Press Releases and Announcements
Alternatif Bank Provided TRY 57 Billion Support to the Economy in the Second Quarter of 2023
Alternatif Bank announced the financial results for the second quarter of 2Q23. Assets of the bank, having continued its growth in the first half of the year, realized as TRY 65 billion according to consolidated numbers, while the support that it provided to the economy through cash and non-cash loans exceeded TRY 57 billion. Alternatif Bank’s consolidated net profit for the period reached TRY 1,13 billion and equity income realized as 48.7%.
According to the consolidated figures belonging to the second quarter of 2023, total asset size of Alternatif Bank reached TRY 65 billion. The support, provided by the Bank to the local economy with cash (including leading receivables) and non-cash loans during this period, exceeded TRY 57 billion. Alternatif Bank, having increased its deposit volume to TRY 27 billion, continued to preserve its asset quality thanks to its balance sheet optimization policy. While equities of the Bank increased by 33% and reached TRY 5.4 billion, capital adequacy ratio for this period realized as 27.2%. Thanks to its successful performance achieved in the second quarter of 2023, Alternatif Bank’s consolidated net profit for the period realized as TRY 1.13 billion and equity income realized as 48.7%.
73% of new clients were acquired through digital channels
Alternatif Bank, seeing digitalization as complementary to the total value proposition offered to its clients, uninterruptedly continues taking steps in this area. The bank, having continuously improved its customer experience with benefits such as Digital Loan through mobile application, endless welcome interest rate in VOV Account, Investment Services Integration, and GastroClub advantages, acquired 73% of its new clients, whom it acquired in the first half of this year, through digital channels as a reflection of its increasing digital competencies.
Alternatif Bank maintains its expertise in foreign trade
Besides the financial results that it achieved, Alternatif Bank continues supporting its clients with “Consultant Banking” approach and its expertise in foreign trade. The bank, with its significant competence in terms of brokering both funding instruments and foreign trade transactions of its clients, shares its information and experience with all companies engaging in foreign trade thanks to its team of experts.
The bank, maintaining its expertise in this area with its innovative product offering, continues providing major convenience and advantages to companies that prefer commerce in local currencies of Qatar, China, South Korea, and United Arab Emirates thanks to the practice that it implemented with these countries, with which the Central Bank of the Republic of Turkey (CBRT) entered into a SWAP agreement. The Bank worked on the Rediscount Loan Based on SWAP Agreements, put into effect by the CBRT, and became one of the pioneering banks that offered the product for use in a short time in Turkey. Alternatif Bank, having performed transactions amounting to more than 125 Million Chinese Yuan since February 2023, when this product was launched, aims to at least double this volume and maintain its position as the pioneer of this product among private banks within the next 3 months. Alternatif Bank, receiving a new award in the last quarter, was elected as the “Most Active User in Turkey” within the scope of the Foreign Trade Program of EBRD (European Bank for Reconstruction and Development) held in May. The bank, having received this award for the sixth time in a row, confirms both its expertise in foreign trade and the value that it provides to Turkey and its clients with this award.