone: (0212) 659 60 00 Fax: (0212) 659 33 11
Bağlarbaşı Mah. Bağdat Cad. No:485/B
Maltepe / İstanbul
Phone: (0216) 305 00 50 Fax: (0216) 305 00 40
Kadıköy Branch
Maslak Branch
Tuğlacıbaşı Mah. Poyraz Sok. Sadıkoğlu 1 İş
Merkezi No:16 Ziverbey Kadıköy 34710 İstanbul
Phone: (0216) 449 27 10 Fax: (0216) 449 27 09
Ayazağa Mah. Büyükdere Cad. No:71
Maslak - Şişli / İstanbul
Phone: (0212) 286 09 32 Fax: (0212) 328 16 68
Kağıthane Branch
Mecidiyeköy Branch
Mezbaha Sok. No: 1 Kağıthane / İstanbul
Phone: (0212) 295 81 33 Fax: (0212) 294 98 64
Mecidiyeköy Yolu Cad. No:6/A Mecidiyeköy
Şişli / İstanbul
Phone: (0212) 356 37 00 Fax: (0212) 356 17 17
Esenyurt Branch
İnönü Mah. Doğan Araslı Bulvarı No:124/B
Esenyurt 34517 İstanbul
Phone: (0212) 450 00 66 Fax: (0212) 450 04 33
Fatih Branch
Akşemsettin Mah. Akdeniz Cad. No:10 Fatih
34260 İstanbul
Phone: (0212) 531 88 87 Fax: (0212) 531 80 87
Eyüp Branch
Merkez Mah. Fahri Korutürk Cad. No:46-A
Eyüp / İstanbul
Phone: (0212) 417 10 35 Fax: (0212) 417 10 33
Fevzipaşa Branch
İskenderpaşa Mah. Macar Kardeşler Cad. No:59
Fatih / İstanbul
Phone: (0212) 521 10 70 Fax: (0212) 521 10 75
Fındıkzade Branch
Karaköy Branch
Şehremini Mah. Kızıl Elma Cad. No:12/A
Fatih / İstanbul
Phone: (0212) 632 10 11 Fax: (0212) 632 10 45
Müeyyedzade Mah. Kemeraltı Cad. No:6/A
Karaköy / İstanbul
Phone: (0212) 243 85 40 Fax: (0212) 243 85 41
Florya Branch
Kartal Branch
Merkez Şube
Şenlikköy Mah. Florya Asfaltı No:76/3 Florya
Bakırköy 34153 İstanbul
Phone: (0212) 573 48 28 Fax: (0212) 573 40 39
Ankara Cad. No:96 Kartal / İstanbul
Phone: (0216) 389 99 96 Fax: (0216) 389 55 66
Saray Mah. Dr. Adnan Büyükdeniz Cad. No:10
Ümraniye 34768 İstanbul
Phone: (0216) 633 69 43 Fax: (0216) 632 13 50
Gaziosmanpaşa Branch
Salihpaşa Cad. Şirinler Sok. No:1
Gaziosmanpaşa 34130 İstanbul
Phone: (0212) 418 49 99 Fax: (0212) 418 47 70
Güneşli Branch
Evren Mah. Koçman Cad. No: 40
Güneşli - Bağcılar / İstanbul
Phone: (0212) 630 93 93 Fax: (0212) 630 36 20
Güngören Branch
Güven Mah. İnönü Cad. No:42/B
Güngören / İstanbul
Phone: (0212) 504 20 90 Fax: (0212) 504 20 45
Hadımköy Branch
Akçaburgaz Mah. Hadımköy Yolu No:148
Esenyurt/İstanbul
Phone: (0212) 886 26 10 Fax: (0212) 886 26 25
İkitelli Branch
Turgut Özal Cad. İkitelli Organize Sanayi Bölgesi
İkitelli - Küçükçekmece / İstanbul
Phone: (0212) 549 81 41 Fax: (0212) 549 81 40
Kavacık Branch
Orhan Veli Kanık Cad. Martı İş Merkezi No:72
Kavacık 34810 İstanbul
Phone: (0216) 537 19 70 Fax: (0216) 425 02 77
Kozyatağı Branch
Şaşmaz Plaza Saniye Ermutlu Sok. No:4
Kozyatağı 34742 İstanbul
Phone: (0216) 445 36 26 Fax: (0216) 445 33 62
Kurtköy Branch
Kurtköy Mah. Üstün Cad. No:2
Kurtköy - Pendik / İstanbul
Phone: (0216) 378 34 31 Fax: (0216) 595 28 10
Küçükbakkalköy Branch
Kayışdağı Cad. No:105/A Ataşehir / İstanbul
Phone: (0216) 575 81 88 Fax: (0216) 575 81 08
Küçükköy Branch
Yeni Mah. İstanbul Cad. No:1-3A
Gaziosmanpaşa / İstanbul
Phone: (0212) 649 50 30 Fax: (0212) 649 50 35
Mercan Branch
Prof. Cemil Birsel Cad. No:25 Eminönü / İstanbul
Phone: (0212) 526 64 04 Fax: (0212) 526 64 15
Merter Branch
Mehmet Nezihi Özmen Mah. Fatih Cad. No:24
Merter / İstanbul
Phone: (0212) 637 69 00 Fax: (0212) 637 69 10
Natoyolu Branch
Güzeltepe Mah. Bosna Bulvarı (Nato Yolu)
No:143/B Üsküdar / İstanbul
Phone: (0216) 332 41 00 Fax: (0216) 332 45 75
Pendik Branch
Doğu Mah. 23 Nisan Cad. No:59 Pendik
34895 İstanbul
Phone: (0216) 491 69 42 Fax: (0216) 491 69 46
Sancaktepe Branch
Meclis Mah. Eski Ankara Cad. No.34 Sancaktepe
Sarıgazi / İstanbul
Phone: (0216 620 95 00 Fax: (0216) 620 99 10
Sarıyer Branch
Şehit Midhat Cad. No:27 Sarıyer/İstanbul
Phone: (0212) 271 50 65 Fax: (0212) 271 55 88
243
Contact Information
Bank Asya Branches
Sefaköy Branch
Topkapı Branch
Karabağlar Branch
Fevzi Çakmak Mah. Ahmet Kocabıyık Sok.
No:12/C Sefaköy / İstanbul
Phone: (0212) 541 68 08 Fax: (0212) 541 78 44
Merkezefendi Mah. Davutpaşa Cad. No:119
Zeytinburnu 34010 İstanbul
Phone: (0212) 482 51 65 Fax: (0212) 483 20 33
Yeşillik Cad. No:417 Karabağlar 35400 İzmir
Phone: (0232) 254 79 79 Fax: (0232) 254 11 61
Silivri Branch
Tuzla Branch
Alibey Mah. Aziz Sok. A.Kadir Yılmaz İş Mrk.
No:3/2 Silivri / İstanbul
Phone: (0212) 728 46 00 Fax: (0212) 728 95 15
Aydıntepe Mah. Irmak Sok. No:1 Tuzla
34947 İstanbul
Phone: (0216) 392 93 89 Fax: (0216) 392 30 37
Soğanlık Branch
Tuzla Serbest Bölge Branch
Soğanlık Yenimahalle Atatürk Caddesi No:60/B
Kartal / İstanbul
Phone: (0216) 451 20 50 Fax: (0216) 451 20 45
İstanbul Deri Serbest Bölgesi Hakkı Matraş Cad.
No:11 Tuzla 34950 İstanbul
Phone: (0216) 394 07 81 Fax: (0216) 394 07 87
Sultanbeyli Branch
Ümraniye Branch
Fatih Bulvarı No:193 Sultanbeyli 34920 İstanbul
Phone: (0216) 419 90 00 Fax: (0216) 419 21 10
Namık Kemal Mah. Sütçü Cad. No:2 Ümraniye
34762 İstanbul
Phone: (0216) 523 04 50 Fax: (0216) 523 04 56
Sultançiftliği Branch
Cebeci Mah. Eski Edirne Asfaltı No:702A
Sultançiftliği-Sultangazi 34270 İstanbul
Phone: (0212) 667 34 34 Fax: (0212) 667 53 53
Sultanhamam Branch
Rüstempaşa Mah. Vasıfçınar Cad. No:49
Fatih / İstanbul
Phone: (0212) 522 22 85 Fax: (0212) 522 53 00
İstiklal Mah. Alemdağ Cad. No:174/A
Ümraniye / İstanbul
Phone: (0216) 328 50 30 Fax: (0216) 328 40 99
Üsküdar Branch
Atlas Çıkmazı No:5/40 Üsküdar 34672 İstanbul
Phone: (0216) 532 55 55 Fax: (0216) 532 90 90
Girne Bulvarı No: 152-154/A Karşıyaka / İzmir
Phone: (0232) 372 77 20 Fax: (0232) 372 86 70
Kemalpaşa Branch
Mehmet Akif Ersoy Mah. Atatürk Bulvarı No:51/1
Kemalpaşa / İzmir
Phone: (0232) 878 15 00 Fax: (0232) 878 15 01
Şirinyer Branch
Güven Mah. Menderes Cad. No:318/A
Buca / İzmir
Phone: (0232) 448 28 28 Fax: (0232) 448 40 28
Yenişehir Branch
Ege Ticaret İş Merkezi Gıda Çarşısı 1203-1 Sok.
No:25/E İzmir
Phone: (0232) 457 93 83 Fax: (0232) 457 97 96
Kahramanmaraş Branch
İsmetpaşa Mah. Hükümet Bulvarı Beyzade İşhanı
No:8/A Kahramanmaraş
Phone: (0344) 221 59 00 Fax: (0344) 221 59 60
Kastamonu Branch
Şirinevler Branch
Yenibosna Radar Branch
Hürriyet Mah. Mahmutbey Cad. No:3/B
Phone: (0212) 639 18 19 Fax: (0212) 639 18 29
Merkez Mah. Atatürk Cad. No:1/A Yenibosna
Phone: (0212) 474 63 63 Fax: (0212) 474 63 43
Şişli Branch
Zeytinburnu Branch
Meşrutiyet Mah. Halaskargazi Cad. No:98/A
Şişli / İstanbul
Phone: (0212) 296 70 05 Fax: (0212) 296 70 06
Prof. Muammer Aksoy Cad. No:41 Zeytinburnu
34020 İstanbul
Phone: (0212) 546 42 42 Fax: (0212) 546 45 60
Taksim Branch
İzmir
Kayseri Branch
İnönü Mah. Cumhuriyet Cad. Şakirpaşa İşhanı
No.89 Şişli / İstanbul
Phone: (0212) 240 22 95 Fax: (0212) 240 64 13
Aliağa Branch
Cumhuriyet Mah. Nazmi Toker Cad. No:9
38020 Kayseri
Phone: (0352) 221 00 69 Fax: (0352) 221 29 88
Telsiz Mahallesi Branch
244
Ümraniye Çarşı Branch
Karşıyaka Branch
Kazımdırık Mah. İstiklal Cad. No:49 Aliağa / İzmir
Phone: (0232) 617 23 00 Fax: (0232) 617 23 09
Bornova Branch
Hepkebirler Mah. Cumhuriyet Cad. No:46/A
Kastamonu
Phone: (0366) 212 65 10 Fax: (0366) 212 65 20
Karabük Branch
Bayır Mah. Hürriyet Cad. No:116 78100 Karabük
Phone: (0370) 412 66 06 Fax: (0370) 413 14 74
Kayseri
Sanayi Branch
Telsiz Mah. Seyit Nizam Cad. No:176/A
Zeytinburnu / İstanbul
Phone: (0212) 665 40 33 Fax: (0212) 665 40 36
Fevzi Çakmak Cad. No:15/A Bornova / İzmir
Phone: (0232) 343 16 16 Fax: (0232) 343 71 20
Sanayi Mah.Osman Kavuncu Bulvarı No:120
Kocasinan / Kayseri
Phone: (0352) 320 11 40 Fax: (0352) 320 12 80
Tepeüstü Branch
Gazi Bulvarı Branch
Kocaeli
Alemdağ Cad. No:572/A Ümraniye
34776 İstanbul
Phone: (0216) 466 43 50 Fax: (0216) 466 43 65
İsmet Kaptan Mah. Gaziosmanpaşa Bulvarı
No:15/A Çankaya / İzmir
Phone: (0232) 484 12 50 Fax: (0232) 484 12 61
Gebze Branch
Topçular Branch
İzmir Branch
Kışla Cad. Kurtoğlu İş Merkezi No:21/7
Eyüp / İstanbul
Phone: (0212) 674 66 43 Fax: (0212) 674 81 55
Gaziosmanpaşa Bulvarı No:58/1
Çankaya / İzmir
Phone: (0232) 445 37 10 Fax: (0232) 445 62 21
Hacı Halil Mah. Zübeyde Hanım Cad. Tekhan
No:37 Gebze 41400 Kocaeli
Phone: (0262) 644 07 07 Fax: (0262) 644 15 05
Gebze Çarşı Branch
Zübeyde Hanım Cad. No:37 Gebze
41400 Kocaeli
Phone: (0262) 645 02 80 Fax: (0262) 645 02 93
İzmit Branch
Manisa
Sivas Branch
Karabaş Mah. Cengiz Topel Cad. No:12
İzmit / Kocaeli
Phone: (0262) 323 09 00 Fax: (0262) 323 09 08
Akhisar Branch
Eskikale Mah. Bankalar Cad. 13-2 Sok. No:4
Sivas
Phone: (0346) 225 56 96 Fax: (0346) 224 25 34
Körfez Branch
Kuzey Mah. Cahit Zarifoğlu Cad. No:53/D
Körfez / Kocaeli
Phone: (0262) 526 20 00 Fax: (0262) 526 20 03
Paşa Mah. Haşim Haşimoğlu Cad. 50. Sok.
No:23 Akhisar / Manisa
Phone: (0236) 412 11 58 Fax: (0236) 412 11 28
Manisa Branch
Şanlıurfa Branch
Yusufpaşa Mah. Asfaltyol Cad. No:4
63100 Şanlıurfa
Phone: (0414) 216 80 80 Fax: (0414) 216 49 49
Konya
1. Anafartalar Mah. Gaziosmanpaşa Cad. No:36
45010 Manisa
Phone: (0236) 231 21 00 Fax: (0236) 232 42 31
Büsan Branch
Turgutlu Branch
Fevzi Çakmak Mah. Kosgeb Cad. Büsan San.
Sitesi No:19 Karatay 42040 Konya
Phone: (0332) 345 46 46 Fax: (0332) 345 46 55
Turan Mah. Atatürk Bulvarı No:174
Turgutlu / Manisa
Phone: (0236) 313 20 23 Fax: (0236) 313 20 85
Konya Branch
Mardin Branch
Çerkezköy Branch
Musalla Bağları Mah. Belh Cad. No:10 Selçuklu
42060 Konya
Phone: (0332) 238 95 05 Fax: (0332) 238 95 13
Çankaya Mah. İstiklal Cad. No:59/A Mersin
Phone: (0324) 238 77 10 Fax: (0324) 238 81 66
Gaziosmanpaşa Mah. Atatürk Cad. No:39
Çerkezköy / Tekirdağ
Phone: (0282) 725 37 05 Fax: (0282) 725 32 26
Karatay Sanayi Branch
Fatih Mah. Köprü Sok. No:29/1 Selçuklu / Konya
Phone: (0332) 236 20 55 Fax: (0332) 236 20 15
Konya Ereğli Branch
Pirömer Mah. İnönü Cad. Çimenlik Sok. No:2/A
Ereğli / Konya
Phone: (0332) 712 40 40 Fax: (0332) 712 42 32
Mevlana Branch
Pürçüklü Mah. Aziziye Cad. No:24
Karatay / Konya
Phone: (0332) 350 08 80 Fax: (0332) 353 30 80
Karaman Branch
Fenari Mah. 9. Sok. Şimşek İş Merkezi No:4/A
Karaman
Phone: (0338) 214 30 15 Fax: (0338) 214 30 65
Kırıkkale Branch
Mersin Branch
Cami Şerif Mah. Uray Cad. No:58 33060 Mersin
Phone: (0324) 238 77 10 Fax: (0324) 238 81 66
Nevşehir Branch
Aksaray Cad. No:19 50100 Nevşehir
Phone: (0384) 213 05 55 Fax: (0384) 213 07 35
Niğde Branch
Esenbey Mah. Ayhan Şahenk Bulvarı No:18/C
Merkez / Niğde
Phone: (0388 213 10 60 Fax: (0388) 213 10 12
Ordu Branch
Şarkiye Mah. Kazım Karabekir Cad. No:7 Ordu
Phone: (0452) 223 30 50 Fax: (0452) 223 30 65
Osmaniye Branch
İstiklal Mah. Atatürk Cad. No:150 Osmaniye
Phone: (0328) 812 00 66 Fax: (0328) 814 86 66
Tatvan Branch
Aydınlar Mah. Abdullah Kocakaplan Cad. No:31
A Blok Tatvan / Bitlis
Phone: (0434) 828 04 20 Fax: (0434) 828 04 30
Tekirdağ
Çorlu Branch
Cemaliye Mah. Omurtak Cad. No:236/1 Çorlu
59860 Tekirdağ
Phone: (0282) 653 22 40 Fax: (0282) 653 31 80
Tekirdağ Branch
Hükümet Cad. No:142 Tekirdağ
Phone: (0282) 260 64 90 Fax: (0282) 260 59 04
Tokat Branch
Gaziosmanpaşa Bulvarı Yar Ahmet Mah.
No:185/A Tokat
Phone: (0356) 214 07 07 Fax: (0356) 213 11 50
Trabzon Branch
Kemerkaya Mah. Kahramanmaraş Cad. No:37/A
Trabzon
Phone: (0462) 321 93 00 Fax: (0462) 321 94 70
Uşak Branch
Yenidoğan Mah. Barbaros Hayrettin Cad.
No:24/A Kırıkkale
Phone: (0318) 225 20 00 Fax: (0318) 225 26 17
Rize Branch
Tevfik İleri Cad. No:1 Rize
Phone: (0464) 217 09 82 Fax: (0464) 217 09 77
Kurtuluş Mah. İsmetpaşa Cad. Mavi Plaza İş
Merkezi No:45/B Uşak
Phone: (0276) 224 54 56 Fax: (0276) 224 61 30
Kütahya Branch
Samsun Branch
Van Branch
Cumhuriyet Cad. Karakol Sok. Acar Apt. No: 1/2
43030 Kütahya
Phone: (0274) 216 85 85 Fax: (0274) 216 74 74
Kale Mah. Cumhuriyet Cad. No:14
55030 Samsun
Phone: (0362) 432 51 52 Fax: (0362) 435 57 07
Çarşı Mah. Cumhuriyet Cad. Vali Konağı Karşısı
No:118/A-B 65100 Van
Phone: (0432) 210 23 40 Fax: (0432) 214 02 90
Malatya Branch
Siirt Branch
Yalova Branch
Hüseyin Bey Mah. Atatürk Cad. No: 26 44100
Malatya
Phone: (0422) 323 31 31 Fax: (0422) 323 47 77
Bahçelievler Mah. Hazreti Fakirullah Cad.
No:115/A Siirt
Phone: (0484) 223 10 51 Fax: (0484) 223 10 61
Yalı Cad. Gürer İş Merkezi No:11 Merkez/Yalova
Phone: (0226) 813 15 00 Fax: (0226) 811 59 43
245

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