Development and Investment Bank of Türkiye’s Total Assets Reach TRY 141.6 Billion
Development and Investment Bank of Türkiye increased its total assets by 38% year on year to TRY 141.6 billion in the first three months of the year. Through financing support provided to projects of importance to Türkiye’s future, the Bank increased its loan portfolio by 30.7% year on year to TRY 87 billion.
Development and Investment Bank of Türkiye disclosed its financial results for the first three months of 2024 on the Public Disclosure Platform (KAP). During the first quarter of 2024, the Bank increased its total assets by 38% year on year to TRY 141.6 billion.
The Bank’s net profit rose by 56% to TRY 1.034 billion, while its loan portfolio increased by 30.7% year on year to TRY 87 billion. The Bank’s average return on equity stood at 44.5% as of the end of March 2024. The ratio of gross non-performing loans to total loans remained at 0.99%.
“We Continue Our Activities in Line with Our Country’s Net-Zero Emissions Objectives”
Stating that the Bank had signed loan agreements for USD 200 million and EUR 200 million with the World Bank (IBRD), under the guarantee of the Republic of Türkiye Ministry of Treasury and Finance, to support carbon-emissions reduction projects in Türkiye’s industrial sector, TKYB CEO İbrahim Öztop said: “Through this agreement with the World Bank, we will support investments in high-emitting industries, particularly metals, chemicals and cement, with long-term financing. We secured USD 100 million from the Islamic Development Bank (IsDB) for food security and agro-industry, and USD 50 million from the OPEC Fund for International Development (OFID), through an on-lending arrangement from the Ministry of Treasury and Finance, for use in food security and agro-industry. An agreement to secure USD 100 million in trade finance from the International Islamic Trade Finance Corporation (ITFC), part of the IsDB Group, is currently at the signature stage. We will continue our work to contribute directly to Türkiye’s 2053 net-zero emissions objectives.”
“We Develop Innovative Solutions Through Our Investment Banking Activities”
Stating that Development and Investment Bank of Türkiye continued its mergers and acquisitions advisory activities with the objective of adding value to public institutions and private-sector companies operating in different sectors, Öztop said: “Our Bank successfully completed the acquisition of Traçim Çimento San. ve Tic. A.Ş. by AC Çimento A.Ş. in March 2024, having begun acting as exclusive financial adviser on the transaction in 2023. This was the 21st mergers and acquisitions transaction completed by our Bank in investment banking since 2019. Our Bank also continued providing financial advisory services to the Republic of Türkiye Ministry of Treasury and Finance Privatisation Administration for projects involving the privatisation of selected power plants and ports.”
Highlighting the innovative products on which the Bank was working under its investment banking activities, Öztop said: “Within the scope of public-offering activities, our Bank acted as lead institution in Oba Makarna’s TRY 3.8 billion initial public offering. Our Bank completed the TRY 30 million wheat-price-indexed sukuk issuance—the first of its kind in Türkiye—for Tarfin Tarım, a digital agriculture platform bringing technology together with the agricultural ecosystem. We also acted as intermediary for Tarfin Tarım’s TRY 70 million sukuk issuance and CarrefourSA’s TRY 200 million sukuk issuance, an important step for Türkiye’s food security and supply-chain sustainability. In addition, as in every period, our Bank successfully continued providing investment banking services to private- and public-sector institutions.”
“We Play an Important Role in the Entrepreneurship Ecosystem Through the Türkiye Development Fund”
Emphasising that the Bank aims to support and expand Türkiye’s entrepreneurship ecosystem through the Türkiye Development Fund, which it founded, Öztop said: “Through its sub-fund the TÜBİTAK BiGG Fund, the Türkiye Development Fund founded by our Bank made direct investments in 133 companies that had received TÜBİTAK’s Seal of Excellence. Through Invest 101, another fund under the Türkiye Development Fund, direct investments were made in the first quarter of 2024 in FenixPyre, formerly Datanchor, which operates in cybersecurity, and İdenfit, which operates in human-resources technologies. Excluding TÜBİTAK BiGG Fund investments, the number of companies in the Türkiye Development Fund’s direct-investment portfolio increased to 22. With its diversified sub-funds capable of supporting companies across all business cycles, from pre-seed to maturity, the Türkiye Development Fund will continue to play a leading role in developing the entrepreneurship ecosystem through its recent investments.”