ISBANK INVESTOR PRESENTATION 2018 H1

Transcription

1 ISBANK INVESTOR PRESENTATION 2018 H1

2 Contents Isbank at a Glance 4 Financial Highlights 8 Retail Banking 27 Major Equity Participations 30 2

3 Isbank at a Glance 4 Financial Highlights 8 Retail Banking 27 Major Equity Participations 30 3

4 Isbank in Brief Widespread shareholder base Isbank Pension Fund 40.12% Free Float 31.79% Ataturk Shares 28.09% Stocks are quoted at BIST and also traded at LSE in the form of GDRs. Largest stake owned by employees via pension fund 1,342 domestic branches country-wide (largest among private banks), and 22 foreign branches 6,528 ATMs (largest ATM network among private banks) Nationwide coverage International coverage Isbank Branches in Northern Cyprus HO + 10 Isbank AG Branches in Germany Bank Subsidiary HO + 3 Isbank Russia Branches in Russia Bank Subsidiary Isbank Branches in London, UK. 1 Isbank AG Branch in Amsterdam, the Netherlands HO+2 Isbank Georgia Branches in Georgia - Bank Subsidiary 3 Number of Branches 1,358 1 Branch in Manama, Bahrain 1 Isbank AG Branch in Paris, France 1 Representative Office in Shang-hai, China 1,377 1,374 1,364 1, Q2 2 Branches in Arbil and Baghdad, Iraq 1 Isbank AG Branch in Zurich, Switzerland 1 Representative Office in Cairo, Egypt 2 Branches in Pristine and Prizren, Kosovo 4

5 Main Business Lines Banking Services Other Financial Services Corporate Banking Commercial Banking Retail Banking Private Banking Capital Market Operations Other Banking Services Insurance Private Pension Asset Management Venture Capital Investment Banking REIT Leasing & Factoring Brokerage & Custody 5

6 The Largest Private Bank Market Share (%) 2018 Q2 Rank (2) Main Balance Sheet Items (1) Total Assets st Total Loans st TL Loans nd FX Loans st Consumer Loans (3) nd Non-Retail Loans st Total Deposits st TL Deposits nd FX Deposits st Demand Deposits st Other Products & Distribution Network Volume of Debit Cards (4) nd Number of POS (4) rd Acquiring Volume (4) rd Number of Credit Cards (4) rd Issuing Volume (4) rd Number of Branches st Number of ATMs st (1) Market share calculations are based on weekly BRSA data excluding participation banks. Total assets market share is based on monthly BRSA data. (2) Ranking among private-sector banks (3) Including retail overdraft accounts (4) Market share calculations are based on Interbank Card Center (BKM) data. 6

7 Isbank at a Glance 4 Financial Highlights 8 Retail Banking 27 Major Equity Participations 30 7

8 Growth Performance Total Assets (TL mn.) Loans (TL mn.) 10.0% 9.0% 237, , , , , , , , , , Q2 Deposits (TL mn.) Q2 Shareholders Equity (TL mn.) 7.5% 4.9% 133, , , , ,102 29,311 32,035 37,409 42,984 45, Q Q2 8

9 Asset Structure Main Balance Sheet Items (TL mn.) Q2 Change Cash & Banks 38,424 44, % Securities (Net) 57,352 62, % Loans 239, , % Participations (Net) 13,802 14, % Fixed Assets (Net) 5,163 5, % Other Assets 8,095 9, % Total Assets 362, , % Interest Earning Assets / Total Assets Asset Composition 10.6% 11.3% 15.8% 15.7% 66.1% 65.5% 3.8% 3.7% 3.7% 3.8% Q2 Loans / Assets Cash & Banks Securities Loans Participations Fixed & Other Assets 92.3% 91.3% 91.1% 91.5% 91.6% 65.3% 64.2% 65.2% 66.1% 65.5% Q Q2 9

10 Solid Lending Franchise Loan Portfolio QoQ (TL mn.) Loans / Deposits 5.9% 2.1% 11.7% 246, , % 119.1% 115.0% 116.5% 148, ,989 97, ,054 TL FX * Total 2018 Q Q2 (*) -3.8% change in FX loans when adjusted for the change in exchange rate. Loan Portfolio YtD (TL mn.) Q2 Loans/Deposits Loans/Deposits (Adj.)* (*) TL securities issued added to deposits. TL / FX Mix of Loans 9.0% 3.1% 147, ,989 91, % 109, , , % 36.1% 39.8% 38.4% 41.8% 64.6% 63.9% 60.2% 61.6% 58.2% TL FX * Total Q2 (*) -2.0% change in FX loans when adjusted for the change in exchange rate Q2 TL FX 10

11 Diversified Loan Portfolio 48% comprised of retail and SME loans. Total Loans (TL mn.) Consumer Loans (TL mn.) 239, ,043 44,882 45, % 17.6% 5.0% 4.7% 23.0% 25.6% Retail Loans 22.3% Consumer (1) 50.5% 50.3% General Purpose Consumer Loans Auto Loans Credit Cards (2) 1.5% 1.5% Housing Loans 53.2% 52.1% SME (3) Commercial & Corporate 46.5% 46.5% Retail Overdraft 1.6% 1.7% Q Q2 (1) Includes retail overdraft accounts. (2) Includes retail credit card balances only. (3) SME definition includes companies with number of employees < 250 and turnover or total assets <= TL 40 mn. for 2017 and companies with number of employees < 250 and turnover or total assets <= TL 125 mn. for 2018 Q2. 11

12 ,453 1,861 Lowest NPL Ratio Among Peers (1) NPL Ratios by Loan Categories (2018 Q2) NPL Trends (Quarterly) Total SME Corp. & Comm. Credit Cards Consumer Coverage Ratios Performing Loans NPL Isbank 2,3% 2,3% 2,0% Private-Sector Banks 2,7% 3,4% 3,6% 3,3% 4,8% 4,7% 5,4% Coverage Ratios 2018 Q Q2 Stage 1 0.7% 0.8% Stage 2 8.8% 9.8% Stage % (3) 65.8% (3) Stage 3 -Total 157.6% (4) 143.6% (4) (TL mn.) 0.08% 0.57% 17 Q4 18 Q1 18 Q2 (2) Net NPL Formation Rate Net Cost of Risk (5) By 2018 H1 Specific Gross CoR (6) : 109 bps 2.29% Additions Recoveries Net NPL Formation Prov. for Exp. Credit Loss. (TL mn) Q1 Q2 H1 Stage Stage Stage ,356 Reversals (TL mn) (-) Q1 Q2 H1 Stage Stage Net CoR (2018 H1) 124 bps (1) Adjusted for the NPL sales made by peer group banks in the quarter. (2) Net NPL Formation / Average Performing Loans (3) Provisions for Stage 3 Expected Credit Losses / Non-performing Loans (4) (Provisions for Stage Expected Credit Losses + Free Provisions) / Non-performing Loans Share of Stage 2 Loans: 8.6% (5) (Stage Expected Credit Losses-Reversals) / Average Performing Loans (6) Stage 3 Expected Credit Losses / Average Performing Loans (7) Collections / (Prior period ending balance NPL + Additions) 12

13 Securities Portfolio Breakdown of Securities Total Portfolio 2018 Q2 TL 57.4% FX % 13.3% Held FVTPL for trading % 99.9% 59.2% 2018 Q2 40.1% AFS FVOCI HTM FVMaAC Q2 Floating Fixed TL Securities (TRY bn.) FX Securities* (USD bn.) FX Securities (TRY bn.) Total Securities (TRY bn.) * USD equivalent. Government bonds and treasury bills constitute. 98% of total portfolio. 35.4% share of CPI linkers in total portfolio 698 mn. TL interest revenue and 13.5% quarterly yield on CPI linkers portfolio. Yields of TL and FX securities are 11.88% and 5.26%, respectively in 2018 Q2. Average durations are 1.7 years for TL Securities 6 years for FX Securities 13

14 Strong Fund Generation Capability Main Balance Sheet Items Liabilities Composition (TL mn.) Q2 Change Deposits 203, , % REPOs & Money Market 19,834 25, % Funds Borrowed 38,424 45, % Securities Issued 25,911 30, % Other* 31,338 33, % Equity 42,984 45, % Total Liabilities & Equity 362, , % 11.9% 11.3% 8.7% 8.3% 7.2% 7.6% 10.6% 11.4% 5.5% 6.4% Equity Other* Securities Issued Funds Borrowed Largest TL funding base among private-sector banks 56.2% 55.0% REPOs&Money Market Deposits Q2 (*) Includes subordinated debt of USD 1.9 bn plus TL 1.1 bn as of 2017 and 2018 Q2. 14

15 Largest Deposits Franchise a clear indicator of customer trust. Deposits QoQ (TL mn.) Market Shares 5.9% -0.7% 11.9% 206,900219, % 13.2% 12.0% 11.6% 10.5% 10.0% 98,496 97, ,404121,317 TL FX * Total 2018 Q Q Q2 TL Deposits FX Deposits Total Deposits (*) -3.7% change in FX deposits when adjusted for the change in exchange rate. Deposits YtD (TL mn.) 7.5% Largest market share in FX, demand, savings and total deposits among private sector banks 0.8% 97,050 97, % 106,702121, , ,752 TL savings deposits account for deposits. 31% of total TL FX * Total Q2 (*) -6.0% change in FX deposits when adjusted for the change in exchange rate. 15

16 Demand Deposits 25,6% 24,8% 26,4% 25,0% 27,2% 25,8% 25,4% 28,1% 26,4% 25,4% 27,4% 26,3% 26,6% 28,0% 27,0% make significant contribution to lower cost of funding. Demand Deposits (TL mn.) Share of Demand Deposits 59,073 53,501 29,431 34,683 43,599 49% 46% 44% 17 Q2 17 Q3 17 Q4 18 Q1 18 Q2 54% 46% 50% 50% 51% 54% 56% (*) Excluding interbank deposits TL* FX* Total 14.5% market share in demand deposits Largest among private-sector banks Q2 TL FX 16

17 Sufficient Capitalization Comfortable level of capital Capital Adequacy Ratio Change in CAR 2018 Q % Net Income 0.42% 16.53% 16.98% 16.65% 16.51% 15.88% 14.01% 14.06% 13.99% 13.78% 13.06% M-t-M Differences Stage 1+2 Exp LLPs RWA Growth exc. TL Dep % -0.12% 0.08% TL Dep. Impact -0.84% 20.3% 20.1% 17.5% 20.7% 17, Q2 17 Q3 17 Q4 18 Q1 18 Q2 25,006 23, ,427 22,719 23,579 CAR 31,535 2,224 29,311 32, % 25.0% 25.0% 35,244 3,209 41,909 4,500 37,409 49,379 6,394 42,984 45,075 Payout Ratio 53,327 8, Q2 Shareholders' Equity Cash Dividends Reinvested at ROE Tier I Ratio Equity Growth (TL mn.) 17,921 Other 2018 Q2 Capital adequacy ratio is well above the regulatory limit. (%) Capital Conservation Buffer Counter Cyclical Buffer SIFI Buffer (2) Min. Legal Requirement for CAR 8 8 CAR (Bank-only) CAR (Consolidated) (1) As of 2018 Q2, %0.04 on a bank-only basis (2) Taken into consideration only on a consolidated basis (1) 0.16% Max. Max % 17

18 Income Statement Highlights (TL mn.) 2018 Q Q2 QoQ 2017 H H1 YoY Net Interest Income 3,750 4, % 6,434 8, % (1) (-) SWAP Cost % 628 1, % Net Interest Income Incl. Swap Cost 3,238 3, % 5,806 6, % Net Fees & Commissions 921 1, % 1,618 1, % Net Trading Gains/Losses Excl. Swap Cost % % Other Operating Income % 629 1, % Total Operating Income 4,790 4, % 7,903 9, % HR Expenses 914 1, % 1,681 1, % Non-HR Expenses 1,049 1, % 1,884 2, % Total Operating Expenses 1,963 2, % 3,565 4, % (-) Pre-provision for pension fund % % Total Operating Expenses - Adj. 1,873 2, % 3,445 3, % Operating Profit 2,827 2, % 4,339 5, % Operating Profit - Adj. 2,413 2, % 4,459 5, % Stage 3 Expected Credit Losses % 1,109 1, % Stage 1+2 Expected Credit Losses % 264 1, % Other Provision Charges NM % Total Provision Charges 1,130 1, % 1,429 2, % (-) Free provisions NM NM Total Provision Charges - Adj. 1,130 1, % 1,429 2, % Income from Participations (Equity Method) % 784 1, % Tax Provisions % % Net Income 1,807 1, % 3,056 3, % NM: Not meaningful (1) Based on MIS data (2) 504 mn TL of this figure is resulting from IFRS 9 impact on other income. (2) 18

19 Fee Income Performance Fees & Commissions Income (Net) Gross Fees & Comm. Income (TL mn.) (TL thousand) 2017 H H1 YoY Loans 488, , % Mutual Fund Man. & Other Inv. Acc. Fees 127, , % Credit Cards (Net) 610, , % (*) Other 390, , % 1, % 2,403 Net Fees & Commissions 1,617,591 1,986, % Composition of Net Fees & Comm H H1 Fees & Comm. Income Coverage 30,2% 29,7% Lending Related Fees 7,9% 7,8% 37,7% 41,0% Mutual Fund Man. & Other Inv. Acc. Fees Credit Cards 96.2% 45.4% 47.9% 103.4% 24,2% 21,5% 2017 H H1 Other (*) 2017 H H1 Net Fees & Comm. / Operating Expenses Net Fees & Comm. / HR Expenses (*) Including Fund Transfer, Insurance, Account Keeping and Other fees. 19

20 Margin & Spreads (1) NIM (Cumulative) (2) TL Loan-Deposit Spread (Quarterly) NIM NIM - Swap Adjusted 4,39% 4,68% 3,86% 4,03% 15.28% 15.71% 9.16% 9.22% 6.12% 6.48% Loan Yield Deposit Cost TL Spread H Q Q2 NIM (Quarterly) (2) FX Loan-Deposit Spread (Quarterly) NIM NIM - Swap Adjusted 4.68% 4.86% 4.03% 4.03% 6.02% 6.56% 1.41% 1.44% 4.61% 5.12% Loan Yield Deposit Cost FX Spread 2018 Q Q Q Q2 (1) Based on MIS data (2) Interest earning assets include Central Bank reserves. 20

21 Effective Cost Management Cost / Income (1) Employees per Branch 42.3% 40.5% 39.9% 37.5% (2) H1 Cost / Income (3) Cost / Income (Adjusted) (4) Q2 İşbank Peer Average (5) Cost vs. Assets 2.2% 2.2% 2.1% 2.1% Cost Structure 10.3% 14.2% 4.4% 4.2% 8.3% 7.1% 31.1% 28.2% Other SDIF Fees Depreciation 2017 (2) 2018 H1 Cost/Av. Assets Cost/Av. Assets (Adjusted) (4) (3) 46.0% 46.3% H1 (1) Income figures include income from participations according to IAS Q1 income figure excludes 504 mn TL of IFRS 9 impact on other operating income. (2) Calculated using restated figures according to IAS 27 (3) Half-year figures are annualized. (4) Adjusted for non-recurring and other items. (5) Peer banks are defined as the closest 3 private sector banks. Other Op. Expenses HR Expenses 21

22 Profitability Ratios RoAA & RoATA (1) RoAE & RoATE (1) 16.3% 15.4% 15.1% 15.8% 1.84% 1.85% 1.77% 1.78% (2) (3) H (2) 2018 H1 (3) RoAA RoATA RoAE RoATE (1) Tangible Equity (TE) and Tangible Assets (TA) are calculated by the deduction of M-t-M valuation differences regarding AFS (FVOCI) portfolio and real estates from shareholders equity and total assets. (2) Calculated using restated figures according to IAS 27 (3) Half-year figures are annualized. 22

23 Strong Focus on Digitalisation Evolution of Share of Transactions per Channel Digital Banking Number of Customers ( 000) 74.8% Internet Banking ATM Mobile Banking Total Non-Branch 88,2% 5,596 5,925 5,218 ~ 6.5 mn digital customers 50,5% 37.6% 30.3% 19,3% 2.2% 14,6% Q Q2 2,792 2,788 2,753 1, Mobile Banking Internet Banking Q Q2 Mobile Banking Market Shares * Share of Digital Channels in Retail Sales * # Transactions Mobile Banking Investment 33.1% Credit Cards 18.0% Money Transfer 14.9% Payments 14.8% 67.3% TL Time Deposits 53.5% GPLs (*) Source: The Banks Association of Turkey, as of 2018 Q1. (*) Number of sales in 2018 Q2 23

24 Processes Policies Sustainability Senior level commitment in sustainability management Corporate Governance Committee Efficient governance structure for ESG activities Sustainability Management System Sustainability Policy Sustainability Coordinator Environmental and Social Impacts Policy Human Rights and Human Resources Policy Anti-bribery and Anticorruption Policy Gifts and Hospitality Policy Sustainability Service (Investor Relations Division) Sustainability Team - Evaluation of Environmental and Social Impacts Caused by Lending Activities - Evaluation of Internal Environmental Impacts - Calculation of GHG emissions - Training and Improving Internal Capacity - Reporting - Internal Audit and Internal Control - Management Review Environment-friendly buildings Head Office Atlas Data Center Tuzla Technology and Operations Center Risk assessment via Environmental and Social Risk Evaluation Tool for new investment projects worth more than USD 10 million İşbank Exclusion List of activities which are not financed Declaration of Sustainable Finance Strong support for renewable energy RE share in total energy projects portfolio %46 (As of ) Strong rights contributing to employee satisfaction (As of ) Unionized employees 99% Turnover rate 0.95% Return from maternity leave 99% Female employees 51% Female managers 41% 24

25 Ratings FC Issuer Credit LC Issuer Credit Turkish National Scale Rating* BB- / Stable / B BB- / Stable / B tra+ / tra-1 Rating* FC Issuer Default Rating BB- / Negative / B LC Issuer Default Rating BB / Negative / B National Long Term Rating AA(tur) / Stable Viability Rating bb- Support Rating 4 Support Rating Floor B FC Bank Deposit LC Bank Deposit FC Issuer FC Subordinated Debt Rating* Ba3 / on review / Not-Prime Ba3 / on review / Not-Prime Ba3 / on review B2 / B3 (hyb) (*) Long term / Outlook (if exists) / Short term 25

26 Isbank at a Glance 4 Financial Highlights 8 Retail Banking 27 Major Equity Participations 30 26

27 Credit Card Business Over 331,500 Maximum Sales Points and over 508,000 chains are included in Maximum loyalty programme. The number of Maximum cards reached 12.7 million, 7.5 million of which are issued to Bank s own customers. Largest e-commerce acquirer in Turkey. 13 alternative payment methods (Ideal, Giropay, EPS, Alipay, QIWI, Mybank, Sofort, Entercash, Bancontact, Multibanco, P24, Trustpay, Safetypay) in e-commerce. Online merchants are able to accept these payment methods thanks to Isbank s strong e-commerce API. Acceptance of Visa, Mastercard, American Express, JCB and Union Pay branded cards. Merchant acquiring in UK and Georgia in addition to Turkey. Issuing debit cards in Iraq, UK, Georgia and Kosovo in addition to Turkey. (TL million) (*) 2017 H H1 Change Issuing Volume 44,848 53,463 19% Issuing Volume Market Share 14.1% 14.4% 0.3 pp Acquiring Volume 53,323 67,425 26% Acquiring Volume Market Share 16.7% 17.5% 0.7 pp Balance 13,247 15,635 18% Number of Credit Cards (000) 7,201 7,503 4% Number of P.O.S. Terminals 466, ,054 3% (*) According to Interbank Card Center data 27

28 Strong Retail Customer Base supported by payroll accounts and bill payment agreements. Payroll Accounts (TL mn.) Automated Bill Payments (TL mn.) (Total amount of wages paid in the period) 27,677 31,245 23,713 6,716,503 28,889 6,904, H H H H1 Number of Active Payments Automated bill payments and payroll accounts are important sources for low cost demand deposits. Payroll accounts create significant cross selling opportunities. 28

29 Isbank at a Glance 4 Financial Highlights 8 Retail Banking 27 Major Equity Participations 30 29

30 Isbank and Its Participations as one of the biggest conglomerates in Turkey. Isbank Banking Services Corporate Banking Commercial Banking Retail Banking Private Banking Capital Market Operations Other Banking Services Core Business Financial Participations Insurance Private Pension Asset Management Venture Capital Investment Banking REIT Leasing & Factoring Non-core Business Non-financial Participations Glass Others Brokerage & Custody 30

31 A Diversified Equity Participation Portfolio Sectoral Breakdown Glass 48.5% Other 5.2% Banks 20.0% Insurance 12.0% 14.3% Financial Ins. Non-Financial Financial 53.7% 46.3% As of June 2018, Isbank has 17 participations. Share of participations in total assets is 3.7%. Since 2002, a total of 43 participations has been divested. Non - Listed 23.8% Listed 76.2% 31

32 Glass General Information Market/Production Shares (%)* Turkey Europe 2,3 World 3 A leading flat glass, glassware, glass packaging, glass fibre, soda ash and chromium chemicals producer in the domestic market. Backed by its vision, Şişecam expands its production operations into neighbouring countries % share of Şişecam is held by İşbank. Flat Glass Glassware Glass Packaging Soda Ash 4, Chromium Chemicals 5, Financial Information (Con., IFRS) USD (Million) 2018 Q Q1 Total Assets 5,865 5,675 Shareholders Equity 3,440 3,231 Net Sales International Sales Gross Profit EBITDA Includes exports and sales from production abroad. 2. Market shares including Turkey. For Soda Ash and Flat Glass, European market does not include Russia and Ukraine. 3. Production/capacity shares. 4. Soda products are based on heavy soda ash and light soda ash in the domestic, European and Global market. Soda ash sales within Turkey and BiH are considered in European market share. 5. Chromium chemicals are based on Basic Chromium Sulphate. 6. Market share in terms of units. 7. Market share in terms of revenue. 8. Market share in terms of tonnage. *Market share in production capacity as of 2018 Q1. 32

33 Production Plants of Şişecam Flat glass Glassware Glass packaging Chemicals The Group enlarges its business area by expanding its operations to the fastest-growing countries in its region 33

34 List of Financial Participations Company Name Field of Activity Bank s Direct Share(%) Risk Group Share (%) Shareholders Assets (USD Market 000) (3) Equity (USD 000) (3) Share (%) (3) Basis for Market Share Türkiye Sınai Kalkınma Bankası A.Ş. Investment Bank ,438, , Total Assets İşbank AG Bankacılık ,119, ,707 N/A JSC İşbank Bankacılık ,702 66,320 N/A JSC Isbank Georgia Bankacılık ,677 14, Total Assets Anadolu Anonim Türk Sigorta Şirketi Insurance ,906, , Premium Income Anadolu Hayat Emeklilik A.Ş. Life Insurance & Private Pension ,729, , / 7.8 (1) Private Pension Funds Under Management / Life Premium Income Milli Reasürans T.A.Ş. Reinsurance ,002, , (2) Premium Income İş Yatırım Menkul Değerler A.Ş. (4) Brokerage House ,962, , Transaction Volume Yatırım Finansman Menkul Değerler A.Ş. (4) Brokerage House ,916 21, Transaction Volume İş Yatırım Ortaklığı A.Ş. Trust Company ,077 54, NAV İş Portföy Yönetimi A.Ş. Portfolio Mngt ,720 22, Funds Under Management İş Finansal Kiralama A.Ş. (4) Leasing ,438, , Lease Receivables İş Faktoring A.Ş. Factoring ,027,404 53, Factoring Receivables İş Gayrimenkul Yatırım Ortaklığı A.Ş. REIT ,405, , Market Value İş Girişim Sermayesi Yatırım Ortaklığı A.Ş. Risk Venture ,182 65,650 - Efes Varlık Yönetim A.Ş. Asset Management ,855 6,059 TOTAL 24,770,041 3,951,142 - (1 As of March 31, 2018; total amount of funds (including state contribution) managed within private pension system is TL 81.1 billion while Anadolu Hayat Emeklilik accounts for 18.8% of this figure. The company s market share in life insurance market is 7.8% as of the same date. (2) Milli Reasürans T.A.Ş. is the only reinsurance company backed by national capital operating in Turkey with a market share of 8.1%. The rest 91.9% is shared by foreign reinsurance companies. (3) As of March 31, 2018 (4) Consolidated amount 34

35 Disclaimer Statement The information in this document has been obtained by Turkiye Is Bankasi A.S. ( Isbank ) from sources believed to be reliable, however, Isbank cannot guarantee the accuracy, completeness, or correctness of such information. This document has been issued for information purposes only. The financial reports and statements announced by Isbank to the public and the relevant corporations are accepted to be the sole material. Isbank does not accept any liability whatsoever for any direct or consequential loss arising from any use of this document or its contents due to the misleading information in this document. All estimations contained in this document are the opinions of Isbank and can be subject to change without notice. This document can not be interpreted as an advice to the investors and Isbank can not be held responsible for the results of investment decisions made on account of this document. This document has been issued specially to the person, whom the document is concerned and may not be reproduced, distributed or shared with third parties for any purpose. 35

36 Investor Relations Contact Details Süleyman H. Özcan Head of Investor Relations Division Phone : Suleyman.Ozcan@isbank.com.tr Alper Turgal Unit Manager of Investor Relations Division Phone : Alper.Turgal@isbank.com.tr 36