Message from the Chairman

Dear Stakeholders,

Turkish economy continues with its endeavour for development in the first quarter of 2021 despite the ongoing challenges arising from the COVID-19 pandemic, geopolitical tensions and the recent fluctuations in the international markets. With the devotion and self-sacrifice demonstrated by all elements of the economy, Turkey heads towards its long term targets while trying to offset the effects of the outbreak.

Turkish public authorities together with the Turkish private sector, have been striving to preserve the viability of the economy at the peak of the COVID-19 pandemic. While the never-ending international developments around Turkey continue to escalate, countries face a raw materials crisis on a global scale and fluctuations in the international markets continue to pose a challenge, Turkey has been preserving its wellbeing and welfare in an uncompromising manner. Having taken all the necessary actions to overcome these difficult times, Turkish banks, continue their uninterrupted operations and provide aid to their customers in times of need.

As health and safety continues to be the first and foremost priority for Yapı Kredi, the Bank proceeds on with its contribution to the Turkish economy and the Turkish Banking Sector.

In the first three months of the year, total loans in the banking sector reached TL 3,561 billion indicating 29.6% year-over-year growth. During the same period, total deposits reached TL 3,420 billion, indicating 29.0% year-over-year growth. Accordingly, sector’s loan to deposit ratio remained stable year-over-year staying at 104% in the first quarter of 2021. With the revisions in classification rules, the banking sector’s non-performing loan ratio improved by 22 basis points year-to-date to 3.8%.

Despite the difficulties and uncertainties that we are going through, Yapı Kredi will continue to support the economy and its customers, while preserving its solid fundamentals with special focus on asset quality and a healthy balance sheet.

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 especially during these hard times.


Ali Y. Koç
Chairman of the Board

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