VAKIFBANK CONTRIBUTES TRY 523BN TO REAL ECONOMY

Vakifbank provided TRY 523bn of support to the national economy through cash and non-cash loans in 2020, according to the bank’s unconsolidated financial results. Meanwhile, Vakifbank’s total asset size increased by 66.6% to TRY 699bn in 2020. The bank allocated TRY 1.4bn for tax provisions from its gross income worth TRY 6.4bn in the same period. Accordingly, the net profit of the bank totaled TRY 5.01bn. The bank’s total cash loans increased by 53.6%, exceeding TRY 422bn in 2020 compared to the previous year while its total deposits rose by 64.6%, surpassing TRY 414bn in the same period. The bank also separately created 12% of market share in both cash loans and total deposits in 2020.