About Yapı Kredi
Turkey’s first privately-owned bank with a nationwide presence, Yapı Kredi has always played an important role in the development of the domestic economy and has set standards in the Turkish banking sector with many innovative products and services.
Driven by a customer-centric strategy, Yapı Kredi focuses on understanding the needs and expectations of its customers while seeking to create the best customer experience. Yapı Kredi serves six million active customers through its credit cards, individual banking, SME (Small and Medium Size Enterprises), corporate and commercial and private banking operations supported by its product factories in asset management, leasing, factoring, private pension funds, insurance, equity brokerage and investment banking as well as international banking operations in the Netherlands, Russia and Azerbaijan.
Yapı Kredi is the fourth largest private bank with total assets of TL 74.0 bln as of the end of 1Q10 and ranks fourth in total cash loans with 10.3% market share and seventh in total deposits with 8.4% market share.
Yapı Kredi maintains leading positions in key segments and products supported by its strong franchise, large network and leading brand. The Bank is the leader in credit cards (20.5% market share in outstanding and 20.7% market share in issuing volume). In addition, Yapı Kredi holds leading positions in factoring (#1 with 29.9% market share), leasing (#1 with 17.9% market share), asset management (#2 wtih 18% market share), brokerage services (#2 wtih 5.6% market share), private pension funds (#3 with 15.1% market share), and life and non-life insurance (#5 with 4.5% and #8 with 6.1% market shares, respectively).
Yapı Kredi, with 838 branches located in more than 70 cities, has the fourth largest branch network in the Turkish banking sector. High quality products and services are also provided to customers through alternative delivery channels including rich content telephone, internet and mobile banking as well as 2.351 ATMs, the fifth largest network in Turkey. In addition to Yapı Kredi's wide ATM network, customers are also offered access to more than 15.000 ATMs in 22 European countries through an ATM sharing agreement with UniCredit.
Yapı Kredi's main shareholder with an 81.8% stake is Koç Financial Services (KFS), a 50-50% joint venture between the Koç Group and UniCredit Group. The remaining 18.2% of the Bank's shares are publicly traded and held by minority shareholders. The Bank's shares are listed on the Istanbul Stock Exchange and Global Depository Receipts that represent the Bank's shares are quoted on the London Stock Exchange
Developments in 1Q 2010
Yapı Kredi recorded TL 564 mln of net income in 1Q10 (+20% y/y) with an Return on Average Equity (ROAE) of 27% driven by above market loan growth, sound core revenue performance and significant asset quality improvement. In 1Q10, together with visible improvement in market conditions, Yapı Kredi focused on local currency loans driven primarily by retail, followed by mid-corporate, also on the back of increased commercial effectiveness. In terms of asset gathering, Yapı Kredi recorded slightly above sector deposit growth driven by local currency, in line with local currency driven retail lending. Improvements in asset quality, which started becoming visible in 4Q09, continued at an accelerated pace in 1Q10 driven by deceleration in non-performing loan (NPL) inflows and continued strong performance in collections and solid volume growth at Yapı Kredi. In 1Q10, Yapı Kredi maintained its comfortable capital and liquidity position with capital adequacy ratio of 16.9% at Bank level and 15.7% at Group level . Leveraging on its deep-rooted banking relationships and solid financial performance, Yapı Kredi successfully secured a USD 1 bln one-year syndication at an all-in cost of Libor+1.5%, indicating a 240% rollover of its USD
410 mln syndication from April 2009.
Corporate Governance Index
Yapı Kredi follows corporate governance principles set by the Capital Markets Board with a disciplined approach. To this end, Yapı Kredi’s strong and improving performance in corporate governance in 2009 differentiated the Bank from its peers.
Yapı Kredi is the only bank in its peer group that is included in the Istanbul Stock Exchange Corporate Governance Index, comprised of 24 companies. Yapı Kredi was included in this index in 2008 following the corporate governance rating report on Yapı Kredi prepared by a CMB licensed corporate governance rating agency (SAHA). Yapı Kredi’s compliance with the CMB’s Corporate Governance Principles was rated with this report and the Bank obtained an overall corporate governance rating of 8,02 out of 10. Yapı Kredi’s corporate governance rating was upgraded to 8,44 at the end of 2009.
Adherence to Corporate Governance Principles is among the Bank’s primary goals in corporate governance. With the corporate governance rating obtained in 2008, Yapı Kredi proved that it complies to a significant degree with CMB’s Corporate Governance Principles and that it has implemented most required policies and measures. Upgrade of the corporate governance rating in 2009 is a clear indicator of the Bank’s strong commitment in this area. Yapı Kredi continues its efforts in line with the responsibility to abide by these principles.
Awards
Awards in 2009
• Bank of the Year in Turkey (The Banker)
• The Best Private Banking Services in Turkey (Euromoney)
• Best Creative Call Center (IMI Conferences İstanbul Call Center Awards)
• Best Consumer Website Design in Europe (Global Finance)
• Best Corporate Website Design in Europe (Global Finance)
• Best Corporate Internet Bank in Turkey (Global Finance)
• Building of the Year in Training Category – Yapı Kredi Banking Academy (ArchDaily)
Awards and Rankings of Yapı Kredi’s Credit Card Programme World in 2009:
• The Best of the Best (Visa Europe Member Awards)
• The Best New Customer Proposition (Visa Europe Member Awards)
• The 10th Most Valuable Credit Card Brand in the World (The Banker)
• Turkey’s Largest and Europe’s 6th Largest Credit Card Programme (The Nilson Report)
Awards in 1H10:
• Honorary Award in “Respect for the Individual” Awards (Kariyer Net)
• Bank of the Year (Ekovitrin)
• Best Help Desk-Yapı Kredi Call Center (ContactCenterWorld.com World Awards)
• Best Incentive Scheme-Yapı Kredi Call Center (ContactCenterWorld.com World Awards)
• Best Technological Innovation Internal Solution-Yapı Kredi Call Center (ContactCenterWorld.com World Awards).
Performance highlights from Yapı Kredi’s subsidiaries
Established in 2002, Yapı Kredi Asset Management is active in providing customers with mutual funds, private pension funds and discretionary portfolio management products together with portfolio advisory and private fund establishment services. As of 1Q10, the company ranked 2nd in the sector with 18% market share in investment funds. Rated by Fitch Ratings, the company holds a M2+(Tur) rating, the highest among Turkish asset management companies.
Yapı Kredi Yatırım, providing capital market products, brokerage, corporate finance, derivatives and investment advisory services, 3rd in the sector with 5.6% market share in brokerage transaction volume as of 1Q10.
Yapı Kredi Factoring, is among Turkey’s strongest and most trusted factoring companies thank to its long experience and proven service quality. The company has maintained its leading position in the sector since 2001 and has 29.9% market share in total transaction volume as of 1Q10.
Founded in 1987, Yapı Kredi Leasing is among the sector’s most solid companies. The Company is sector leader with 17.9% market share in total leasing receivables as of 1Q10 and the only Turkish member of Multilease Association, an international organization of major leasing companies.
Established in 1995, Yapı Kredi Investment Trust is Turkey’s second largest investment trust with 10.3% market as of 1Q10.
Established in 1943, Yapı Kredi Insurance is one of the key players in the Turkish insurance sector. The company ranked 2nd with 15% market share in health insurance as of 1Q10.
Yapı Kredi Pension is one the sector leaders in the private pension and life insurance segments. The company ranked 3rd with 15.1% market share in pension fund size and 6th with 4.5% market share in life insurance as of 1Q10.
Yapı Kredi Bank Nederland offers a wide range of retail, corporate and private banking services as well as foreign trade financing. The bank’s main objective is to provide banking solutions not only to domestic customers but also to Yapı Kredi customers based abroad or conducting business abroad.
Established in 1988 primarily as a representative office, Yapı Kredi Bank Moscow became the first Turkish bank to commence banking operations in Russia with a banking license. The bank’s aim is to support Turkish corporate and commercial customers in Russia and provides them with a full range of banking products and services and contribute to the development of commercial ties between Turkey and Russia.
As one of the few privately owned banks in Azerbaijan, Yapı Kredi Bank Azerbaijan aims to exploit growth opportunities in this market and provide support to Yapı Kredi’s domestic and international customers operating in Azerbaijan.
Yapı Kredi Cultural Activities, Arts and Publishing was established in 1984 and is one of Turkey's most prestigious culture and arts companies in Turkey, providing services through Yapı Kredi Cultural Center and Yapı Kredi Publications.
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