MIRA INFORM REPORT

 

 

Report Date :

14.10.2013

 

IDENTIFICATION DETAILS

 

Name :

AKBANK T.A.S.

 

 

Registered Office :

Sabanci Center 34330 4. Levent  Besiktas Istanbul 

 

 

Country :

Turkey

 

 

Financials (as on) :

30.06.2013

 

 

Date of Incorporation :

27.12.1947

 

 

Com. Reg. No.:

90418

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

Subject is engaged in Commercial banking. 

 

 

No. of Employees :

16.465

 

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 :

Good

Payment Behaviour :

No complaints

Litigation :

Clear

 

 

NOTES :

Any query related to this report can be made on e-mail: infodept@mirainform.com while quoting report number, name and date.

 

ECGC Country Risk Classification List – March 31st, 2013

 

Country Name

Previous Rating

(31.12.2012)

Current Rating

(31.03.2013)

Turkey

B2

B2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

TURKEY - ECONOMIC OVERVIEW

 

Turkey's largely free-market economy is increasingly driven by its industry and service sectors, although its traditional agriculture sector still accounts for about 25% of employment. An aggressive privatization program has reduced state involvement in basic industry, banking, transport, and communication, and an emerging cadre of middle-class entrepreneurs is adding dynamism to the economy and expanding production beyond the traditional textiles and clothing sectors. The automotive, construction, and electronics industries, are rising in importance and have surpassed textiles within Turkey's export mix. Oil began to flow through the Baku-Tbilisi-Ceyhan pipeline in May 2006, marking a major milestone that will bring up to 1 million barrels per day from the Caspian to market. Several gas pipelines projects also are moving forward to help transport Central Asian gas to Europe through Turkey, which over the long term will help address Turkey's dependence on imported oil and gas to meet 97% of its energy needs. After Turkey experienced a severe financial crisis in 2001, Ankara adopted financial and fiscal reforms as part of an IMF program. The reforms strengthened the country's economic fundamentals and ushered in an era of strong growth - averaging more than 6% annually until 2008. Global economic conditions and tighter fiscal policy caused GDP to contract in 2009, but Turkey's well-regulated financial markets and banking system helped the country weather the global financial crisis and GDP rebounded strongly to 9.2% in 2010, as exports returned to normal levels following the recession. Growth dropped to approximately 3% in 2012. Turkey's public sector debt to GDP ratio has fallen to about 40%, and at least one rating agency upgraded Turkey's debt to investment grade in 2012. Turkey remains dependent on often volatile, short-term investment to finance its large trade deficit. The stock value of FDI stood at $117 billion at year-end 2012. Inflows have slowed because of continuing economic turmoil in Europe, the source of much of Turkey's FDI. Turkey's relatively high current account deficit, uncertainty related to monetary policy-making, and political turmoil within Turkey's neighborhood leave the economy vulnerable to destabilizing shifts in investor confidence

Source : CIA

COMPANY IDENTIFICATION

 

 

NAME

:

AKBANK T.A.S.

HEAD OFFICE ADDRESS

:

Sabanci Center 34330 4. Levent  Besiktas Istanbul / Turkey

PHONE NUMBER

:

90-212-385 55 55 (Pbx)

 

FAX NUMBER

:

90-212-269 73 83

 

WEB-ADDRESS

:

www.akbank.com

E-MAIL

:

hizmet@akbank.com

 

 

LEGAL STATUS AND HISTORY

 

 

TAX OFFICE

:

Buyuk Mukellefler

TAX NO

:

0150015264

REGISTRATION NUMBER

:

90418

REGISTERED OFFICE

:

Istanbul Chamber of Commerce

DATE ESTABLISHED

:

27.12.1947

LEGAL FORM

:

Joint Stock Company

TYPE OF COMPANY

:

Private

AUTHORIZED CAPITAL

:

8.000.000.000 TL

PAID-IN CAPITAL

:

4.000.000.000 TL

HISTORY

:

Other Changes

:

The paid-in capital was increased from TL 3.000.000.000 to TL 4.000.0000.000.

Changed On

:

12.04.2010 (Commercial Gazette Date /Number 16.04.2010/ 7545)

Other Changes

:

The authorized capital was incresed from Tl 5.000.000.000 to TL 8.000.000.000.

Changed On

:

02.04.2012 (Commercial Gazette Date /Number 06.04.2012/ 8043)

 

 

OWNERSHIP / MANAGEMENT

 

 

NOTES ON OWNERSHIP / MANAGEMENT

 

:

Quoted at Stock Exchange.

SHAREHOLDERS

:

Haci Omer Sabanci Holding A.S.

40,75 %

Others

59,25 %

 

 

GROUP PARENT COMPANY

:

HACI OMER SABANCI HOLDING A.S.

 

SISTER COMPANIES

:

AFYON CIMENTO SANAYII TURK A.S.

AK FINANSAL KIRALAMA A.S.

AK PORTFOY YONETIMI A.S.

AK SIGORTA A.S.

AK YATIRIM MENKUL DEGERLER A.S.

AKCANSA CIMENTO SANAYI VE TICARET A.S.

ANKARA ENTERNASYONAL OTELCILIK A.S.

AVIVASA EMEKLILIK VE HAYAT A.S.

BASKENT ELEKTRIK DAGITIM A.S.

BIMSA ULUSLARARASI IS BILGI VE YONETIM SISTEMLERI A.S.

BRISA BRIDGESTONE SABANCI LASTIK SANAYI VE TICARET A.S.

CIMSA CIMENTO SANAYI VE TICARET A.S.

DIASA DIA SABANCI SUPERMARKETLERI TICARET A.S.

DILEK GAYRIMENKUL YATIRIM VE TURIZM A.S.

DONKASAN DONUSEN KAGIT HAMMADDELERI SANAYI VE TICARET A.S.

ENERJISA DOGAL GAZ TOPTAN SATIS A.S.

ENERJISA ELEKTRIK DAGITIM A.S.

ENERJISA ELEKTRIK ENERJISI TOPTAN SATIS A.S.

ENERJISA ELEKTRIK PERAKENDE SATIS A.S.

ENERJISA ENERJI A.S.

ENERJISA ENERJI URETIM A.S.

ENERJISA SUCATI ELEKTRIK URETIM A.S.

EXSA EXPORT SANAYI MAMULLERI SATIS VE ARASTIRMA A.S.

HACI OMER SABANCI HOLDING A.S.

HACI OMER SABANCI VAKFI

KLIKSA IC VE DIS TICARET A.S.

KORDSA GLOBAL ENDUSTRIYEL IPLIK VE KORD BEZI SANAYI VE TICARET A.S.

MELISA BINICILIK TURIZM VE DIS TICARET A.S.

PHILIP MORRIS SA PHILIP MORRIS SABANCI PAZARLAMA VE SATIS A.S.

PHILSA PHILIP MORRIS SABANCI SIGARA VE TUTUNCULUK SANAYI VE TICARET A.S.

SABANCI UNIVERSITESI

SAKIP SABANCI HOLDING A.S.

SASA POLYESTER SANAYI A.S.

TEKNOSA IC VE DIS TICARET A.S.

TEMSA GLOBAL SANAYI VE TICARET A.S.

TEMSA IS MAKINALARI IMALAT PAZARLAMA VE SATIS A.S.

TURSA SABANCI TURIZM VE YATIRIM ISLETMELERI A.S.

VISTA TURIZM VE SEYAHAT A.S.

YUNSA YUNLU SANAYI VE TICARET A.S.

 

SUBSIDIARIES

:

AK B TIPI YATIRIM ORTAKLIGI A.S.

 ( 70,04 % )

AK FINANSAL KIRALAMA A.S.

 ( 99,99 % )

AK PORTFOY YONETIMI A.S.

 ( 100 % )

AK YATIRIM MENKUL DEGERLER A.S.

 ( 100 % )

AKBANK (DUBAI) LIMITED

 ( 100 % )

AKBANK A.G.

 ( 100 % )

BANKALARARASI KART MERKEZI A.S.

 ( 9,98 % )

KREDI KAYIT BUROSU A.S.

 ( 9,09 % )

 

 

BOARD OF DIRECTORS

:

Suzan Sabanci Dincer

Chairman

Hayri Culhaci

Vice-Chairman

Muhterem Kaan Terzioglu

Member

Aziz Aykut Demiray

Member

James C. Cowles

Member

Sabri Hakan Binbasgil

Member

Mehmet Hikmet Bayar

Member

Ozen Goksel

Member

Erol Sabanci

Member

Sakir Yaman Toruner

Member

 

 

DIRECTORS

:

Sabri Hakan Binbasgil

General Manager

 

 

OPERATIONS

 

 

BUSINESS ACTIVITIES

:

Commercial banking.  

 

It has been ranked as the 4th largest bank of Turkey in view of its "total assets" within 45 banks in Turkey as of 31.03.2013. 

 

The subject has 966 branches in Turkey.

 

NACE CODE

:

J .65.12

 

SECTOR

:

Finance

 

NUMBER OF EMPLOYEES

:

16.465

NET SALES

:

9.700.358 TL Thousand

(2008)

9.155.217 TL Thousand

(2009)

8.635.705 TL Thousand

(2010)

9.101.405 TL Thousand

(2011)

11.289.479 TL Thousand

(2012)

5.442.539 TL Thousand

(01.01-30.06.2013)

 

 

CAPACITY

:

None

 

PRODUCTION

:

None

 

HEAD OFFICE ADDRESS

:

Sabanci Center 34330 4. Levent  Besiktas  Istanbul / Turkey

 

 

 

FINANCE

 

 

PAYMENT BEHAVIOUR

:

Prompt

 

 

COMMENT ON FINANCIAL POSITION

 

General Financial Position

Good

 

 

 

Incr. in producers’ price index

 

Average USD/TL

Average EUR/TL

Average GBP/ TL

 ( 2008 )

8,11 %

1,2858

1,8876

2,3708

 ( 2009 )

5,93 %

1,5460

2,1529

2,4094

 ( 2010 )

8,87 %

1,5128

2,0096

2,3410

 ( 01.01-30.06.2011)

6,21 %

1,5771

2,2246

2,5422

 ( 2011 )

13,33 %

1,6797

2,3378

2,6863

 ( 2012 )

2,45 %

1,7995

2,3265

2,8593

 ( 01.01-30.06.2013)

2,46 %

1,8251

2,3936

2,8262

 ( 01.01-30.09.2013)

4,43 %

1,8785

2,4774

2,9189

 

 

BALANCE SHEETS

 

 

 ( 31.12.2010 )  TL Thousand

 ( 31.12.2011 )  TL Thousand

 ( 31.12.2012 )  TL Thousand

 ( 30.06.2013 )  TL Thousand

Cash And Balances With The Central Bank Of Turkey

6.095.981

13.876.426

16.662.841

15.476.340

Financial Assets Where Fair Value Change Is Reflected To Income Statement (Net)

1.031.747

960.255

550.605

1.021.579

Banks

1.783.851

2.818.773

2.698.214

3.517.796

Money Market Securities

0

0

0

0

Financial Assets Available For Sale (Net)    

42.221.334

37.871.954

41.920.643

44.333.518

Loans

51.615.999

69.043.534

86.540.975

97.475.166

Loans Under Follow-Up

1.279.533

1.262.539

1.115.341

1.228.344

Factoring Receivables

0

0

0

0

Investments Held To Maturity (Net)

6.626.229

4.823.377

3.637.257

2.116.575

Affiliates (Net)  

892.916

1.013.894

582.944

611.589

Subsidiaries (Net)

3.125

3.923

3.923

3.923

Joint Ventures (Business Partners) (Net)  

0

0

0

0

Receivables From Leasing Transactions (Net)

0

0

0

0

Derivative Financial Assets Held For Hedging

0

0

0

0

Fixed Assets (Net)

888.159

785.890

796.070

776.189

Intangible Assets [Net]

92.744

100.562

112.602

96.035

Real Estates For Investment Purpose (Net)

0

0

0

0

Assets For Tax

70.888

99.166

0

167.533

Property And Equipment Held For Sale Purpose And Held From Terminated Operations (Net)

3.225

2.129

3.215

4.976

Other Assets

576.883

889.411

1.228.908

1.035.229

Not Detailed Total Assets

0

0

0

0

TOTAL ASSETS

113.182.614

133.551.833

155.853.538

167.864.792

LIABILITIES

95.617.479

115.997.573

133.940.860

147.213.567

Deposits

67.166.898

76.814.257

86.104.718

91.554.210

Derivative Financial Liabilities Held For Trading

390.503

550.775

533.442

759.135

Funds Borrowed

10.375.333

16.770.155

14.038.299

14.481.374

Interbank Money Market

11.210.726

12.784.840

19.713.926

26.762.897

Marketable Securities Issued (Net)  

2.522.261

4.503.917

6.464.683

7.642.234

Funds

0

0

0

0

Miscellaneous Payables

1.576.191

2.258.378

2.727.277

2.858.840

Other External Resources

801.606

693.006

1.490.500

813.831

Factoring Payables

0

0

0

0

Leasing Transactions Payables

69.320

86.659

77.896

67.363

Derivative Financial Liabilities Held For Hedging

309.429

219.851

658.845

45.493

Provisions

821.705

1.077.174

1.473.265

2.073.700

Liabilities For Tax

373.507

238.561

658.009

154.490

Liabilities For Property And Equipment Held For Sale Purpose And Held From Terminated Operations

0

0

0

0

Subordinated Loans

0

0

0

0

Not Detailed Liabilities

0

0

0

0

STOCKHOLDERS' EQUITY

17.565.135

17.554.260

21.912.678

20.651.225

Not Detailed Stockholders' Equity

0

0

0

0

Paid-in capital

4.000.000

4.000.000

4.000.000

4.000.000

Revaluation Fund

4.603.586

2.812.991

4.640.142

2.167.272

Reserves

6.105.020

8.346.742

10.322.674

12.701.866

Minority Interest

0

0

0

0

Accumulated profit/loss

0

0

0

0

Net Profit/Loss

2.856.529

2.394.527

2.949.862

1.782.087

TOTAL LIABILITIES AND EQUITY

113.182.614

133.551.833

155.853.538

167.864.792

 

 

INCOME STATEMENTS

 

 

(2010) TL Thousand

(2011) TL Thousand

(2012) TL Thousand

(01.01-30.06.2013) TL Thousand

Interest Income

8.635.705

9.101.405

11.289.479

5.442.539

Interest Expenses

-4.358.889

-5.108.510

-6.089.132

-2.368.027

Net Interest Income/Expenses

4.276.816

3.992.895

5.200.347

3.074.512

Net Fees And Commissions Income/Expenses

1.309.097

1.578.520

1.735.092

1.123.674

Dividend Income

27.287

50.479

55.743

29.227

Trading Profit/Loss (Net)

32.928

-119.182

400.101

672.503

Other Operating Income

863.502

580.743

417.047

218.903

Total Operating Income/Expenses

6.509.630

6.083.455

7.808.330

5.118.819

Provision For Loan Or Other Receivables Losses (-)

-518.775

0

-1.107.559

-991.329

Other Operating Expenses (-)

-2.416.825

-648.075

-2.897.702

-1.766.285

Financial Expenses

0

-2.434.173

0

0

Net Operating Profit/Loss

3.574.030

3.001.207

3.803.069

2.361.205

Surplus Written As Gain After Merger

0

0

0

0

Profit/Loss From Equity Method Applied Subsidiaries

0

0

0

0

Net Monetary Position Gain/Loss

0

0

0

0

Profit/Loss Before Taxes From Continuing Operations

3.574.030

3.001.207

3.803.069

2.361.205

Provision For Taxes On Income From Continuing Operations (±)

-717.501

-606.680

-853.207

-579.118

Net Profit/Loss From Continuing Operations

2.856.529

2.394.527

2.949.862

1.782.087

Income From Terminated Operations

0

0

0

0

Expenses From Terminated Operations  (-)

0

0

0

0

Profit/Loss Before Taxes From Terminated Operations

0

0

0

0

Provision For Taxes On Income From Terminated Operations (±)

0

0

0

0

Net Profit/Loss From Terminated Operations

0

0

0

0

Net Profit/Loss

2.856.529

2.394.527

2.949.862

1.782.087

 

 

FINANCIAL RATIOS

 

 

(2010)

(2011)

(2012)

(01.01-30.06.2013)

Sector Avarages

CAPITAL SUFFICIENCY RATIOS

 

 

Stockholders' Equity/Total Assets

0,16

0,13

0,14

0,12

0,13

ASSET QUALITY RATIOS

 

 

Loans/Total Assets

0,46

0,52

0,56

0,58

0,59

Loans Under Follow-Up/Loans

0,02

0,02

0,01

0,01

0,03

LIQUIDITY RATIOS

 

 

Liquid Assets/Total Assets

0,45

0,42

0,40

0,38

0,31

PROFITABILITY RATIOS

 

 

Net Profit/Total Assets

0,03

0,02

0,02

0,01

0,01

Net Profit/Stockholders' Equity

0,16

0,14

0,13

0,09

0,10

 

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.61.16

UK Pound

1

Rs.97.77

Euro

1

Rs.82.78

 

 

INFORMATION DETAILS

 

Report Prepared by :

NIS

 

 

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

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

--

NB

New Business

 

--

 

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%)

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.