Alternatif Bank Hits a 41% Growth In The First Three Quarters
Alternatif Bank announced its third quarter financial results. Achieving a great performance despite unfavourable conditions in global and domestic markets in the third quarter, Alternatif Bank increased its assets by 41% to TRY 29.3 billion from the end of previous year. In this period, the Bank’s contribution the economy through loans increased by 29.6% to TRY 18.9 billion.
Maintaining its rate of growth with its third quarter financial results, Alternatif Bank has recently hosted the Analyst Day event, which was organised by its shareholder, Commercial Bank in the last two years, and welcomed analysts and representatives of Qatari and other foreign financial institutions in its new Head Office building at Vadistanbul.
Alternatif Bank continued its growth in the third quarter of 2018 with successful financial figures despite the risk factors in global and domestic markets. On consolidated basis, Alternatif Bank’s asset size reached TRY 29.3 billion, growing by 41% from 2017 year-end and by 54% on a year-over-year basis. Alternatif Bank’s contribution to the economy through loans reached TRY 18.9 billion increasing by 29.6% from the year-end, whereas its deposit volume grew by 32.4% to TRY 14.9 billion. In the third quarter, the Bank’s net profits reached TRY 202 million, while return on equity is 16%.
On the third quarter results, Alternatif Bank CEO Kaan Gür commented, “Both our country and our Bank have passed an important test by taking sound actions at a time when volatility in financial markets reached the worst levels of recent history. Under such challenging circumstances, we have managed to take firm steps toward realizing our goals. As in the first two quarters of the year, we have reached an above-sector growth in terms of loans and deposits.
We secured a USD 134 million syndicated loan in August, when the volatility in markets reached its peak. This loan once again confirmed Alternatif Bank’s international reputation and the confidence placed in the Turkish banking industry. By doing so, we have taken concrete steps in our long-term collaboration with international financial organisations.
As a reflection of our support for the ever-growing trade relations between Turkey and Qatar, this year we hosted the Analyst Day meeting, organised by our shareholder, Commercial Bank in Doha and Qatar in the last two years. These meetings have offered many investment opportunities for our country. Commercial Bank’s know-how and influence in the region and our close efforts in perfect synergy pave the way for many potential business collaborations in the future. In this sense, seizing the opportunity to host this investor organisation which is held in different countries by our shareholder at our Bank has honoured us as a sign of their trust in us and our country."
And Gür also added: “In the light of our corporate governance principles and “Advisory Bank” positioning, we stand by all businesses, regardless of their sector or scale, which have dreams of growth, believe in a better future for our country, and add value to our economy by contributing to employment and production. To this end, we have been closer than ever to the real economy and the field with our management, head office and branch teams. We have made great efforts to deliver tailor-made solutions to serve the needs of our customers. Thanks to our insightful banking approach, strong correspondent bank relations and renewed advisory branch organisation, we will continue our sustainable growth journey with outstanding performance in the remaining quarter of the year.
Alternatif Bank Vice-Chairman of the Board and Commercial Bank Group CEO Mr. Joseph Abraham commented: “Turkey is a key strategic partner of Qatar and we remain convinced of its long term strategic importance globally and to the Middle East. Our commitment to Turkey is demonstrated through our $1 billion investment in Alternatif Bank and the recent injections of $50 million of capital and purchase of a new head office in Istanbul in 2018.
We have confidence in Turkey, and provide full support to Alternatif Bank, our most significant international investment to date, which we believe will maintain the high rate of growth seen in the third quarter. For the coming periods, it is our priority to support the strategic collaboration between the two countries in finance and trade, in particular through the contributions of Alternatif Bank, which holds a significant place within our group both with its business model and value creation,” and added: “One of the concrete steps taken as part of this plan has been to host Commercial Bank’s annual Analyst Day at Alternatif Bank’s new Vadistanbul Head Office building in Turkey. In particular we aim to support companies desiring to do business in both markets.”