Turkiye Vakiflar Bankasi Turk Anonim Ortakligi · BIST:VAKBN
Turkiye Vakiflar Bankasi Turk Anonim Ortakligi — Türkiye Vakıflar Bankası T.A.O. (VakıfBank) — Q1 2025 Earnings Presentation
26 slides from Turkiye Vakiflar Bankasi Turk Anonim Ortakligi's earnings presentation, May 8, 2025
Slide 1: Earnings Presentation BRSA Bank-Only 1Q25
Earnings Presentation BRSA Bank-Only 1Q25 May 8, 2025
Slide 2: 1Q25 Earnings and profitability
Earnings Presentation Bank-Only 1Q25 1Q25 Earnings and profitability Net Income (TL billion) ROAE (%) 67% 8.4 ppt Sector average of 20.0 9% QoQ increase and 35.4 vs. sector avg. of 41% YoY increase 28.9% 13.2 27.0 25.0 10.4 12.0 ppt 52% TL 4 billion free provisions in the b/s as of 1Q25 1Q24 4Q24 1Q
Slide 3: Key highlights of 1Q25
Earnings Presentation Bank-Only 1Q25 Key highlights of 1Q25 Delivering the highest annual net income growth and the strongest quarterly ROAE among listed banks 1Q25 net income materialized at TL 20 billion TL 20 which is up by 52% QoQ vs sector average of 9% Quarterly ROAE came at 35.4%, well above
Slide 4: 1Q25 P&L details
Earnings Presentation Bank-Only 1Q25 1Q25 P&L details 1Q24 1Q25 YoY TL million vs. TL million QoQ 19% 17,702 Net Interest 21,017 (51%) Income Free Provisions 45% 10,629 Net Fees and 15,370 16% Commissions YE22 TL 19 billion 32% 1 Dividend 2 (81%) Income 2Q23 -TL 12.3 billion* Net Trading 269% (3,536
Slide 5: Ongoing visible expansion in TL core spreads
Earnings Presentation Bank-Only 1Q25 Ongoing visible expansion in TL core spreads CPI Expectation Net Interest Margin 1Q25 NIM would be: 3.29% 2.81% 3.01% NIM 2.41% 2.29% 2.95% 2.32% 1.22% With 28.5% Oct-Oct Swap Adj. CPI expectation NIM 1Q24 2024 1Q25 Total Money Market Funding TL Core Spreads (%)
Slide 6: Fee & commission income acceleration and enhanced contribution from payment systems
Earnings Presentation Bank-Only 1Q25 Fee & commission income acceleration and enhanced contribution from payment systems Net F&C Income Breakdown (TL billion) Insurance 45% Insurance 4.6% vs. 6.5% Cash Loans Sector: Cash Loans 47% YoY 33.2% Payment 7% QoQ 30.0% Systems 1Q24 15.4 Payment 1Q25 13.3 Sy
Slide 7: Effective cost management drives the best quarterly cost/income ratio among listed banks
Earnings Presentation Bank-Only 1Q25 Effective cost management drives the best quarterly cost/income ratio among listed banks Opex (TL billion) Cost / Income (%) 64% vs. Quarterly best sector avg. of cost/income ratio 39.5% vs. among listed 24.4 22.1 Sector: banks 30.8 35.5 52% YoY 32.2 10% 17% QoQ
Slide 8: Slowly but surely ongoing market share increase across loan portfolio
Earnings Presentation Bank-Only 1Q25 Slowly but surely ongoing market share increase across loan portfolio Portfolio Breakdown VB Sector VB Sector QoQ Loan Growth YoY growth: 32% QoQ (%) QoQ (%) YoY (%) YoY (%) Total Loan Growth 11.5 9.9 39.4 36.4 1Q25 8% Com.&Corp. 4Q24 3% TL Loan Growth 8.8 7.3 29
Slide 9: Breakdown of loan portfolio
Earnings Presentation Bank-Only 1Q25 Breakdown of loan portfolio Currency Breakdown Loan / Deposit Ratio (%) Loans/Deposits 79 80 79 85 83 62% 38% 118 108 TL Loans FC Loans ($) 95 86 83 85 76 74 73 69 9% 8% 12% 7% QoQ Growth 8% 8% 3% 5% 2Q24 3Q24 4Q24 1Q25 2Q24 3Q24 4Q24 1Q25 2Q24 3Q24 4Q24 1Q25 TL
Slide 10: Retail driven NPL inflow resulted higher net CoR as guided
Earnings Presentation Bank-Only 1Q25 Retail driven NPL inflow resulted higher net CoR as guided NPL (TL million) Stage II Loans Breakdown (TL billion) 7.5 8.0 7.9 8.3 Share in total loans (%) 562 3,551 14,245 46,799 186.7 Total Stage II Loans 158.5 36,667 148.9 53.8 SICR 29% 119.9 54.8 61.6 35% Past
Slide 11: Deposit portfolio shifted in favor of more granular base
Earnings Presentation Bank-Only 1Q25 Deposit portfolio shifted in favor of more granular base Total Deposits (TL billion) Breakdown of Deposits 31% 73% 62% 2,633 38% 2,538 27% 2,305 Sector 674 721 2,003 $ 19.0 708 $ 19.0 FC TL Deposits FC Deposits TL Deposits FC Deposits 779 $ 20.7 TL $ 24.0 Share o
Slide 12: Strong penetration across all segments thanks to sector-leading products
Earnings Presentation Bank-Only 1Q25 Strong penetration across all segments thanks to sector-leading products V-PART ➢ V-PART enables non-retail Total volume of FX 25% customers with high- money transfers is above Biggest trade house in Türkiye volume foreign trade USD 99 billion in with a market sh
Slide 13: Well diversified external funding
Earnings Presentation Bank-Only 1Q25 Well diversified external funding Breakdown of International Funding Tier II Private Placement 3.4% Eurobond 13.9% 12.3% Short term $6.7 billion Other Syndication International 0.6% 8.8% Funding Long term $13.6 billion USD 20.3 Repo billion 20.9% as of 1Q25 Secur
Slide 14: Solvency ratios
Earnings Presentation Bank-Only 1Q25 Solvency ratios Capital Adequacy Ratio (%) Bank-only + + Required CET1 solvency w/o BRSA CET I 10.5 10.5 10.7 11.1 9.6 ratios w/o Incl. free prov. forbearance level 8.5% (%) İmpact BRSA consolidated (Bank-only) forbearance solvency ratios Required Tier I Tier I 1
Slide 15: Appendix
Earnings Presentation Bank-Only 1Q25 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 1Q25 Sustainable banking approach Indices & initiatives Sustainability Ratings Firsts in sustainable banking The first Turkish bank to have its targets validated by Science Based Targets initiative (SBTi) Scope 3 Scope 3 Scope 1 Electricity Scope 3 Electricity & Gener
Slide 17: Sustainable Loans & Products
Earnings Presentation Bank-Only 1Q25 Sustainable Loans & Products Women in Business Loan Green Mortgage Loan Earthquake Support Loans Supporting the reduction of For a business that is managed Energy Efficiency Loans For retail customers affected by or owned by women, having residential energy consu
Slide 18: Sustainable customer base thanks to enhanced digital platforms
Earnings Presentation Bank-Only 1Q25 Sustainable customer base thanks to enhanced digital platforms ATMs Call Center Digital banking customers (mn)* 11% Branch 7% 1% 8.1 8.2 7.6 6.7 Mobile Banking 30% 1Q25 6.0 37% 51% Internet Banking 2021 2022 2023 2024 1Q25 53,855 daily average call 93% Non-branch
Slide 19: Composition of asset & liabilities
Earnings Presentation Bank-Only 1Q25 Composition of asset & liabilities Breakdown of Assets (%) Currency Breakdown of Total Assets 1Q25 Other 19.0 Loans The biggest listed bank Interbank 53.5 in terms of 62% 38% 3.4 1Q25 asset size with 11.6%* market share Securities 24.1 The share of IEAs 88% TL FC
Slide 20: Well positioned TL security portfolio
Earnings Presentation Bank-Only 1Q25 Well positioned TL security portfolio Total Securities (TL billion) Portfolio Structure 39% 2% 1% 1,007.8 915.4 39% 10% 8.7% 49% 810.2 722.8 395.7 382.6 49% 60% 345.3 5.4 352.6 2.4 2.3 16.5 530.4 606.7 1Q24 1Q25 462.6 353.7 Trading AFS HTM Trading AFS HTM 1Q24 3Q
Slide 21: Breakdown of retail loan portfolio
Earnings Presentation Bank-Only 1Q25 Breakdown of retail loan portfolio General Purpose Consumer (TL billion) Residential Mortgages (TL billion) Credit Card Loans (TL billion)* 42.7% 13.3% 5.6% 223.1 103.9 97.3 91.7 182.1 6.8% 156.4 58.3 22.5% 55.2 50.9 14.4% 1Q24 4Q24 1Q25 1Q24 4Q24 1Q25 1Q24 4Q24
Slide 22: Diversified funding sources via non-deposit funding
Earnings Presentation Bank-Only 1Q25 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 913 million equivalent syndicated lo
Slide 23: Unconsolidated Key Financial Ratios
Earnings Presentation Bank-Only 1Q25 Unconsolidated Key Financial Ratios 1Q24 2Q24 3Q24 4Q24 1Q25 Profitability ROAE 27.0% 15.3% 16.4% 25.0% 35.4% ROAA 1.7% 0.9% 0.9% 1.4% 2.0% Cost / Income 30.8% 52.5% 49.0% 35.5% 32.2% Cost / Avg. Assets 2.0% 2.3% 2.2% 2.3% 2.4% Fee / Cost 71.7% 59.5% 64.2% 60.2%
Slide 24: Unconsolidated Balance Sheet
Earnings Presentation Bank-Only 1Q25 Unconsolidated Balance Sheet (TL thousand, %) 1Q24 4Q24 1Q25 TL USD USD USD USD TL TL TL YoY QoQ YoY QoQ equivalent equivalent equivalent Cash & Balances with Central 502,213,898 15,507,656 768,455,768 21,732,580 645,729,359 16,989,498 28.6% -16.0% 9.6% -21.8% Ba
Slide 25: Unconsolidated Income Statement
Earnings Presentation Bank-Only 1Q25 Unconsolidated Income Statement (TL thousand, %) 1Q24 4Q24 1Q25 YoY QoQ Net Interest Income 17,701,893 42,859,537 21,017,161 18.7% -51.0% Swap Cost -10,038,011 -5,095,356 -3,579,037 -64.3% -29.8% Net Fee & Com. Income 10,629,030 13,298,069 15,370,482 44.6% 15.6%
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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