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Türkiye Vakiflar Bankasi Türk Anonim

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Türkiye Vakiflar Bankasi Türk Anonim TÜRKİYE VAKIFLAR BANKASI TÜRK ANONİM ORTAKLIĞI CONSOLIDATED FINANCIAL STATEMENTS AND RELATED DISCLOSURES AT DECEMBER 31, 2018 TOGETHER WITH INDEPENDENT AUDITOR’S REPORT (Convenience Translation of Publicly Announced Consolidated Financial Statements and Independent Auditor’s Report Originally Issued in Turkish, See in Note I. of Section Three) CONVENIENCE TRANSLATION OF PUBLICLY ANNOUNCED CONSOLIDATED FINANCIAL STATEMENTS AND INDEPENDENT AUDITOR’S REPORT ORIGINALLY ISSUED IN TURKISH, SEE IN NOTE I. OF SECTION THREE TÜRKİYE VAKIFLAR BANKASI TÜRK ANONİM ORTAKLIĞI CONSOLIDATED FINANCIAL REPORT AS AT AND FOR THE YEAR ENDED DECEMBER 31, 2018 Address : Saray Mahallesi Dr. Adnan Büyükdeniz Caddesi No: 7/A-B 34768 Ümraniye/İSTANBUL Telephone : 0216 724 10 00 Fax : 0216 724 39 09 Electronic web site : www.vakifbank.com.tr Electronic mail address : [email protected] The consolidated financial report as at and for the year ended December 31, 2018 prepared in accordance with the “Communiqué of Financial Statements and Related Disclosures and Footnotes to be Publicly Announced by Banks” as regulated by Banking Regulation and Supervision Agency, is comprised of the following sections: GENERAL INFORMATION ABOUT THE PARENT BANK CONSOLIDATED FINANCIAL STATEMENTS OF THE PARENT BANK DISCLOSURES ON ACCOUNTING POLICIES APPLIED IN THE PERIOD INFORMATION RELATED TO FINANCIAL POSITION AND RISK MANAGEMENT OF THE GROUP DISCLOSURES AND FOOTNOTES ON CONSOLIDATED FINANCIAL STATEMENTS OTHER DISCLOSURES INDEPENDENT AUDITOR’S REPORT The subsidiaries and associates included in the consolidated financial report are as follows: SUBSIDIARIES ASSOCIATES JOINT-VENTURES Güneş Sigorta AŞ Kıbrıs Vakıflar Bankası Ltd. - Vakıf Emeklilik Ve Hayat AŞ Türkiye Sınai Kalkınma Bankası Aş - Vakıf Faktoring AŞ - - Vakıf Finansal Kiralama AŞ - - Vakıf Portföy Yönetimi AŞ - - Vakıf Yatırım Menkul Değerler AŞ - - Vakıfbank International AŞ - - Vakıf Gayrimenkul Yatırım Ortaklığı AŞ - - Vakıf Menkul Kıymet Yatırım Ortaklığı AŞ - - The accompanying consolidated financial statements for the year period, related disclosures and footnotes which have been independently audited, are prepared in accordance with the Regulation on Accounting Applications for Banks and Safeguarding of Documents, Turkish Accounting Standards, Turkish Financial Reporting Standards, the related statements and guidance and in compliance with the financial records of our Bank and unless otherwise stated, presented in thousands of Turkish Lira. February 26, 2019 Şahap KAVCIOĞLU Serdar TUNÇBİLEK Mehmet Emin ÖZCAN Deputy Chairman of the Board and Audit General Manager and Board and Audit Committee Member Board Member Committee Member Şuayyip İLBİLGİ Ferkan MERDAN Assistant General Manager Director of Accounting and Financial Affairs The authorized contact person for questions on this financial report: Name-Surname/Title: Burcu SÜTCÜ AKDAĞ / Manager Name-Surname/Title: Mehmet Fatih METE / Asst. Manager Phone no : +90 216 724 31 35 Phone no : +90 216 724 31 38 Fax no : +90 216 724 49 55 Fax no : +90 216 724 49 55 SECTION ONE Page No: General Information I. History of the Parent Bank including its incorporation date, initial legal status, amendments to legal status 1 II. The Parent Bank’s shareholder structure, management and internal audit, direct and indirect shareholders, change in shareholder structure during the 1-2 period and information on Bank’s risk group III. Information on the Parent Bank’s chairman and members of the board of directors, audit committee members, general manager, assistant general 3-4 managers and their shares in the Bank IV. Information on the Parent Bank’s qualified shareholders 4 V. Information about the services and nature of activities of the Parent Bank 5 VI. Differences between the communique on preparation of consolidated financial statements of banks and Turkish accounting standards and short explanatıon about the institutions subject to line-by-line method or proportional consolidation and institutions which are 5 deducted from equity or not included in these three methods 5 VII Current of likely actual or legal barriers to immediate transfer of equity or repayment of debts between the Parent Bank and its subsidiaries 5 SECTION TWO Consolidated Financial Statements I. Consolidated balance sheet 7-10 II. Consolidated off-balance sheet items 11-12 III. Consolidated statement of profit or loss 13-14 IV. Consolidated statement of profit and loss and other comprehensive income 15-16 V. Consolidated statement of changes in shareholders’ equity 17-18 VI. Consolidated statement of cash flows 19-20 VII. Consolidated statement profit distribution 21-22 SECTION THREE Accounting Policies I. Basis of presentation 23-24 II. Strategy for the use of financial instruments and information on foreign currency transactions 24-25 III. Information on associates that are consolidated and subsidiaries that are accounted according to equity method 25-27 IV. Information on forwards, options and other derivative transactions 27 V. Information on interest income and expenses 28 VI. Information on fees and commissions 28 VII. Information on financial assets 28-30 VIII. Information on expected loss provision 30-33 IX. Information on offsetting of financial instruments 33 X. Information on sales and repurchase agreements and securities lending 33 XI. Information on assets held for sale and discontinued operations and related liabilities 34 XII. Information on goodwill and other intangible assets 34 XIII. Information on tangible assets 34-35 XIV. Information on leasing activities 35 XV. Information on provisions, contingent assets and liabilities 36 XVI. Information on obligations of the Group concerning employee rights 36-37 XVII. Information on taxation 38-39 XVIII. Information on cash and cash equivalents 40 XIX Additional information on borrowings 40 XX. Information on issuance of equity securities 40 XXI. Information on confirmed bills of exchange and acceptances 40 XXII. Information on government incentives 40 XXIII. Information on segment reporting 40 XXIV. Other matters 41-46 XXV. Explanations on prior period accounting policies not valid for the current period 46-47 SECTION FOUR Information Related to the Consolidated Financial Position and Risk Management I. Information consolidated equity items 48-56 II. Consolidated credit risk 56-67 III. Consolidated foreign currency exchange risk 68-70 IV. Consolidated interest rate risk 71-72 V. Consolidated stock position risk 73-74 VI. Consolidated liquidity risk and liquidity coverage ratio 74-78 VII. Consolidated leverage ratio 79-80 VIII. Fair values of financial assets and liabilities 81-83 IX. Transactions carried out on behalf of customers, items held in trust 83 X. Consolidated segment reporting 83-85 XI. Information on risk management 85-107 SECTION FIVE Disclosures and Footnotes on Consolidated Financial Statements I. Information and disclosures related to consolidated assets 108-136 II. Information and disclosures related to consolidated liabilities 137-147 III. Information and disclosures related to consolidated off-balance sheet items 148-152 IV. Information and disclosures related to consolidated statement of income 152-159 V. Information and disclosures related to statement of changes in shareholders’ equity 159-160 VI. Information and disclosures on statement of cash flows 160-161 VII. Information and disclosures related to the bank’s risk group 162-163 VIII. Information on domestic, foreign and off-shore branches or investments and foreign representative offices 163 SECTION SIX Other Disclosures and Footnotes I. Other disclosures on the Parent Bank’s activity 164 II. Information on the Parent Bank’s rating given by international credit rating institutions 164 III. Significant events and matters subsequent to balance sheet date that are not resulted 165 SECTION SEVEN Independent Auditors’ Audit Report I. Information on Independent auditor’s report 166 II. Explanations and footnotes prepared by independent auditor 166 CONVENIENCE TRANSLATION OF PUBLICLY ANNOUNCED CONSOLIDATED FINANCIAL STATEMENTS ORIGINALLY ISSUED IN TURKISH, SEE IN NOTE I. OF SECTION THREE TÜRKİYE VAKIFLAR BANKASI TÜRK ANONIM ORTAKLIĞI AND ITS FINANCIAL SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2018 (Amounts expressed in thousands of Turkish Lira (“TL”) unless otherwise stated.) SECTION ONE GENERAL INFORMATION I. HISTORY OF THE PARENT BANK INCLUDING ITS INCORPORATION DATE, INITIAL LEGAL STATUS, AMENDMENTS TO LEGAL STATUS Türkiye Vakıflar Bankası Türk Anonim Ortaklığı (“The Bank” or “The Parent Bank”) was established to operate as stated in the disclosure V of this section, under the authorization of a special law numbered 6219, called “the Law of Türkiye Vakıflar Bankası Türk Anonim Ortaklığı”, on January 11, 1954 within the framework of the authority granted to The General Directorate of the Foundations of Turkish Republic Prime Ministry (“The General Directorate of the Foundations”). The Bank’s statute has not been changed since its establishment. II. THE PARENT BANK’S SHAREHOLDERS STRUCTURE, MANAGEMENT AND INTERNAL AUDIT, DIRECT AND INDIRECT SHAREHOLDERS, CHANGE IN SHAREHOLDER STRUCTURE DURING THE PERIOD AND INFORMATION ON BANK’S RISK GROUP The shareholder having control over the shares of The Parent Bank is the General Directorate of the Foundations. As at December 31, 2018 and December 31, 2017, The Parent Bank’s paid-in capital is TL 2,500,000 divided into 250,000,000,000 shares with each has a nominal value
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