Turkish Development and Investment Bank increased its assets to 22 billion TL

While Turkish Development and Investment Bank increased its assets to 22 billion TL, its loan amount also reached 17.1 billion TL.

According to the statement made by the Development and Investment Bank of Turkey, the bank continued its strong performance in the second quarter of 2020 and increased its assets by 15.9 percent and loans by 12.7 percent in the January-June period of 2020 compared to the same period of the previous year.

The bank’s loans, which constitute 78.6 percent of its assets reaching 22 billion TL, increased to 17.1 billion TL at the end of June.

Taking an active role in eliminating the negative effects of the epidemic on the economy, the bank increased its assets by 12.5 percent and loans by 13.2 percent compared to the end of 2019. The ratio of gross non-performing loans to total loans decreased by 0.14 points compared to the same period last year and fell to 0.65 percent in the second quarter of 2020.

While the bank’s capital adequacy ratio was 21.24 percent as of June, its six-month profit was 190.6 million TL.

“We continue our work on resource procurement with JBIC and China Development Bank”

İbrahim Öztop, General Manager of the Development and Investment Bank of Turkey, whose views were included in the statement, stated that the weakening in domestic economic activity began as of March with the decrease in foreign trade, tourism and domestic demand due to the new type of coronavirus (Covid-19) epidemic.

Öztop said, “While the slowdown in question became evident in April, we observed that the recovery began in May thanks to the gradual normalization steps. The comprehensive and supportive fiscal policies implemented by the economic management to eliminate the negative effects of the epidemic and the measures taken by the central bank to maintain the healthy functioning of the financial markets, credit channel and companies’ cash flow.” “The measures are the main factor in the recovery in economic activity.” made his assessment.

Stating that the bank brought international resources to the economy during this period, İbrahim Öztop said:

“We provided a loan of 316 million euros with a maturity of 25 years from the World Bank to increase registered employment in Turkey. During this period, we also received a fixed-interest Investment Support TL loan with an Investment Committed Advance Loan facility of up to 10 years’ maturity from the Central Bank of the Republic of Turkey, worth 18 billion TL.” We have made it available. Our 300 million dollar resource has been approved from the Asian Infrastructure Investment Bank under the Turkey Covid-19 Credit Limit. We will make this resource available to businesses affected by the epidemic to increase production and employment. In addition, we have provided resources with the Japanese Bank for International Cooperation (JBIC) and China Development Bank. “We continue our work on the supply of cash. Our bank, which contributes to sustainable growth with the loan support it provides to investments in line with Turkey’s development goals, will continue to support the country’s economy with its development and investment banking activities in the future.”

Source: https://www.aa.com.tr/tr/ekonomi/turkiye-kalkinma-ve-yatirim-bankasi-açıklerini-22-milyar-tlye-yukseltti/1932792

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