Bank Asya says raising capital, set for growth

Date posted: January 27, 2014

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 Certain companies have withdrawn capital from Bank Asya allegedly as part of a plan to sink the bank orchestrated by Prime Minister Recep Tayyip Erdoğan’s government.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

Cameroonian Governor Thanked Turkish Nation for the Turkish Schools

ENSAR TUNA ALATÜRK – BURSA Abakar Ahmat, the Governor of Ngaundere state, Republic of Cameroon, paid a visit to Sahabettin Harput, the Governor of Bursa, Turkey. Mr. Ahmat thanked Mr. Harput for the Turkish schools in Cameroon on behalf of the Turkish nation. Governor Ahmat was accompanied during the visit by the Mayor of Ngaundere Hamadou Dawa, […]

Reflections from the US

In the past three weeks, the AK Party has proposed new laws to increase government controls over judges and prosecutors, and many investigations have slowed down, raising suspicions that the government might be trying to hide something.

Neither Erdoğan nor EU the same after five years

Erdoğan is going to Brussels as the prime minister of Turkey who doesn’t even have ambassadors in three of its region’s important capital; Cairo, Tel Aviv and Damascus. A negotiation chapter was opened in November 2013 after a three-year freeze. Erdoğan had to sack the former EU minister from the cabinet because of the allegations in relation with a major graft probe in December 2013 and appointed Mevlüt Çavuşoğlu to that post.

Turkish mob boss to gov’t: Why bother with diplomacy? We’ll kill Gülen, his followers

Turkey’s infamous mob boss Alaattin Çakıcı implied in a letter to the Justice Ministry that his mafia network could kill Islamic scholar Fethullah Gülen in Pennsylvania and his senior followers elsewhere in the world. Çakıcı’s letter came weeks after Turkey’s controversial request that the US extradite Gülen.

Infiltrating or contributing?

None of the academics in attendance reported finding any sign of attempts by movement members to overthrow democracy or even to “grab a bigger share of the pie” for a new elite, shady or otherwise.

Exit strategy for the AKP

Hizmet’s Journalists and Writers Foundation (GYV) reiterated last month, the AKP must, as soon as possible, start working towards EU reforms, the establishment of a fully democratic Turkey, the establishment of the rule of law, the most advanced fundamental rights and freedoms, equality of all before the law, a civilian constitution and a transparent state that can be held accountable.

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

Turkish schools students visit Thai education minister

Hong Kong Anatolia Cultural & Dialogue Centre, Photography Competition 2015

Hizmet is rooted in the culture of dialogue

Turkey’s tryst with democracy (2)

Turkey sees unprecedented pressure on media since Dec. 14 operation

Hate Speech is Undermining Turkey’s Fragile Democracy

The Independent: Turkish men ‘face torture’ after being extradited from Malaysia as post-coup crackdown continues

Copyright 2023 Hizmet News