Last checked at 13 May 2010 17:57
13.05.2010TL 955 million net consolidated profit from İşbank in the first quarter of the year, up by 47% year on year
In his statement, İşbank's Chief Executive Officer Mr. Ersin Özince stated that İşbank made TL 955 million consolidated net profit in the first quarter of the year with 47% increase compared to the same period of the previous year. Total consolidated assets of the Bank reached TL 134 billion. While attaining a significant growth of 7% in housing loans at the end of the first quarter of 2010, İşbank, continuing to be the primary choice of depositors, increased its total deposits by 5% to TL 75 billion 363 million, on a consolidated basis.
In the first quarter of 2010, İşbank expanded its branch number to 1,099 and employee number to 23,040, and also maintained its leadership among the private sector banks, in terms of total deposits, number of branches and number of employees. Özince, in his statement, indicated that in an environment, in which the crisis conditions are not completely over and fluctuations can be seen occasionally, İşbank will continue to pursue its policy of prudent growth and keep on supporting the domestic economy.
İşbank made TL 955 million net profit in the first quarter of the year on a consolidated basis with a 47% increase compared to the same period of the previous year and its consolidated total assets reached TL 134 billion.
In his written statement about the first quarter results, Mr. Ersin Özince, İşbank's Chief Executive Officer, said "Successfully implementing its sound and sustainable growth policy, İşbank increased its total assets in the first quarter of the year by 4% compared to 2009 year-end, reaching TL 134 billion on a consolidated basis. Without giving up the risk sensitive and profit oriented approach in implementing its growth policy, the Bank kept harvesting the results of this strategy. TL 955 million net profit on a consolidated basis, which increased by 47% compared to the same period of the previous year, supported the Bank's strong financial structure and improved its capacity of generating good quality and profitable assets".
7% Growth in Housing Loans
With an approach that considers the element of risk to the maximum extent in lending, İşbank increased its loan portfolio in the first quarter of the year by 4% on a consolidated basis, compared to the end of the prior year. In this period, the Bank increased its housing loan portfolio by 7% and had a remarkable progress in this area. As at the end of March, the Bank's total loan portfolio reached TL 54 billion 791 million on a consolidated basis.
Thanks to its strong financial structure, the Bank maintained its 100% provisioning policy for the non-performing loans.
Leader in deposits, thanks to being the primary choice of depositors
İşbank, being the primary choice of depositors thanks to its contributions to the domestic economy since its establishment, its corporate identity, its innovative approach and strong financial structure, İşbank continued its permanent leadership in deposits among private banks. The Bank outperformed the growth in the banking sector and raised its total deposits to TL 75 billion 363 million on a consolidated basis, with a 5% increase compared to the year-end.
Leader employer among the private sector banks
Parallel to its faith in the future of our country, İşbank has continued its investments also in this periodby opening new branches and recruiting new staff. The Bank's number of branches, which was 1,093 at the end of the year, reached 1,099 and the number of its employees, which was 22,473, reached 23,040. Taking pride in contributing to the domestic economy by also creating job opportunities, the Bank continued its efforts in order to operate in foreign countries, which have close business relations with Turkey.
While concluding his remarks, Mr. Ersin Özince stated that İşbank is committed to sustain its prudent growth policy in an environment where crisis conditions have not thoroughly ended and where fluctuations are seen occasionally, and the Bank will continue to support domestic economy.
* Isbank's bank-only and consolidated financial statements for 2010Q1 are available at:
http://www.isbank.com.tr/English/content/EN/Investor_Relations-548-363.aspx