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Türkiye Iş Bankasi Anonim Şirketi and Its Subsidiaries

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Türkiye Iş Bankasi Anonim Şirketi and Its Subsidiaries TÜRKİYE İŞ BANKASI ANONİM ŞİRKETİ AND ITS SUBSIDIARIES Condensed Consolidated Interim Financial Statements For the Six-month Period Ended 30 June 2014 With Independent Auditors’ Report on Review of Condensed Consolidated Interim Financial Information Akis Bağımsız Denetim ve Serbest Muhasebeci Mali Müşavirlik Anonim Şirketi 31 October 2014 This report contains 1 page of independent auditors’ report on review of condensed consolidated interim financial information and 95 pages of condensed consolidated interim financial statements and their explanatory notes. Türkiye İş Bankası Anonim Şirketi and Its Subsidiaries TABLE OF CONTENTS Page Independent auditors’ report on review of condensed consolidated interim financial information Condensed consolidated interim statement of financial position 1-2 Condensed consolidated interim statement of income 3 Condensed consolidated interim profit or loss and other comprehensive income 4 Condensed consolidated interim statement of changes in equity 5-6 Condensed consolidated interim statement of cash flows 7-8 Notes to the condensed consolidated interim financial statements 9-95 TÜRKİYE İŞ BANKASI ANONİM ŞİRKETİ AND ITS SUBSIDIARIES CONDENSED CONSOLIDATED INTERIM STATEMENT OF FINANCIAL POSITION AS AT 30 JUNE 2014 (Amounts expressed in thousands of Turkish Lira (“TL”) unless otherwise stated) 30 June 31 December Assets Note 2014 2013 Cash and cash equivalents 7 2,057,330 2,194,664 Balances with central bank 8 24,230,998 21,152,651 Loans and advances to banks 9 5,703,968 5,572,863 Financial assets at fair value through profit or loss 2,227,959 2,913,514 - Trading investment securities 10 1,353,036 1,624,680 - Derivative financial instruments 45 874,923 1,288,834 Loans and advances to customers 11 151,697,414 146,863,072 Trade receivables 12 2,150,442 2,125,711 Insurance receivables 14 1,639,952 1,510,112 Inventories 13 1,466,708 1,341,893 Investment securities 44,775,867 42,026,239 - Available for sale investment securities 10 39,241,300 34,297,792 - Held to maturity investment securities 10 5,534,567 7,728,447 Current tax assets 27 28,604 27,235 Investments in equity-accounted investees 15 934,216 949,989 Goodwill 16 119,030 119,274 Property, plant and equipment 17 8,195,597 7,928,327 Investment properties 18 1,122,712 1,064,261 Intangible assets 17 409,828 355,504 Non-current assets held for sale 19 82,832 103,566 Deferred tax assets 27 1,032,232 994,555 Other assets 20 3,169,862 3,417,260 Total assets 251,045,551 240,660,690 The accompanying notes form an integral part of these condensed consolidated interim financial statements. 1 TÜRKİYE İŞ BANKASI ANONİM ŞİRKETİ AND ITS SUBSIDIARIES CONDENSED CONSOLIDATED INTERIM STATEMENT OF FINANCIAL POSITION AS AT 30 JUNE 2014 (Amounts expressed in thousands of Turkish Lira (“TL”) unless otherwise stated) 30 June 31 December Liabilities and equity Note 2014 2013 Deposits 21 124,280,165 120,001,979 - Deposits from banks 21 4,353,011 4,192,301 - Deposits from customers 21 119,927,154 115,809,678 Obligations under repurchase agreements 22 21,275,157 22,595,899 Derivative financial instruments 45 689,811 1,201,500 Funds borrowed 23 29,686,324 29,517,506 Debt securities issued 24 14,133,354 11,120,911 Payables to stock exchange money market 25 2,324,019 2,403,976 Trade payables 26 2,362,525 2,474,550 Taxes and dues payable 27 348,379 330,425 Employee benefits 29 2,575,989 2,533,654 Corporate tax liability 27 416,114 197,640 Insurance contract liabilities 14 5,799,702 5,299,483 Provisions 28 1,520,606 1,366,673 Deferred tax liabilities 27 21,045 21,016 Liabilities held for sale 19 -- 17,155 Other liabilities 30 10,215,489 8,363,308 Subordinated liabilities 31 3,065,281 3,090,902 Total liabilities 218,713,960 210,536,577 Share capital 32 6,115,938 6,115,938 Share premium 32 38,435 38,434 Legal reserves 32 2,911,637 2,657,122 Fair value reserve 32 375,762 (799,363) Translation reserve 32 233,449 361,170 Other reserve 9,267 7,017 Actuarial gain/(loss) 29,133 29,133 Retained earnings 15,920,794 15,437,453 Total equity attributable to equity holders of the Bank 25,634,415 23,846,904 Non-controlling interest 6,697,176 6,277,209 Total equity 32,331,591 30,124,113 Total liabilities and equity 251,045,551 240,660,690 Commitment and contingencies 45 83,167,820 81,487,452 The accompanying notes form an integral part of these condensed consolidated interim financial statements. 2 TÜRKİYE İŞ BANKASI ANONİM ŞİRKETİ AND ITS SUBSIDIARIES CONDENSED CONSOLIDATED INTERIM STATEMENT OF INCOME FOR THE SIX-MONTH PERIOD ENDED 30 JUNE 2014 (Amounts expressed in thousands of Turkish Lira (“TL”) unless otherwise stated) 1 January- 1 January- Note 30 June 2014 30 June 2013 Interest income on loans 6,288,653 5,162,181 Interest income on securities 2,022,262 1,764,290 Interest income on deposits at banks 77,894 106,252 Interest income on finance leases 81,016 55,727 Interest income on factoring transactions 36,939 25,252 Other interest income 26,658 30,968 Total interest income 8,533,422 7,144,670 Interest expense on deposits (2,850,090) (2,176,605) Interest expense on borrowings (436,380) (308,025) Interest expense on interbank borrowings (827,543) (465,828) Interest expense on debt securities issued (471,501) (263,980) Other interest expense (46,354) (53,467) Total interest expense (4,631,868) (3,267,905) Net interest income 3,901,554 3,876,765 Fee and commission income 33 1,162,781 1,213,670 Fee and commission expense 33 (424,212) (440,671) Net fee and commission income 33 738,569 772,999 Securities trading income, net 201,657 338,238 Derivative trading expense, net (427,422) (44,528) Income from manufacturing operations 34 3,421,366 2,777,805 Income from insurance operations 35 1,732,282 1,533,228 Income from other operations 40 249,167 206,445 Cost of manufacturing operations 37 (2,452,975) (2,095,314) Cost of insurance operations 38 (1,344,381) (1,203,205) Cost of other operations 40 (284,643) (256,951) Other operating income 36 523,332 365,424 Other operating expenses 39 (4,068,478) (3,427,979) Foreign exchange gains, net 327,767 236,422 Impairment losses on financial assets, net 41 (318,329) (104,571) Dividend income 15,026 26,503 Share of income/(loss) of equity-accounted investees 15 9,757 (856) Profit before income tax 2,224,249 3,000,425 Income tax expense 27 (485,542) (504,581) Profit for the period 1,738,707 2,495,844 Profit attributable to: Equity holders of the Bank 1,290,498 2,079,057 Non-controlling interest 448,209 416,787 Profit for the period 1,738,707 2,495,844 Basic and diluted earnings per share (Full TL) 43 0.0115 0.0185 The accompanying notes form an integral part of these consolidated interim financial statements. 3 TÜRKİYE İŞ BANKASI ANONİM ŞİRKETİ AND ITS SUBSIDIARIES CONDENSED CONSOLIDATED INTERIM STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME FOR THE SIX-MONTH PERIOD ENDED 30 JUNE 2014 (Amounts expressed in thousands of Turkish Lira (“TL”) unless otherwise stated) 1 January- 1 January- 30 June 2014 30 June 2013 Profit for the period 1,738,707 2,495,844 Other comprehensive income Items that will never be reclassified to profit or loss: -- -- Items that are or may be reclassified to profit or loss: Change in unrealised gains/(losses) on available for sale investments 1,585,406 (1,401,973) Income tax relating to components of other comprehensive income (246,127) 239,182 Net gains/(losses) on available for sale assets transferred to the income statement on disposal (109,699) (87,331) Foreign currency translation differences (71,634) (3,903) Change in other reserves 3,715 279 Other comprehensive income/(expenses), net of tax 1,161,661 (1,253,746) Total comprehensive income for the period 2,900,368 1,242,098 Attributable to Equity holders of the Bank 2,340,152 868,054 Non-controlling interest 560,216 374,044 Total comprehensive income for the period 2,900,368 1,242,098 The accompanying notes form an integral part of these consolidated interim financial statements. 4 TÜRKİYE İŞ BANKASI ANONİM ŞİRKETİ AND ITS SUBSIDIARIES CONDENSED CONSOLIDATED INTERIM STATEMENT OF CHANGES IN EQUITY FOR THE SIX-MONTH PERIOD ENDED 30 JUNE 2014 (Amounts expressed in thousands of Turkish Lira (“TL”) unless otherwise stated) Attributable to equity holders of the Bank Non- Share Share Legal Fair value Translation Other Actuarial Retained controlling Total capital premium reserves reserve reserve reserve gain/(loss) earnings Total interest Equity Balance at 1 January 2014 6,115,938 38,434 2,657,122 (799,363) 361,170 7,017 29,133 15,437,453 23,846,904 6,277,209 30,124,113 Total comprehensive income for the period Net profit for the period -- -- -- -- -- -- -- 1,290,498 1,290,498 448,209 1,738,707 Other comprehensive income, net of tax Items that are or may be reclassified subsequently to profit or loss: Change in unrealised gains/losses on available for sale investments -- -- 1,280,040 -- -- -- -- 1,280,040 59,239 1,339,279 Net losses on available for sale assets transferred to the income statement on disposal -- -- -- (104,915) -- -- -- -- (104,915) (4,784) (109,699) Change in other reserves -- -- -- -- -- 2,250 -- -- 2,250 1,465 3,715 Foreign currency translation differences for foreign operations -- -- -- (127,721) -- -- -- (127,721) 56,087 (71,634) Total other comprehensive income/(expense) -- -- -- 1,175,125 (127,721) 2,250 -- -- 1,049,654 112,007 1,161,661 Total comprehensive income/(expense) for the period -- -- -- 1,175,125 (127,721) 2,250 -- 1,290,498 2,340,152 560,216 2,900,368 Transactions with owners, recognised directly in equity Contributions by and distributions
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