Sale of Non-Performing Loan Portfolio
On 24 November 2011, Yapı Kredi’s Board of Directors resolved to sell a 100% provisioned non-performing loan portfolio of credit cards and individual loans amounting to a total of TL 290 mln (including overdue interest) to LBT Varlık Yönetimi A.Ş. for a total consideration of TL 45.8 mln:
• A credit card portfolio of TL 205 mln and
• An individual loan portfolio of TL 85 mln
The sale proceeds are expected to be collected by 3 December 2011 and will have a net positive pre-tax P&L impact of TL 45.8 mln, which will be reflected in YKB’s 4Q11 financials after the transaction is finalised.
The positive impact of the sale is expected to be ~35 bps on YKB’s bank-only NPL ratio as of October.
All figures as of October 2011
İstanbul, 29 November 2011
Enquiries:
Yapı Kredi Investor Relations
Tel: (90) (212) 339 7647
Email: yapikredi_investorrelations@yapikredi.com.tr
Yapı Kredi / 29 Nov 2011