MIRA
INFORM REPORT
|
Report Date : |
14.03.2008 |
IDENTIFICATION
DETAILS
|
Name : |
AKBANK T.A.S. |
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Registered Office : |
Sabanci Center 4. Levent Istanbul |
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Country : |
Turkey |
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Financials (as on) : |
30.09.2007 |
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Date of Incorporation : |
27.12.1947 |
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Com. Reg. No.: |
90418 |
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Legal Form : |
Joint Stock Company |
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Line of Business : |
Commercial banking |
RATING &
COMMENTS
|
MIRA’s Rating : |
A |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
COMPANY IDENTIFICATION
|
NAME |
: |
AKBANK T.A.S. |
|
ADDRESS |
: |
Head Office: Sabanci Center 4. Levent
Istanbul / Turkey |
|
PHONE NUMBER |
: |
90-212-385 55 55 (Pbx) |
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FAX NUMBER |
: |
90-212-269 77 87 |
LEGAL STATUS AND HISTORY
|
REGISTRATION NUMBER |
: |
90418 |
|
REGISTERED OFFICE |
: |
Istanbul Chamber of Commerce |
|
DATE ESTABLISHED |
: |
27.12.1947 |
|
LEGAL FORM |
: |
Joint Stock Company |
|
TYPE OF COMPANY |
: |
Private
|
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AUTHORIZED CAPITAL |
: |
YTL 5,000,000,000 |
|
PAID-IN CAPITAL |
: |
YTL 3,000,000,000 |
|
HISTORY |
: |
The paid-in capital was increased from YTL
1,500,000,000 to YTL 1,800,000,000 on 27.6.2005 (Commercial Registry Gazette
Date/No: 30.06.2005/6336) The subject bank took over and merged with
Ak Uluslararasi Bankasi AS” and then the paid-in capital was increased
from YTL 1,800,000,000 to YTL
1,800,004,544.01 on 19.09.2005.(Commercial Registry Gazette Date/No: 26.09.2005/6397). The paid-in capital was increased from YTL
1,800,004,544.01 to YTL 2,200,000,000 on 29.05.2006.(Commercial Registry
Gazette Date/No:01.06.2006/6568). The increase was financed by equity items. The paid-in capital was increased from YTL
2,200,000,000 to YTL 2,400,000,000 on
02.03.2007 (Commercial Registry Gazette Date / No: 07.03.2007 / 6760) The paid-in capital was increased from YTL
2,400,000,000 to YTL 3,000,000,000 on 25.06.2007 (Commercial Registry Gazette
Date / No: 29.06.2007 / 6841) |
OWNERSHIP / MANAGEMENT
|
SHAREHOLDERS |
: |
Haci Omer Sabanci Holding A.S. Citibank Overseas
Investment Corporation Others |
31,38 % 20 % |
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|
Shares of the bank are quoted at Istanbul
Stock Exchange |
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GROUP PARENT COMPANY |
: |
Haci Omer Sabanci Holding A.S. Haci Omer Sabanci Holding A.S is a
reputable conglomerate, which coordinates the financial and administrative
operations of Sabanci group of companies. Sabanci group is one of the giant and
reputable groups of Turkey. Affiliates of the holding operate in various
sectors including industry, foreign trade and finance. |
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Some of the main companies operating
within Sabanci Group are declared to be as follows: |
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Advansa B.V. Advansa Sasa Polyester Sanayi A.S. Ak Finansal Kiralama Ak Portfoy Yonetimi A.S Ak Yatirim Menkul
Degerler Ak Yatirim Ortakligi A.S Akbank T.A.S Akcansa Cimento Sanayi ve Ticaret A.S. Aksigorta A.S. Avivasa Emeklilik ve Hayat A.S. Beksa Celik Kord Sanayi ve Ticaret A.S. Bimsa Uluslararasi Is, Bilgi ve Yonetim
Sistemleri A.S. Bossa Ticaret ve Sanayi Isletmeleri A.S. Brisa Bridgestone Sabanci Lastik Sanayi ve
Ticaret A.S. Carrefoursa Carrefour
Sabanci Ticaret Merkezi A.S. Cimsa Cimento Sanayi ve Ticaret A.S. Diasa Dia Sabanci Supermarketleri Ticaret
A.S. Donkasan Donusen Kagit Hammaddeleri Sanayi
ve Ticaret A.S Enerjisa Enerji
Uretim A.S. Exsa Americas Exsa Export Sanayi
Mamulleri Satis ve Arastirma A.S. Exsa UK Ltd. Haci Omer Sabanci
Holding A.S. Kordsa Global
Endustriyel Iplik ve Kord Bezi Sanayi ve Ticaret A.S. Olmuksa International
Paper Sabanci Ambalaj Sanayi ve
Ticaret A.S Oysa Cimento Sanayi ve Ticaret A.S. Philip Morris Sabanci
Pazarlama Satis A.S. Philsa Philip Morris Sabanci Sigara ve
Tutun San. ve Tic. A.S. Pilsa Plastik Sanayi A.S. Sabanci
Telekomunikasyon Hizmetleri A.S. Sabanci Universitesi Sabanci Vakfi Teknosa Ic ve Dis
Ticaret A.S. Temsa Sanayi ve
Ticaret A.S. Toyotasa
Toyota-Sabanci Pazarlama ve Satis A.S. Tursa Sabanci Turizm
ve Yatirim Isletmeleri A.S Universal Trading (Jersey)
Ltd. Yunsa Yunlu Sanayi ve
Ticaret A.S. |
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Financial Highlights of the Sabanci Group
is declared as follows: 2004 Export : USD 1 billion Investments: USD 500 million Employees: 38,000 2005 Turnover: USD 10.5 billion Profit: USD 514 million Employees: 45,000 2006 Turnover: USD 12.1 billion Profit: USD 351 million Employees: 52,000 |
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SUBSIDIARIES |
: |
Ak Finansal Kiralama A.S. Ak Portfoy Yonetimi A.S. Ak
Yatirim Menkul Degerler A.S. Akbank
N.V. Ak Global Funding B.V. Ak Yatirim Ortakligi AS |
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BOARD OF DIRECTORS |
: |
Erol Sabanci Akin Kozanoglu Ozen Goksel Mehmet Hikmet Bayar Aydin Gunter Yaman Toruner |
Chairman Vice-chairman Member Member Member Member |
|
DIRECTORS |
: |
Zafer Kurtul Nuri Aksoy Ahmet Fuat Ayla Halit Haydar Yildiz |
General Manager Deputy General Manager Deputy General Manager Deputy General Manager |
OPERATIONS
|
BUSINESS
ACTIVITIES |
: |
Commercial banking It has been ranked as the 3rd 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 |
|
NUMBER OF
EMPLOYEES |
: |
13,205 (as of 30.09.2007) |
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INTEREST INCOME |
: |
(YTL Thousand) 5,183,859 4,412,601 5,301,319 6,586,848 6,153,705 |
(2003) (2004) (2005) (2006) (01.01.-30.09.2007) |
|
BRANCH(ES) |
: |
698 branches in Turkey and 1 branch in
abroad |
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FINANCE
|
PAYMENT BEHAVIOR |
: |
Prompt. |
COMMENT ON FINANCIAL POSITION
|
COMMENT ON
FINANCIAL POSITION |
||
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Capital Sufficiency |
: |
The bank’s capital sufficiency ratio was
good as of 30.09.2007. |
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Asset Quality |
: |
The bank's “loans/total assets” ratio was
high as of 30.09.2007 indicating that, the bank is attaching importance to
commercial banking operations. Overdue loans/loans ratio is indicating
that the quality of the loans given was in order as of 30.09.2007 |
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Liquidity |
: |
Liquidity was good as of 30.09.2007 |
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Profitability |
: |
The bank was profitable between
01.01.-30.09.2007 |
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General Financial Position |
: |
Good |
CREDIT OPINION
|
CREDIT OPINION WITHOUT OBLIGATION |
: |
We are of the opinion that, credit
relation is admissible with the subject bank. |
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|
Incr. in
producers’ price index |
Average YTL/$ |
Average YTL/EUR |
Average YTL/GBP |
|
(2003) |
13.90 % |
1.5302 |
1.7141 |
2.4982 |
|
(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 |
|
(2007) |
5.94 % |
1.3075 |
1.7901 |
2.6133 |
|
(1.1.-29.02.2008) |
3 % |
1.1768 |
1.7488 |
2.3424 |
BALANCE SHEET
|
|
|
YTL
Thousand |
|
YTL
Thousand |
|
|
|
|
|
|
31.12.06 |
|
30.9.07 |
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Cash and Central Bank |
4.542.767 |
|
3.105.710 |
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Trading Securities (net) |
6.609.576 |
|
5.047.331 |
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|
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Banks and Other Financial Institutions |
2.177.402 |
|
1.676.963 |
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Money Market |
0 |
|
0 |
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Investment Securities Available For Sale
(net) |
13.757.051 |
|
19.552.464 |
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Loans |
27.743.370 |
|
32.418.069 |
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Overdue Loans |
593.571 |
|
883.466 |
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Factoring Receivables |
0 |
|
0 |
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Investment Securities Held To Maturity
(net) |
0 |
|
0 |
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Subsidiaries and Affilated Companies |
926.361 |
|
770.270 |
|
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Other Investments (net) |
0 |
|
0 |
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Finance Lease Receivables (net) |
0 |
|
0 |
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Reserve Deposits |
0 |
|
0 |
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Miscellaneous Receivables |
0 |
|
0 |
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Accured Interst and Income Receivables |
0 |
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0 |
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Tangible Fixed Assets (net) |
695.190 |
|
688.564 |
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Intangible Fixed Assets (net) |
34.331 |
|
30.108 |
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Other Assets |
192.971 |
|
190.505 |
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TOTAL ASSETS |
57.272.590 |
|
64.363.450 |
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LIABILITIES |
50.207.193 |
|
54.234.749 |
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Deposits |
34.201.506 |
|
39.089.237 |
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|
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Interbank Money Market |
4.920.666 |
|
4.163.817 |
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Borrowed Credits |
9.209.469 |
|
8.493.381 |
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Bills and Bonds |
0 |
|
0 |
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Funds |
0 |
|
0 |
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Miscellaneous Payables |
779.567 |
|
846.198 |
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Other Liabilities |
502.766 |
|
891.819 |
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Taxes,Fees and Premiums |
197.468 |
|
244.798 |
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Factoring Payables |
0 |
|
0 |
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Finance Lease Payables (net) |
33.920 |
|
41.717 |
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Accrued Interest and Expenses Payables |
0 |
|
0 |
|
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Provisions |
361.831 |
|
463.782 |
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|
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Credits like capital |
0 |
|
0 |
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Minority Interest |
0 |
|
0 |
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STOCKHOLDERS' EQUITY |
7.065.397 |
|
10.128.701 |
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Paid-in Capital |
2.200.000 |
|
3.000.000 |
|
|
|
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Reserves |
1.193.399 |
|
1.804.771 |
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|
|
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Revaluation Fund |
2.071.806 |
|
3.749.799 |
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Accumulated Losses |
0 |
|
0 |
|
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Net Profit (loss) |
1.600.192 |
|
1.574.131 |
|
|
|
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|
|
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TOTAL LIABILITIES AND
EQUITY |
57.272.590 |
|
64.363.450 |
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INCOME STATEMENT
|
|
|
YTL
Thousand |
|
YTL
Thousand |
|
|
|
|
|
|
2006 |
|
1.1.-30.9.2007 |
|
|
|
|
|
|
|
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|
|
|
|
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Interest income |
6.586.848 |
|
6.153.705 |
|
|
|
|
|
Interest expenses |
4.046.821 |
|
3.866.631 |
|
|
|
|
|
Net interest income |
2.540.027 |
|
2.287.074 |
|
|
|
|
|
Net Fees and Commission Income |
806.921 |
|
722.822 |
|
|
|
|
|
Dividend Income |
76.145 |
|
32.079 |
|
|
|
|
|
Net Trading Profit/Loss |
56.641 |
|
12.044 |
|
|
|
|
|
Profit/loss From Held To Maturity
Marketable Securities |
0 |
|
0 |
|
|
|
|
|
Other Operating Income |
464.988 |
|
472.027 |
|
|
|
|
|
Total Operating Income |
3.944.722 |
|
3.634.246 |
|
|
|
|
|
Provision For Loan Losses or Other
Receivables |
430.881 |
|
498.133 |
|
|
|
|
|
Other Operating Expenses |
1.577.279 |
|
1.227.430 |
|
|
|
|
|
Operating Profit (Loss) |
1.936.562 |
|
1.908.683 |
|
|
|
|
|
Profit/Loss Share From Affiliated Firms and
Subsidiaries |
0 |
|
0 |
|
|
|
|
|
Net Monetary Position Gain (Loss) |
0 |
|
0 |
|
|
|
|
|
Profit (Loss) before tax |
1.936.562 |
|
1.908.683 |
|
|
|
|
|
Taxes payable |
336.370 |
|
334.552 |
|
|
|
|
|
Net Profit (loss) |
1.600.192 |
|
1.574.131 |
|
|
|
|
|
|
|
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FINANCIAL RATIOS
|
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2006 |
|
1.1.-30.9.2007 |
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Sector |
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Average |
|
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CAPITAL SUFFICIENCY
RATIOS |
|
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Stockholders'
Equity/Total Assets |
0,12 |
|
0,16 |
|
0,13 |
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ASSET QUALITY RATIOS |
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Loans/Total Assets |
0,48 |
|
0,50 |
|
0,49 |
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Overdue Loans/Loans |
0,02 |
|
0,03 |
|
0,04 |
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LIQUIDITY RATIOS |
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Liquid Assets/Total
Assets |
0,47 |
|
0,46 |
|
0,37 |
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PROFITABILITY RATIOS |
|
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Net Profit/Total Assets |
0,03 |
|
0,02 |
|
0,02 |
|
|
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Net Profit/Stockholders'
Equity |
0,23 |
|
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%)