We build life-long and successful partnerships with all our stakeholders through understanding and best fulfilling their needs
Dear Shareholders,
The first quarter of the year 2024 marked numerous major developments both in Türkiye and abroad. Although we went through a challenging period with Türkiye's agenda, especially economic fluctuations, geopolitical events and elections, our Bank left behind the first quarter of the year with robust financial results. Although the rising interest rates in the three months of the year have created some difficulties for banks, individuals, and institutions, they are a step in the right direction to combat inflation, which is our biggest economic problem. We are assured that the economic policy that is already being implemented will maintain stability.
Even with the uncertainties dominating the financial markets, our Bank successfully completed the first quarter of the year. As of 31 March 2024, our Bank's total assets grew by 16 percent compared to the year-end of 2023, reaching TL 1 trillion 145 billion 846 million. In the same period, net loans recorded an increase of 16 percent, reaching TL 660 billion 297 million; and customer deposits rose by 12 percent, reaching TL 676 billion 219 million. In the first three months of the year 2024, net profit of our Bank realized at TL 9 billion 863 million.
We believe that the tightening policies will continue in the upcoming period with the aim to effectively combat inflation. Along with rising interest rates and developments in the banking sector, we will continue to sustain our quality service by further building on our customer relationships.
At QNB Finansbank, we are resolute in boosting our financial performance and continuing our social contributions. In the first quarter of 2024, in cooperation with Mimar Sinan Fine Arts University and Istanbul Painting and Sculpture Museum, we presented the bronze cast statue of one of our sculptors, Zühtü Müridoğlu, to the public in memory of the 100th anniversary of our Republic. This project, named 'Our gift to the 100th anniversary of our Republic', emphasized the importance of arts and culture in our social life.
Our forward-looking strategies, customer-oriented approach, and responsibilities to society make us even stronger. Together, we will work to achieve a better future.
I would like to thank all our financiers, customers, and business partners, who contributed to this success.
Kind regards,
Ömer Aras
Chairperson of the Board
