MIRA INFORM REPORT

 

 

Report Date :

03.02.2014

 

IDENTIFICATION DETAILS

 

Name :

YAPI VE KREDI BANKASI A.S.

 

 

Registered Office :

Yapi Kredi Plaza D Blok 34330 Levent Istanbul

 

 

Country :

Turkey

 

 

Financials (as on) :

30.09.2013

 

 

Date of Incorporation :

07.07.1944

 

 

Com. Reg. No.:

32736

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

Subject provides banking and financial services to individuals and corporate customers.

 

 

No. of Employees :

15,439

 

 

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

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 – September 30, 2013

 

Country Name

Previous Rating

(30.06.2013)

Current Rating

(30.09.2013)

Turkey

B2

B1

 

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

:

YAPI VE KREDI BANKASI A.S.

HEAD OFFICE ADDRESS

:

Yapi Kredi Plaza D Blok 34330 Levent Istanbul / Turkey

PHONE NUMBER

:

90-212-339 70 00

 

FAX NUMBER

:

90-212-339 60 00

 

WEB-ADDRESS

:

www.yapikredi.com.tr

 

 

LEGAL STATUS AND HISTORY

 

TAX OFFICE

:

Buyuk Mukellefler

TAX NO

:

9370020892

REGISTRATION NUMBER

:

32736

REGISTERED OFFICE

:

Istanbul Chamber of Commerce

DATE ESTABLISHED

:

07.07.1944

LEGAL FORM

:

Joint Stock Company

TYPE OF COMPANY

:

Private

AUTHORIZED CAPITAL

:

10.000.000.000 TL

PAID-IN CAPITAL

:

4.347.051.284 TL

HISTORY

:

Other Changes

:

The bank was operating within Cukurova Group. But the companies operating within Koc Group [Koc Finansal Hizmetler AS and Kocbank Nederland NV] signed an agreement with Cukurova Holding AS for acquiring the main shares of Yapi ve Kredi Bankasi A.S. On 28.09.2005, shares of Yapi ve Kredi Bankasi A.S. that were held by Cukurova Group and Savings Deposit Insurance Fund were transferred to Koc Group.Since then the subject operates within Koc group.Then the subject bank took over and merged with “Kocbank A.S.”

Changed On

:

02.10.2006 (Commercial Gazette Date /Number 05.10.2006/ 6657)

Other Changes

:

The paid-in capital was increased from TL 3.427.051.284  to TL 4.347.051.284

Changed On

:

15.12.2008 (Commercial Gazette Date /Number 19.12.2008/ 7210)

Other Changes

:

The authorized capital was increased from 5.000.000.000 to TL 10.000.000.000

Changed On

:

26.03.2012 (Commercial Gazette Date /Number 29.03.2012/ 8037)

 

 

OWNERSHIP / MANAGEMENT

 

NOTES ON OWNERSHIP / MANAGEMENT

 

:

Quoted at Stock Exchange.

SHAREHOLDERS

:

Koc Finansal Hizmetler A.S.

81,80 %

Others

18,20 %

 

 

GROUP

:

KOC GROUP OF COMPANIES

 

GROUP PARENT COMPANY

:

KOC HOLDING A.S.

 

SISTER COMPANIES

:

AES ENTEK ELEKTRIK URETIMI A.S.

AKPA DAYANIKLI TUKETIM LPG VE AKARYAKIT URUNLERI PAZARLAMA A.S.

AMERIKAN HASTANESI SAGLIK HIZMETLERI VE TICARET A.S.

ARCELIK A.S.

ARCELIK-LG KLIMA SANAYI VE TICARET A.S.

ARK INSAAT SANAYI VE TICARET A.S.

AVAS GAYRIMENKUL YATIRIM VE DANISMANLIK LTD. STI.

AYGAZ A.S.

AYGAZ DOGAL GAZ ILETIM A.S.

AYGAZ DOGAL GAZ TOPTAN SATIS A.S.

BEKO CESKO S.R.O.

BEKO DEUTSCHLAND GMBH

BEKO ELECTRICAL APPLIANCES CO. LTD.

BEKO ELEKTRONICS ESPANA S.L.

BEKO FRANCE S.A

BEKO ITALY S.R.L.

BEKO PLC

BEKO S.A.

BEKO SHANGHAI TRADING CO.

BEKO SLOVAKIA S.R.O

BILKOM BILISIM HIZMETLERI A.S.

CENGELHAN OTELCILIK TURIZM ORGANIZASYON INSAAT VE RESTORASYON A.S.

DEMIR EXPORT A.S.

DITAS DENIZ ISLETMECILIGI VE TANKERCILIGI A.S.

DIVAN TURIZM ISLETMELERI A.S.

DUZEY TUKETIM MALLARI SANAYI PAZARLAMA VE TICARET A.S.

ELEKTRA BREGENZ AG

ENERJI YATIRIMLARI A.S.

FORD OTOMOTIV SANAYI A.S.

GRUNDIG MULTIMEDIA B.V.

JAPON GIDA SATIS VE SERVIS LTD. STI.

KOC BILGI VE SAVUNMA TEKNOLOJILERI A.S.

KOC FIAT KREDI FINANSMAN A.S.

KOC FINANSAL HIZMETLER A.S.

KOC FINANSMAN A.S.

KOC HOLDING A.S.

KOC HOLDING EMEKLI VE YARDIM SANDIGI VAKFI

KOC SISTEM BILGI VE ILETISIM HIZMETLERI A.S.

KOC YAPI MALZEMELERI TICARET A.S.

KOCTAS YAPI MARKETLERI TICARET A.S.

NAKKAS GAYRIMENKUL YATIRIM VE DANISMANLIK LTD. STI.

NAKKAS GAYRIMENKUL YATIRIM VE DANISMANLIK TICARET A.S.

OPET FUCHS MADENI YAG SANAYI VE TICARET A.S.

OPET INTERNATIONAL LONDON LTD

OPET PETROLCULUK A.S.

ORIENTE KLASSIK GIYIM VE ANTIKACILIK SANAYI VE TICARET A.S.

OTOKAR OTOMOTIV VE SAVUNMA SANAYI A.S.

OTOKOC OTOMOTIV TICARET VE SANAYI A.S.

OTOKOC SIGORTA ARACILIK HIZMETLERI A.S.

RAHMI M.KOC VE MAHDUMLARI MADEN INSAAT TURIZM ULASTIRMA YATIRIM VE TICARET A.S.

RAM DIS TICARET A.S.

RAM SIGORTA ARACILIK HIZMETLERI A.S.

RMK MARINE GEMI YAPIM SANAYII VE DENIZ TASIMACILIGI ISLETMESI A.S.

S.C. ARTIC S.A

SARIYER TANKERCILIK A.S.

SETAIR HAVA TASIMACILIGI VE HIZMETLERI A.S.

SETUR SERVIS TURISTIK A.S.

TANI PAZARLAMA VE ILETISIM HIZMETLERI A.S.

TAT KONSERVE SANAYII A.S.

TEMEL TICARET VE GAYRIMENKUL YATIRIM LTD. STI.

TEMEL TICARET VE YATIRIM A.S.

TOFAS TURK OTOMOBIL FABRIKASI A.S.

TURK TRAKTOR VE ZIRAAT MAKINELERI A.S.

TURKIYE PETROL RAFINERILERI A.S. (TUPRAS)

VEHBI KOC VAKFI

YAPI KREDI BANK AZERBAYCAN

YAPI KREDI BANK MOSKOW

YAPI KREDI BANK NEDERLAND N.V.

YAPI KREDI EMEKLILIK A.S.

YAPI KREDI FAKTORING A.S.

YAPI KREDI FINANSAL KIRALAMA ANONIM ORTAKLIGI

YAPI KREDI KULTUR SANAT YAYINCILIK TICARET VE SANAYI A.S.

YAPI KREDI PORTFOY YONETIMI A.S.

YAPI KREDI SIGORTA A.S.

YAPI KREDI YATIRIM MENKUL DEGERLER A.S.

YAPI KREDI-KORAY GAYRIMENKUL YATIRIM ORTAKLIGI A.S.

ZER MERKEZI HIZMETLER VE TICARET A.S.

ZINERJI ENERJI SANAYI VE TICARET A.S.

 

SUBSIDIARIES

:

BANKALARARASI KART MERKEZI A.S.

 ( 9,98 % )

BANQUE DE COMMERCE ET DE PLACEMENTS S.A.

 ( 30,67 % )

ENTERNASYONAL TURIZM YATIRIM A.S.

 ( 99,96 % )

KKB-KREDI KAYIT BUROSU A.S.

 ( 18,18 % )

YAPI KREDI AZERBAYCAN

 ( 99,80 % )

YAPI KREDI FAKTORING A.S.

 ( 99,95 % )

YAPI KREDI FINANSAL KIRALAMA A.O.

 ( 99,99 % )

YAPI KREDI HOLDING B.V.

 ( 100 % )

YAPI KREDI KULTUR SANAT YAYINCILIK TICARET VE SANAYI A.S.

 ( 99,99 % )

YAPI KREDI MOSCOW

 ( 99,84 % )

YAPI KREDI NEDERLAND N.V.

 ( 67,24 % )

YAPI KREDI PORTFOY YONETIMI A.S.

 ( 12,65 % )

YAPI KREDI YATIRIM MENKUL DEGERLER A.S.

 ( 99,98 % )

YAPI KREDI-KORAY GAYRIMENKUL YATIRIM ORTAKLIGI A.S.

 ( 30,45 % )

 

 

BOARD OF DIRECTORS

:

Mustafa Vehbi Koc

Chairman

Gianni Franco Giacomo Papa

Vice-Chairman

Laura Stefania Penna

Member

Dr. Jurgen Kullnigg

Member

Francesco Giordano

Member

Benedetta Navarra

Member

Adil Giray Oztoprak

Member

Carlo Vivaldi

Member

Ahmet Fadil Ashaboglu

Member

Fatma Fusun Akkal Bozok

Member

Osman Turgay Durak

Member

Huseyin Faik Acikalin

Member

 

 

DIRECTORS

:

Huseyin Faik Acikalin

General Manager

Carlo Vivaldi

Deputy General Manager

 

 

OPERATIONS

 

BUSINESS ACTIVITIES

:

Commercial banking. 

 

 It has been ranked as the 5th largest bank of Turkey in view of its "total assets" within 45 banks in Turkey as of 30.09.2013.

 

The subject has 938 branches in Turkey and a branch in abroad as of 30.09.2013.

 

NACE CODE

:

J .65.12

 

SECTOR

:

Finance

 

NUMBER OF EMPLOYEES

:

15,439

 

NET SALES

:

2.832.710 TL Thousand

(2003)

2.873.266 TL Thousand

(2004)

2.782.012 TL Thousand

(2005)

4.985.648 TL Thousand

(2006)

6.059.185 TL Thousand

(2007)

7.023.786 TL Thousand

(2008)

6.715.401 TL Thousand

(2009)

5.821.799 TL Thousand

(2010)

7.155.567 TL Thousand

(2011)

9.372.833 TL Thousand

(2012)

6.824.329 TL Thousand

(01.01-30.09.2013)

 

 

CAPACITY

:

None

 

PRODUCTION

:

None

 

HEAD OFFICE ADDRESS

:

Yapi Kredi Plaza D Blok 34330 Levent  Istanbul / Turkey

 

 

SIZE OF BUSINESS

:

Giant

 

 

FINANCE

 

PAYMENT BEHAVIOUR

:

Prompt

 

 

COMMENT ON FINANCIAL POSITION

 

General Financial Position

In Order

 

 

Incr. in producers’ price index

 

Average USD/TL

Average EUR/TL

Average GBP/ TL

 ( 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

 ( 2007 )

5,94 %

1,3075

1,7901

2,6133

 ( 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

 ( 2011 )

13,33 %

1,6797

2,3378

2,6863

 ( 2012 )

2,45 %

1,7995

2,3265

2,8593

 ( 01.01-30.09.2013)

4,43 %

1,8785

2,4774

2,9189

 ( 2013 )

6,97 %

1,9179

2,5530

3,0178

 

 

BALANCE SHEETS

 

 

 ( 31.12.2010 )  TL Thousand

 ( 31.12.2011 )  TL Thousand

 ( 31.12.2012 )  TL Thousand

 ( 30.09.2013 )  TL Thousand

Cash And Balances With The Central Bank Of Turkey

5.903.483

9.734.705

11.076.562

17.644.108

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

882.121

447.522

840.401

1.148.062

Banks

1.064.541

1.813.679

2.720.953

1.987.202

Money Market Securities

949.427

2.138.195

2.730.052

1.741.739

Financial Assets Available For Sale (Net)    

4.933.244

7.056.461

14.861.463

14.109.967

Loans

50.754.496

65.699.898

73.243.411

86.954.528

Loans Under Follow-Up

1.860.664

2.079.913

2.525.905

3.529.282

Factoring Receivables

0

0

0

0

Investments Held To Maturity (Net)

12.530.657

12.537.425

5.686.448

6.251.807

Affiliates (Net)  

1.789.841

1.801.223

3.820.179

2.423.862

Subsidiaries (Net)

47.344

47.907

47.907

47.907

Joint Ventures (Business Partners) (Net)  

24.592

19.623

19.623

19.623

Receivables From Leasing Transactions (Net)

0

0

0

0

Derivative Financial Assets Held For Hedging

38.201

377.335

94.166

383.529

Fixed Assets (Net)

1.104.973

1.009.450

984.674

911.720

Intangible Assets [Net]

1.229.401

1.261.854

1.329.944

1.343.041

Real Estates For Investment Purpose (Net)

0

0

0

0

Assets For Tax

215.964

236.753

52.535

63.423

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

79.377

100.396

132.195

145.781

Other Assets

1.367.820

1.740.638

2.013.789

4.000.654

Not Detailed Total Assets

0

0

0

0

TOTAL ASSETS

84.776.146

108.102.977

122.180.207

142.706.235

LIABILITIES

74.458.446

96.402.791

105.318.165

125.495.680

Deposits

52.724.532

63.517.384

68.043.940

80.648.190

Derivative Financial Liabilities Held For Trading

333.134

471.290

371.254

805.379

Funds Borrowed

8.372.945

13.722.700

12.420.451

15.459.497

Interbank Money Market

2.959.961

5.917.686

4.730.082

5.501.646

Marketable Securities Issued (Net)  

0

1.096.306

2.326.381

3.759.084

Funds

0

0

0

0

Miscellaneous Payables

3.938.898

4.407.807

5.377.517

6.500.760

Other External Resources

1.013.680

1.550.159

2.633.517

3.123.697

Factoring Payables

0

0

0

0

Leasing Transactions Payables

16.044

28.597

7.387

1.214

Derivative Financial Liabilities Held For Hedging

453.663

502.841

904.687

432.478

Provisions

2.279.517

2.407.021

2.899.165

2.824.249

Liabilities For Tax

255.798

257.184

408.142

266.578

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

0

0

0

0

Subordinated Loans

2.110.274

2.523.816

5.195.642

6.172.908

Not Detailed Liabilities

0

0

0

0

STOCKHOLDERS' EQUITY

10.317.700

11.700.186

16.862.042

17.210.555

Not Detailed Stockholders' Equity

0

0

0

0

Paid-in capital

4.347.051

4.347.051

4.347.051

4.347.051

Revaluation Fund

707.857

298.548

3.693.727

1.557.642

Reserves

3.202.502

5.197.101

6.907.792

8.516.651

Minority Interest

0

0

0

0

Accumulated profit/loss

0

0

0

0

Net Profit/Loss

2.060.290

1.857.486

1.913.472

2.789.211

TOTAL LIABILITIES AND EQUITY

84.776.146

108.102.977

122.180.207

142.706.235

 

 

INCOME STATEMENTS

 

 

(2010) TL Thousand

(2011) TL Thousand

(2012) TL Thousand

(01.01-30.09.2013) TL Thousand

Interest Income

5.821.799

7.155.567

9.372.833

6.824.329

Interest Expenses

-2.622.197

-3.845.460

-4.880.824

-3.296.084

Net Interest Income/Expenses

3.199.602

3.310.107

4.492.009

3.528.245

Net Fees And Commissions Income/Expenses

1.596.238

1.826.778

1.761.005

1.468.122

Dividend Income

155.181

128.203

183.377

132.787

Trading Profit/Loss (Net)

-66.638

-254.708

-39.001

67.427

Other Operating Income

1.206.858

811.393

338.192

287.809

Total Operating Income/Expenses

6.091.241

5.821.773

6.735.582

5.484.390

Provision For Loan Or Other Receivables Losses (-)

-1.082.958

-776.222

-1.293.415

-1.060.170

Other Operating Expenses (-)

-2.488.515

-2.690.486

-2.992.925

-2.399.580

Financial Expenses

0

0

0

0

Net Operating Profit/Loss

2.519.768

2.355.065

2.449.242

2.024.640

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

2.519.768

2.355.065

2.449.242

2.024.640

Provision For Taxes On Income From Continuing Operations (±)

-459.478

-497.579

-535.770

-417.685

Net Profit/Loss From Continuing Operations

2.060.290

1.857.486

1.913.472

1.606.955

Income From Terminated Operations

0

0

0

1.240.715

Expenses From Terminated Operations  (-)

0

0

0

0

Profit/Loss Before Taxes From Terminated Operations

0

0

0

1.240.715

Provision For Taxes On Income From Terminated Operations (±)

0

0

0

-58.459

Net Profit/Loss From Terminated Operations

0

0

0

1.182.256

Net Profit/Loss

2.060.290

1.857.486

1.913.472

2.789.211

 

 

FINANCIAL RATIOS

 

 

(2010)

(2011)

(2012)

(01.01-30.09.2013)

Sector Avarages

CAPITAL SUFFICIENCY RATIOS

 

 

Stockholders' Equity/Total Assets

0,12

0,11

0,14

0,12

0,12

ASSET QUALITY RATIOS

 

 

Loans/Total Assets

0,60

0,61

0,60

0,61

0,62

Loans Under Follow-Up/Loans

0,04

0,03

0,03

0,04

0,03

LIQUIDITY RATIOS

 

 

Liquid Assets/Total Assets

0,16

0,20

0,26

0,26

0,30

PROFITABILITY RATIOS

 

 

Net Profit/Total Assets

0,02

0,02

0,02

0,02

0,01

Net Profit/Stockholders' Equity

0,20

0,16

0,11

0,16

0,11

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.62.48

UK Pound

1

Rs.102.95

Euro

1

Rs.84.60

 

 

INFORMATION DETAILS

 

Report Prepared by :

NNA

 

 

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.