Sale of Non-Performing Loan Portfolio
On 15 March 2010, Yapı Kredi’s Board of Directors resolved to sell non-performing loan portfolios of credit cards, SME loans and retail loans amounting to a total of TL 681 mln for a total of TL 70.05 mln:
• A credit card portfolio of TL 382.0 mln to Girişim Varlık Yönetim A.Ş. in return for TL 32.4 mln
• An SME loan portfolio of TL 224.4 mln to LBT Varlık Yönetim A.Ş. in return for TL 31.2 mln
• A retail loan portfolio of TL 74.6 mln to Standart Varlık Yönetimi A.Ş. in return for TL 6.45 mln
The sale proceeds are expected to be collected by the end of March and will have a positive pre-tax P&L impact of TL 3.0 mln which will be reflected in YKB’s 1Q10 financials after the transaction is finalised.
The positive impact of the sale is expected to be ~100 bps on YKB’s NPL ratio as of February, considering also the portion of the portfolio already written-off (~TL 125 mln).
All figures are as of the end of February
İstanbul, 16 March 2010
Enquiries:
Yapı Kredi Investor Relations
Tel: (90) (212) 339 7647
Email: yapikredi_investorrelations@yapikredi.com.tr
Yapı Kredi / 16 Mar 2010