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Message From Chairman

We build life-long and successful partnerships with all our stakeholders through understanding and best fulfilling their needs

Dear Shareholders,

After the pandemic, we are in the fourth quarter of 2022, the year that the war in Ukraine, the energy crisis, and high inflation have dominated the agenda. 

The inflation problem which took effect all over the world, and the trend of slowing down production, which comes with the energy shortage in Europe, affect our region adversely as well.

The International Monetary Fund (IMF) published the October 2022 issue of the World Economic Outlook Report with the title of "Countering the Cost-of-Living Crisis". While emphasizing that the world economy is experiencing a series of turbulent difficulties, it was noted that high inflation, tightening financial conditions in most regions, Russia's war in Ukraine, and the Covid-19 pandemic generate heavy pressure on the economic outlook. 

In its report, the IMF maintained its 2022 growth forecast for the global economy at 3.2% and revised its growth forecast for 2023 from 2.9% to 2.7%. The IMF's 2022 and 2023 growth expectations for the Turkish economy were announced as 5% and 3%, respectively, while the 2023 inflation projection was announced as 50%.

In the face of all these conditions, while Türkiye is an essential producer in the critical supply chain in both Europe and the region, Türkiye is working to improve exports and current account balance and decrease inflation.

The statements of the Central Bank that it will stop the decreasing interest rate series also started to provide relief in the markets. The most important issue for Türkiye will be the efforts to provide the appropriate macro policies and fiscal discipline to reduce inflation. 

Within the framework of all these conditions, the banking sector will continue its efforts to contribute to the real economy, support the balance in the markets and production and investments with the need for funding.

Türkiye has faced such important economic fluctuations several times. The robust banking sector emerged as the most important assurance in these periods. Today, I firmly believe that the banking sector will be the guarantee of the economy.

In a year prevailed by global cyclical uncertainties, the Turkish banking sector continues to sustain its robust structure. Our bank continues to support the Turkish economy with its strong capital structure, steady financial performance, and proactive risk management approach. As of 30 September 2022, the total assets of our Bank increased by 49%, compared to the year end of 2021, reaching TL 555 billion 144 million. In the same period, net loans grew by 52% to TL 304 billion 862 million, and customer deposits rose by 59% to TL 340 billion 754 million. In the first nine months of 2022, our Bank's net profit for the period realized at TL 11 billion 471 million. 
As the banking sector, we manage the economic fluctuations in the world and Türkiye with the right and timely strategies, while catching up with the pace of digitalization and speeding up our sustainability efforts for a better future.

We continue to work on sustainability at full speed. While we carry out activities that will raise awareness among our financiers, our customers, and the public, we also continue to constantly review our credit policies from a sustainability perspective and take remedial actions.

I would like to thank all our financiers, customers, and business partners who contributed to this success.

Kind regards,
Ömer A. Aras
Chairman
QNB Finansbank A.Ş.