Bank Asya says raising capital, set for growth


Date posted: January 27, 2014

İSTANBUL
Turkey’s leading participation bank, Bank Asya, has sold part of a stake in a retail chain to help boost its capital adequacy ratios and foresees growth in 2014, the bank said in a written statement on Sunday.

“Bank Asya expects to raise its total capital by TL 300 million to TL 1.2 billion. … We sold an 18 percent stake in the retail chain A101 as part of this plan,” the bank said. Bank Asya said its capital adequacy ratio is 14.8 percent — well above the conventionally accepted minimum level of 12 percent — and that it expects to enjoy further growth in 2014. The bank said it expects the capital adequacy ratio to reach 17 percent, making it one of the five strongest (in capital) banks in Turkey. Previously, the bank held 21.84 percent of the shares in A101.

The decision to sell the A101 shares comes amid efforts to insulate the bank against future economic and financial shocks, particularly following a recent withdrawal of assets in large quantities. Certain companies have withdrawn capital from Bank Asya allegedly as part of a plan to sink the bank orchestrated by Prime Minister Recep Tayyip Erdoğan’s government. Erdoğan vowed to clamp down on Turkey’s largest Islamic group, the Hizmet movement — with which Bank Asya is affiliated — since he believes that the Hizmet movement is behind an ongoing corruption probe that has implicated top government officials.

The bank said last week it “overcame the stress test successfully.”

Bank Asya posted a profit of TL 61 million for the third quarter of 2013. The bank increased its net profits by 9.5 percent in the third quarter over the second, with profits totaling TL 161 million in the first nine months of that year. It also increased its assets by 33 percent to TL 28.4 billion, cash loans by 30 percent to TL 21.2 billion, reserves by 24 percent to TL 19.5 billion and equities by 6 percent to TL 2.5 billion in the same period.

Source: Todays Zaman , January 26, 2014


Related News

Power struggle for the state or deep rift about Turkey?

As an external observer, I see a profound rift having taken place between Erdoğan — more than anybody else in the AKP — and the Hizmet movement; and that has much less to do with the power struggle than a resistance to another massive, individual attempt to accumulate power in one person.What has defined Erdoğan’s way with various social segments since 2011 is to alienate, antagonize, suppress and devour. So was his pattern with the dissident Kurds, Alevis, leftists, liberals and now Hizmet.

Turkish editor hits out at media coercion under Erdoğan

Segments of the Turkish media remain fiercely anti-government, however, including secularist dailies Sözcü and Cumhuriyet, and more recently Zaman and Bugün, which are close to Gülen and have become more critical since the graft scandal erupted.

Iran’s Turkish gold rush

While the gas-for-gold scheme may have been technically legal before Congress finally shut it down in July, it appears to have exposed the Turkish political elite to a vast Iranian underworld. According to Today’s Zaman, suspicious transactions between Iran and Turkey could exceed $119 billion — nine times the total of gas-for-gold transactions reported.

Ethiopian PM: It is an honor to work with TUSKON

The two-day forum produced two important agreements. On the first day, TUSKON signed a commercial partnership deal with the Ethiopia Chamber of Commerce and on the second day, the confederation signed a bilateral commercial agreement that promises to provide advantages to TUSKON members in trade not only with Ethiopia, but also with the Common Market for Eastern and Southern Africa (COMESA), which has 22 member countries.

Fethullah Gulen’s Message on New Defamation Efforts by Erdogan Regime

I also condemn President Erdogan’s reckless and immoral efforts to defame this peaceful movement that has dedicated itself to universal humanitarian values. I trust in the wisdom and fairness of world leaders to recognize this defamation campaign for what it is.

Fatih College basketball court demolished despite ongoing case

Construction equipment entered Fatih College in İstanbul’s Merter neighborhood on Tuesday, demolishing a basketball court in the school courtyard, despite the fact that a case regarding a decision by the İstanbul Metropolitan Municipality to construct a road through the courtyard is still ongoing.

Latest News

Fethullah Gülen’s Condolence Message for South African Human Rights Defender Archbishop Desmond Tutu

Hizmet Movement Declares Core Values with Unified Voice

Ankara systematically tortures supporters of Gülen movement, Kurds, Turkey Tribunal rapporteurs say

Erdogan possessed by Pharaoh, Herod, Hitler spirits?

Devious Use of International Organizations to Persecute Dissidents Abroad: The Erdogan Case

A “Controlled Coup”: Erdogan’s Contribution to the Autocrats’ Playbook

Why is Turkey’s Erdogan persecuting the Gulen movement?

Purge-victim man sent back to prison over Gulen links despite stage 4 cancer diagnosis

University refuses admission to woman jailed over Gülen links

In Case You Missed It

Erdogan vs the Gulen movement

The fall of democracy and predicament of political Islam in Turkey

Erdoğan is helping Hizmet community in three ways

How did we step into the missionary threat trap?

AK Party, Hizmet movement and politics

Gülen fine after being briefly hospitalized for arrhythmia

Nigerian President opens Turkish Hospital

Copyright 2023 Hizmet News