Dear Shareholders and Members of the Board,
QNB Finansbank sustained the steady curve of growth in the first quarter of 2019.
As of March 31, 2019, total assets increased by 8 percent, compared to the year-end 2018, reaching TRY 169 billion 802 million, while performing loans increased by 3 percent to TRY 98 billion 483 million and customer deposits increased by 5 percent to TRY 87 billion 168 million.
In the first quarter of 2019, the net interest income of our Bank increased by 4 percent compared to the same quarter of 2018, reaching TRY 1 billion 683 million, as the net fee and commission revenues grew by 33 percent to TRY 631 million. The profit before tax of our Bank amounted to TRY 781 million, while net period profit realized TRY 631 million. Total equity rose by 2 percent, compared to the end of 2018, reaching TRY 14 billion 858 million.
The Bank built up an impressive record of achievements in retail banking with strategic agreements in the first quarter of 2019. QNB Finansbank became a partner of Turkey’s most recognized loyalty program with the 5-year Miles&Smiles agreement signed with Turkish Airlines. Along with this, a new initiative that will carry us to the forefront was launched, in which we opened the doors to a new world for the high-net-worth segment. QNB First World will stand out in banking services in this area across Turkey.
QNB Finansbank became the first private Turkish bank to issue Eurobonds in international markets in 2019. A demand of $1.7 billion was attracted from approximately 150 investors against the issuance of $500 million Eurobond with a term of 5.5 years.
2019 will be a year, where we will witness remarkable accomplishments in export and tourism. In this respect, we reinforced our target in exports with the Women Entrepreneur Export Support Loan Package signed with Eximbank on March 8, 2019.
In 2019, we will maintain the momentum, achieved on the back of invaluable contributions by our bankers, motivated by our intention to transform success into social contributions. As we prepare for the future, we will support our children and make a positive impact to thousands in many areas through our “Small Hands Big Dreams” Platform. Children will continue to be the center of our corporate social responsibility projects. We will continue undertaking new projects in the forthcoming periods that support creativity and analytical thinking in children with the support of our volunteering bankers.
I would like to extend my thanks to our bankers, clients, all strategic business partners and correspondent banks who reinforce our strength in our effort to achieve our goals.
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