| HAVING INCREASED ITS NET PROFIT BY 40% IN 2008, KUVEYT TÜRK NOW AIMS TO BREAK INTO THE TOP 10 … | | ( 18.03.2009 ) |
Kuveyt Türk, achieving an assets growth of 49%, was the leading participation bank in 2008.
A statement from the Kuveyt Türk Board of Directors emphasized that the Turkish banking industry was tested during the continued spread of the global crisis, and that most industry players overcame this difficult period with sustainable success. Pleased to have been able to report growth for the year 2008, the Board of Directors stated: “Kuveyt Türk, with its motto “Sound Banking”, sustained stable growth. The bank reported growth of 31% in 2008 in terms of its branch network, and improved the employment by increasing its staff by 25% during the year. Our total assets increased by 49%, deposits increased by 39% to 4.070 billion TL and our equity rose by 76% over the year, to total 685,679,000 TL. We made total of 4,237,341,000 TL available in credit, and our net profit grew by 40% to stand at 104 million TL at the end of 2008”.
The statement, which included a summary of Kuveyt Türk’s financial performance data to date for 2009, also explained: “We developed new and innovative banking products by focusing on our mission, and delivered a solid performance in 2008 by developing ourselves in all areas, from private banking to international banking, and from enterprise banking to corporate banking. We fully believe that we will remain on a path of strong growth in 2009 in terms of both profitability and expansion, and will capitalize on the opportunities the year presents. Our preparations for the opening of new branches are continuing at top speed. Indeed, we will increase the number of our branches to 120 by opening seven new branches in the first six months of 2009. We have also obtained the necessary permissions from Turkish and German authorities to transform our Germany agency to a financial services branch, which we intend to fully use this year. We will continue to seize the opportunities in the Gulf region by launching our Dubai branch, the opening of which we began preparing last year, in addition to our Bahrain branch, which has achieved tremendous success as a foreign branch.
Kuveyt Türk is celebrating the 20th anniversary of its foundation this year. We will continue to leverage our knowledge and experience and follow a customer-based approach by developing new products and services in line with customer expectations. While our human resources and quality policies position us differently than the other players in the banking sector, we will back our Sound Banking vision with financial developments. We will strengthen this vision with innovative products and by making investments in our branch network, SME banking, sustainable profitability and growth, employee and customer satisfaction, human resources and technology.”
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