Türk Ekonomi Bankası A.Ş.
Earnings Presentation
March 31, 2009
Overview
Makro Economic Environment and Banking Sector
3
BNP PARIBAS JOINT VENTURE2008 Macro Economic Developments
GDP growth: 6.2 % contraction
USD/TRY (eop): 1.5218 benchmark interest rate :%16.5The effects of global economic turmoil got worse, especially exports and international funding suffered most. Industrial production contracted 12%. CBT cut interest rates by 1.75 % to vitalize the economy.In the US the rescue plan for the banking sector (TARP) passed. FED rates were down to zero. Central Banks worldwide started to loosen their monetary policies.
4th quarter
GDP growth : 0.5 %
USD/TRY (eop): 1.2316 benchmark interest rate :%19.4Fannie Mae and Freddie Mac were nationalized by U.S. Government . Lehman went bankrupt and global markets started to fluctuate in mid September
3rd quarter
GDP growth : 2.3 %
USD/TRY (eop): 1.2296 benchmark interest rate :%22.5Political uncertainity has been lifted by the Constitutional Court decision as not to close AKP, TL gained value. With the affect of increasing commodity prices, yearly inflation reached to 10.7% in May. CBT revised its inflation target rate to 7.5% from 4%, interest rates were increased by 1.5%.
2nd quarter
GDP growth: 6.7 %USD/TRY (eop): 1,2827 benchmark interest rate :%18.6Due to the uncertainity stemming from AKP’s closure case, foreign portfolio lost its share and TL lost value. USD/TL was around 1,16 at new year’s. JP Morgan, overtook Bear Stearns.
1st quarter
4
BNP PARIBAS JOINT VENTURE2009 Macro Economic Developments
GDP growth: 8 % contraction expected (TEB’s expectation)
USD/TRY (eop): 1,6682
In the first quarter of 2009 the contraction in the Turkish economy was very strong. Due to the decrease in demand and the falling oil and commodity prices in the world economy, the CPI inflation was 7.89 (y/y). The Central Bank suprised the market with dramatic interest rate cuts. Unemployment increased very rapidly and reached 15.5% in January.
1st quarter
5
BNP PARIBAS JOINT VENTURE
Feb-09, -23.7-30
-25
-20
-15
-10
-5
0
5
10
15
20
25
Jan-
07
Mar
-07
May
-07
Jul-0
7
Sep
-07
Nov
-07
Jan-
08
Mar
-08
May
-08
Jul-0
8
Sep
-08
Nov
-08
Jan-
09
Macro Economic Developments
The slow-down that started in mid-2008 turned into a substantial contraction in the last quarter. Yet the 1st quarter/half of 2009 will probably be the most severe period in terms of the effects of the global turmoil hitting Turkey.
Industrial Production Index (yoy, %)GDP Growth (% yoy)
Source: Turkstat; TurkeyDataMonitor; TEB.
7,3
2,81,1
-8,0-6,2
-7,5
-5,0
-0,2
-4,3
1,2
-20
-15
-10
-5
0
5
10
15
Mar
-08
Jun-
08
Sep
-08
Dec
-08
2008
Tot
al
Mar
-09
(f)
Jun-
09 (f
)
Sep
-09
(f)
Dec
-09
(f)
2009
Tot
al (f
)
Consumption of Households Gov. Cons. and Inv.Private Investment Change in StocksNet Exports GDP
6
BNP PARIBAS JOINT VENTURE
Jan-09, 19.0
Jan-09, 15.5
8
9
10
11
12
13
14
15
16
17
18
Jan-
05
Apr
-05
Jul-0
5
Oct
-05
Jan-
06
Apr
-06
Jul-0
6
Oct
-06
Jan-
07
Apr
-07
Jul-0
7
Oct
-07
Jan-
08
Apr
-08
Jul-0
8
Oct
-08
Jan-
09
Non-farm (SA)Total (SA)
0
5
10
15
20
25
Sou
th A
frica
Turk
eySpa
inPol
and
Slo
vaki
aH
unga
ryBra
zil
Eur
ozon
eU
SA
Rus
sia
Chi
leG
erm
any
Por
tuga
lC
anad
aC
zech
Rep
ublic
Arg
entin
aSw
eden
Gre
ece
Italy
Finl
and
Eng
land
Taiw
anAus
tralia
Mex
ico
Hon
g Kon
gJa
pan
Net
herla
nds
Sw
itzer
land
Sou
th K
orea
Nor
way
Den
mar
k
Macro Economic Developments
Unemployment rate continued its steep rise in 2009 placing Turkey in the second highest rank among the selected countries above.
Unemployment (%)
Source: Turkstat; TurkeyDataMonitor; TEB.
Source: Reuters, latest available data.
Source: Turkstat; TurkeyDataMonitor.
7
BNP PARIBAS JOINT VENTUREMacro Economic Developments
7.89
6.18
5.55
4
5
6
7
8
9
10
11
12
13
Jan-
07Fe
b-07
Mar
-07
Apr
-07
May
-07
Jun-
07Ju
l-07
Aug
-07
Sep
-07
Oct
-07
Nov
-07
Dec
-07
Jan-
08Fe
b-08
Mar
-08
Apr
-08
May
-08
Jun-
08Ju
l-08
Aug
-08
Sep
-08
Oct
-08
Nov
-08
Dec
-08
Jan-
09Fe
b-09
Mar
-09
CPIH-IndexI-Index
CPI Inflation and Core Inflation (% y/y)Changes in Policy Rate (End 2007 to 16.04.09)
-6 -4 -2 0 2 4 6
UKRAINERUSSIA
ROMANIAHUNG
BRAZILINDSBOJMEX
POLANDPHIL
COLOMBISARB
CZECHTHAI
ISRAELTAIWAN
DENMARKCHINA
SNBECB
INDIARIKSBKKOREA
NORWAYRBABOC
CHILEFEDBOE
RBNZTURKEY
Source: Turkstat. Source: Reuters.
8
BNP PARIBAS JOINT VENTURE2008 Developments In Banking Sector
The global crisis hits: Increase in the cost of deposits, Decrease in NIM, asset quality detoriation, decrease in profits ,high volatility in interest and exchange rates.New Branches : 247 Employment :1,171Credits and deposits increased by 1.6% and 7.9 % respectivelyNIM: % 4.60 NPL:%3.51
4. quarter
Increasing cost of international syndications and decreasing rollover ratio marked the Q.New Branches : 370 Employment : 3,603Credits and deposits increased by 6.5% and 3.4 % respectivelyNIM: % 4.72 NPL:%3.02
3. quarter
Though slower than first quarter, the sector continued to grow, there was no significant deterioration.New Branches : 322 Employment : 3,527Credits and deposits increased by 7.8% and 5.4 % respectivelyNIM: % 4.80 NPL: %2.99
2. quarter
Turkish banking sector was not affected by the global turmoil in the 1Q. There was strongth growth.New Branches: 234 Employment: 4,761Credits and deposits increased by 11.2% and 8.0 % respectivelyNIM: % 4.96 NPL:% 3.00
1. quarter
9
BNP PARIBAS JOINT VENTURE2009 Developments In Banking Sector
Turkish banking sector to feel the effects of crises,there was furher deterioration in asset quality (NPL.4.24)Due to the easing in the interest rates, the banks enjoyed some margin improvements and trading gains in fixed income securities.
1. quarter
10
BNP PARIBAS JOINT VENTURE2009 Makroeconomic Indicators
%7
-
-
1.78
% 14.2
% 10.0
% 7.0
% -3.0
2009F
%9%3.6NPL
-%29Loan Growth
-%27Deposit Growth
1.751.52USD/TRY (eop)
% 12.%16.5Benchmark Bond Yield (eop)
% 9.0%15.0Policy Interest Rate (eop)
% 6.5%10.1CPI,% (eop)
% -5.0%1.1Real GDP, (yoy)
2009Frevised
2008We expect 8% contraction in GDP in the first quarter 2009. The contraction will probably continue into the 1st half of the year and we will probably see some improvement in the economy in the 2nd half of the year and overall 5% contraction.
CPI will be around 6.5% with the decrease in the local demand and the decrease in the energy & goods prices. The first half of the year would see a sharp decrease in the inflation with a somewhat stiff trend in the second half resulting from the expected increse in local demand and the effect of exchange rate.
Following the fall in inflation and slowdown in economic activity, Central Bank will probably lower the policy interest rate to 9% in the firs thalf of the year and keep it constant from then on
With the squeezing credit markets and increasing demand for bonds along with the CBT’s rate cuts, we foresee the contraction of the bond yields.
We do not expect any increase in the loans or deposits in real terms for 2009 and the NPL ratio to go up to 9%.
11
BNP PARIBAS JOINT VENTUREDevelopments In Banking Sector
Deposits
8.0%5.4%
3.4%7.9%
1.8%
24.2%
3.0% 3.2%1.3%
-2.9%
Q1 - 2008 Q2 - 2008 Q3 - 2008 Q4 - 2008 Q1 - 2009
SektörTEB
NPL
3.00% 2.99% 3.02%3.51%
4.24%
1.64% 1.79%1.35%
2.25%
3.56%
Q1 - 2008 Q2 - 2008 Q3 - 2008 Q4 - 2008 Q1 - 2009
Source: BRSA, TEB Bank-Only and Consolidated BRSA Financials
Loans
11.2%
7.8%6.5%
1.6%
14.0%
6.9% 7.7%
-0.25%-8.3%
-8.4%
Q1 - 2008 Q2 - 2008 Q3 - 2008 Q4 - 2008 Q1 - 2009
12
BNP PARIBAS JOINT VENTURE2008 Developments in TEB
Although Cost reductions projects were put into effect and results were obtained especially in the last quarter, cost of new branches negatively affected profitability.
Expense Management
63 new branches were opened. Credits increased by 21%, deposits increased by 28% on a consolidated basis.
Growth and Branches
Became the number one priority, numerous measures were taken including restructuring within departments and implementation of new credit policies.
Asset Quality
Successful rights issue in the amount of 345 million TL, CAR was 13.99%.As a precaution to economic crises high liquidity was maintained. NIM was effected negatively by cost impact. Syndication completed by 80% roll over ratio and with a reasonable cost of Libor +200bps
Liquidity and Funding
13
BNP PARIBAS JOINT VENTURETEB –– Asset Quality - Measures Taken
General Credit Policy:
The credit policies for all business lines are revised considering the effects of financial turmoil. It is decided that the strategy will be reviewed quarterly regarding the eventual effects of the crisis.
Restructuring:Legal Action Department which was formerly a part of Credit Monitoring Division is now under Legal Affairs Division
Retail loans became a separate division with its own Assistant General Manager. This reorganisation is due to the specialization required for the monitoring of commercial vs. retail loans and has already increased the effectiveness of both divisions.
14
BNP PARIBAS JOINT VENTURETEB Asset Quality - Measures Taken
Corporate and Commercial Banking
Cash management of credit clients is targeted.Cut off levels are redefined for both firms’and collateral ratings. Exposure in these alert areas are avoided.A more liquid collateral policy has been adapted.
Retail and Small Business
Controlled growthLow debt/equity ratio and high repayment capacity obligations for creditsTargets on branch level to be monitored on a monthly basisAssessment and cut-off strategies based on scoresRisky Sectors were defined and exposure is avoided Focus on cash management and client penetration.
15
BNP PARIBAS JOINT VENTURETEB Asset Quality - Measures Taken
Corporate and Commercial Banking
Scoring of BranchesReviewing of firms with risk exposure exceeding a certain limitReduction of risk and credit limits according to ratingsIncreasing required collateralsDecrease of alert area ratio for each business line
Retail and Small BusinessImplementation of Scorecard model for credit cards, consumer loans, and Small Enterprises Increase in number of staff in Credit Collection Division (shifting from Credit Allocation Group)Centralisation of retail credit operationsRevision of “cut-off” levels for each major retail product category
2009 1Q
TEB’s Performance – Financial Results
17
BNP PARIBAS JOINT VENTURE
1702006
2732007
1132005
3362008
Branch Network
3352009/1Q
56 cities 96% coverage
56 cities 96% coverage
18
BNP PARIBAS JOINT VENTUREGrowth Performance
Personnel
2633
3565
5141
6400 6221
2005 2006 2007 2008 20091Q
ATM
246308
433
576 589
2005 2006 2007 2008 20091Q
POS
3,612
13,324
33,955
58,78864,331
2005 2006 2007 2008 20091Q
Branches
113
170
273
336 335
2005 2006 2007 2008 20091Q
19
BNP PARIBAS JOINT VENTURETEB Consolidated Income Statement
Million TL Reviewed Reviewed Change31.03.09 31.03.08
Net Interest Income 204.1 211.4 -3%Marketable Securities Revaluation Differences -1.8 -10.8 -83%Adjusted Net Interest Income 202.3 200.6 1%
FX Gains (Losses) 67.9 -67.2 201%Derivatives Trading -46.3 62.2 -174%Securities Trading Income 26.1 -10.9 340%Net Fees and Commissions 67.4 53.0 27%Other Income 8.7 54.3 -84%Net Banking Income 326.2 292.0 12%
Loan Loss Provisions -44.9 -25.9 73%Net Operating Income 281.3 266.1 6%
Dividend Income 0.0 0.0 nmOther Operating Income -186.1 -195.5 -5%Provision for Taxes on Income -16.9 -11.9 41%
Net Income/ (Loss) 78.4 58.7 34%
20
BNP PARIBAS JOINT VENTUREImproved Profitability
Net Profit (TRY million)
58.7
78.4
2008/1Q 2009/1Q
%34
Source: TEB Consolidated BRSA Financials
Net fees and commissions (TRY Million)
43.3
59.0
2008/1Q 2009/1Q
%36
21
BNP PARIBAS JOINT VENTUREImproved NIM and Cost/Income Ratio
6.396.60
6.326.03 6.23
2008/1Q 2008/1H 2008/3Q 2008/4Q 2009/1Q
Net Interest Margin: (Net interest income+Net FX gains/losses+Derivative Gains)/ (Liquid Assets+Marketable Securities+Credits)
Source: TEB BRSA Consolidated Financials
Net Interest Margin Cost/Income Ratio
Cost/Income
66.90% 65.70% 66.30%68.30%
57.00%
2008/1Q 2008/1H 2008/3Q 2008/4Q 2009/1Q
22
BNP PARIBAS JOINT VENTURELiquidity
Source: BRSA, TEB BRSA Consolidated Financials
2,950
3,792
3,104
3,839 4,025 4,190
36.05% 37.30%
29.63%
35.53%38.35% 39.17%
2007/4Q 2008/1Q 2008/2Q 2008/3Q 2008/4Q 2009/1Q
Liquid Assets Liquid Assets/Deposits
23
BNP PARIBAS JOINT VENTUREStructure of Loans - Bank-Only
Loans - Currency Mix
41%69% 76% 74% 74%
59%31% 24% 26% 26%
2005 2006 2007 2008 2009/1Q
TL FC
Retail Loans
33% 34% 34% 34% 33% 33%
16% 15% 13% 11% 10% 9%
26% 28% 28% 29% 28% 29%
26% 26% 29% 29%23%24%
2007 2008/1Q 2008/1H 2008/3Q 2008/4Q 2009/1Q
Housing Auto Consumer Credit Card
66%
40%
24%
Source: BRSA, TEB BRSA Bank-Only Financials
Loans (TRY Million)
4,886
6,8648,505
7,701
2.31%2.37%
2.26%
2006 2007 2008 20091Q
Volume Market share
24
BNP PARIBAS JOINT VENTUREBreakdown of Loans
Source: BRSA, TEB BRSA Bank-Only Financials
∆ Volume
Corporate 1,814,599 24.9% 2,135,457 26.3% -15.0%
Commercial 3,118,576 42.9% 3,442,980 42.4% -9.4%
Big Commercial 1,509,824 20.8% 1,680,841 20.7% -10.2%Medium Commercial 1,608,752 22.1% 1,762,139 21.7% -8.7%
Small Business 1,051,008 14.4% 1,056,590 13.0% -0.5%
Retail 1,281,322 17.6% 1,473,913 18.1% -13.1%
Private 10,211 0.1% 19,160 0.2% -46.7%
20082009 1Q
25
BNP PARIBAS JOINT VENTURE
Other14%
Metal9%Consumer
15%
Tourism5%
Mining3%Misc. Services
4%
Wholesale/Retail7%
Food, Beverage & Tobacco
10%Construction
9%
Textile9%
Elect. & optical appliances
2%
Machinery3%
Agriculture3%
Transportation Veh.3%
Chemicals4%
Bank-Only Loan Portfolio
Loan Portfolio by Industry 31.03.2009
Source: TEB, BRSA Bank-Only Accounts
Well diversified loan portfolio
26
BNP PARIBAS JOINT VENTURENon Performing Loans
Non-Performing Loans as a % of Total Loans
Source: CBR of Turkey announcements and BRSA Bank-Only Financials
2.3%3.7%3.5% 4.2%
0.0% 0.2% 0.5% 0.6%
3.8%2.5% 2.1% 1.3%0.9% 1.1% 0.9% 1.8%2.2% 2.4%
7.2%
10.7% 11.5%
6.0%
11.5%
16.5%
27.2%
4.9%3.7% 3.6%
1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009Q1
TEB Sector Average
Coverage ratio: %50.69
27
BNP PARIBAS JOINT VENTUREStructure of Deposits – Bank Only
Deposits - Time/Demand Mix
23% 19% 20% 15%
77% 81% 80% 85%
16%
84%
2005 2006 2007 2008 2009/1Q
Demand Time
Deposits - Currency Mix
28%44% 51% 60% 55%
72%56% 49% 40% 45%
2005 2006 2007 2008 2009/1Q
TL FC
Source: TEB BRSA Bank-Only Financials
67%
31%
31%
Deposits (TRY million)
5,4007,083
9,272 9,3941.66%
1.92% 2.04%
2006 2007 2008 20091Q
Volume Market share
28
BNP PARIBAS JOINT VENTUREBreakdown of Deposits
Source: TEB BRSA Bank-Only Financials
∆ Volume
Corporate 2,350,149 25.2% 2,133,614 23.2% 10.1%
Commercial 1,230,880 13.2% 1,177,260 12.8% 4.6%
Big Commercial 695,800 7.4% 643,915 7.0% 8.1%Medium Commercial 535,080 5.7% 533,345 5.8% 0.3%
Small Business 677,483 7.3% 654,236 7.1% 3.6%
Retail 3,280,246 35.1% 3,291,546 35.8% -0.3%
Private 1,803,539 19.3% 1,950,380 21.2% -7.5%
20082009 1Q
29
BNP PARIBAS JOINT VENTURE
TL (1000 TL) Jan 08 Mar-08 Jun-08 Sep-08 Dec-08 Mar-09 Apr-09 ChangeTL Time Deposit 3,409,087 3,366,102 3,650,190 4,017,723 4,374,869 4,053,295 3,664,050 7%0-100K Deposit 513,159 578,685 701,985 828,405 1,009,007 965,343 912,853 78%Share 15.05% 17.19% 19.23% 20.62% 23.06% 23.82% 24.91%
Total Term Deposits / Core Deposits (0-100K)
TL Time Deposit / Core Deposit (0-100K) Evolution
2,250,000
2,750,000
3,250,000
3,750,000
4,250,000
4,750,000
Jan 08 Mar-08 Jun-08 Sep-08 Dec-08 Mar-09 Apr-09400,000
500,000
600,000
700,000
800,000
900,000
1,000,000
1,100,000
1,200,000
TL Time Deposit TL Core Deposit (0-100K)
TEB HAS STEADILY INCREASED ITS CORE DEPOSIT BASE
Deposits between 0-100 thousand TL were 15% of total deposits while this rate increased to 25% by April 09.
30
BNP PARIBAS JOINT VENTUREMarketable Securities
TotalFC7%
TL93%
Total
Fixed 53%
Floating47%
2009/1Q
Trading60%
AFS37% HTM
3%
Source: BRSA, TEB BRSA Bank-Only Financials
TL
Fixed 50%
Floating50%
31
BNP PARIBAS JOINT VENTURECapital Increases and CAR
Year 2005 2006 06/2007 11/2007 2008
Bonus Issue - - 23,500 445,000 -% - - 30.71% 445% -
Rights Issue - 18,700 - 210,000 345,000% - 32.35% - 210% 45.69%
Previous Paid-in Capital 57,800 57,800 76,500 100,000 755,000
Current Paid-in Capital 57,800 76,500 100,000 755,000 1,100,00.00
(Thousand TL)Capital Increases
Source: TEB BRSA Bank-only and Consolidated Financials
CAR
13.17% 12.58%
16.47%
13.30%
13.99%
17.17%
14.88%
14.87%14.07%
15.38%
17.65% 18.50%
2007 2008/1Q 2008/1H 2008/3Q 2008/4Q 2009/1Q
Consolidated Bank-Only
32
BNP PARIBAS JOINT VENTURE
Business Lines- Corporate Banking
• Contribution to results (as of 09 1Q):• 24.9 % of loans • 25.2 % of deposits • 14 % of customer contribution
Cross-sell ratio : 5.52xNPL ratio : 0.40 %
Corporate Loans (TL Million)
989
1536 1642
2135
1815
2005 2006 2007 2008 20091Q
Spreads of Corporate Loans
2.221.77 1.77 1.83
2.27
5.15
1.24 1.42 1.37 1.371.65
2.66
2007 2008/1Q 2008/1H 2008/3Q 2008/4Q 2009/1Q
YTL
FC
33
BNP PARIBAS JOINT VENTUREBusiness Lines- Commercial Banking
Commercial Loans (TL Million)
975
501
1410
925
1621 16181681 1762
1510 1609
Big Commercial (10-100 mio$) ME (2-10 mio $)
2005 2006 2007 2008 20091Q
• Contribution to results (as of 091Q) : • 42.9 % of loans • 13.2 % of deposits • 44 % of customer contribution
Cross-sell ratio : 6.45xNPL ratio : 3.46 %
Spreads of Commercial Loans
7.40 7.55 7.16 6.77 6.92
10.61
2.17 2.66 2.56 2.48 2.73
4.72
2007 2008/1Q 2008/1H 2008/3Q 2008/4Q 2009/1Q
YTL
FC
34
BNP PARIBAS JOINT VENTURE
Business Lines- Small Business
Small Business Loans (TL Million)
35
313
867
1057 1051
2005 2006 2007 2008 20091Q
• Contribution to results (as of 091Q):• 14.4 % of loans • 7.3 % of deposits • 23 % of customer contribution
Cross-sell ratio : 3.77xNPL ratio : 6.9 %
Spreads of Small Business Loans
9.71 10.23 9.97 9.32 9.2
12.64
0.82 0.77 0.64 0.63
4.88
2007 2008/1Q 2008/1H 2008/3Q 2008/4Q 2009/1Q
YTLFC
35
BNP PARIBAS JOINT VENTUREBusiness Lines- Retail Banking
Spreads of Retail Loans
4.21 4.04 3.94 4.06
6.54
2.46 2.43 2.34 2.20 2.22
2007 2008/1Q 2008/1H 2008/3Q 2008/4Q 2009/1Q
YTL
FC
• Contribution to results (as of 091Q):• 17.6 % of loans • 35.1 % of deposits • 16 % of customer contribution
Cross-sell ratio : 3.79xNPL ratio : 2.28 %
Credit card loan spreads are not included.
Retail Loans (TL Million)
386
679
1143
14741281
2005 2006 2007 2008 20091Q
36
BNP PARIBAS JOINT VENTUREPrivate Banking
• Contribution to results (as of 09 1Q):• 0.1 % of loans • 19.3 % of deposits • 2 % of customer contribution
Cross-sell ratio : 4.34xNPL ratio : -
Private Banking Assets (Billion US$)
0.7
1.3
1.81.6 1.5
2007 2006 2007 2008 2009/1Q
37
BNP PARIBAS JOINT VENTURE
TEB Investment: 8th largest brokerage and investment house of Turkey with 3.8% market share as of 2009/1Q.
TEB Asset Management: 4.29 % market share with EUR 559 mio of AUM as of 2009 1Q. Number one in Capital
Protected Funds with 26% market share and number 2 at Special funds with 40% market share as of 2008 YE.
TEB Leasing: 3.30% market share, 11th largest leasing company in Turkey as of 2009/1Q.
TEB Factoring: 4rd largest factoring company in Turkey with a 7.0% market share in the sector as of 2009/1Q.
TEB NV: “Turkish specialist” in the EU market, total asset size is EUR 691 mio. as of 2009/1Q
TEB Financial Group of Companies
2009 Outlook
Objectives and Priorities
39
BNP PARIBAS JOINT VENTURE2009 General Strategy and Objectives
Flexible Budget:Quarterly budgets will be prepared and reviewed It will be subject to change each quarter.Unless subtle signs of recovery are observed;
Asset quality will continue to be the priorityOptimum liquidity level with a focus on cost of liquidity will be targeted.Improvement of Cost/Income ratio through cost saving projects will be another priority.Controlled growth; although the long term growth plans are intact, opening new branches will be on hold and evaluated quarterly.
Growth in non-credit products and client penetration through cross-sellsEnlarging the deposit base
40
BNP PARIBAS JOINT VENTUREContact Details
Investor Relations+90 212 2512121http://www.teb.com.tr
Çiğdem Başaran (ext. 1532)[email protected]
41
BNP PARIBAS JOINT VENTURE
Disclaimer
The information and opinions obtained in this document have been compiled or arrived at by TEB from sources believed to be reliable, but no representation or warranty is made as to their accuracy, completeness or correctness. All opinions and estimates contained in this document constitute TEB’s judgement as of the date of this document and are subject to change without notice. This document is published for the assistance of the recipients, but is not to be relied upon as authoritative or taken in subtitution for the exercise of judgement by any recipient. TEB does not accept any liability for any direct or consequential loss arising from any use of this document or its contents. This document is strictly confidential and may not be reproduced, distributed or published for any purpose.