MIRA
INFORM REPORT
|
Report Date : |
14.12.2007 |
IDENTIFICATION
DETAILS
|
Name : |
TURK EKONOMI
BANKASI A.S. |
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Registered Office : |
Meclis-i Mebusan Cad. No: 57 Findikli 80040 Istanbul / |
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Country : |
Turkey |
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Financials (as on) : |
30.09.2007 |
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Date of Incorporation : |
04.06.1927 |
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Com. Reg. No.: |
189356 |
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Legal Form : |
Joint Stock Company |
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Line of Business : |
Commercial banking |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
COMPANY
IDENTIFICATION
|
NAME |
: |
TURK EKONOMI
BANKASI A.S. |
|
ADDRESS |
: |
Head Office: Meclis-i Mebusan Cad. No: 57 Findikli 80040 Istanbul / Turkey The door number was changed from “35” to “57” by the Municipality. |
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PHONE NUMBER |
: |
90-212-251 21 21 |
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FAX NUMBER |
: |
90-212-249 65 68 |
LEGAL STATUS AND
HISTORY
|
REGISTRATION NUMBER |
: |
189356 |
|
REGISTERED OFFICE |
: |
Istanbul Chamber of Commerce |
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DATE ESTABLISHED |
: |
04.06.1927 |
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LEGAL FORM |
: |
Joint Stock Company |
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TYPE OF COMPANY |
: |
Private |
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AUTHORIZED CAPITAL |
: |
YTL 900,000,000 |
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PAID-IN CAPITAL |
: |
YTL 755,000,000 |
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HISTORY |
: |
The paid-in capital was increased from YTL 57,800,000 to YTL 76,500,000 on 20.09.2006 (Commercial Registry Gazette Date/No: 25.09.2006/6649 ) The paid- in capital was increased from YTL 76,500,000 to YTL 100,000,000 on 07.06.2007 (Commercial Registry Gazette Date/No: 12.06.2007/6828) The authorized capital was increased from YTL 100,000,000 to YTL 900,000,000 on 06.09.2007. (Commercial Registry Gazette Date/No: 11.09.2007/6892) The paid- in capital was increased from YTL 100,000,000 to YTL 755,000,000 on 21.11.2007. (Commercial Registry Gazette Date/No: 27.11.2007/6945) |
OWNERSHIP /
MANAGEMENT
|
SHAREHOLDERS |
: |
TEB Mali
Yatirimlar A.S. Open to Public Others |
84,25 % 15,63 % 0,12 % |
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The shares are quoted at Istanbul Stock Exchange. |
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SUBSIDIARIES |
: |
-The Economy Bank N.V -TEB Finansal Kiralama A.S. -TEB Factoring A.S. -TEB Yatirim Menkul Degerler A.S. -TEB Portfoy Yonetimi A.S. |
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|
BOARD OF DIRECTORS |
: |
Yavuz Canevi Dr. Akin Akbaygil Patrick Rene
Pitton Varol Civil Rafael Taranto Metin Togay Ismail Yanik |
Chairman Member Member Member Member Member Member |
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DIRECTORS |
: |
Varol Civil |
General Manager |
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OPERATIONS
|
BUSINESS ACTIVITIES |
: |
Commercial banking It has been ranked as the 12th largest bank of Turkey in view of its “total assets” within 46 banks in Turkey as of 30.09.2007. |
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SECTOR |
: |
Finance |
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NUMBER OF EMPLOYEES |
: |
4,978 (as of 30.09.2007) |
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INTEREST INCOME |
: |
(YTL Thousand) 395,528 473,969 809,580 1,029,170 |
(2004) (2005) (2006) (01.01-30.09.2007) |
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BRANCH(ES) |
: |
249 branches in Turkey and 4 branch in abroad (as of 30.09.2007)
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FINANCE
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PAYMENT BEHAVIOR |
: |
Prompt |
REMARKABLE POINTS
CONSIDERED AT OUR
ASSESSMENT
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COMMENT ON FINANCIAL POSITION |
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Capital Sufficiency |
: |
The bank’s capital sufficiency ratio was less than expected as of 30.09.2007. However the paid-in capital was increased from YTL 100,000,000 to YTL 755,000,000 on 21.11.2007. YTL 445 million of this increase is decided to be financed by equity items and YTL 210 million of this increase is decided to be financed by cash. |
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Asset Quality |
: |
The bank’s loans/total assets ratio was high as of 30.09.2007 showing that the bank is giving importance for credit granting. The overdue loans/loans ratio indicates that the quality of the loans was in order as of 30.09.2007. |
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Liquidity |
: |
Liquidity was fair as of 30.09.2007. |
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Profitability |
: |
The bank was profitable in the first 9 months of 2007. |
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General Financial Position |
: |
Fair |
CREDIT OPINION
|
CREDIT OPINION WITHOUT OBLIGATION |
: |
We are of the opinion that, business relation is admissible with the subject bank. |
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|
Incr. in producers’ price index |
Average YTL/$ |
Average YTL/EUR |
Average YTL/GBP |
|
(2004) |
13.84 % |
1.4266 |
1.7666 |
2.6001 |
|
(2005) |
2.66 % |
1.3499 |
1.6882 |
2.4623 |
|
(2006) |
11.58 % |
1.4309 |
1.7987 |
2.6377 |
|
(1.1.-30.09.2007) |
4.98 % |
1.3447 |
1.8084 |
2.6720 |
|
(1.1.-30.11.2007) |
5.78 % |
1.3190 |
1.7961 |
2.6363 |
BALANCE SHEETS
|
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|
YTL Thousand |
|
YTL Thousand |
|
YTL Thousand |
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|
|
|
|
31.12.05 |
|
31.12.06 |
|
30.9.07 |
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Cash and Central Bank |
353.486 |
|
965.410 |
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1.649.084 |
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Trading Securities (net) |
89.825 |
|
103.150 |
|
116.362 |
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Banks and Other Financial
Institutions |
309.050 |
|
437.688 |
|
213.591 |
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Money Market |
150.000 |
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0 |
|
430.618 |
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Investment Securities Available
For Sale (net) |
1.046.737 |
|
1.531.140 |
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1.389.460 |
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Loans |
2.904.965 |
|
4.906.644 |
|
6.441.824 |
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Overdue Loans |
33.679 |
|
44.792 |
|
103.687 |
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Factoring Receivables |
0 |
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0 |
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0 |
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Investment Securities Held To
Maturity (net) |
100 |
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0 |
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0 |
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Subsidiaries and Affilated
Companies |
139.230 |
|
146.499 |
|
152.208 |
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Other Investments (net) |
0 |
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0 |
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0 |
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Finance Lease Receivables (net) |
0 |
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0 |
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0 |
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Reserve Deposits |
211.383 |
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0 |
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0 |
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Miscellaneous Receivables |
1.779 |
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0 |
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0 |
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Accured Interst and Income
Receivables |
73.060 |
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0 |
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0 |
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Tangible Fixed Assets (net) |
54.015 |
|
56.118 |
|
74.784 |
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Intangible Fixed Assets (net) |
3.952 |
|
38.935 |
|
51.655 |
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Other Assets |
50.605 |
|
51.281 |
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202.414 |
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TOTAL ASSETS |
5.421.866 |
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8.281.657 |
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10.825.687 |
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LIABILITIES |
4.953.055 |
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7.729.690 |
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10.155.981 |
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Deposits |
3.242.197 |
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5.425.907 |
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7.200.926 |
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Interbank Money Market |
754.462 |
|
771.004 |
|
225.387 |
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Borrowed Credits |
652.851 |
|
918.994 |
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1.496.482 |
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Bills and Bonds |
0 |
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0 |
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0 |
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Funds |
0 |
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0 |
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0 |
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Miscellaneous Payables |
49.088 |
|
102.476 |
|
143.247 |
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Other Liabilities |
42.568 |
|
105.037 |
|
429.912 |
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Taxes,Fees and Premiums |
14.920 |
|
50.131 |
|
96.565 |
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Factoring Payables |
0 |
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0 |
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0 |
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Finance Lease Payables (net) |
3.714 |
|
9.902 |
|
12.672 |
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Accrued Interest and Expenses
Payables |
42.271 |
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0 |
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Provisions |
63.767 |
|
46.327 |
|
65.610 |
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Credits like capital |
87.217 |
|
299.912 |
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485.180 |
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Minority Interest |
0 |
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0 |
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0 |
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STOCKHOLDERS' EQUITY |
468.811 |
|
551.967 |
|
669.706 |
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Paid-in Capital |
57.800 |
|
76.500 |
|
100.000 |
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Reserves |
70.471 |
|
125.510 |
|
225.169 |
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Revaluation Fund |
261.823 |
|
244.257 |
|
239.859 |
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Accumulated Losses |
0 |
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0 |
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0 |
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Net Profit (loss) |
78.717 |
|
105.700 |
|
104.678 |
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TOTAL LIABILITIES AND EQUITY |
5.421.866 |
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8.281.657 |
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10.825.687 |
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INCOME STATEMENTS
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|
|
YTL Thousand |
|
YTL Thousand |
|
YTL Thousand |
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|
|
|
|
|
2005 |
|
2006 |
|
1.1-30.09.2007 |
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Interest income |
473.969 |
|
809.580 |
|
1.029.170 |
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Interest expenses |
254.621 |
|
504.268 |
|
648.472 |
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Net interest income |
219.348 |
|
305.312 |
|
380.698 |
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Net Fees and Commission Income |
40.567 |
|
76.989 |
|
92.484 |
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|
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Dividend Income |
0 |
|
18.531 |
|
14.756 |
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Net Trading Profit/Loss |
45.920 |
|
-14.189 |
|
-11.622 |
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Profit/loss From Held To Maturity
Marketable Securities |
0 |
|
0 |
|
0 |
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Other Operating Income |
16.866 |
|
81.199 |
|
24.879 |
|
|
|
|
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Total Operating Income |
322.701 |
|
467.842 |
|
501.195 |
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|
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Provision For Loan Losses or
Other Receivables |
17.629 |
|
35.947 |
|
43.987 |
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|
|
|
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Other Operating Expenses |
197.772 |
|
297.268 |
|
325.808 |
|
|
|
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Operating Profit (Loss) |
107.300 |
|
134.627 |
|
131.400 |
|
|
|
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Profit/Loss Share From Affiliated
Firms and Subsidiaries |
7.942 |
|
0 |
|
0 |
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Net Monetary Position Gain (Loss)
|
0 |
|
0 |
|
0 |
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Profit (Loss) before tax |
115.242 |
|
134.627 |
|
131.400 |
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Taxes payable |
36.525 |
|
28.927 |
|
26.722 |
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|
|
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Net Profit (loss) |
78.717 |
|
105.700 |
|
104.678 |
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FINANCIAL RATIOS
|
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|
2005 |
|
2006 |
|
1.1-30.09.2007 |
|
Sector |
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Average |
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CAPITAL SUFFICIENCY RATIOS |
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Stockholders' Equity/Total Assets |
0,09 |
|
0,07 |
|
0,06 |
|
0,13 |
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ASSET QUALITY RATIOS |
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Loans/Total Assets |
0,54 |
|
0,59 |
|
0,60 |
|
0,49 |
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Overdue Loans/Loans |
0,01 |
|
0,01 |
|
0,02 |
|
0,04 |
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LIQUIDITY RATIOS |
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Liquid Assets/Total Assets |
0,36 |
|
0,37 |
|
0,35 |
|
0,37 |
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PROFITABILITY RATIOS |
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Net Profit/Total Assets |
0,01 |
|
0,01 |
|
0,01 |
|
0,02 |
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Net Profit/Stockholders' Equity |
0,17 |
|
0,19 |
|
0,16 |
|
0,17 |
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RATING
EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)