Kuwait Turkish has continued its stable growth with 53 % increase in net profit. Closing 2007 with a record profit growth of 109 %, the bank has continued its success to this year by reaching YTL 84,7 Million (USD 69,4 Million ) Million in net profit. Stockholders equity has increased by 71% reaching YTL 666 Million (USD 541 Million) while assets increased by 28% reaching YTL 4,954 Million ( USD 4,022 Million). Deposits increased by 21% reaching YTL 3,5 Billion (USD 2.9 Billion ) and cash loans increased to YTL 4,2 Billion ( USD 3.4 Billion ) while non cash loans reached to YTL 2,8 Billion ( USD 2.2 billion.)
The capital of the bank, which was raised to YTL 260 Million (USD 211 Million) in 2007, has been scaled up to YTL 500 Million (USD 406 Million) of the capital after general assembly in 2008.
General Manager Mr. Ufuk Uyan, emphasized the stability and leading role of Kuwait Turkish in Turkish Banking and finance sector during 20 years. He mentioned that Kuwait Turkish Bank achieved improved margins, higher fee income and increased market share both in deposits and credits. As targeted, our favorable funding mix especially with the growth in non-cash business volume both inside and outside Turkey, contributed significantly to improving the returns on our activities and our ROE targets.
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