Sale of Non-Performing Loan Portfolio
On 25 November 2010, Yapı Kredi’s Board of Directors resolved to sell a 100% provisioned non-performing loan portfolio of credit cards, SME and individual loans amounting to a total of TL 428 mln (including overdue interest) for a total consideration of TL 56.0 mln:
• A credit card portfolio of TL 257.0 mln to LBT Varlık Yönetim A.Ş.
• An SME and individual loan portfolio of TL 170.9 mln to Girişim Varlık Yönetimi A.Ş.
The sale proceeds are expected to be collected by 3 December 2010 and will have a positive pre-tax P&L impact of TL 54.6 mln net of transaction costs, which will be reflected in YKB’s 4Q10 financials after the transaction is finalised.
The positive impact of the sale is expected to be ~70 bps on YKB’s bank-only NPL ratio as of October.
All figures as of October 2010
İstanbul, 26 November 2010
Enquiries:
Yapı Kredi Investor Relations
Tel: (90) (212) 339 7647
Email: yapikredi_investorrelations@yapikredi.com.tr
Yapı Kredi / 26 Nov 2010