Turkiye Vakiflar Bankasi Turk Anonim Ortakligi · BIST:VAKBN
Turkiye Vakiflar Bankasi Turk Anonim Ortakligi — Türkiye Vakıflar Bankası T.A.O. (VakıfBank) — FY2024 Earnings Presentation
26 slides from Turkiye Vakiflar Bankasi Turk Anonim Ortakligi's earnings presentation, Feb 6, 2025
Slide 1: Earnings Presentation BRSA Bank-Only YE24
Earnings Presentation BRSA Bank-Only YE24 February 6, 2025
Slide 2: 2024 Earnings and profitability
Earnings Presentation Bank-Only YE24 2024 Earnings and profitability Annual Net Income (TL billion) ROAE(%) Reported Adjusted Adj. with 37.4 22.7 free prov. 61% 77% vs. vs. sector avg. of sector avg. of 29% 6% 44.4 25.0 20.7 additional + TL 4 bn 18.0 40.4 free provisions additional TL 15 bn 16.4 25.
Slide 3: Key highlights of 2024
Earnings Presentation Bank-Only YE24 Key highlights of 2024 Strong profitability despite additional free provision TL 44.4 YE24 net income would be TL 44.4 billion if Annual ROAE would be 22.7% if TL 40.4 YE24 net income is up by 61% YoY and annual 22.7% ROAE came at 20.7% adjusted with additional f
Slide 4: 4Q24 P&L details
Earnings Presentation Bank-Only YE24 4Q24 P&L details 4Q24 2024 QoQ TL million vs. TL million YoY Setting aside additional TL 117% Net Interest 98,976 6.5 billion free 42,860 91% Income provision in 4Q24 10% 13,298 Net Fees and 46,474 81% Commissions 9 Dividend 125 549% (38%) Free Provisions Income
Slide 5: Visible NIM expansion thanks to best-in-class TL core spread improvement
Earnings Presentation Bank-Only YE24 Visible NIM expansion thanks to best-in-class annual TL core spread improvement CPI Expectation NIM 4Q24 CPI adj. NIM 5.16% would be: 2.81% 2.77% 3.79% NIM 2.69% 4.55% 3.18% Swap Adj. 2.12% NIM 1.22% 1.14% NIM 1Q24 2Q24 3Q24 4Q24 improvement: YoY: +59 bps 3.29% Q
Slide 6: Well balanced fee composition
Earnings Presentation Bank-Only YE24 Well balanced fee composition Net F&C Income Breakdown (TL billion) Insurance 81% Insurance 7.4% 5.1% Cash Loans Cash Loans 34.0% Payment 40.9% 46.5 System 2023 Payment 2024 40.1% System 25.7 51.4% 13.3 9.5% 12.0 11.6% 10% Non-Cash Loans Non-Cash Loans 2023 3Q24
Slide 7: Outperforming cost KPIs maintained during entire 2024
Earnings Presentation Bank-Only YE24 Outperforming cost KPIs maintained during entire 2024 Opex (TL billion)* Cost / Income (%) 81% 52.5 49.0 vs. vs. sector avg. of sector avg. of 35.5 74% 73.3 30.8 39.3% 1Q24 2Q24 3Q24 4Q24 40.5* 22.1 18.8 18% 40% 2.2% 2023 3Q24 4Q24 2024 HR Cost (TL billion) Non-H
Slide 8: Total loan portfolio exceeded TL 2 trillion level
Earnings Presentation Bank-Only YE24 Total loan portfolio exceeded TL 2 trillion level Portfolio Breakdown VB Sector VB Sector QoQ Loan Growth YoY growth: 26% QoQ (%) QoQ (%) YoY (%) YoY (%) Total Loan Growth 8.3 6.9 34.0 37.5 4Q24 3% 53% Com.&Corp. 3Q24 8% TL Loan Growth 8.4 7.3 23.8 28.5 TL 1,058
Slide 9: Breakdown of loan portfolio
Earnings Presentation Bank-Only YE24 Breakdown of loan portfolio Currency Breakdown Loan / Deposit Ratio (%) Loans/Deposits 76 79 80 79 85 64% 36% 108 TL Loans FC Loans ($) 95 86 90 82 76 82 8% 74 69 7% 66 6% 12% QoQ Growth 8% 3% 5% 5% 4Q23 2Q24 3Q24 4Q24 4Q23 2Q24 3Q24 4Q24 4Q23 2Q24 3Q24 4Q24 TL Y
Slide 10: Normalizing quarterly net CoR levels
Earnings Presentation Bank-Only YE24 Normalizing quarterly net CoR levels NPL (TL million) Stage II Loans Breakdown (TL billion) 7.8 7.9 8.0 7.9 Share in total loans (%) 158.5 Total Stage II 148.8 Loans 11,264 384 7,606 134.2 116.4 54.7 SICR 36,667 61.6 35% 33,393 61.1 41% Past Due 30 55.6 45% 22.1
Slide 11: More granular deposit base with 48% share of retail deposit
Earnings Presentation Bank-Only YE24 More granular deposit base with 48% share of retail deposit Total Deposits (TL billion) Breakdown of Deposits 29% Total deposits exceeded 73% 65% 2,538 TL 2.5 trillion 35% 2,305 27% 2,152 Sector 1,962 674 708 $ 19.0 FC TL Deposits FC Deposits TL Deposits FC Depos
Slide 12: Strong penetration across all segments thanks to sector-leading products
Earnings Presentation Bank-Only YE24 Strong penetration across all segments thanks to sector-leading products V-PART ➢ V-PART enables non-retail Total volume of FX 18% customers with high- money transfers is above Biggest trade house in Türkiye volume foreign trade USD 37 billion in with a market sh
Slide 13: International fresh funding amount in 2024: USD 11.5 billion
Earnings Presentation Bank-Only YE24 International fresh funding amount in 2024: USD 11.5 billion Breakdown of International Funding Tier II Short term Private Placement $4.7 billion 3.6% Eurobond 13.3% International 16.5% Funding Other 0.6% Long term $15 billion Syndication Repo 20.9% USD 19.7 8.9%
Slide 14: Solvency ratios
Earnings Presentation Bank-Only YE24 Solvency ratios Capital Adequacy Ratio (%) Solvency ratios Including free (%) w/o BRSA provision impact forbearance Required CET1 CET I 11.73 10.52 10.54 10.73 11.06 level 8.5% 9.63 10.30 CET I Tier I 13.64 12.17 13.12 13.36 13.53 Required Tier I Tier I 11.85 12.
Slide 15: Appendix
Earnings Presentation Bank-Only YE24 Appendix Pg. 16 Sustainable banking approach Pg. 17 Sustainable loan products Pg. 18 Sustainable customer base thanks to enhanced digital platforms Pg. 19 Composition of asset & liabilities Pg. 20 Well positioned TL security portfolio Pg. 21 Breakdown of retail l
Slide 16: Sustainable banking approach
Earnings Presentation Bank-Only YE24 Sustainable banking approach Indices & initiatives Firsts in sustainable banking The first Turkish bank to have its targets validated by Science Based Targets initiative (SBTi) Scope 1 & Scope 2 51% Scope 3 Electricity Scope 3 Scope 3 generation with Electricit
Slide 17: Sustainable loan products
Earnings Presentation Bank-Only YE24 Sustainable loan products Women in Business Loan Green Mortgage Loan For a business that is managed or Aiming to support the reduction of owned by women, having less than residential energy consumption 250 employees and completing the and greenhouse gas emissions
Slide 18: Sustainable customer base thanks to enhanced digital platforms
Earnings Presentation Bank-Only YE24 Sustainable customer base thanks to enhanced digital platforms Branch 963 8% Branches # of active* digital Internet banking customers Banking reached ~8.1 million 49% ~8.1 mn Non-branch # of transaction made Mobile Digital transaction Banking through digital Bank
Slide 19: Composition of asset & liabilities
Earnings Presentation Bank-Only YE24 Composition of asset & liabilities Breakdown of Assets (%) Currency Breakdown of Total Assets Other Total assets exceeded 4Q24 TL 4 trillion 22.2 Loans Interbank 50.0 The biggest listed bank in terms of 65% 35% 5.0 4Q24 asset size with 12.3%* market share Securit
Slide 20: Well positioned TL security portfolio
Earnings Presentation Bank-Only YE24 Well positioned TL security portfolio Total Securities (TL billion) Portfolio Structure 39% 5% 0.3% 915.4 810.2 743.3 13% 8.7% 52% 42% 382.6 659.8 345.3 43% 332.4 58% 2.4 344.4 2.3 5.8 34.3 530.4 405.1 462.6 4Q23 4Q24 281.1 Trading AFS HTM Trading AFS HTM 4Q23 2Q
Slide 21: Breakdown of retail loan portfolio
Earnings Presentation Bank-Only YE24 Breakdown of retail loan portfolio General Purpose Consumer (TL billion) Residential Mortgages (TL billion) Credit Card Loans (TL billion)* 33% 21% (11%) 182.1 156.4 151.5 156.4 97.3 137.0 91.7 88.8 16.4% 85.7 80.3 57.5 55.2 53.0 50.7 50.9 9.5% 0.5% 4Q23 1Q24 2Q2
Slide 22: Diversified funding sources via non-deposit funding
Earnings Presentation Bank-Only YE24 Diversified funding sources via non-deposit funding Sustainable-linked syndication Eurobonds and Private Placements USD 1.8 billion outstanding USD 2.5 billion outstanding Eurobonds* and USD 2.7 billion outstanding May’24: USD 915 million equivalent syndicated lo
Slide 23: Unconsolidated Key Financial Ratios
Earnings Presentation Bank-Only YE24 Unconsolidated Key Financial Ratios 4Q23 2023 3Q24 4Q24 2024 Profitability ROAE 24.7% 18.0% 16.4% 25.0% 20.7% ROAA 1.5% 1.1% 0.9% 1.4% 1.2% Cost / Income 30.6% 33.7%* 49.0% 35.5% 40.2% Cost / Avg. Assets 1.9% 1.8%* 2.2% 2.3% 2.2% Fee / Cost 76.3% 63.6%* 64.2% 60.
Slide 24: Unconsolidated Balance Sheet
Earnings Presentation Bank-Only YE24 Unconsolidated Balance Sheet (TL thousand, %) 4Q23 3Q24 4Q24 TL USD USD USD USD TL TL TL YoY QoQ YoY QoQ equivalent equivalent equivalent Cash & Balances with Central 385,703,700 13,045,515 696,809,067 20,381,507 768,455,768 21,732,580 99.2% 10.3% 66.6% 6.6% Bank
Slide 25: Unconsolidated Income Statement
Earnings Presentation Bank-Only YE24 Unconsolidated Income Statement (TL thousand, %) 2023 3Q24 4Q24 2024 YoY QoQ Net Interest Income 51,955,074 19,789,299 42,859,537 98,976,466 90.5% 116.6% Swap Cost -10,598,201 -4,205,858 -5,095,356 -30,272,779 185.6% 21.1% Net Fee & Com. Income 25,745,988 12,040,
Slide 26: For Earnings Presentations: Investor Relations
For Earnings Presentations: A member of BIST Sustainability Index Investor Relations Finanskent Mahallesi Finans Caddesi No:40/1 Ümraniye / İstanbul E-mail: investorrelations@vakifbank.com.tr Tel (90-216) 724 2685 Fax (90-216) 724 3941 www.vakifbank.com.tr Disclaimer Notice: This report has been pre
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