Şekerbank triples its profit

Şekerbank T.A.Ş. has announced its unconsolidated financial statements of 31/12/2010. Raising its asset size to TL 11.4 billion, Şekerbank grew by 27 percent year-over-year. The 2010 unconsolidated yearend balance sheet of the bank indicates net profit of TL 170.2 million with 11.6 percent year-over-year increase. Additionally, the quarter-based profit of the bank, which made TL 66 million profit in 2010Q4, tripled the profit of the last quarter of the previous year.

The deposit size of Şekerbank, the total credit volume of which reached TL 7.5 billion with 39 percent year-over-year increase by outperforming the sector, reached TL 7.7 billion with 16 percent year-over-year increase at the end of 2010.

Credits constitute 66 percent of total assets

In her statement on the yearend balance sheet of the bank, which has raised its equities to TL 1.4 billion with 12 percent increase, Şekerbank General Manager Meriç Uluşahin said, “In consequence of focused efforts made with a vision of ‘being the leading bank in financing SMEs, small enterprises', Şekerbank has closed the year 2010 with rather good balance sheet in terms of both nominal figures and contents”. Meriç Uluşahin also said:

“Our bank that has raised its total credit volume to TL 7.5 billion with an increase above the sector has also increased the share of credits in the total assets to 66 percent with a ratio that is 13-14 points above the sector. On the other hand, almost half of our total credits are composed of the credits made available for SMEs, small enterprises, and agricultural segment. As we emphasize at every balance sheet period, all these figures are the best indicators of the argument that Şekerbank balance sheet is based on real banking activities. As a 57-year-old established actor in its sector and the brand name of reliable banking especially in Anatolia, Şekerbank expanded its widespread deposit base in the year 2010 and increased its total deposit volume to TL 7.7 billion with 16 percent increase.”

Conservative balance sheet understanding that lies beneath the sustainable growth

Stating that Şekerbank has adopted a conservative balance sheet management understanding not only recently but also in times when the international economic conjuncture and the liquidity were very abundant, Meriç Uluşahin also added: “That’s the most important thing that lies beneath our sustainable growth diagram. In our yearend 2010 balance sheet, the total provision amount we have reserved is TL 343 million. Our bank will maintain its risk-sensitive growth by making its distinctive position in the sector more special in the coming period as well.”

Selected Indicators related to Unconsolidated Financial Results of Şekerbank as of 31/12/2010:

Total Assets: TL 11.4 billion Total Credits: TL 7.5 billion
Total Deposit: TL 7.7 billion Equities: TL 1.4 billion
Net Profit: TL 170.2 million
Deposit to Credit Conversion Rate: 98%