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Annual Report >> Denizbank Financial Services Group

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Annual Report >> Denizbank Financial Services Group 205 DenizBank Financial Services Group Annual Report >> Contents 02 PART I. Introduction 02 Consolidated Financial Highlights 04 DenizBank Financial Services Group in Brief 06 Zorlu Holding 08 PART II. Messages 08 Message from the General Manager 12 PART III. Review of Operations in 2005 12 From the Captain’s Logbook 14 Banking Services 15 DenizBank 17 Retail Banking Group 23 Business Banking Group 28 Corporate Banking Group 29 Commercial Banking Group 30 Private Banking 31 DenizBank AG 32 DenizBank Moscow 33 EuroDeniz Off-Shore Bank Limited 34 Investment Banking and Brokerage Services 35 DenizYat›r›m Securities 37 EkspresInvest 38 DenizTürev Securities 38 Deniz Investment Trust 39 Deniz Portfolio Management 40 Leasing and Factoring Services 41 DenizLeasing 42 DenizFactoring 44 Information Technology Services 45 Intertech 46 Cultural Services 46 DenizKültür 47 Human Resources and Training 48 PART IV. Management and Corporate Governance 48 Board of Directors 50 Executive Management 55 Auditors 56 Management Report on Corporate Governance 75 Investor Relations 76 PART V. Risk Management 76 Risk Management Center 78 Board of Internal Auditors 81 PART VI. Independent Audit Reports, Financial Statements and Notes 133 Directory 135 Organizational Chart DenizBank Financial Services Group Banking Services > DenizBank > DenizBank AG (Vienna) > DenizBank Moscow (Moscow) > EuroDeniz Off-Shore Bank (Nicosia) Investment Banking and Brokerage Services > DenizYatırım Securities > EkspresInvest > DenizTürev Securities > Deniz Investment Trust > Deniz Portfolio Management Leasing and Factoring Services > DenizLeasing > DenizFactoring Information Technology Services > Intertech Cultural Services > DenizKültür 01> PART I. INTRODUCTION Consolidated Financial Highlights* 2005 2004 YTL millions YTL millions Government Securities (TR)** 1,347 1,489 Government Securities (US & European)** 79 333 Loans, net 6,173 3,214 Equity Participations 130 132 Fixed Assets, net 145 102 Total Assets 11,976 8,072 Customer Deposits 6,980 5,109 Time 5,422 4,045 Demand 1,558 1,064 Funds Borrowed from Banks 2,591 1,028 Shareholders’ Equity 1,091 873 Paid-in Capital 316 316 L/Cs & L/Gs 3,211 2,496 Interest Income 1,028 859 Interest Expense (501) (458) Net Interest Income after Provisions 459 316 Non-Interest Income 354 290 Non-Interest Expense (587) (469) Net Profit 226 137 Number of DenizBank Branches 236 199 Number of DFS Group Staff 5,724 4,912 Capital Adequacy Ratio 14.7% 17.8% Return on Investment 23.1% 18.6% * All financial figures included in this annual report (pages 2-79), have been extracted from audited consolidated financial statements issued in accordance with the Accounting Regulations No. 15 and 17 published by the Banking Regulation and Supervision Agency (BRSA). Independent auditor’s report, consolidated financial statements and notes to consolidated financial statements presented on pages 83-132 of this report have been prepared in accordance with International Financial Reporting standards. ** Securities portfolios are evaluated at market prices. DenizBank’s Ratings by International Rating Agencies Moody’s Investors Service Long-Term Foreign Currency Deposits B1 Outlook Stable Financial Strength Rating D+ Outlook Stable Long-Term Local Currency Deposits Baa3 Short-Term Local Currency Deposits Prime-3 Outlook Stable FitchRatings Foreign Currency Short-Term B Foreign Currency Long-Term BB- Outlook Positive Local Currency Short-Term B Local Currency Long-Term BB- Outlook Positive Individual C/D Support 4 National A (tur) (Stable) DenizBank’s Revenue Trend (YTL millions) 2005 2004 Interest Income 1,028 859 Loans 622 416 Securities 292 374 Banks 36 35 Factoring 26 0 Leasing 17 0 Other 35 34 Breakdown of Non-Interest Income (YTL millions) 2005 2004 Non-Interest Income 354 290 Commission Income 206 156 Cash Loans 13 11 Non-Cash Loans 34 30 Credit Card Commissions 60 37 Brokerage Service Commissions 78 59 Other Banking Fees and Commissions 21 19 Other Banking Fees and Commissions 27 0 Income from Sales of Assets 18 3 Provisions Reversed 27 50 Other Income 76 81 03> PART I. INTRODUCTION DenizBank Financial Services Group in Brief The roots of the DenizBank Financial Services Group Encouraged by its strong capitalization and good (DFS Group) date back to 1997 when DenizBank was financial standing, DenizBank was able to take privatized. Originally, DenizBank was established as a advantage of rapid developments in the financial state-owned bank in 1938, primarily to help finance services industry and moved quickly to the forefront. the newly emerging Turkish maritime industry. In 2003, DenizBank Financial Services Group was set DenizBank soon became one of the foremost names up along the lines of a financial supermarket able to in the Turkish banking industry thanks to its high offer a wide range of financial services. standards and the diversity of the services it provided. In 1992, following a decision by the government to >> ALL CONTEMPORARY FINANCIAL consolidate a number of state-owned banks, SERVICES UNDER A SINGLE UMBRELLA DenizBank merged with Emlakbank. In 1997, In addition to DenizBank, the DFS Group has seven DenizBank left this union and was privatized as a domestic and two international financial subsidiaries, separate entity. Operations commenced again in a branch in Bahrain, as well as EuroDeniz Off-Shore September after Zorlu Holding acquired DenizBank Bank Ltd, an off-shore banking subsidiary in the from the Privatization Administration under a banking Turkish Republic of Northern Cyprus. These license early in 1997. subsidiaries are DenizYat›r›m Securities, EkspresInvest, Deniz Investment Trust, Deniz Portfolio >> FROM A BANK TO A FINANCIAL SERVICES Management, DenizTürev Securities, DenizLeasing, GROUP DenizFactoring, Intertech and DenizKültür on the After DenizBank was acquired by Zorlu Holding, a domestic side and DenizBank AG and DenizBank revitalization program was initiated that encompassed Moscow on the international side. the hiring of new personnel and opening branches under the new corporate identity. This was achieved With major operations, financial control and under the guidelines of a five-year strategic plan accounting functions centralized, the DFS Group has where all targets were successfully met. Expansion successfully transformed DenizBank’s branch offices was supported by the acquisition of a number of into marketing centers thereby optimizing the number branch offices from SDIF-controlled banks, as well as of employees and improving operational efficiency. several financial companies including Tariflbank, which joined the Group at the end of 2002. Additionally, DenizBank established and/or acquired financial companies that included banks in Austria and Russia in addition to factoring, leasing, investment and asset management companies to complement its existing banking products and services. Supported by its strong shareholder base and successful financial performance, the DenizBank Financial Services Group aims to become one of the leading financial services groups in Turkey. >> A SERVICE NETWORK REACHING ALL >> EXPANDING BEYOND ITS BORDERS SEGMENTS OF THE SOCIETY Turkey, now on the verge of becoming an EU The DFS Group possesses a service network that member, is rapidly transforming its institutions to reaches all segments of society throughout Turkey. It comply with EU standards and practices. Since the also has a solid standing in the Internet environment first day of its establishment, DenizBank and its providing the facility to conduct financial transactions financial institutions adopted the best international from anywhere in the world to both individual and business practices. The DFS Group operates in EU corporate customers. countries as well through DenizBank AG, its subsidiary based in Vienna, Austria. With adherence to the highest ethical business practices and corporate governance principles, the The Group also has a subsidiary in Russia, another DFS Group has created sustainable, multi-faceted important trading partner for Turkey. It renders relationships with corporate and retail clients focusing services to customers engaged in commerce in the on small and medium-size establishments, exporters, region and is able to meet a variety of their financial project financing and individuals. The DFS Group also requirements. serves certain niche markets such as ship financing, tourism, agricultural loans, foreign construction Supported by its strong shareholder base and projects, medical care and education. successful financial performance, the DFS Group aims to become one of the leading financial services The Group continually strives for excellence in its core groups in Turkey. It plans to expand beyond Turkey’s business areas utilizing a carefully developed branch borders into the EU and Russia through its network equipped with the latest technology and subsidiaries. accompanied by alternative distribution channels. Drawing on the experience and vision of its management team, the DFS Group provides its customers with services that are of the highest quality. 05> PART I. INTRODUCTION Zorlu Holding Zorlu Holding, established as a small-scale producer >> ENERGY PRODUCTION of textiles in the early 1950s, is now one of the largest Zorlu Energy currently serves 300 industrial facilities and most extensive industrial conglomerates in throughout Turkey via the operation of four power Turkey. With a total of 65 companies, Zorlu Holding plants, with an installed capacity of 387 MW. The has 15 large-scale industrial
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