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Annual Report 2002 the More Happy Clients We Create, the More Value We Add to Our Shareholders

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Annual Report 2002 the More Happy Clients We Create, the More Value We Add to Our Shareholders Annual Report 2002 The more happy clients we create, the more value we add to our shareholders. Mission, Vision 01 Akbank in Brief 02 Financial Highlights 04 Goals 05 Message To Our Shareholders 06 Board of Directors 08 Executive Management 10 Milestones in Akbank’s History 12 Major Achievements in 2002 14 Review of Operations 16 Banking Industry - 2002 and Beyond 16 New Horizons Transformation Program 16 Successful Financial Performance 17 Corporate Banking 18 Retail Banking 24 Delivery Channels 30 Private Banking 32 International Banking 33 Treasury 35 Capital Markets 36 Support Services 39 Cultural, Artistic and Social Activities 42 Equity Participations 43 Auditors’ Report and Financial Statements 45 2002 Annual Report Mission Akbank’s mission is to contribute to the development of the Turkish economy and the Turkish financial system by providing high-quality, specialized banking products and services that are innovative and comprehensive. Vision Akbank’s vision is to be the leading multi-specialist bank in Turkey. 01 Akbank in Brief ounded in 1948, Akbank is the largest privately owned bank in Turkey in terms of assets. FIn addition to core banking services such as deposit taking and lending, Akbank offers a wide range of consumer, corporate and private banking services as well as international trade financing. Investment banking, brokerage and insurance services are provided by the Bank’s subsidiaries: Ak Securities (investment banking and brokerage), Ak Investment Fund (a closed-end mutual fund), Ak Portfolio Management (asset management) and Ak Pension Fund. Akbank’s activities are conducted across the country via the Istanbul Headquarters and 13 regional offices. With 618 branches, the Bank has one of the strongest and most extensive service networks in Turkey. Akbank’s services are made available to customers not only through traditional delivery channels, but also through the Bank’s Call Center, 1,328 ATMs and 110,000 POS terminals and through state-of-the-art technology such as kiosks, WAP telephones, palm-size computers, screen-based telephones and the Internet. Akbank has seven branches in Germany (Frankfurt, Hannover, Hamburg, Stuttgart, Essen, Munich and Berlin) and one branch in Malta, in addition to Akbank International NV in the Netherlands. The Bank controls a 37% stake in the London-based Sabanc› Bank and a 39.99% stake in the Istanbul-based BNP-AK-Dresdner Bank. Unless otherwise stated, all financial information presented in this Annual Report is derived from the consolidated financial statements based on the International Accounting Standards (IAS). 02 2002 Annual Report Akbank also has an international representative preference for sound banks during a period of office in Paris. economic turmoil. Today, as a result of solid asset growth due to strong Despite economic difficulties in Turkey, Akbank capitalization, the robust structure of its deposits continued to favorably tap funding in international and its ability to secure low-cost funding, Akbank markets. During 2002, the Bank secured a total of ranks as the most profitable bank in Turkey. As of US$ 655 million in credits from abroad. year-end 2002, gross profit of the Bank totaled TL 1,217 trillion (approximately US$ 735 million) while Over the next decade, Akbank has set its sights on total assets stood at TL 24,833 trillion (approximately becoming the sector’s leader by continuously US$ 15,005 million). The Bank’s capital adequacy increasing its market share for consumer, corporate ratio of 37% is one of the highest in the Turkish and commercial banking products and services. banking sector. Akbank is focused on providing a broad base of personal and corporate banking customers with The Banker chose Akbank the “Bank of the Year” for superior service that utilizes both the latest in Turkey in 2002. That status was recognized not only by information technology and its staff of experienced that magazine in 2001 but also by Euromoney, which bankers. had picked Akbank as the “Best Bank in Turkey” three times previously in 1992, 1993 and 1998. On August 30, 2002, Akbank was added to the MSCI Emerging Markets Index. As of the end of the year, In February 2002, FitchRatings raised Akbank’s long- Akbank was ranked with the largest share (12.5%) term Turkish lira rating from “B” to “B (+)”, higher on the MSCI Turkey Index. than its long-term Turkish lira rating for Turkey. This distinction makes Akbank the first bank in 28.14% of Akbank’s shares are listed on the Istanbul emerging markets to receive a rating over the Stock Exchange (ISE). Outside the country, the sovereign. In April 2002, Moody’s increased Akbank’s Bank’s depository receipts are quoted on both SEAQ outlook from “stable” to “positive”, noting that the International and Portal. As of December 31, 2002, Bank would outstrip its rivals in returning to growth Akbank’s market value amounted to US$ 2.75 billion, in the wake of the country’s economic crisis in 2001. placing the Bank at the top of Turkey’s financial Justifying its decision, Moody’s cited Akbank’s ability sector and second on the ISE in terms of market to preserve strong asset quality and maintain a high capitalization. level of capital adequacy, in addition to customer 03 Financial Highlights (IAS) (Inflation adjusted TL trillions) Total Assets 24,833 Deposits 17,745 Credits 6,342 Shareholders’ Equity 3,129 Profit Before Tax 1,217 Akbank Ratings by Major International Rating Agencies FitchRatings Moody’s National Rating Individual Rating Long-Term TL Rating* Financial Strength Rating AA- C B+ D+ (Positive Outlook) *Akbank’s long-term Turkish lira rating from FitchRatings is the first time a bank receives a rating over the sovereign. Shareholder Structure (%) H.Ö. Sabanc› Holding and Subsidiaries 28.14 42.40 Sabanc› Family Sabanc› Foundation 2.43 Free Float 27.03 04 2002 Annual Report Goals • Maximization of shareholder value through growth • Maintain profitability and a sound balance sheet • Achieve a high level of customer satisfaction • Innovative, technology driven organization • Support the development of the staff, providing motivation and job satisfaction Foundations • Turkey’s most profitable bank of Akbank’s Strength • The only bank in Turkey with a rating higher than the sovereign • 618 branches located throughout the country • An extensive and stable funding base • A wide-ranging customer portfolio with the ability to attract new customers • A robust capital structure and a high capital adequacy ratio of 37% • A diversified loan portfolio with a low percentage (1.8%) of non-performing loans 05 Message To Our Shareholders, e are passing through extraordinary times. The effects of previous years’ crises continue to shape the way how business is conducted, including banking. Year 2002 was a period of Wreconstruction for the Turkish banking industry in general. Despite scarce domestic demand, especially for banking products, Akbank continued to sustain both its profitability and growth in 2002. As Martin Luther King Jr. once quoted: "The ultimate measure of a man is not where he stands in moments of comfort and convenience, but where he stands at times of challenge and controversy." We owe this Akbank continued to sustain both its success to our financial strength, strong profitability and growth in 2002. We owe and reliable shareholders, transparent and solid management and a growing list of corporate and this success to our financial strength, retail products and services. strong and reliable shareholders, Our primary goal is to create and implement transparent and solid management and a strategies that will maximize shareholder value. growing list of corporate and retail When looked at in terms of economic balances, 2002 products and services. was a year in which high levels of growth were achieved, particularly in production and national income. This production was directed primarily towards exports, which outperformed the levels reached in previous years. The country’s chronic high inflation began at last to subside thanks to successful fiscal and monetary policies. Finally, the single-party government that emerged from recent general elections is advantageous in terms of securing economic and political stability. According to inflation-adjusted financial statements, Akbank had a gross profit of TL 1,217 trillion in 2002. Setting aside a tax provision of TL 536 trillion, the Bank retained a net profit of TL 680 trillion. Once again in 2002, Akbank earned the title of "Turkey’s most profitable bank" and "the ISE’s most profitable company in terms of gross profit." Furthermore, the expected introduction of inflation accounting based corporate taxation will have a positive impact on the Bank’s profitability. 06 2002 Annual Report The will to win is important, but the will to prepare is business networking and a well-defined customer- vital. Our strong equity base, consistently reinforced focused approach, the number of Axess cardholders by high profitability is an evidence of the Bank’s reached one million in just nine months, making this robust financial position, which makes it resilient to the fastest-growing credit card in Europe. the difficulties it may encounter in the future. • We developed "MyFamily" as part of our segment Total assets of Akbank reached TL 24,833 trillion, strategy to provide family-oriented banking services. indicating an annual increase of 11%. Fixed assets Our newest retail banking product, the "Roof and investments in subsidiaries which are largely Account," was introduced to make life easier for our financial in nature account for only a 3% share of our customers. total assets. Such a low percentage makes it possible for Akbank to focus attention entirely on • We aim to raise our share of the commercial banking activities and represents a positive banking market and we shall continue to develop contribution toward our profitability. It is also an new projects that address the needs of SMEs.
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