Sale of Non-Performing Loan Portfolio
On 27 May 2009, Yapı Kredi’s Board of Directors resolved to sell a 100% provisioned non-performing loan portfolio in credit cards and individual segment with a cash principal amount of TL 393.9 mln to Girişim Varlık Yönetimi A.Ş. in return for TL 26.5 mln. The total portfolio is composed of 95% credit card and 5% individual segment non-performing loans.
The sale proceeds are expected to be collected on 3 June 2009 and will have a positive P&L impact of TL 22.5 mln which will be reflected in YKB’s 2Q09 financials after the transaction is finalised.
As majority of the total NPL portfolio subject to sale consists of non-performing loans which were previously written-off, the positive impact of the sale is expected to be ~20 bps on YKB’s NPL ratio.
Istanbul, 29 May 2009
Enquiries:
Yapı Kredi Investor Relations
Tel: (90) (212) 339 7647
Email: yapikredi_investorrelations@yapikredi.com.tr
Yapı Kredi / 29 May 2009