Message from the CEO

Dear Stakeholders,

2022 was a year defined by inflation and the policy response to it, whereas as of first half of 2023, inflationary pressures on global markets have started to ease and the expectations for further rate hikes have decreased. However, policy-makers, businesses and households continue to face headwinds, including continuing inflationary pressures and tighter financial conditions.

Turkish economy, on the other hand, continued its growth in a controlled manner in this challenging operating environment. Despite the negative effects of the earthquake disaster that happened on 6 February on growth, the Turkish economy grew by 4.0% on an annual basis as of the first quarter of 2023, with the help of domestic demand. Turkish economy has entered a normalization process with the steps taken, following the elimination of uncertainties related to the election.

The Turkish banking sector, once again, demonstrated resilience during this period, as it did in previous periods.
As Yapı Kredi, we continue to stand by and give our support to both our customers and our employees following the earthquake disaster.

Our support to the economy through cash and non-cash loans has increased by 44% annually reaching TL 1.054 trillion. In TL cash loans, the Bank recorded a year-to-date growth of 18% and an annual growth of 59%. Moreover, year-to-date TL customer deposit growth was 42%, well above the loan growth. Thus, the Bank's TL loan deposit ratio further decreased by 16 points to 87% as of end of first half of 2023.

While maintaining its support to the economy, the Bank preserved its strength in capital and liquidity ratios. The FX liquidity coverage ratio was 522%, while the total liquidity coverage ratio realized at 161% level. On the capital side, with the internal capital generation contributions, the consolidated capital adequacy ratio and the Tier 1 ratio remained strong at 17.0% and 15.0%, respectively (without the impact of regulatory forbearances).

I would like to take this opportunity to thank our customers, our shareholders for their trust, and our employees for their valuable efforts.

Gökhan Erün


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