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Investor Presentation Investor Presentation TAS Bank Only Results 2006 YE March, 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 311 branches, 116 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 2006 results & financial performance trends Increased share of loans in total assets Total Assets 37,033.9 B/S mix Decreasing securities portfolio Increased funding from retail deposits Gross Loans 19,045.2 B/S Strong asset growth driven primarily by rapid growth loan expansion (retail and SME loans) Securities 10,423.9 Decreasing level of NPLs, stringent credit Total Deposits 24,842.1 Asset review/scoring systems quality 100% NPL coverage Shareholders’ Equity 4,487.4 Capitalis Strong capitalisation levels, allowing for future ation growth Net Interest Income 1,585.2 Increased share of interest income from loans, Revenue rather than securities Net Profit 769.7 mix Focus on generating fee & commission income Branch Network 311 Profitabil Well managed cost base and efficient network ity Customer Number Over 6.3 million 4 Million YTL Financial performance of 2006 Performance highlights Continued rapid expansion of loan portfolio supported by growth in external borrowings as well as the liquid assets. • Loan portfolio increased by 50% to YTL18 bn YoY • Deposits grew by 7.3% to YTL24.8 bn YoY • Funds borrowed grew by 41.4% to YTL5 bn YoY Share of loans in total assets increased to 49% compared to 37% in 2005, while the share of securities portfolio contracted to 28.2% from 34.8% in 2005 Loan to deposit ratio reached 73% in 2006 compared to 52% in 2005 Prudent provisioning and improving loan quality: NPLs down to 5.3% of gross loan portfolio in 2006 from 7.7% in 2005 and are fully provisioned Net interest income grew by 20.2% to YTL1,585.3 mm YoY Operating Income grew by 18.3% to YTL 2,281.3 mm YoY Net profit reached to YTL770 mm with an increase of 46% YoY 5 VakifBank is a market leader, particularly in retail and SME finance Total market share (%) (31.12.2006) 27.0% 20.9% 14.9% 11.3% 9.3% 8.1% 8.4% 8.6% 5.8% 4.6% 4.6% 3.0% 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 6 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 2005 2006 2005 2006 2005 2006 YTL Loans 23.67% 20.27% YTL Loans 9.85% 6.93% 5.47% 5.23% FX Loans 5.84% 7.72% FX Loans 2.82% 3.64% YTL Securities 16.74% 15.44% YTL Securities 2.92% 2.10% FX Securities 6.91% 8.66% FX Securities 3.89% 4.58% Cost of deposits YTL Deposits 13.82% 13.34% FX Deposits 3.02% 4.08% 7 Diversification of asset mix towards interest-earning assets Breakdown of assets (YTLbn) Interest earning assets (YTLbn) Cash and central bank Interbank Securities Loans 37.0 Fixed assets Other Loans Securities Interbank 1.0 32.6 0.9 32.3 5% : 27. 1.1 GR 1.0 CA 28.2 24.2 18.0 19.5 12.0 1.4 18.0 1.1 20.0 12.0 1.5 15.6 1.1 8.0 8.0 5.4 11.4 10.4 5.4 11.4 8.6 10.4 7.9 8.6 7.9 4.8 3.9 3.4 2.3 3.4 4.8 3.9 1.3 1.7 2.3 2.8 2.3 2003 2004 2005 2006 2003 2004 2005 2006 Strong growth in interest earning assets – increased by 14.5% from 2005 to 2006- driven by rapid expansion of loan portfolio Continued diversification away from securities–from 40.5% of total assets in 2003 and 35.0% of total assets in 2005 to 28.2% in 2006 8 Expansion of loan portfolio continued… Loans (YTLmm) Comments FX YTL Loan portfolio registered a CAGR of 49.8% increase between 2003 to 2006 9.8% 18,043 R: 4 CAG YTL loans grew by 41.2% while FX 12,042 12,366 68.5% loans increased by 72.8% from 2005 to 8,062 2006. 5,367 8,756 5,730 Strong growth on loan to deposit ratio 3,539 5,677 31.5% 1,829 2,332 3,286 with focus on profitability 2003 2004 2005 2006 Loan/Deposit (%) Loan/Asset (%) 72.6% 48.7% 36.9% 45.9% 51.9% 33.3% 37.1% 27.5% 2003 2004 2005 2006 2003 2004 2005 2006 9 …with strong focus on retail and SME lending… Breakdown of loans by sector Comments YE2005 YE2006 Good position in traditionally strong regions of central and Overdraft Other eastern Turkey Other 2.5% Auto 10.1% OverdraftAuto 1.2% 3.6% 2.2% 10.7% Credit card • Selective expansion in 3.5% Istanbul region Credit card 5.8% To strengthen its retail franchise, VakifBank has 652 Commercial Mortgages Commercial Mortgages 47.9% 11.0% SME portfolio managers, 402 51.9% 8.4% retail portfolio managers and SME 438 marketing associates as SME 19.7% of YE2006 21.5% As a result of these initiatives, cross-selling ratio for SME portfolio managers is 2.38x Guarantees and Commitments (million YTL) and for retail portfolio managers is 2.25x as of 4,638 4,871 YE2006 3,595 3,761 2,971 2,999 2,675 Sustainable growth rate of off- 1,536 balance sheet 2003 2004 2005 2006 Guaratees Commitments 10 …and in particular on high margin products Loan growths by product in Retail, SME and COMM. loans (YTLmm) 2006 (%) Home Loans 98.30% Commercial SME Mortgages * 18,043 Credit cards Overdraft Auto Gen. Pur. Consumer 1,829 Loans 41.96% Other 221 458 642 Auto Loans -16.77% .8% 49 : GR 1,994 Total Retail Loans 54.44% CA 12,042 1,289 3,572 265 Credit Cards -8.59% 434 702 8,062 1,006 854 Overdraft 5.52% 388 2,584 389 5,367 597 439 531 166 389 1,730 9,420 391 SME Loans 38.24% 287 711 5,764 3,665 2,892 Com.&Cor. Loans 63.43% 2003 2004 2005 2006 *:Includes Housing Loans+TOKI. (YTLmm) Total Loans 49.83% 11 Steady and significant improvement in asset quality Gross NPLs as % of gross loans Comments Despite expansion of the -8.7p.p. 14.0% loan portfolio, NPLs continued to decrease 9.0% 7.7% reaching 5.3% of total 5.3% gross loan portfolio in YE2006 compared to 7.7% 2003 2004 2005 2006 in YE2005 Since 2003, loan loss provisions cover 100% of Gross NPLs and provisions (YTLmm) NPLs 998,927 998,927 1,002,0471,002,047 875,828 875,828 795,155 795,155 2003 2004 2005 2006 Gross NPLs Provisions 12 Securities portfolio evolution Securities 2006 (YTLmm) Comments Trading securities portfolio Portfolio available for sale Securities held to maturity The securities portfolio 11,359 10,432 372 decreased by 8.2% in 8,595 3.3% 48 7,859 0.5% 2006 YoY and its share in 552 6.4% 1,002 12.8% 1,339 17.0% 9,908 87.2% total assets continued to 5,365 9,914 95.0% 62.4% decline—from 40.3% in 5,517 70.2% 2003 and from 34.8% in 2,679 31.2% 9.5% 4.5% 1,080 470 2005 to 28.2% in 2006 2003 2004 2005 2006 Portfolio of securities Security portfolio breakdown by interest 2006 available for sale stood at 95.0% of total securities YTL FX portfolio in 2006 compared to 17.0% in 2003 and 87.2% in 2005 Floating; For the Year End 2006; 43.0% Floating; Fixed; Fixed; 50.4% 49.6% average yield on YTL 57.0% security portfolio is 15.44% and average yield on FX security portfolio 13 is 8.66% Strong growth in external borrowings supporting the expansion of loan portfolio Breakdown of liabilities&shareholders equity (YTLbn) Comments
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