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Message From General Manager

QNB Finansbank signed its name under significant achievements in the name of its customers and shareholders

Dear Shareholders and Board Members,

We have left behind a half-year in which we were all shaken by an earthquake disaster and then went through a busy election period. Given the market conditions and developments, the economic outlook and the banking system were also directly affected by these events. 

Pursuing its goal of contributing to the national economy, QNB Finansbank has not paused any of its activities, but has realized a number of projects to bring relief to the region affected by the earthquake. 

In addition, we maintained a stable performance throughout our projects and took the right strategic steps that will lead both the sector and society to support the real sector and bring about a sustainable world. As of June 30th, 2023, the total assets of our Bank increased by 30 percent, compared to the end of 2022, reaching TL 782 billion, 657 million. Our net loans rose by 32 percent to TL 454 billion, 99 million, while customer deposit accounts totaled TL 503 billion, 507 million — an increase of 31 percent. In the first six months of 2023, our Bank's net profit was TL 13 billion, 994 million.

Economic growth in Türkiye, despite the negative impacts of the earthquake disaster in February, was 4 percent in Q1 2023. Leading indicators show that the increase in domestic demand was strong in Q2 as well. However, in order to achieve high long-term and sustainable growth, it will be important to follow policies that will reduce inflation, budget deficit, and current account deficit to reasonable levels and increase foreign investments in the upcoming period.

Following the elections, the new economy administration introduced measures — such as the interest rate hike and monetary tightening — in line with the expectations in the markets to relieve the markets, achieve financial discipline, and manage the budget; all positive signs for the upcoming period. The measures taken and the policies announced also increase the expectations for the regulations in the banking sector to be revised in line with the market conditions. 

QNB Finansbank renewed its syndicated loan, signed in May 2022 and due in June this year, at 102%, with sustainability criteria. This rollover rate is an indicator of the confidence of international banks, both in our bank and in the Turkish economy. The sustainability criteria used in this loan agreement, amounting to USD 329 million, were determined in line with the sustainability targets of the bank, including extending loans to the disaster region until the end of 2023 as part of the relief program for February's earthquake disaster that affected Türkiye as a whole. Also considered were improvements to the gender wage gap based on the 'QNB Finansbank Gender Equality Guide.'

In addition, we signed a loan agreement with the European Bank for Reconstruction and Development (EBRD) worth USD 110 million to be made available to individuals and organizations affected by the earthquake. This loan will meet the urgent financing requirements of companies and people in need in the earthquake region.

In addition, our Bank has achieved significant success with its products and services. Türkiye's first branchless digital banking application,, received the gold award in the Online Banking category of the Brandverse Award program, where the most successful brands and projects of the digital world are presented.

In the Scratch Cup 2023 final, which we organized for the fourth time this year in cooperation with the Habitat Association, children exhibited the games they had coded under the sustainability theme of 'My Clean Energy, My Energy'. This year, a record number of 1,098 applications was received from 53 cities, including two from abroad, and 23 children from eight different cities participated in the event. This participation rate proves the importance of pursuing competitions where our children can present the results of their coding training. 

We would like to thank our esteemed financiers and you, our esteemed partners, who have contributed greatly to our Bank's profitable and sustainable growth despite all the challenging and changing conditions. 

Kind regards,

Ömür Tan
General Manager
QNB Finansbank A.Ş.