Kuwait Türk's Assets Grew to 825.6 Billion TL in the Third Quarter of the Year

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Kuwait Türk's Assets Grew to 825.6 Billion TL in the Third Quarter of the Year

Kuwait Turkish announced its financial results for the third quarter of 2024. The total funding base (collected funds and non-deposit resources) of Kuwait Turkish increased to 704.4 billion TL, while the size of the funds allocated rose to 422.4 billion TL. Its net profit reached 24.4 billion TL, marking a 43% increase compared to the same period last year. Kuwait Turkish’s equity reached 72.2 billion TL, and its total assets reached 825.6 billion TL, maintaining its 10th position in the banking sector in terms of asset size, while solidifying its leading position among participation finance institutions.

Kuwait Turkish General Manager Ufuk Uyan shared his views on the financial results for the third quarter of 2024, stating, “We are progressing with our vision of being the preferred partner for customers, and by maintaining our customer-focused approach, we continue to develop innovative solutions. Moving with the Kuwait Turkish Financial Group approach, we aim to provide 360-degree services on all matters our customers need, in collaboration with our affiliates. Additionally, within the scope of our digital banking strategy, we are increasing our end-to-end digital solutions and enhancing the experience with new investments in digital platforms. We continuously improve our business processes, blended with evolving trends, from the perspective of operational efficiency. We observe the positive results of this approach and our efforts in the third quarter of 2024. In the upcoming period, we will continue to be a pioneer in the participation finance sector and innovate.”

Key figures for Kuwait Turkish in the third quarter of 2024:

  • The growth of allocated funds was 26%.
  • With a focus on high asset quality, the ratio of non-performing loans stood at 1.45%.
  • As of the third quarter of 2024, the total funding base reached 704.4 billion TL.
  • The share of current accounts among collected funds increased to 56.6%.
  • The annualized average return on equity was 54.15%.
  • The capital adequacy ratio, with a legal limit of 12%, reached 21.27%.