Evaluation of Financial Position
Türk Eximbank’s total assets reached TL 322.4 billion (USD 24.4 billion) as of 31 December 2021.
Assets
Türk Eximbank’s total assets consist of 89% loans, 7% liquid assets and 4% securities held-to-maturity and other assets.
The Bank’s loan portfolio reached TL 288.1 billion, and increased by 61% over the previous year.
Of the total credits, 62% (TL 179.5 billion) are short-term credits and 38% (TL 108.6 billion) are medium- and long- term credits.
By using appropriate risk management techniques, Türk Eximbank has shown great efforts to collect receivables on time and in full.
Thus, although the Bank extends most of its resources as loans to the export sector, the NPL ratio is low, at 0.2%, when compared to the banking sector average.
Liabilities
Türk Eximbank’s liabilities reached TL 322.4 billion as of the end of 2021. Of these, 4.5% (TL 14.6 billion) was shareholder’s equity, 93% (TL 300 billion) was funds obtained from domestic and international markets, and 2.5% (TL 7.8 billion) was provisions and other liabilities.
The Bank’s shareholders’ equity was TL 14.6 billion, of which 74% (TL 10.8 billion) was paid-up capital, 4% (TL 573.7 million) was profit reserves and others, and 22% (TL 3.1 billion) was net profit.
The foreign resources amounted to TL 299.6 billion used for funding the Bank’s assets consisted of TL 167.5 billion in credits provided from the Central Bank of the Republic of Türkiye, TL 82.8 billion in credits provided from domestic and foreign banks, TL 37.3 billion in marketable securities issued, TL 5.5 billion in subordinated loans, and TL 6.5 billion in borrowings from money markets.
At its Extraordinary General Assembly convened on 26 March 2017, Türk Eximbank switched to the registered capital system and authorized capital practice. At the Ordinary General Assembly convened on 26 March 2021, the authorized capital was increased to TL 17.5 billion. The Bank’s paid-in capital is currently TL 10.8 billion.
As per Article 21 entitled Exemptions of “Regulations Concerning the Classification of Credits and Procedures and Principles of the Provisions for These by Banks”, the private and general provisioning ratio for the Bank for transactions within the scope of the Law of its Establishment is set at zero percent. However, Türk Eximbank makes provisions within prudent banking principles.
Solvency
The ratio of Türk Eximbank’s liquid assets including short term loans to short-term liabilities was registered as 99.2% as of 31 December 2021.
Profit & Loss Statement and Profitability
As the balance of Türk Eximbank is concentrated on credits, its effects can be seen on incomes. Of the Bank’s TL 7.2 billion in total interest income, 83.5% (TL 6 billion) came from interest earned from credits.
On the other hand, as the Bank secures funds by way of borrowing from domestic and international money and capital markets and through bond issuances, the Bank’s interest expense was TL 4.4 billion, of which 50.4% (TL 2.2 billion) was interest paid on borrowings from domestic international money markets, 47.3% (TL 2.1 billion) was interest paid on marketable securities issued and 2.3% (TL 99 million) was other interest expenses. Net interest income was TL 2.8 billion.
The Bank’s net profit was TL 3.1 billion as of 31 December 2021, yielding return on assets and return on equity ratios of 1.18% and 29.11%, respectively. The Bank’s capital adequacy ratio at year-end was 18.02%
