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Işbank Ag Annual Report 2019 Contents

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Işbank Ag Annual Report 2019 Contents İŞBANK AG ANNUAL REPORT 2019 CONTENTS 2 KEY FIGURES 6 TÜRKİYE İŞ BANKASI A.Ş. AT A GLANCE 8 MESSAGE FROM THE CHAIRMAN OF SUPERVISORY BOARD 10 REPORT OF THE SUPERVISORY BOARD 12 MANAGEMENT 14 MESSAGE FROM THE CEO OF MANAGING BOARD 16 MANAGEMENT REPORT FOR THE FINANCIAL YEAR 2019 40 SERVICES AT A GLANCE 41 FINANCIAL STATEMENTS AS AT AND FOR THE YEAR ENDED DECEMBER 31, 2019 WITH INDEPENDENT AUDITOR’S REPORT THEREON 42 BALANCE SHEET AS OF DECEMBER 31, 2019 44 STATEMENT OF INCOME FOR THE YEAR ENDED DECEMBER 31, 2019 45 NOTES TO THE ANNUAL FINANCIAL STATEMENTS FOR FINANCIAL YEAR 2019 52 REPRODUCTION OF THE AUDITOR’S REPORT 56 OFFICES İŞBANK AG ANNUAL REPORT 2019 1 KEY FIGURES THE OUTSTANDING FINANCIAL PERFORMANCE İŞBANK AG ACHIEVED IN 2019 WAS A RESULT OF ITS SUCCESSFUL STRATEGIES. (EUR thousand) December 31, 2018 December 31, 2019 Change (%) Total assets 1,805,038 1,806,789 0.10 Capital and reserves 200,504 210,564 5.02 Tangible assets 1,422 1,078 -24.24 Cash funds 143,831 247,740 72.24 Bonds and securities 135,229 110,539 -18.26 Due from banks 365,869 381,294 4.22 Due from customers 1,133,526 1,046,191 -7.70 Due to banks 357,100 298,207 -16.49 Due to customers 1,236,347 1,291,365 4.45 Risk-weighted assets 1,429,895 1,451,864 1.54 Interest income 58,650 59,800 1.96 Commission income 8,816 8,278 -6.10 Net income for the year 8,243 10,060 22.05 (%) Equity ratio 12.46 12.96 Return on assets before taxes (§26a Abs.1 Satz 4 KWG) 0.67 0.82 Return on assets after taxes (§26a Abs.1 Satz 4 KWG) 0.46 0.56 İŞBANK AG 2 ANNUAL REPORT 2019 CAPITAL AND RESERVES TOTAL ASSETS 5.0% IN EUR THOUSAND IN EUR THOUSAND 1,806,789 210,564 1,805,038 IN 2019 İŞBANK AG’S CAPITAL 200,504 1,706,666 AND RESERVES INCREASED BY 177,262 1,400,070 5.0% YEAR-ON-YEAR. 1,206,231 133,408 125,631 2015 2016 2017 2018 2019 2015 2016 2017 2018 2019 NET RETAINED PROFIT DUE FROM CUSTOMERS 22.0% IN EUR THOUSAND IN EUR THOUSAND THE RISE IN NET RETAINED 9,557 1,133,526 7,830 1,038,432 1,046,191 PROFIT IN 2019 WAS REMARKABLE AT 22.0% YEAR- 813,855 1,549 698,034 ON-YEAR 1,219 -7,655 2015 2016 2017 2018 2019 2015 2016 2017 2018 2019 DUE TO CUSTOMERS 4.5% IN EUR THOUSAND 1,291,365 “DUE TO CUSTOMERS” 1,236,347 GREW BY 4.5% IN 2019 AND 1,126,144 REACHED EUR 1.3 BILLION. 916,374 759,089 2015 2016 2017 2018 2019 İŞBANK AG ANNUAL REPORT 2019 3 İŞBANK AG IS A WHOLLY-OWNED SUBSIDIARY OF TÜRKİYE İŞ BANKASI A.Ş., WHICH IS THE LARGEST PRIVATE BANK OF TURKEY IN TERMS OF TOTAL ASSETS, TOTAL LOANS AND TOTAL DEPOSITS BY THE END OF 2019. İŞBANK’S STRATEGY IS ACHIEVING SUSTAINABLE AND PROFITABLE GROWTH BASED ON “THE BANK CLOSEST TO CUSTOMERS” PHILOSOPHY. İŞBANK AG 4 ANNUAL REPORT 2019 İŞBANK AG ANNUAL REPORT 2019 5 TÜRKİYE İŞ BANKASI A.Ş. AT A GLANCE IN 2019, İŞBANK HAS BEEN İşbank AG is a wholly-owned subsidiary ATMs, İşbank also strongly focuses THE HIGHEST RANKED of Türkiye İş Bankası A.Ş. (İşbank), which on digitalization through its mobile PRIVATE TURKISH BANK IN is the largest private bank of Turkey in applications and internet banking. The THE BANKER MAGAZINE’S terms of total assets, total loans and number of İşbank’s digital customers “TOP 1000 WORLD BANKS” total deposits by the end of 2019. İşbank reached more than 7.1 million by the end maintains its solid financial structure of 2019. LIST BASED ON TIER 1 with its capital adequacy ratio, which CAPITAL. is comfortably above the regulatory Besides İşbank AG, İşbank operates minimum limits. In 2019, İşbank has been abroad through its 22 foreign branches the highest ranked private Turkish bank (15 in Northern Cyprus, 2 in London, in the Banker magazine’s “Top 1000 1 in Bahrain, 2 in Iraq, 2 in Kosovo) World Banks” list based on Tier 1 capital. and 2 representative offices in China and Egypt as well as 2 wholly- owned İşbank’s strategy is achieving sustainable subsidiaries in Russia (İşbank Russia) and profitable growth based on “the and Georgia (İşbank Georgia). As a highly bank closest to customers” philosophy. trusted financial institution, İşbank In this regard, İşbank serves its retail, also maintains its pioneering position SME and large corporate customers in foreign trade through its extensive with an extensive network and more correspondent network of banks based than 24,000 employees. Having the in over 120 countries. largest branch and ATM network among private banks in Turkey with its 1,249 domestic branches and more than 6,500 BALANCE-SHEET TOTAL EQUITY IN TL MILLION IN TL MILLION 468,059 58,873 416,388 49,721 362,244 42,984 313,074 275,718 37,409 32,035 2015 2016 2017 2018 2019 2015 2016 2017 2018 2019 İŞBANK AG 6 ANNUAL REPORT 2019 KEY FINANCIAL FIGURES MARKET SHARE (%) (1) RANKING (2) Total Assets 11.1 1st Total Loans 10.6 1st TL Loans 10.1 1st FX Loans 11.4 1st Consumer Loans (3) 10.9 2nd Non-Retail Loans 10.4 1st Total Deposits 12.0 1st TL Deposits 10.7 1st FX Deposits 13.2 1st Demand Deposits (4) 15.1 1st OTHER PRODUCTS & DISTRIBUTION NETWORK MARKET SHARE (%) RANKING Number of POS (5) 10.7 3rd Acquiring Volume (5) 16.4 3rd Number of Credit Cards (5) 11.6 3rd Issuing Volume (5) 14.3 3rd Volume of Debit Cards (5) 9.0 2nd Number of Branches 12.5 1st Number of ATMs 12.3 1st (1) Market share calculations are based on weekly BRSA data excluding participation banks. Total assets market share is based on monthly BRSA data. (2) Ranking among private-sector banks (3) Including retail overdraft accounts (4) Excluding interbank deposits (5) Market share calculations are based on Interbank Card Center (BKM) data LOANS DEPOSITS IN TL MILLION IN TL MILLION IN 2019 İŞBANK MAINTAINED 270,360 295,922 ITS SECTORAL LEADERSHIP 260,316 239,409 IN TOTAL LOANS AND TOTAL 245,269 203,144 DEPOSITS EXCEEDING TL 270 177,037 203,752 177,360 BILLION AND TL 416 BILLION, 153,802 RESPECTIVELY. 2015 2016 2017 2018 2019 2015 2016 2017 2018 2019 İŞBANK AG ANNUAL REPORT 2019 7 MESSAGE FROM THE CHAIRMAN OF SUPERVISORY BOARD İŞBANK AG SERVES A NICHE WITH A MISSION OF BEING THE PRIMARY BANKING INSTITUTION FOR TRADE RELATIONSHIPS BETWEEN GERMANY AND TURKEY. The year 2019 was characterized by Even as we were already observing various difficulties across the board the gathering storm clouds, the world for the players in the global economy. was hit by the COVID-19 pandemic Economic activity suffered a clear loss of starting early in the year, calling for momentum as geopolitical risks emerged unprecedented measures worldwide. cast a darker shadow, with pressing The negative effects of the pandemic issues like trade wars, Brexit and signs have already started being observed on of a slowdown continuing to define the the global economy. global economic and political backdrop. While central banks and governments Together with our parent, Türkiye reverted to policies aimed at stimulating İş Bankası A.Ş., we at İşbank AG are economic activity, renewed fears of a confident that with our experience, recession sent shockwaves through we are equipped to weather any storm an overleveraged global economy. It is which is thrown at us, as we have in the reported that the global outstanding past. This is already evident in our 2019 debt of non-financial companies in the financial results, which was hardly a form of corporate bonds has doubled buoyant year for business and banking in real terms since the outbreak of the activities. Despite the high level of 2008 financial crisis. At the same time, volatility and slowing economic activity, rating profiles and bondholder rights İşbank AG succeeded in writing a record markedly deteriorated, rendering the high net profit for 2019. Our profitability global debt portfolio significantly more reached the highest in its history while sensitive to the effects of a recession by maintaining solid asset quality, greatly amplifying the effects of an economic helped by our efforts to eliminate non- downturn. performing loans. İŞBANK AG 8 ANNUAL REPORT 2019 WE HAVE NO DOUBT THAT İşbank AG serves a niche with a mission Despite the inevitable effects of the İŞBANK AG WILL SUSTAIN of being the primary banking institution COVID-19 pandemic, we have no for trade relationships between Germany doubt that İşbank AG will sustain its ITS PERFORMANCE IN and Turkey. While helping our customers performance in the coming years and THE COMING YEARS from Turkey and other European Union remain the most reliable business AND REMAIN THE MOST countries benefit from our facilities to partner for all of its stakeholders. RELIABLE BUSINESS realize their economic potential, as a banking institution subject to EU law, we Finally, I would like to inform our PARTNER FOR ALL OF ITS are also required to adhere to a number business partners that our accounts STAKEHOLDERS. of regulations regarding anti-money- and annual financial statements for laundering and compliance. As an the financial year extending from international bank, compliance and AML January 1 to December 31, 2019, and matters are of the utmost importance to the management report have been İşbank AG.
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