652.4 million lira net profit from Albaraka Türk

Albaraka Türk announced its financial results for the first half of 2022 by notifying the Public Disclosure Platform (KAP). Albaraka Türk, whose asset size increased by 21 percent compared to the end of the previous year and reached 131.7 billion liras, continued its contribution to the country’s economy with a cash loan portfolio of 64.8 billion liras.

In the first 6 months of the year, the Bank significantly increased its investments in securities, mainly inflation-indexed sukuk. Having an operating income of 4.5 billion liras in the first half of the year, the bank increased its operating income by 267 percent compared to the same period of the previous year.

While the share of funds collected in Albaraka Türk’s resource structure was 82 percent, Turkish lira participation funds increased by 75 percent compared to the end of the previous year and reached 35.3 billion liras. In the same period, the bank increased its paid-in capital from TL 1.35 billion to TL 2.5 billion with the method of capital increase, and increased its capital adequacy ratio to 15.6 percent from 13.9 percent in the same period of the previous year.

In the same period, a significant improvement was observed in the NPL ratio of the bank. The NPL ratio, which was 6.3 percent at the end of the previous year, decreased to 3.1 percent in the first half of 2022. The specific provision ratio of NPLs increased to 71 percent from 62 percent in the same period of the previous year.

“We use our increased income generation to strengthen our asset quality”

Albaraka Türk General Manager and Member of the Board of Directors Malek Khodr Temsah, whose evaluations are included in the statement, stated that while strengthening the resource structure of the bank by increasing the paid-in capital and Turkish lira participation funds, they also used the revenue generation, which increased by 267 percent, to strengthen the asset quality.

Stating that they started 2022 with a 6.3 percent NPL ratio, Temsah stated that they closed the first half of the year with a 3.1 percent NPL ratio as a result of strengthening the balance sheet.

Temsah stated that they increased the NPL special provision ratio, which was 62 percent in the same period of last year, to 71 percent at the end of the first half, and in addition, in order to increase the soundness of the balance sheet, a total of 500 million, 100 million at the end of the year and 400 million in the first half of 2022. He stated that they set aside a free provision of TL.

“We will continue to make great efforts to lead the new world of banking”

Stating that they are one of the successful banks in the Currency Protected TL Participation Accounts product, which was put into use in December 2021, Temsah drew attention to the fact that they increased their TL loans by 36 percent in the same period with the TL funds obtained from here.

Temsah stated that they will continue to make great efforts and said, “We look forward to the future with our products and services that offer comprehensive solutions to the needs of our customers, with our strengthened balance sheet structure. ” made its assessment.

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