VakıfBank Surpasses $100 Billion in Assets in Q3
VakıfBank (VAKBN) showcased a remarkable performance in the third quarter of 2024, attracting attention with its continuous support to the Turkish economy and successful growth strategies. The bank surpassed a historical milestone, raising its total assets to over $100 billion. During the same period, its gross profit reached 34 billion 623 million TL, while it set aside 7 billion 409 million TL for tax provisions, declaring a net profit of 27 billion 214 million TL.
VakıfBank's General Manager, Abdi Serdar Üstünsalih, emphasized the bank's sustainable financial service approach and innovative technological infrastructure while evaluating this achievement. Üstünsalih noted that the financial support provided to the Turkish economy through cash and non-cash loans increased by 38% year-on-year, reaching 2.5 trillion TL. Cash loans also rose by 34%, reaching 1.9 trillion TL. The bank's total assets increased by 17% in dollar terms, exceeding the $100 billion mark for the first time.
Trust in total deposits and TL assets VakıfBank's total deposits rose by 36% year-on-year, surpassing 2.3 trillion TL. Üstünsalih stated that deposits continue to be the bank's primary funding source and highlighted that trust in TL assets is evident as TL deposits increased by 49%, reaching 1.6 trillion TL. Furthermore, the share of savings deposits in the total increased by 63%, rising to 47%.
These developments illustrate the success of VakıfBank's widespread deposit policy and the stability of TL assets. The bank continues to maintain its growth momentum within the framework of customer confidence and financial stability.
Leadership in financing from abroad VakıfBank is also noteworthy for its funding obtained from abroad. General Manager Üstünsalih pointed out that the diversified resource structure resulted from an additional $550 million tier 1 capital bond issuance and a $700 million Basel III-compliant capital-like bond issuance carried out during the year within the framework of effective capital management.
With the $500 million sustainable eurobond issuance realized in the third quarter of 2024, the bank's total sustainable eurobond issuance size has reached $2.5 billion, and the total resources obtained from abroad since the beginning of the year amounted to $8.6 billion. VakıfBank continues to provide new resources to the country from abroad with long-term and cost-efficient international funding opportunities.