DOCSLIB.ORG

Annual Report 2007

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Annual Report 2007 ANNUAL REPORT 2007 encies at the h with state-of e advantages d products an lationship ma d made a diffe ecord income CONTENTS SECTION I - Introduction 60 Operations of Garanti Financial Services Group Companies 2 Annual Report Compliance Opinion 72 Overview of the Turkish Economy in 2007 3 Agenda of the Ordinary General Shareholders' Meeting 4 About Garanti SECTION II - Management and Corporate Governance 8 Financial Highlights 76 Board of Directors and Auditors 10 Garanti's Vision, Mission, Strategy and Core Values 78 Senior Management 12 Garanti's Position within the Banking Sector 80 Committees and Committee Meeting Attendance 13 Profitability Ratios and Competitive Advantages 82 Summary of the Board of Directors' Annual Report 14 Garanti Financial Services Group Companies 83 Assessment of Internal Control, Internal Audit and Risk 16 Garanti in 2007 Management Systems by the Audit Committee 20 Awards 84 Human Resources Practices 22 Chairman's Letter 85 Related Party Risks 24 Letter from the CEO 87 Support Service Providers 28 Research and Development Applications 88 Report on Compliance with Corporate Governance Principles 30 Activities in 2007 Retail Banking SECTION III - Unconsolidated Financial Statements and Housing Finance Risk Management Policies Garanti Masters Private Banking 98 Independent Auditors' Report Investment Banking 102 Unconsolidated Financial Report as of and for the Branchless Banking/Alternative Delivery Channels Year Ended 31 December 2007 Payment Systems/Credit and Debit Cards 172 Evaluation of Financial Position Insurance and Pension 175 Risk Management Policies SME Banking Commercial Banking SECTION IV - Consolidated Financial Statements Corporate Banking 185 Independent Auditors' Report Cash Management and Transaction Banking 186 Consolidated Financial Report as of and for the Project Finance Year Ended 31 December 2007 International Banking 268 Stock Performance Treasury 268 Five-Year Financial Highlights ABACUS Addresses Human Resources Corporate Social Responsibility Projects Garanti, the second largest private bank in Turkey*, had the most successful year in its 61-year history during 2007. It was the Bank's high-powered human resources capable of making a difference that was behind this outstanding performance. Garanti maintains employee competencies at the highest level by supporting its operations with state-of-the-art technology. Combining these advantages with innovative customer-oriented products and services as well as the best customer relationship management solutions, Garanti has indeed made a difference in the banking sector achieving a record income of YTL 2.4 billion in 2007. Hence, its strong brand recognition and excellent reputation have earned the Bank the Euromoney Award for Excellence for the eighth time, naming it the “Best Bank in Turkey”. With 105 new branches opened during the year, Garanti supports its extensive branch network with centralized operations, exceptional data warehousing and management reporting systems, integrated financial services and the efficient use of alternative delivery channels. Adding to its international achievements and reputation every day, Garanti, supported by the strength of its competitive advantages, looks to the future with confidence. * According to 2007 consolidated financial statements Annual Report Compliance Opinion To the Shareholders of Türkiye Garanti Bankas› Anonim fiirketi: We have been engaged to audit the annual report of Türkiye Garanti Bankas› Anonim fiirketi (the Bank) as of 31 December 2007. The annual report is the responsibility of the Bank's management. Our responsibility, as independent auditors, is to express an opinion on the annual report. Our audit was conducted in accordance with the regulations on preparation and issuance of annual report in (Turkish) Banking Law No 5411 and independent auditing principles. Those regulations require that we plan and perform the audit to obtain reasonable assurance regarding whether the consistency of financial information represented in the annual report with the audited financial statements and explanatory notes is free of material misstatement. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. In our opinion, the financial information represented in the accompanying annual report presents fairly, in all material respects, the information regarding the financial position of Türkiye Garanti Bankas› Anonim fiirketi and its financial affiliates as of 31 December 2007 in accordance with the effective regulations described in article 40 of (Turkish) Banking Law No 5411 and includes Independent Auditors' Report issued by us and Summary of Board of Directors' Report and is consistent with the audited financial statements and explanatory notes. ‹stanbul, 14 March 2008 Akis Ba¤›ms›z Denetim ve Serbest Muhasebeci Mali Müflavirlik Anonim fiirketi Murat Alsan Sorumlu Ortak, Bafldenetçi AGENDA OF THE ORDINARY GENERAL SHAREHOLDERS’ MEETING 3 Agenda of the Ordinary General Shareholders’ Meeting 1. The opening, the formation of the Board of Presidency, 2. The authorization of the Board of Presidency to sign the minutes of the Ordinary General Shareholders’ Meeting, 3. The reading and discussion of Board of Directors’ Annual Report and Auditors’ Reports, 4. The reading, discussion and ratification of the balance sheet and the income statement; the discussion and acceptance or refusal of the Board of Directors’ proposal regarding the dividend distribution, 5. The announcement of the members of the Board of Directors and Auditors, 6. The determination of the Board members’ and Auditors’ remuneration, 7. The information to the shareholders regarding the Bank's charitable donations during the year, 8. The Authorization of the Board Members to conduct business with the Bank in accordance with Articles 334 and 335 of the Turkish Commercial Code provided that the provisions of Banks’ Act are complied with. 4 SECTION I: INTRODUCTION ABOUT GARANT‹ About Garanti Corporate Profile Founded in 1946 in Ankara, Garanti Bank with its consistently Shop&Miles&Club followed in 2004, offering solutions that improving performance throughout the years is the second allow members to enjoy life and have more leisure time, in largest private bank in Turkey* today. Through corporate, addition to all the features that come with the original commercial, SME and retail banking line of businesses, the Shop&Miles. Bank offers diverse financial services with a customer-centric approach and without compromising quality. Do¤ufl Holding In 2006, Garanti designed “Flexi” for customers who tend and GECF, the Bank's majority shareholders, act in accordance to analyze benefits, live the life of their choice and closely with the principle of equal partnership. follow innovations. Card holders can choose from among the alternatives that best suit their spending habits and Aiming to sustain its consistent growth trend, Garanti, as of payment preferences. Fully customizable Flexi allows card today, operates 583 domestic branches and employs more holders to create a card with the interest rate, the reward than 14,500 employees. In addition to its domestic distribution system, the card fee and even the card design of their choice. network, with its branches in Luxembourg, Malta and Turkish Republic of Northern Cyprus, representative offices in Since 2006, Garanti has been the only bank in Turkey entitled Shanghai, London, Moscow and Düsseldorf and nine financial to issue American Express Centurion Line and Business cards services subsidiaries, Garanti operates as a fully-integrated and to enroll member companies. It was during the same financial services company. year that MasterCard's revolutionary “PayPass” technology facilitating small ticket purchases was introduced in Europe In accordance with its vision to become a regional player in for the first time through Garanti's Bonus Trink card. In 2007, the banking sector, Garanti pursues close and lasting Garanti launched yet another novelty in Europe, freeing credit relationships with markets in the geographic regions of close cards from their traditional physical form and turning them proximity. into watches, stickers and key-chains. As of the end of 2007, Garanti's total assets stood at US$ Garanti - the Mortgage Expert! 65.6 billion, its loan portfolio at US$ 33.6 billion and total In 2007, Garanti, the leader in the mortgage market, launched deposits at US$ 37.7 billion.* a series of training programs for real estate agencies on the specifics of housing finance. The Bank also cooperated with Growth via Pioneering and Innovative Offerings Istanbul Bilgi University to develop a certificate program for Garanti Bank has developed several groundbreaking products the specialization of branch personnel in this area. and services both in Turkey and around the world. The Bank does not build its competition strategies on pricing, but rather SMEs, the Backbone of the Economy, pushes forward the competition in services. To this end, it Backed by Garanti lays special emphasis on establishing closer and longer-lasting The first Turkish bank to treat SME banking as a separate relationships with customers, steadfastly holding onto a business line, Garanti is offering one-stop solutions to cater dynamic and innovative stance for making a difference. to the commercial and retail banking needs of entrepreneurs. In 2004, the Bank launched the Cash Management Package Credit Cards that Set Standards “GAN‹” to support companies on areas
Load more

Recommended publications
  • Financial Health
    About Our Value Our 2020 Material Financial Reaching Operational Data and The Best and Most Corporate Financial Reports Introduction Sustainability 100 Garanti BBVA Creation Issue: COVID-19 Health More Customers Excellence Technology Engaged Team Governance and Appendix 101 2020 PERFORMANCE IN STRATEGIC PRIORITIES AND OUTLOOK BURAK ALİ GÖÇER CEO - Garanti BBVA Pension FINANCIAL ELİF GÜVENEN Director - Corporate Brand Management HEALTH and Marketing Communication HÜLYA TÜRKMEN Director - Customer Experience and Satisfaction ZEYNEP ÖZER YILDIRIM Istanbul, Kozyatağı Commercial Branch Manager MAHMUT KAYA CEO - Garanti BBVA Asset Management Scan the QR code to watch the video. TRUST PIONEER SUSTAINABILITY RESPONSIBILTY EXPERIENCE TRANSPARENCY SUCCESS AGILITY EMPATHY DIGITALIZATION Garanti BBVA | Integrated Annual Report 2020 Garanti BBVA | Integrated Annual Report 2020 About Our Value Our 2020 Material Financial Introduction Sustainability 102 Garanti BBVA Creation Issue: COVID-19 Health Financial 7,307 37 min 12 customer Health Related Material Value Drivers Indicators 2019 2020 Topics OFFER OUR CUSTOMERS New and updated products, services and channels SOLUTIONS AND SUGGESTIONS that aim to support the customers in terms of 5 5 THAT CATER TO THEIR NEEDS SO managing their financials AS TO HELP THEM ATTAIN THEIR Customers informed about their financial positions 85% 92% GOALS Disabled-friendly Garanti BBVA ATMs 5,214 5,276 FINANCIAL ADVISORY TO OUR Customers that started using saving products 943,541 898,212 #3 BUSINESS CUSTOMERS TO HELP THEM
    [Show full text]
  • I, No:40 Sayılı Tebliği'nin 8'Nci Maddesi Gereğince, Hisse Senetleri
    Sermaye Piyasas Kurulu’nun Seri :I, No:40 say l Teblii’nin 8’nci maddesi gereince, hisse senetleri Borsada i"lem gören ortakl klar n Kurul kayd nda olan ancak Borsada i"lem görmeyen statüde hisse senetlerinin Borsada sat "a konu edilebilmesi amac yla Merkezi Kay t Kurulu"u’na yap lan ba"vurulara ait bilgiler a"a da yer almaktad r. Hisse Kodu S ra Sat "a Konu Hisse Ünvan Grubu Yat r mc n n Ad -Soyad Nominal Tutar Tsp Sat " No Ünvan (TL)* 5"lemi K s t ** ** ADANA 1 ADANA Ç5MENTO E TANER BUGAY SANAY55 A.;. A GRUBU 2.235,720 ALTIN 2 ALTINYILDIZ MENSUCAT E 5SMA5L AYÇ5N VE KONFEKS5YON 0,066 FABR5KALARI A.;. ARCLK 3 ARÇEL5K A.;. E C5HAT YÜKSEKEL 31,344 ARCLK 4 ARÇEL5K A.;. E ERSAN OYMAN 19,736 ARCLK 5 ARÇEL5K A.;. E FER5DE SEZ5K 0,214 ARCLK 6 ARÇEL5K A.;. E F5L5Z EYÜPOHLU 209,141 ARCLK 7 ARÇEL5K A.;. E HANDE YED5DAL 28,180 ARCLK 8 ARÇEL5K A.;. E HAYRETT5N YAVUZ 0,206 ARCLK 9 ARÇEL5K A.;. E 5HSAN ERSEN 1.259,571 ARCLK 10 ARÇEL5K A.;. E 5RFAN ATALAY 195,262 ARCLK 11 ARÇEL5K A.;. E KEZ5BAN ONBE; 984,120 ARCLK 12 ARÇEL5K A.;. E RAFET SALTIK 23,514 ARCLK 13 ARÇEL5K A.;. E SELEN TUNÇKAYA 29,110 ARCLK 14 ARÇEL5K A.;. E YA;AR EMEK 1,142 ARCLK 15 ARÇEL5K A.;. E ZEYNEP ÖZDE GÖRKEY 2,351 ARCLK 16 ARÇEL5K A.;. E ZEYNEP SEDEF ELDEM 2.090,880 ASELS 17 ASELSAN ELEKTRON5K E ALAETT5N ÖZKÜLAHLI SANAY5 VE T5CARET A.;.
    [Show full text]
  • TÜRKİYE İŞ BANKASI A.Ş. U.S.$5,000,000,000 Global Medium
    TÜRKİYE İŞ BANKASI A.Ş. U.S.$5,000,000,000 Global Medium Term Note Program Under this U.S.$5,000,000,000 Global Medium Term Note Program (the "Program"), Türkiye İş Bankası A.Ş., a Turkish banking institution organized as a public joint stock company registered with the Istanbul Trade Registry under number 431112 (the "Bank" or the "Issuer"), may from time to time issue notes (the "Notes") denominated in any currency agreed between the Issuer and the relevant Dealer (as defined below). Notes may be issued in bearer or registered form (respectively "Bearer Notes" and "Registered Notes"). The maximum aggregate nominal amount of all Notes from time to time outstanding under the Program will not exceed U.S.$5,000,000,000 (or its equivalent in other currencies calculated as described in the Program Agreement described herein), subject to increase as described herein. The Notes may be issued on a continuing basis to: (a) one or more of the Dealers specified under "Overview of the Group and the Program" and any additional Dealer appointed under the Program from time to time by the Issuer (each a "Dealer" and together the "Dealers"), which appointment may be for a specific issue or on an ongoing basis, and/or (b) one or more investors purchasing Notes directly from the Issuer. References in this Base Prospectus to the "relevant Dealer" shall, in the case of an issue of Notes being (or intended to be) subscribed by more than one Dealer, be to all Dealers agreeing to subscribe such Notes. An investment in Notes issued under the Program involves certain risks.
    [Show full text]
  • Market Watch Monday, March 01, 2021 Agenda
    Market Watch Monday, March 01, 2021 www.sekeryatirim.com.tr Agenda 01 M onday 02 Tuesday 03 Wednesday 04 Thursday 05 Friday Turkstat, 4Q20 GDP Growth Germany, January TurkStat, February inflation CBRT, February Germany, Janu- retail sales inflation assess- ary factory orders China, February Caixin non-mfg. China, February Caixin mfg. PMI ment Germany, February PMI U.S., February Germany and Eurozone, Febru- unemployment data U.S., jobless non-farm payrolls ary Markit mfg. PMI Germany and Eurozone, Febru- ary Markit non-mfg. PMI claims and unemploy- Eurozone, February ment rate Germany, February CPI CPI Eurozone, February PPI U.S., January factory orders U.S., February U.S., February Markit mfg. PMI U.S., February ADP employment average hourly change earnings U.S., February ISM manufactur- ing index U.S., February Markit non-mfg. PMI U.S., January construction U.S., February ISM non- spending manufacturing index Outlook Major global stock markets closed lower on Friday, amid the rise in US Treasury yields, which has increased concerns over rising inflation and the Fed derailing its currently accommodative policy. Global risk appetite has Volume (mn TRY) BIST 100 relatively weakened, despite Fed Chair Powell’s statements suggesting that inflation was likely to remain below the targeted value, and that the 1.551 major central bank would maintain its current policy. Having moved in 1.518 1.488 parallel to the course of major international stock markets, the BIST100 48.000 1.483 1.471 1.600 also shed 1.13% to close at 1,471.39 on Friday, after a volatile day in 40.000 1.500 trading.
    [Show full text]
  • Yös -2020 Hatali Iban Bilgisi Olan Öğrenci Listesi
    YÖS -2020 HATALI IBAN BİLGİSİ OLAN ÖĞRENCİ LİSTESİ Öğrencinin Dikkatine:İade işlemleri yapılmış ancak IBAN numarası ile iade edilecek kişi adı/soyadı uyuşmazlığı veya ıban numarasının hatalı girilmesi nedeniyle iadeler ödeme biriminden geri gelmiştir. Dikkat edilmesi gereken hususlar: • İadelerin yapılabilmesi için mutlaka IBAN numarası verilmelidir. • İade edilecek kişinin ad/soyad bilgileri ve bu kişiye ait IBAN numarasının uyuşması gerekmektedir. • Yapılacak iade Türk Lirası ise verilen IBAN numarasının TR dahil 26 hane olması gerekmektedir. • Yapılacak iade tutarının para cinsine göre (Örnek:TL.-USD-AVRO) banka IBAN numarası verilmesi gerekmektedir. YÖS-2020 HATALI IBAN BİLGİSİ OLAN ÖĞRENCİ LİSTESİ ADAY KREDİ KARTI S.N. NO NO ÖĞRENCİ ADI/SOYADI HESAP SAHİBİ ADI/SOYADI İBAN NO BANKA ADI BIC/SWIFT NO 1 758874 387204 Sarkhan Mammadzada ELVIRA MAMMADOVA AZ03AIIB45810019442100005121 KAPİTAL BANK AIIBAZ2X 2 761418 389292 DAIANA HAMMADI MUHAMMED YUSUF TR6600015001580073083707310 VAKIF BANKASI 3 758245 386790 Karina Panayeva KARİNA PANAYEVA KZ76722C000033463013 KASPİ.KZ 273 4 757255 386232 meryem bircan MERYEM BİRCAN TR730001000749836073465001 ZİRAAT BANKASI SPARKASSE HAMELN- 5 757807 386579 DAMLA CAKA DAMLA CAKA DE86 2545 0110 0160 1387 15 WESERBERGLAND NOLADE21SWB 6 758957 387265 AYSAN FAHIMI AYSAN FAHİMİ IR6037701491151079 KESHAVARZİ 7 750454 391789 GÜNAY SÜRMELİOĞLU GÜNAY SÜRMELİOĞLU TR410001001690867468685004 ZİRAAT BANKASI 8 758411 387868 ALMINA CHAISMAILOVA AYŞE ALİSOY TR10006701000000073994618 YAPIKREDİ GHAZALEH 9 757560 386421 ILIA
    [Show full text]
  • 2019 Annual Report
    2019 ANNUAL REPORT “A VEHICLE SUITS EVERYONE IS AVAILABLE AT GARANTI BBVA FLEET.” ABOUT GARANTI BBVA FLEET CONTENTS 4 Independent Auditor Report on 48 RISKS AND ASSESSMENTS OF THE BOARD OF DIRECTORS Annual Activity Report by Board of Directors 50 Sectoral Risks 50 Risks from Products and Services 6 ABOUT GARANTI BBVA FLEET 51 Risks Related to the Determination of Used Car Price (RV) 8 Our Vision - Our Mission - Our Strategy 51 Risks Related to the Second Hand Vehicle Sales 9 Our Values 52 Risks Arising from External Factors 10 Corporate Profile 52 Financial Risks 11 Accounting Period 54 Committees 11 Approval of Annual Report 56 Meetings of the Board of Directors 11 Statement of Responsibility 56 Administrative Sanctions and Penalties 11 Shareholder Structure 56 Assessment of Financial Situation, Profitability and Solvency of Indemnity 12 Organizational Structure 56 Grants and Donations 14 Board of Directors 56 The Suits Filed Against the Company and Their Possible Results 18 Senior Management 56 Remarks on the Private Auditing and Public Auditing 20 Message from the Chairman 57 Amendments on Articles of Association 22 Message from the General Manager 57 Significant Events Occurring Up to the Date of the General Assembly Meeting, in which the Relevant Financial Statements Shall Be Discussed, from the Closure of the 24 HUMAN RESOURCES AND TRAINING Accounting Period 26 Human Resources 57 General Assemblies held yearly 3 27 Training Types Training Made During the Year 57 Significant Purchase/Sales of Assets 27 Training Made During the Year
    [Show full text]
  • 2Ç2021 Kar Tahminleri
    ARAŞTIRMA BÖLÜMÜ 16 Temmuz 2021 2Ç2021 KAR TAHMİNLERİ BANKACILIK SEKTÖRÜ 2Ç21T/ 2Ç21T/ 6A21T/ Bilanço Net Dönem Karı *Kesin/ 2Ç21T 1Ç21 4Ç20T 3Ç20 2Ç20 1Ç20 2Ç20 1Ç20 6A21T 6A20 6A20 Açıklama (Mn TL) Tahmini Değ.% Değ.% Değ.% Tarihi Finans Akbank 2.036 2.027 1.848 1.523 1.586 1.310 28,3% 0,4% 4.063 2.896 40,3% 28.07.2021 K Garanti Bankası 2.596 2.529 1.111 1.896 1.600 1.631 62,2% 2,6% 5.124 3.231 58,6% 29.07.2021 K İş Bankası (C) 1.739 1.854 1.627 2.149 1.579 1.456 10,2% -6,2% 3.593 3.035 18,4% 6.08.2021 T T. Halk Bankası 65 59 510 315 950 825 -93,1% 10,7% 124 1.775 -93,0% 13.08.2021 T Vakıflar Bankası 635 750 669 1.100 1.525 1.716 -58,3% -15,3% 1.385 3.241 -57,3% 9.08.2021 K Yapı ve Kredi Bank. 1.844 1.453 765 1.854 1.331 1.129 38,5% 26,9% 3.296 2.461 34,0% 30.07.2021 K TSKB 233 226 207 204 168 154 38,2% 3,0% 459 322 42,4% 4.08.2021 T Finans Toplam 9.148 8.897 6.736 9.040 8.740 8.222 4,7% 2,8% 18.045 16.962 6,4% Kaynak: Ziraat Yatırım, Banka Finansalları, T: Tahmini, a.d.: Anlamlı Değil Tahminlerimizde Etkili Olan Faktörler BDDK’nın açıklamış olduğu aylık verilere göre Bankacılık sektörü karı 2021 yılının Nisan-Mayıs döneminde, bir önceki yılın aynı dönemine göre %30,3, bir önceki çeyreğin ilk iki ayına göre de %9,4 oranında düşüş kaydetmiş ve 8,4 milyar TL seviyesinde gerçekleşmiştir.
    [Show full text]
  • 2Q19 Earnings Preview
    July 22, 2019 2Q19 Earnings Preview Flat spreads with no major asset quality problem TL mn 2Q19E 1Q19 2Q18 Chg. QoQ Chg. YoY Banks will begin announcing their 2Q19 earnings on July 25, spearheaded by Akbank. The deadline for the BRSA AKBNK 1,201 1413 1602 -15% -25% results is August 19. We estimate a total net profit of TL4.1bn for the banks HALKB 315 305 1113 3% -72% under our coverage in 2Q19, implying a 23% qoq and 39% yoy decline. ISCTR 934 1458 1528 -36% -39% The main highlights of 2Q19 are: i) flattish core lending spread qoq, ii) almost zero loan growth iii) drop in COR, despite a 30bps rise in NPL ratio VAKBN 400 651 1074 -39% -63% Akbank and Yapi Kredi have distinguished themselves YKBNK 1,020 1241 1227 -18% -17% from their peers on the back of relatively solid spreads supported by declining deposit costs. TSKB 191 185 166 3% 15% Main highlights of the quarter: FX-adjusted loan growth is almost zero in 2Q19, vs. 3.9% Total 4,060 5,254 6,710 -23% -39% in 1Q19, in which the decline in SME loans is partially compensated for by retail loan growth. Looking at the stock values, TL lending spreads are P/E (x) P/BV (x) ROE % almost stable, despite the rise in deposit rates. That said, the FX lending spread is also supportive due to the currency impact. 19-June- 2019E 2020E 2019E 2020E 2019E 2020E 19 The sector’s swap average volumes increased from USD37bn in 1Q19 to USD46bn in 2Q19, mainly due to the heavy swap usage of state banks.
    [Show full text]
  • Fitch Affirms 4 Large Privately-Owned Turkish Banks
    FITCH AFFIRMS 4 LARGE PRIVATELY-OWNED TURKISH BANKS Fitch Ratings-London-10 June 2016: Fitch Ratings has affirmed the IDRs, Viability Ratings (VRs) and Support Ratings of Turkiye Is Bankasi (Isbank), Akbank T.A.S. (Akbank), Yapi ve Kredi Bankasi (YKB) and Turkiye Garanti Bankasi (Garanti). The Outlook on YKB's Long-Term IDRs is Negative. The Outlooks on Akbank's, Isbank's and Garanti's Long-Term IDRs are Stable. A full list of rating actions is at the end of this rating action commentary. Isbank and Akbank's 'BBB-' Long-term IDRs are driven by their standalone creditworthiness, as reflected by their 'bbb-' VRs. Garanti's and YKB's 'BBB' Long-term IDRs are driven by potential support from their controlling shareholders, Banco Bilbao Vizcaya Argentaria (A-/Stable) and Unicredit (BBB+/Negative), respectively. YKB's ratings are sensitive not just to Unicredit's ratings, but also to any decision by Unicredit to reduce or sell its stake in the bank. The ratings of all four banks' subsidiaries are equalised with those of their parent institutions. Consequently, the Long-term IDRs of the subsidiaries of Isbank, Akbank and Garanti have been affirmed with Stable Outlooks, while the Outlooks on YKB's subsidiaries are Negative. KEY RATING DRIVERS: IDRS, NATIONAL RATINGS AND DEBT RATINGS OF ISBANK AND AKBANK; VRS OF ALL FOUR BANKS The 'bbb-' VRs of all four banks continue to reflect their still reasonable financial metrics in terms of performance and capitalisation, notwithstanding some weakening in 2015. They also consider the banks' strong franchises, which mean that any moderate deterioration in the operating environment should be manageable, in Fitch's view.
    [Show full text]
  • Daily Bulletin 10 June 2021 Thursday
    Market Watch Thursday, June 10, 2021 www.sekeryatirim.com.tr Agenda 07 M onday 08 Tuesday 09 Wednesday 10 Thursday 11 Friday Treasury auc- Treasury auction China, May CPI & ECB, rate decision TurkStat, April industrial pro- tion PPI duction Germany, April industrial pro- U.S., jobless claims Germany, April duction U.S., May CPI U.S., June Michigan Consum- factory orders er sentiment Germany, June ZEW Index U.S., May Federal Treasury Budget Outlook: Major global stock markets remained subdued and closed slightly lower after cautious trading midweek, although risk appetite has remained healthy. Having started the day somewhat positively, the BIST100 traded within a narrow band to close 0.11% higher at 1,449.17. The TRY has Volume (mn TRY) BIST 100 appreciated slightly along with other EM currencies, while Turkey’s 5-year CDS premium continued to decline to 383bps. Should this premium contin- 24.000 ue to decline, the TRY is likely to continue its recovery and the banking 1.600 sector index is likely to relatively strengthen. The BIST is thus likely to 20.000 1.500 maintain its uptrend and any possible profit taking would remain limited, as 16.000 long as global risk appetite remains healthy. Investors will today focus on 18.197 1.400 the US consumer price index data for May; a higher than expected reading 12.000 14.261 may increase worries over Fed tapering. This may spur further profit taking 8.000 14.328 14.281 13.554 1.300 in the US and other global stock markets, and the BIST may follow suit.
    [Show full text]
  • Integrated Annual Review 2020
    INTEGRATED ANNUAL REVIEW 2020 'The Meaning We Attach Please scan the QR to access the online report. to Words...' INTEGRATED ANNUAL REVIEW 2020 Content available on the website to watch, listen and read. Texts are linked to related website when clicked. Texts are linked to related pages in the report when clicked. Number of words used in the section Reading time of the section 'The Meaning Number of pages of the section We Attach The most used word in the section to Words...' in the banking sector to date. With our SUSTAINABILITY initiatives, we truly live up to this concept; we shape sustainability with our Contents Foreword commitment to create a robust and successful business model for the future by sharing long-lasting values with our stakeholders. 'THE MEANING WE ATTACH TO WORDS...' We feel responsible, primarily, for the world we live in, for our Finance and banking are associated first and foremost with environment, our employees, our customers, and most of all, for numbers, figures and ratios. Performance and goals are expressed our own operations. We act with this sense of RESPONSIBILITY 3 Foreword 92 OUR 2020 MATERIAL ISSUE: COVID-19 in numbers; so are current position and status. Yes, the finance at all times. According to us, AGILITY, taking action swiftly, being 4 About the Report sector likes numbers, because things that are quantifiable have dynamic and effective in the digitalizing order that races against 2020 PERFORMANCE IN STRATEGIC PRIORITIES priority and talking about measurement means talking about time, leading innovation while empowering our employees, flexibility INTRODUCTION AND OUTLOOK numbers since those that are not measured cannot be improved.
    [Show full text]
  • We're Taking Petkim to the Summit
    WE’RE TAKING PETKİM TO THE SUMMIT 2015 ANNUAL REPORT M NY CONTENTS PRESENTATION 2 PETKİM IN BRIEF 6 SOCAR TURKEY 8 “VALUE-SITE” 2023 VISION 12 KEY PARAMETERS AND FINANCIAL HIGHLIGHTS 14 PETKİM PLANTS 16 A SOLID TRACK RECORD OF 50 YEARS 20 CAPACITIES OF PETKİM’S PLANTS 24 MESSAGE FROM THE CHAIRMAN OF THE BOARD OF DIRECTORS 26 BOARD OF DIRECTORS 30 MESSAGE FROM THE GENERAL MANAGER 32 EXECUTIVE MANAGEMENT IN 2015 36 PRODUCTION 38 INVESTMENTS 40 LOGISTICS 42 SALES AND MARKETING 44 R&D and TECHNOLOGY 48 SUSTAINABILITY CORPORATE GOVERNANCE 54 INVESTOR RELATIONS 56 AGENDA 57 DECLARATION OF INDEPENDENCE 60 CORPORATE GOVERNANCE PRINCIPLES COMPLIANCE REPORT 77 PROFIT DISTRIBUTION POLICY 78 STATEMENT OF RESPONSIBILITY 80 AUDIT COMMITTEE REPORTS 82 INDEPENDENT AUDITOR’S REPORT ON THE ANNUAL REPORT OFTHE BOARD OF DIRECTORS FINANCIAL INFORMATION 84 CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD BETWEEN JANUARY 1 - DECEMBER 31, 2015 TOGETHER WITH REPORT OF INDEPENDENT AUDITORS 86 INDEPENDENT AUDITORS’ REPORT ON THE CONSOLIDATED FINANCIALS STATEMENTS A PETROCHEMICAL GIANT TURKEY’S SOLE INTEGRATED PETROCHEMICAL PLANT, Presentation PETKİM, REPRESENTS A GIANT PRODUCTION POWER WITH STRATEGIC IMPORTANCE FOR OUR COUNTRY’S INDUSTRY. WITH AROUND 60 PETROCHEMICAL PRODUCTS IN ITS PRODUCT RANGE, PETKİM IS THE INDISPENSABLE RAW- MATERIAL SUPPLIER OF THE PETROCHEMICAL INDUSTRY, PROVIDING RAW AND INTERMEDIATE MATERIALS TO In 2015 VARIOUS INDUSTRIES INCLUDING PLASTICS, CHEMISTRY, PACKAGING, PIPE, PAINT, CONSTRUCTION, AGRICULTURE, AUTOMOTIVE, ELECTRICITY, ELECTRONICS, TEXTILES, AS WELL AS PHARMACEUTICALS, DETERGENTS AND COSMETICS SECTORS THROUGH THE HIGH VALUE ADDED PRODUCTS SUCH AS THERMOPLASTICS, FIBERS AND RAW MATERIALS Corporate Governance FOR PAINTS. PETKİM LEAVES BEHIND 50 SUCCESSFUL YEARS, WHERE IT HAS UNWAVERINGLY CONTRIBUTED TO THE ECONOMY.
    [Show full text]