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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,

The first half of 2023 has undoubtedly been marked by the widespread and severe earthquake disaster that took place on 6 February, with the epicenter being Kahramanmaraş. We will never forget this tragic incident. And we will keep working to relieve our wounds. The general parliamentary and presidential elections in the first half of the year have also defined the country's agenda. 

This agenda, which was shaped after the election with the appointments of the new economy administration and the central bank governor, the simplification of regulations, and the loosening of macro precautionary measures, point to positive developments in terms of both banking and Turkish economy.

We see continued central bank tightening policies worldwide in the fight against inflation. This has led to a global easing of inflation levels. However, we expect central banks to maintain their tight monetary policies in the upcoming period.

In Türkiye, the economy continued to grow by 4% on an annual basis in Q1, when we were shaken by the earthquake disaster. In Q2 of 2023, we have seen leading indicators that this growth is likely to continue. However, measures to be taken towards fiscal discipline and reducing the budget deficit and current account deficit will be of great importance for continued growth. The measures taken and policies announced raise our hopes of the implementation of new regulations for the banking sector that will bring it some relief.

We hope that the tight monetary policy and disciplined fiscal policy process will be implemented gradually, inflation will be brought under control, and our country's economy will enter a healthy growth period. Steps taken in the right direction enable us to look ahead with more confidence and hope.

QNB Finansbank continues to successfully manage this process by utilizing the right strategies. We have seen marked growth in the first half of 2023. As of 30 June 2023, our Bank's total assets increased by 30%, compared to the end of 2022, and reached TL 782 billion, 657 million, and our net loans were up 32% to TL 454 billion, 99 million. In the same period, customer deposit accounts reached TL 503 billion, 507 million, an increase of 31%, while our equity has increased by 24% to TL 55 billion, 32 million. In the first six months of 2023, our Bank's net profit for the period was TL 13 billion, 994 million. 

We implemented our 'Integrated Disaster Management' program following a workshop attended by the senior management of the Bank and its subsidiaries. This program will help us create a more resilient organization to face possible earthquakes in Istanbul and other cities. Our goal is to ensure zero deaths and to offer an uninterrupted service. We will implement this program in phases, which will include awareness-raising, training and action-oriented steps.

In the first half of the year, we realized a very important project for our Bank, which is also consistent with our servant leadership approach. We published our 'Guidelines on Social Gender Equality,' which included our 'Gender Sensitive Banking Principles' and 'Action Plan,' coordinated with Kadir Has University and announced to public. Our goal is "a more equal world" and we determined our commitments to reach this goal. This is a clear indication of our Bank's leadership characteristics. We have received very positive feedback. 

I would like to thank all our financiers, our customers, and business partners who trusted us and contributed to the successful growth of our Bank with their devoted efforts in the first 6 months of 2023.

Kind regards,

Ömer A. Aras
QNB Finansbank A.Ş