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Investor Presentation Investor Presentation TAS Bank Only Results 1Q 2007 May, 2007 1 History Established in April 1954 under the special law “Türkiye Vakıflar Bankasi Türk Anonim Ortaklığı Kanunu” to manage cash derived from revenues and expenditures of charitable organisations set up during the Ottoman Empire period, conducting banking activities with branch offices in Ankara, Istanbul and Izmir In 1957, made its first venture towards broadening its sevices by establishing Güneş Insurance Company Over the next 20 years continued to expand its geographic presence in Turkey reaching 206 branches by 1977 Since the early 1990s, Vakifbank has increased the scope of its retail banking and diversified its loan portfolio by including equipment financing, enterprise loans, auto loans, mortgage loans, and credit cards. In 2000, Vakifbank began offering internet banking services Vakifbank is now a full service commercial and retail bank headquartered in Ankara, providing retail, commercial and investment banking services through a network of 314 branches, 119 satellite branches and five mobile branches, covering 81 Turkish cities Internationally, Vakifbank has subsidiaries in Austria (which operates a branch in Frankfurt and a branch in Köln) and the Turkish Republic of Northern Cyprus and two branches in New York and Bahrain. 2 Following successful IPO in November 2005, c. 25% of Vakifbank of is now listed Main Shareholders Ownership structure General Directorate of Foundations The GDF manages foundations owning 58.45% of the shares General in the Bank (43.0% in the form of Class A shares and 15.45% Free float Directorate in the form of Class B shares). The GDF was established in 25,18% of Foundations 1924 to administer and regulate existing and future Turkish 58,45% charitable foundations as a state entity directly reporting to the Prime Minister. Non-Affiliated Foundations Other The non-affiliated foundations are independent foundations 0,27% with separate boards of trustees. They currently hold Class B shares, constituting 0.19% of the Bank’s equity. VakifBank Vakifbank Pension Fund Employee The Vakifbank Pension Fund has a 16.10% stake in the Pension fund Bank’s capital as a Class C shareholder. The Bank’s 16,10% employees contribute to the Vakifbank Pension Fund as opposed to the mandatory social security coverage provided by the state Social Insurance Institution. Other Shareholders The other shareholders consist of individual or legal entities that together own 0.08% of the Bank’s equity as Class C Shareholders. Free Float Public domestic and international shareholders. 3 Vakıfbank: An Overview of 1Q 2007 results USD=1.3571 YTL YTLYTL mnmn USDUSD mn YoYoYY GrowthGrowth QoQQoQ GrowGrowthth Total Assets 38,051.1 28,112.2 11.8% 3.0% Total Loans 18,443.5 13,590.4 36.4% 2.2% Securities 11,519.7 8,488.5 10.6% 10.4% Total Deposits 25,726.0 18,956.6 7.8% 3.6% Shareholders’ Equity 4,282.4 3,155.6 6.3% (4.8%) Net Interest Income 407.8 300.5 10.8% (5.6%) Operating Income 640.3 471.8 22.7% (8.7%) Net Income 219.0 161.4 6.0% 28.6% Branch Network 314 Customer Number Over 6.8 million 4 VakifBank is a market leader, particularly in retail and SME finance Total market share (%) (31.12.2006) 27.0% 20.2% 14.6% 9.9% 11.1% 8.1% 8.2% 8.6% 4.5% 5.6% 4.2% 2.7% Total Public YTL Mutual Total Loans Retail Credit Commercial ATMs Branches Debit Credit Deposits salary deposits funds loans** Card Installment Card # Card # accounts* Loans Deposits / Funding Credits Distribution Source: BRSA weekly reports, Capital Markets Board * VakıfBank estimates ** Includes home, auto and other. Credit card loans, overdrafts not included 5 Yield on Loans & Cost of Funding Further move toward higher margin loans in YTL. Despite the repricing on YTL deposits, lower cost of YTL deposits. Yield on loans&securities Spreads NIM 2006 1Q07 2006 1Q07 4Q06 1Q07 YTL Loans 20.27% 20.33% YTL Loans 6.93% 4.47% 5.07% 4.93% FX Loans 7.72% 7.14% FX Loans 3.64% 3.24% YTL Securities 15.44% 17.72% YTL Securities 2.10% 1.86% FX Securities 8.66% 7.13% FX Securities 4.58% 3.23% Cost of deposits YTL Deposits 13.34% 15.86% FX Deposits 4.08% 3.90% 6 Diversification of asset mix towards interest-earning assets Breakdown of assets (YTLbn) Interest earning assets (YTLbn) Cash and central bank Interbank Securities Loans Fixed assets Other Loans Securities Interbank 37.0 38.2 34.1 1.0 1.2 33.7 32.4 1.8 0.9 0.9 28.6 1.0 18.4 18.0 18.0 18.4 13.5 13.5 10.4 10.4 11.5 10.4 10.4 11.5 4.7 3.9 3.7 4.7 2.7 2.8 2.5 3.9 3.7 1Q06 2006 1Q07 1Q06 2006 1Q07 Strong growth in interest earning assets – increased by 17.9% YoY, 4% QoQ- driven by rapid expansion of loan portfolio Continued diversification away from securities–from 30.5% of total assets in 1Q06 to 30.1% in 1Q07 7 Expansion of loan portfolio continued… Loans (YTLmm) Comments FX YTL Loan portfolio registered 36.4% 18,043 18,444 increase YoY 13,523 YTL loans grew by 41.9% while FX 12,366 13,174 71.4% loans increased by 24.4% YoY 9,285 Strong growth on loan to deposit ratio 4,238 5,677 5,270 28.6%% with focus on profitability 1Q06 2006 1Q07 Loan/Deposit (%) Loan/Asset (%) 72.6% 71.7% 48.7% 48.3% 56.6% 39.6% 1Q06 2006 1Q07 1Q06 2006 1Q07 8 …with strong focus on retail and SME lending… Breakdown of loans by sector Comments 1Q06 1Q07 Good position in traditionally strong regions of central and Overdraft Other Auto OverdraftAuto Other eastern Turkey 3.0% 9.6% 1.9% 2.7% 1.1% 10.2% Credit card • Selective expansion in Credit card 3.2% 4.9% Istanbul region To strengthen its retail Commerci Mortgages Mortgages al 11.3% Commerci franchise, VakifBank has 644 10.2% 49.4% al 52.0% SME portfolio managers, 418 retail portfolio managers and SME SME 21.0% 19.6% 438 marketing associates as of 1Q07 As a result of these initiatives, cross-selling ratio for SME portfolio managers is 2.27x Guarantees and Commitments (million YTL) and for retail portfolio managers is 2.26x as of 1Q07 4,995 4,871 4,965 Sustainable growth rate of off- 2,958 2,999 2,920 balance sheet 1Q06 2006 1Q07 Guaratees Commitments 9 …and in particular on high margin products Retail, SME and COMM. loans (YTLmm) Loan growths by product in Commercial SME Mortgages * Credit cards 1Q07 (%) YoY QoQ Overdraft Auto Other 18,043 18,444 Home Loans 44% 4% 1,879 1,829 Gen. Pur. Consumer 198 Loans 50% 3% 221 492 458 584 642 13,523 Auto Loans -21% -10% 2,076 1,994 Total Retail 1,303 251 Loans 42% 3% 410 661 3,572 3,615 1,380 Credit Cards -12% -9% 2,838 Overdraft 20% 7% 9,420 9,600 6,680 SME Loans 27% 1% Com.&Cor. Loans 44% 3% 1Q06 2006 1Q07 Total Loans 36% 2% *:Includes Housing Loans+TOKI. 10 Steady and significant improvement in asset quality Gross NPLs as % of gross loans Comments Despite expansion of the -1.8p.p. loan portfolio, NPLs continued to decrease 7.1% reaching 5.3% of total 5.3% 5.3% gross loan portfolio in 1Q07 compared to 7.1% in 1Q06 2006 1Q07 1Q06 Since 2003, loan loss provisions cover 100% of Gross NPLs and provisions (YTLmm) NPLs 1,036,872 1,036,872 1,026,613 1,026,613 1,002,047 1,002,047 1Q06 2006 1Q07 Gross NPLs Provisions 11 Securities portfolio evolution Securities (YTLmm) Comments Trading securities portfolio Portfolio available for sale Securities held to maturity The securities portfolio 10,432 11,520 10,420 47 0.4% increased by 10.6% YoY, 365 3.5% 48 0.5% 10.4% QoQ and its share 95.4% 95.0% 10,987 in total assets continued 9,394 90.2% 9,914 to decline—from 30.5% in 661 6.3% 470 4.5% 486 4.2% 1Q06 to 30.1% in 1Q07 1Q06 2006 1Q07 Portfolio of securities available for sale stood at Security portfolio breakdown by interest 1Q07 95.0% of total securities portfolio in 1Q07 YTL FX For the 1Q07; average yield on YTL security portfolio is 21.9% and Floating; Floating; average yield on FX 43.4% Fixed; 44.4% Fixed; 56.6% 55.6% security portfolio is 7.1% 12 Strong growth in external borrowings supporting the expansion of loan portfolio Breakdown of liabilities&shareholders equity (YTLbn) Comments Total liabilities&shareholders equity grew by 11.8% Other Shareholders equity Provisions Funds Deposits YoY and 3.0% QoQ, driven by increase in external 38.2 funding and continued expansion of deposit base 37.0 External Borrowings increased by 23% YoY 34.1 3.0 2.3 Deposits posted a 7.8% growth YoY and accounted 1.8 11.3% for 67.1% of total liabilities and shareholders’ 12.2% 4.5 4.3 equity 4 9.0% 0.4 0.4 0.7 Loans and customer deposits (YTLbn) 4.8 12.6% 3.7 10.9% 5 13.5% 1 Deposits Loans Loans/Deposits 56.6% 72.6% 71.7% 24.8 25.7 23.9 24.8 25.7 23.9 67.0% 67.1% 18.0 18.4 13.5 70.1% 1Q06 2006 1Q07 1Q06 2006 1Q07 13 Deposit base composition and evolution Customer deposit breakdown by type and currency Comments 1Q06 1Q07 Ensured strong profitability by FX-term YTL- FX-term YTL- maintaining liquidity levels and 25.3% demand 20.3% demand controlling interest expenses 10.5% FX- 8.7% FX- demand through controlled 7.8% YoY demand 3.9% and 3.6% QoQ growth 3.2% YTL- YTL-term term YTL Deposit growth was 14.8% 61.0% 67.1% where FX Deposit growth was Total: YTL23,873.4 million Total: YTL25,726.0 million -9.3% YoY.
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