Message from the Chairman

Dear Stakeholders,

We have left behind a period in which the effects of the Covid-19 epidemic and uncertainties continue all over the world. The accelerated vaccination rate continues to support the global economy, especially in developed countries. However, rapid increase in demand in the second half of the year, supply constraints, the rise in commodity prices and the increase in freight costs put pressure on global inflation.

Despite these challenges, with the support of its strong healthcare sector, Turkey has managed to largely overcome the effects of the pandemic. The leading indicators suggests that with the contribution of foreign demand and stronger production, Turkey will record a solid growth this year, on top of the positive growth recorded in 2020.

Despite the volatile and challenging conditions arising from the pandemic, the Turkish banking sector managed to maintain its solid balance sheet structure. Standing by its customers, the banking sector continued to support the economy during this period. In the first nine months of the year, the sector's support to the economy through cash and non-cash loans reached 5 trillion TL, indicating 17% yearly growth. During the same period, deposits grew by 23% and reached to 4 trillion TL. Accordingly, sector’s loan to deposit ratio improved to 99%.

In the coming period, the banking sector will maintain its focus on asset quality and will continue to meet the increasing demand with the support of its solid capital structure.

Since the beginning of the pandemic, the first and foremost priority of Yapı Kredi has been the health of its employees, customers and the community. While maintaining the health measures, we carry out all of our banking activities without any interruption.

"Sustainability" has been one of the most prominent topics during the pandemic period. As Yapı Kredi, we are aware of our responsibilities towards the environment and society we live in. We have been investing in this field for many years and we will continue to do so with an increased focus.

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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