3Q17 Investor Presentation Albaraka Türk Participation Bank 03 November 2017
Agenda 1 Introduction 2 Financial Highlights 3 4 Market Comparison Appendix
Turkey Macroeconomic Developments
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017F 2018F 2019F 2020F 1980 1983 1986 1989 1992 1995 1998 2001 2004 2007 2010 2013 2016 2019F 4 Turkey still serves many advantages for investors Following failed coup attempt on July 2016, Turkish economy has been gaining momentum thanks to strong expansionary fiscal measures and macroprudential easing incentives as well as strong fundamentals. GDP growth rate estimates have been continuously revised upwards. 1,9 1,7 1,5 1,3 1,1 Turkey s share within the world GDP (PPP, %) 1,18 1.68 Despite a challenging global and geopolitical issues, Turkey s strong macrofundemantals still serve great advantages for its investors compared to its peer countries thanks to young population, wellcapitalized banking sector and existing cheap valuations. The Government has focused an stimulating domestic demand while trying to pick contribution of net external demand to GDP growth rate up via implementing crucial structural reforms. As a result, Turkey s total debt to GDP ratio is likely to increase moderately due to widening in budget deficit, although it still remains significantly below than the peers. Japan Germany Switzerland Greece Netherlands Europe UK Poland Russia USA China Brazil Turkey 110% 80% 50% 20% Median Age 27 32 37 42 47 Government Debt Stock/GDP 105% 48% 28% Advanced economies Turkey Emerging economies Source: IMF, UN, TURKSTAT, Albaraka Turk Research&Strategy
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 5 Robust Growth and Attractive Valuations Turkish economy continues to record one of the strongest growth among G20 countries, with 5.0% (YoY) growth in the first half thanks to strong domestic demand, acceleration in public spending and double-digit increase in exports. Moreover, early indicators for the rest of the year are pointing further acceleration in the economy and to potentially converge 6% throughout 2017. As a result of the Transition Program to Sustainable Growth, which was implemented starting from the end of 2010, Turkey s exports share within the world reached its record level in 2017. Under current circumstances, main challenge for Turkish economy is pulling inflation to low-single digit levels again. Year-on-year inflation was 11.2% in September and market expects a volatile path around 10% during the rest of the year, due to high food prices and a weakening Lira Looking ahead, considering sustainable current account deficit path, significantly undervalued TL and prevailing emerging market friendly environment, TL denominated assets are expected to diverge positively from its peers. Source: TURKSTAT, WTO, BIS, Albaraka Turk Research&Strategy 5,2% 5,1% 4,8% 4,9% YoY GDP Growth Rates 2016 2017-0,8% Q1 Q2 Q3 Q4 0,80% Turkey s Exports Share Within The World 4,2% 0,97% REER (Deviation from 15 Year Av. as of Sept. 17) China 18% Saudi Arabia Overvalued 13% UAE 10% India 8% USA 3% Brazil 3% Indonesia -11% -11% -5% 2% Euro area Malaysia South Africa UK Colombia -15% -13% -12% Turkey Mexico Japan -18% -16% Undervalued -20% -10% 0% 10% 20%
6 Turkey Macroeconomic Developments GDP Growth GDP Growth GDP growth was 5.1% y-o-y in 2Q2017 and this is mainly due to a pick up in domestic demand. Investment expenditures made the highest contribution to growth with 2.9 points in the second quarter. Increases in export growth and construction investment also impacted economic growth positively. Moving forward, MTP target for 2017 yearend GDP growth is 5.5% y-o-y due to the strong expectation for the receding of uncertainty, resiliency in public consumption and further strengthening in economic activity driven by a recovery in tourism. First quarter growth, which was previously announced as 5%, was revised up to 5.2%. Hence, growth rate of the first half of the year stood at 5.1% yoy. 2016 growth was also revised up to 3.2% from 2.9%. Inflation Annual inflation Increased from 9.79% to 11,20% from July to September. The deterioration in core inflation indicators continued in September. Among the main expenditure groups, only food prices, which have the highest weight in CPI basket, declined on a monthly basis in September. As was the case in both June and July, clothing and food prices became the main expenditure groups that pulled the inflation down in August. Inflation is expected to stay in the high single digits with the Central Bank expecting a year-end inflation of 9.5%. 5,2% 7,2% 5,1% 4,8% 4,9% 3,6% 5,8% -0,8% 2015 2016 2017 Inflation 11,87% 10,53% 11,29% 11,72% 10,90% 9,58% 9,79% 10,68%11,20% 8,53% 7,46% 7,64% 8,05% 9,22% 7,28% 7,16% 8,78% 6,57% 6,58% 8,79% 7,00% Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. 2016 2017 7,5% Q1 Q2 Q3 Q4 4,2% Turkish Lira The Turkish lira depreciated 1.0% versus the USD in the third quarter and 4,3 % depreciated against the EURO; Lira appreciation continued after first quarter mainly due to further tightining monetary stance of the central bank, domestic political developments after referandum in April and also USD depreciation. The euro, on the other hand, found support for the declining uncertainties about the future of the EU. USD/TRY has been lingering near 3.54 level and EURO/TRY is also at 4.20 level at the end of September. FX Rates USD/TRY EUR/TRY Jan-16 May-16 Sep-16 Jan-17 May-17 Sep-17 4,4 3,9 3,4 2,9 2,4 Source: CBRT, Turkstat
7 Turkey Macroeconomic Developments Central Bank Monetary Policy The Central Bank maintains its tight monetary policy stance and continues to keep its main policy rate window, the weekly repo shut. The O/N lending window and the O/N borrowing have remained as is since 1Q2017. The Late liquidity window rate was last increased from 11.75% to 12.25% (+50bps) in April. The rate hike decision of the CB is linked to the deteriorating Lira movement in addition to the worsening core inflation outlook. Rates (%) Q3 16 Q4 16 Q2 17 Q3 17 Overnight borrowing rate 7.25 7.25 7.25 7.25 One-week repo (policy) rate 7.50 8.00 8.00 8.00 Overnight lending rate 8,50 8.50 9.25 9.25 Late liquidity window rate 9,75 10.00 12.25 12.25 Foreign Trade and Current Account Balance In September, exports increased by 8,7% and imports increased by 30,6% compared to the same month of the previous year, which resulted in the foreign trade deficit expanding by 27.9% y-o-y to USD 53.8 bio in 3Q17. Exports of motor vehicles and boilers and machineries were the main drivers of the growth in exports in September. Other than the strong pace of gold imports, energy imports pulled the foreign trade deficit up. Current account deficit came in below market expectations with 1.2 billion USD in August. The deficit was 1.4 billion USD in the same month of last year. While the expansion in foreign trade deficit pushed the deficit up, the recovery in tourism revenues played an important role in positive performance of the current account balance. The recovery in tourism revenues continued in August. In this period, tourism revenues picked up by 29.2% yoy to 3.4 billion USD, the highest figures in the last two years Budget Balance In June, budget expenditures increased by 2,6% compared to the same month of the previous year. while budget revenues climbed by 32.9% yoy. On the other hand, budget revenues decreased by 0.3% yoy due to the base effect stemming from the high level of privatization revenues in June last year. Thus, central government budget deficit which was 7.9 billion TRY in June 2016 became 13.7 billion TRY in the same month of this year. In the first half of the year, budget expenditures expanded by 18.5% compared to the last year. In this period, the increase in budget revenues was recorded as 8.8%. Hence, the budget, which posted 1.1 billion TRY surplus in the first six months of the year, gave a deficit of 25.2 billion TRY in the same period of 2017 Source: CBRT, Turkstat, Ministry of Finance Balances (billion USD) Q1'16 Q2'16 Q3'16 Q4'16 Q1'17 Q2'17 Q3'17-8 Aug. -11,2-5,4-7,8-8,1-6,38-12,1-12,9-12,5-14,0-13,9-15,9-18,4-23,0 Foreign Trade Balance Current Account Balance Budget Balance (billion TRY) Q1'16 Q2'16 Q3'16 Q4'16 Q1'17 Q2'17 Q3'17 0,0 1,1-12,0-14,9-25,2-29,3-31,6
Turkey Banking Sector vs Participation Banking Sector
9 Banking Sector vs Participation Banking Sector Banking Sector highlights In 3Q 2017 the total assets of the banking sector rose 11,83% compared to end of 2016. Year to Date, loan growth rate reached 14,8% while NPL amount increased by 8,0%. Loan growth is stronger than in previous years owing to expansionary fiscal policies in place and macroprudential policies supportive of the financial system (ex: Credit Guarantee Fund). Net Profit rose 28,04% compared to 3Q 2017 Participation Banking highlights The sector continued to grow in asset and profitability terms during Q3 2017. Participation banking rose 11,67% Ytd. With regards to asset growth Capital Adequacy figures increased from 16.17% to 17,25% in the 9 Months ended 2017 Strong net profit increase, 31,1 % yoy Number of total branches increased to 1001 at the end of 2017 Q3 Key Financial Indicators (mn TRL) 3Q 16 Q4 16 3Q 17 Y-Y (%) Ytd. (%) Key Financial Indicators (mn TRL) 3Q 16 Q4 16 3Q 17 Y-Y (%) Ytd. (%) Total Assets 2.533.733 2.730.942 3.053.882 20,53% 11,83% Total Assets 120.070 132.874 148.377 23,58% 11,67% Loans* 1.670.955 1.804.711 2.072.151 24,01% 14,82% Loans* 82.047 88.483 102.562 25,00% 15,91% Deposits 1.425.368 1.547.551 1.723.113 20,89% 11,34% Deposits 74.178 84.785 99.883 34,65% 17,81% Shareholder s Equity 292.767 300.172 344.968 17,83% 14,92% Shareholder s Equity 11.360 11.494 13.198 16,18% 14,83% Total revenues 178.208-218.151 22,41% - Net profits 29.038-37.180 28,04% - *Financial leasing receivables included. Total revenues 7.650-9.260 21,05% - Net profits 889-1.165 31,05% - *Financial leasing receivables included.
Agenda 1 Introduction 2 Financial Highlights 3 4 Market Comparison Appendix
Albaraka Türk 3Q 2017 Key Financial Highlights
12 6 Albaraka Turk 1H Main Highlights (Balance Sheet) TRL million Q3 16 Q4 16 Q4 17 Y-Y (%) Ytd. (%) Total Assets 28.633 32.851 33.827 18,14% 2.97% Total Funded Credits 20.331 22.722 23.711 16,62% 4.35% Deposits 20.109 23.151 24.109 19,89% 4,14% Shareholder s Equity 2.221 2.280 2.383 7,29% 4,54% Total Assets Total Funded Credits Total Collected Funds Asset Segmentation (Q3 17) 34.217 32.851 33.021 33.827 28.633 24.109 23.151 23.668 23.771 20.109 22.722 22.892 22.876 23.711 20.331 Other Assets; 2% Liquid Assets*; 19% Q3'16 Q4'16 Q1'17 Q2'17 Q3'17 Securities Portfolio; 8% Funded Credits; 70% * **Liquid Assets includes Cash and Balances with the Central Bank, Financial Assets at Fair Value Through Profit and Loss(net) and Banks
13 6 Albaraka Turk Q3 Main Highlights (Income Statement) TRL million (Quarterly) Q3 16 Q2 17 Q3 17 Y-Y (%) Q-Q (%) Profit Share Income 541 655 610 12,8-6,9 Net Profit Share Income 243 321 262 7,8-18,4 Total Operating Profits 315 417 327 3,8-21,6 Net Operating Profits 143 213 137-4,2-35,7 Tax Provision 10 20 3-70,0-85,0 Provisions 83 96 124 49,4 29,2 Net Profit 50 96 10-80,0-89,6 Net Profit Share Income Net Profit -80% Net Profit Share Margin* 243 7,8% 322 262 50 96 4,18 4,14 4,17 4,32 4,21 10 Q3'16 Q2'17 Q3'17 Q3'16 Q2'17 Q3'17 Q3'16 Q4'16 Q1'17 Q2'17 Q3'17 * Trailing for last four quarters
14 7 Albaraka Turk - Asset Composition Composition of Total Assets (TRL mn) Liquid Assets (TRL mn) Liquid Assets % of Total Assets Other Assets; 2% Q1'16 21,76% Q2'16 21,72% Q3'16 20,08% Q4'16 21,99% Q1'17 21,69% Q2'17 23,63% Q3'17 22,04% Liquid Assets*; 19% Securities Portfolio; 8% Funded Credits; 70% 6.270 Q1'16 6.377 Q2'16 5.748 Q3'16 7.223 Q4'16 7.162 Q1'17 8.085 Q2'17 7.454 Q3'17 *Liquid Assets includes Cash and Balances with the Central Bank and Banks Total Securities Portfolio (TRL mn) Securities Yield (%) Available for sale Held to Maturity Other 3.251 2.597 977 1.831 2.052 556 625 580 669 612 2.747 988 509 8,40 8,39 8,84 9,62 9,22 1.251 1.383 1.428 1.649 1.330 Q3'16 Q4'16 Q1'17 Q2'17 Q3'17 Q3'16 Q4'16 Q1'17 Q2'17 Q3'17 (*) Profit share income received from securities for the last 4Q/4Q average securities
15 6 Albaraka Turk - Operating Performance Breakdown Income (million TRL) Key Movements in Net Operating Income (million TRL) Fees, commission and others Profit Share Income 629 769 14,00% 14,77% 692 11,85% 996 +145 +4-26 -3 1122 86,00% 85,23% 88,15% Q3'16 Q2'17 Q3'17 Net Profit Share Income (million TRL) Profit Share Expense Profit Share Income 321 262 243 3Q'16 Net Profit Share Inc. 9,95% Fees & Comm Trading Income Yield Movement (%) Credit Yield Net Profit Share margin Cost of Funding Others 9,82% 9,73% 9,90% 9,82% 1H'17 Highlights 3Q 17 Total Profit Share Income up 16% Profit Share Expense increased 13,4% Net Profit Share Income increased 19,1% Net Trading Income declined 49,9% Total Operating Profit increased 12,7% Provisions increased 58% in 1H 2017 Net Profits decreased 21,1% in 1H 2017 541 655 610-298 -334-348 5,52% 5,36% 5,21% 5,25% 4,18% 4,14% 4,17% 4,32% 5,30% 4,21% Q3 16 Q2 16 Q3 17 Q3'16 Q4'16 Q1'17 Q2'17 Q3'17
16 Albaraka Turk - Funded Credits Portfolio Total Funded Credits (including financial leasing, million) Credit Yields(1) (%) QoQ Growth: 3,7% in TRL terms YoY growth: 16,6% in TRL terms TRL 20.331 USD* 22.722 22.892 22.876 23.711 9,95 9,91 9,82 9,82 9,73 6.795 6.474 6.306 6.514 6.681 Q3'16 Q4'16 Q1'17 Q2'17 Q3'17 *USD equivalent of total funded credits Composition of Total Funded Credits* (%) Q3'16 Q4'16 Q1'17 Q2'17 Q3'17 (1) Profit share income received from credits for the last 4Q/4Q average credits Currency Composition of Total Funded Credits* (Q3 17) Q3 16 Q4 16 Q1 17 Q2 17 Q3 17 EUR* 14,6% Corporate Credits 41,9 41,9 41,6 40,8 40,4 SME Credits 43,5 43,9 43,6 44,6 45,4 Retail Credits 14,6 14,2 14,8 14,6 14,2 Total 100.0 100.0 100.0 100.0 100.0 USD* 32,9% TRL 52,4% *According to BRSA definition *Including USD & EUR indexed credits
17 Albaraka Turk - Asset Quality Non-performing Loans (TRL million) NPL Spesific Provisions Collateral NPL Ratio* *Including financial leasing & accruals and rediscounts 1323 1323 1424 1424 1309 1318 941 465 932 1.106 578 1.106 687 778 725 4,75 5,61 6,02 5,36 Q3'16 Q4'16 Q1'17 Q2'17 Q3'17 Q4'16 Q1'17 Q2'17 Q3'17 Cost of Risk** (bps) 122 147 172 189 193 Provisioning Ratio (%) 49,4 52,3 51,9 54,6 55,3 Q3'16 Q4'16 Q1'17 Q2'17 Q3'17 ** Specific provisions for credits for last 4Q/ 4Q average credits Q3'16 Q4'16 Q1'17 Q2'17 Q3'17
18 Albaraka Turk - Funding Profile Composition of Total Liabilities (Q3 17, %) Composition of Funding Base (TRL million) 20,1% Funds Collected 25.394 29.583 29.548 30.448 30.501 7 3 Wholesale Funding 19 Shareholders' Equity Others 63% 60% 61% 59% 59% 71 16% 18% 19% 19% 20% 21% 22% 20% 22% 21% Q3'16 Q4'16 Q1'17 Q2'17 Q3'17 Fund Borrowed* Current Accounts Participation accounts *Fund Borrowed includes Funds Borrowed, Borrowings from Money Market and Subordinated Loans
19 Albaraka Turk - Funding Profile (Collected Funds) Total Funds Collected (TRL million) Currency Composition of Funds Collected (Q3 17, %) 20.109 TRL USD* 19,9% 23.155 23.668 23.771 24.109 14 3 TRL USD EUR Others 53 6.721 6.597 6.520 6.768 6.793 30 Q3'16 Q4'16 Q1'17 Q2'17 Q3'17 *USD equivalent of total collected funds Cost of Funds Collected** Maturity Composition of Funds Collected (Q3 17, %) Average TL FC Precious Metal 8,30% 5,47% 8,10% 5,26% 7,90% 5,21% 8,00% 5,25% 8,19% 5,30% 30 5 25 Current Acc. Up to 1 month Up to 3 months Up to 6 months 1,84% 1,63% 1,61% 1,08% 1,69% 0,80% 1,76% 0,82% 1,79% 0,93% 45 22 Up to 1 year >1year Q3'16 Q4'16 Q1'17 Q2'17 Q3'17 **Profit share expense to depositors for the last 4Q/4Q average participation accounts
20 Albaraka Turk - Off balance sheet growth Off Balance Sheet Composition (%) LG LC Others LGs*-to-Total Assets *Below 20% of LGs to Total Risk is targeted 24 22 21 21 20 5 7 7 8 9 27,1% 23,8% 23,0% 71 71 72 71 71 20,8% 19,7% Q3'16 Q4'16 Q1'17 Q2'17 Q3'17 Q3'16 Q4'16 Q1'17 Q2'17 Q3'17 Off Balance Sheet (TRL million) Growth (%) Q3 16 Q4 16 Q1 17 Q2 17 Q3 17 Y-Y YtD Letter of Guarantee 7.746 7.810 7.593 7.129 6.657-14,06-12,33 Letter of Credit 583 753 714 803 860 47,51 20,45 Others* 2.648 2.389 2.169 2.193 3.082 16,39 42,42 Total: 10.977 10.951 10.476 10.234 10.676-2,74-1,91 *Revocable credit limits not included.
21 14 Income- Cost Dynamics Year on Year Change Quarterly Change Notes (000 TRL) Net Profit Share Income Net Fee Income 2016 3Q 2017 3Q % Q2 17 Q3 17 % 757.050 901.884 19,13 321.261 262.239-18,37 105.191 109.185 3,80 36.119 35.268-2,36 Profit share expense increased by 13,4% while PSI raised by 16,0% YoY basis. Joint venture projects returns reached to TL 144.947 in 3Q 2017 (3Q 2016: TL 62.108) Higher Net Fee income in 2017 (YoY) But lower rate of increse in 2017 Net Trading Income 51.750 25.945-49,86 24.932 8.160-67,27 Lower Foreign Exchange Income Other Income 82.120 85.315 3,89 34.373 21.508-37,43 - Provisioning 227.124 358.819 57,98 96.484 124.306 28,84 Higher provisions in 2017 Other Costs 547.336 588.276 7,48 204.274 189.782-7,09 Slower rate of increase in 2017 Tax 42.754 34.117-20,2 20.423 13.087-35,92 Net Profits 178.867 141.117-21,1 95.504 9.820-89,72 -
Agenda 1 Introduction 2 Financial Highlights 3 4 Market Comparison Appendix
23 Albaraka Turk - Total Growth 2017 3Q Percent 2016 3Q 2017 3Q Albaraka Türk Participation Banks* Banking Sector* Albaraka Türk Participation Banks* Banking Sector* Asset Size -3,1-0,2 7,5 3,0 11,7 11,8 Total Credits** 2,8 3,9 5,6 3,9 15,9 14,6 Deposits/Collected Funds*** -1,2-1,9 7,5 4,1 17,8 11,3 * According to BRSA data ** Including Leasing Receivables, Interest (Profit Share) and Income Accruals and Rediscounts from Loans, Loans Extended to Banks *** Including Deposit (Participation Funds) Interest (Profit Share) Rediscounts and Deposit (Participation Funds) Collected from Banks Asset Size Growth Banking Sector Albaraka Türk 39,7% 33,9% 24,4% 26,4% 28,3% 21,0% 17,8% 12,6% 15,1% 18,2% 15,8% 11,1% 2011 2012 2013 2014 2015 2016
24 Albaraka Turk - Market Share 2017 3Q Percent 2016 3Q 2017 3Q Albaraka Türk/ Participation Banks Albaraka Türk/ Banking Sector Participation Banks/ Banking Sector Albaraka Türk/ Participation Banks Albaraka Türk/ Banking Sector Participation Banks/ Banking Sector Asset Size 23,8 1,1 4,7 22,8 1,1 4,9 Total Credits* 24,8 1,2 4,9 23,1 1,1 4,9 Deposits/Collected Funds** 27,1 1,4 5,2 24,1 1,4 5,8 Banking Sector Participation Banking Sector Participation Banking; 4,9% Albaraka Türk; 22,8% * Including Leasing Receivables, Interest (Profit Share) and Income Accruals and Rediscounts from Loans, Loans Extended to Banks ** Including Deposit (Participation Funds) Interest (Profit Share) Rediscounts and Deposit (Participation Funds) Collected from Banks
25 Financial Ratios - Sector Comparison Percent 2016 2017-3Q Albaraka Türk Participation Banks Banking Sector Albaraka Türk Participation Banks Banking Sector CAR 13,46 16,17 15,57 17,37 17,25 17,20 NPL Ratio 4,75 3,58 3,22 5,36 3,92 3,08 Provisioning Ratio 52,31 61,00 77,39 55,34 68,13 79,53 Loan/Deposits 98,13 110,61 117,23 98,35 102,68 120,26 ROAA (IBT)* 0,88 1,10 1,89 0,66 1,25 2,00 ROAE (NI)* 9,91 9,71 13,26 7,72 11,47 14,30 Asset Yield 8,97 8,87 8,37 8,96 9,09 8,59 Asset Spread 4,53 4,45 3,39 4,51 4,41 3,45 Net Profit Share Margin* 4,14 4,54 4,01 4,21 4,56 4,07 Net Fee Income / Avg. Assets 1,04 0,80 0,96 0,91 0,77 0,97 Op Costs / Avg. Assets 2,47 2,33 2,34 2,13 2,28 2,29 Cost/Income** 53,65 46,37 40,68 52,42 43,51 38,90 Credits / Branches (000 TRL) 106.676 92.074 153.632 110.283 102.460 177.669 Staff / Branches 17,82 15,04 17,70 18,07 14,88 17,98 CA / Deposits 23,44 28,35 20,33 25,32 28,81 21,16 *Cost: Operating Costs, Income: NII/NPSI, Net Fees and Commissions Income, Other Income
Agenda 1 Introduction 2 Financial Highlights 3 4 Market Comparison Appendix
27 Albaraka Turk- Summary Balance Sheet (Thousand TRL) Dec 16 Sep 17 Growth (%) Cash and Banks 7.157.229 6.465.270-9,67% Financial Assets 1.448.786 2.318.926 60,06% Funds Utilized 22.722.054 23.710.838 4,35% Cash Credits 21.843.075 22.396.122 2,53% NPL 1.105.954 1.309.370 18,39% Provisions 578.505 724.648 25,26% Net Financial Leasing Receivables 878.979 729.994-16,95% Investments Held to Maturity (Net) 668.582 508.921-23,88% Associates 30.119 30.119 0,00% Fixed Assets 517.131 564.832 9,22% Assets Held For Sale and Investment 92.317 62.714-32,07% Other Assets (inc. Tax Assets) 214.520 165.021-23,07% Total Assets 32.850.738 33.826.641 2,97% Funds Collected 23.151.164 24.109.244 4,14% Funds Borrowed 4.424.195 4.723.298 6,76% Debts (inc. Tax) 1.247.030 807.965-35,21% Provisions 233.849 234.574 0,31% Tier II Sukuk 1.510.937 1.563.245 3,46% Shareholders Equity 2.279.593 2.382.976 4,54% Capital 900.000 900.000 Capital Reserves (inc. Premium) 211.876 220.740 Profit Reserves 946.757 1.113.454 Profits 221.560 148.782 Prior Periods 3,951 7.664 Current Year 217,609 141.118 Total Liabilities 32.850.738 33.826.641 2,97%
28 Albaraka Turk Summary Income Statement (Thousand TRL) Sep 16 Sep 17 Growth Profit Share Income 1.635.408 1.897.859 16,05% Profit Share Expense 878.358 995.974 13,39% Net Profit Share Income 757.050 901.885 19,13% Net Fees and Commissions Income 105.191 109.185 3,80% Fees and Commissions Received 150.630 159.845 6,12% Fees and Commissions Paid 45.439 50.660 11,49% Net Trading Income 51.750 25.945-49,86% Other Operating Income 82.120 85.315 3,89% Total Operating Profit 996.111 1.122.330 12,67% Provisions for Loan Losses 227.124 358.819 57,98% Other Operating Expenses 547.336 588.276 7,48% Net Operating Profit 221.651 175.235-20,94% Tax Provision 42.784 34.117-20,26% Net Profits 178.867 141.118-21,10%
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