QNB Finansbank signed its name under significant achievements in the name of its customers and shareholders
Dear Shareholders and Board Members,
The first quarter of 2024 marked important economic and political developments both in Türkiye and abroad. Increasing geopolitical risks and ongoing international conflicts have increased uncertainty by exeerting pressure on economic growth and markets. In Türkiye, local elections, new economic policies, and the fight against inflation stood out among the determining factors of this period.
We have entered into a period, in which our country will not have an election agenda for a long time ahead. On the other hand, policies implemented by the economy management to combat inflation are carried out decisively. Both the Central Bank and the economy management ensure the normalization of the markets by their decisions. We will see more evidently the positive effects on the markets and the economy with the effective application of fiscal and monetary policy and the start of the disinflation process. For this reason, we expect to further experience the effects of the tightening steps in fiscal policies this year.
At QNB Finansbank, after successfully completing 2023, we continued our steady growth and uninterrupted contribution to the Turkish economy in the first quarter of this 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 rose by 16%, reaching TL 660 billion 297 million, and customer deposits increased by 12%, reaching TL 676 billion 219 million. Our Bank's net profit for the first quarter of 2024 realized at TL 9 billion 863 million.
In addition to our financial achievements in banking activities, we also undertook important projects in line with responsible banking principles regarding digitalization and sustainability.
In the first quarter of the year, we achieved the 'A' grade in the CDP Climate Change Program, which proves our bank sustains its environmental and social responsibilities in the international arena. We will further support these achievements within the framework of our banking performance, social responsibility projects, and sustainability vision.
Our 'Digital Bridge Anatolia Meetups' event continues to be an important platform for guiding legal entities on digital transformation and the green transition. With such events, we aim to contribute to economic growth as well as digital and green transformation across Türkiye.
Staying true to our 'Becoming One with the World' vision, we will focus on new business strategies, sustainability, and digital transformation. We will strive to both diversify our financial services and create positive social and environmental changes.
I would like to thank our employees, customers, all our business partners and you, our valued investors, for supporting us in this successful journey. Your support enables QNB Finansbank to become stronger every day.
Kind regards,
Ömür Tan
General Manager and CEO
