Message from the Chairman

Dear Stakeholders,

In the first 9 months of 2022, high inflation, supply chain fluctuations and growth concerns continued to be the main topics with increasing global uncertainties. Especially the high energy prices that came along with the Russia-Ukraine crisis resulted in an increase in concerns for both countries and individuals as the winter months approached.

Despite these challenging conditions, Turkey continued its growth in a controlled manner. The economy grew by 7.5% in the first half of 2022. However, data on industrial production and domestic demand in the third quarter point to a slight slowdown in growth rates.

The Turkish banking sector continued to support the economy, while strengthening its balance sheet structure. In the first 9 months of the year, total loans increased by 68% annually and reached TL 6.415 billion. In the same period, the deposit base grew by 91% to reach TL 7.527 billion. Thus, the loan/deposit ratio of the sector improved by 14 points compared to the same period of the previous year and decreased to 85%.

On the asset quality side, the positive trend continued, and the non-performing loans ratio decreased by 80 basis points to 2.3% since the end of 2021.

Yapı Kredi continued to contribute to the Turkish economy and the Turkish banking sector with its commitment to sustainability in all aspects of its operations. Going forward, preserving strong fundamentals, Yapı Kredi will continue to support the economy and its customers, while maintaining its focus on asset quality and healthy balance sheet structure.

I would hereby like to extend my thanks to all our customers and shareholders for their continuous support and trust, and our employees and their families for their devoted efforts.


Ali Y. Koç
Chairman of the Board

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