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December 2020 Fibabanka Anonim Şirketi and Its Subsidiary Consolidated Financial Statements as of and for the Year Ended 31 December 2020 With Independent Auditors’ Report Thereon (Convenience Translation of Financial Statements and Related Disclosures and Footnotes Originally Issued in Turkish) Convenience Translation of the Independent Auditor’s Report Originally Prepared and Issued in Turkish to English To the Shareholders of Fibabanka Anonim Şirketi A) Audit of the Consolidated Financial Statements Qualified Opinion We have audited the consolidated financial statements of Fibabanka Anonim Şirketi (“the Bank”) and its subsidiaries (together will be referred as “the Group”) which comprise the consolidated balance sheet as at 31 December 2020 and the consolidated statement of profit or loss, consolidated statement of profit or loss and other comprehensive income, consolidated statement of changes in shareholders’ equity, consolidated statement of cash flows for the year then ended, and notes, comprising significant accounting policies and other explanatory information. In our opinion, except for the effect of the matter described in the Basis For Qualified Opinion section of our report, the accompanying consolidated financial statements present fairly, in all material respects, the consolidated financial position of Fibabanka Anonim Şirketi and its subsidiaries as at 31 December 2020, and its consolidated financial performance and its consolidated cash flows for the year then ended in accordance with the “Banking Regulation and Supervision Agency (“BRSA”) Accounting and Reporting Legislation” which includes the “Regulation on Accounting Applications for Banks and Safeguarding of Documents” published in the Official Gazette No. 26333 dated 1 November 2006, and other regulations on accounting records of banks published by Banking Regulation and Supervision Board and circulars and interpretations published by BRSA and requirements of Turkish Financial Reporting Standards (“TFRS”) for the matters not regulated by the aforementioned legislations. Basis for Qualified Opinion As stated in Note 2.8.3.1 of Section Five, the accompanying consolidated financial statements as at 31 December 2020 include a general provision of total of TL 151.000 thousands, of which TL 106.500 thousands was recognised as expense in the current period and TL 44.500 thousands had been recognised as expense in prior periods, which may arise in the economy or market conditions which is not in line with the requirements of BRSA Accounting and Financial Reporting Legislation. This general provision is provided by the Bank management for the possible effects of the negative circumstances which may arise in economy or market conditions. We conducted our audit in accordance with the “Regulation on Independent Audit of the Banks” (“BRSA Auditing Regulation”) published in the Official Gazette No.29314 dated 2 April 2015 by BRSA and Standards on Auditing which is a component of the Turkish Auditing Standards published by the Public Oversight Accounting and Auditing Standards Authority (“POA”) (“Standards on Auditing issued by POA”). Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Consolidated Financial Statements section of our report. We declare that we are independent of the Group in accordance with the Code of Ethics for Auditors issued by POA (“POA’s Code of Ethics”) and the ethical requirements in the regulations issued by POA that are relevant to audit of consolidated financial statements, and we have fulfilled our other ethical responsibilities in accordance with the POA’s Code of Ethics and regulations. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our qualified opinion. Key Audit Matters Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the consolidated financial statements of the current period. These matters were addressed in the context of our audit of the consolidated financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. In addition to the matter described in the Basis for Qualified Opinion section we have determined the matters described below to be the key audit matters to be communicated in our report. Impairment of loans measured at amortised cost The details of accounting policies and significant estimates and assumptions for impairment of loans measured at amortised cost are presented Note XX to the consolidated financial statements. Key audit matter How the matter is addressed in our audit As of 31 December 2020, loans measured at Our procedures for testing the impairment of amortised cost comprise 72% of the Group’s loans included below: total assets. We tested the design and operating The Group recognizes its loans in accordance effectiveness of the controls on lending, with the Regulation on the Procedures and collateralization, collection, follow-up, Principles for Classification of Loans by Banks classification and impairment procedures and Provisions to be set aside (the are tested with the involvement of “Regulation”) published on the Official information risk management specialists. Gazette No. 29750 dated 22 June 2016 and We evaluated the adequacy of the TFRS 9 Financial Instruments standard subjective and objective criteria that is (“Standard”). defined in the Group’s impairment The Group applies the “expected credit loss accounting policy compared with the model” in determining the impairment of Regulation and Standard. financial assets in accordance with the We evaluated the Group’s business Regulation and Standard. The model which model and methodology and the contains significant assumptions and evaluation of the calculations were carried estimates is reviewed by the Group out with the control testing and detailed management annually. analysis by the involvement of specialist. The significant assumptions and estimates of We performed loan reviews for selected the Group’s management are as follows: loan samples which include a detailed - significant increase in credit risk; examination of loan files and related - incorporating the forward looking information and testing their macroeconomic information in classification. In this context, the current calculation of credit risk; and design status of the loan customer has been and implementation of expected evaluated by including the impact of credit loss model. COVID-19 on prospective information and macroeconomic variables. The determination of the impairment of loans We evaluated the accuracy of the measured at amortised cost depends on the expected credit loss calculations by (i) credit default status, (ii) the model based on selecting sample for the loans which are the change in the credit risk at the first assessed on individual basis and recognition date and (iii) the classification of discussed the assumptions and estimates the loans measured at amortised cost with the Group management. according to the model. Establishing an We tested the accuracy and accurate classification is a significant process completeness of the data in the as the calculation of expected credit loss calculation models for the loans which are varies to the staging of the financial assets. assessed on collective basis. The The Group calculates expected credit losses expected credit loss calculation was on both an individual and a collective basis. tested through recalculation. The models Individual provisions consider the estimated used for the calculation of the risk future performance of the business and the parameters were examined and the risk fair value of the collateral provided for credit parameters for the selected sample transactions. portfolios were recalculated. The collective basis expected credit loss We assessed the macroeconomic models calculation is based on complex processes which are used to reflect forward looking which are modelled by using current and past expectations and tested the effect of the data sets and expectations. The risk parameters by recalculation method. completeness and accuracy of data sets in We evaluated the qualitative and the model are also considered and the quantitative assessments which are used forward looking expectations are reflected by in determining the significant increase in macroeconomic models. credit risk. Impairment on loans measured at amortised We also evaluated the adequacy of the cost was considered to be a key audit matter, unconsolidated financial statements’ due to the significance of the estimates, disclosures related to impairment assumptions including the impact of COVID- provisions. 19, the level of judgements and its complex structure as explained above. Responsibilities of Management and Those Charged with Governance for the Consolidated Financial Statements Management is responsible for the preparation and fair presentation of the consolidated financial statements in accordance with the BRSA Accounting and Reporting Legislation, and for such internal control as management determines is necessary to enable the preparation of consolidated financial statements that are free from material misstatement, whether due to fraud or error. In preparing the consolidated financial statements, management is responsible for assessing the Group’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting
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