QNB signed its name under significant achievements in the name of its customers and shareholders
Dear Shareholders,
The first nine months of 2024 were marked by significant developments that have had a decisive impact on the global economy. One of the key economic dynamics of this period was the interest rate cuts by central banks of developed countries following a decrease in inflation. However, despite these recovery signals, increasing geopolitical uncertainties and protectionist trade policies continue to keep risks related to global growth and inflation outlook alive. Critical events, such as the U.S. presidential elections in November, have led to a cautious atmosphere in global markets.
Within this global framework, the Turkish economy continues to take determined steps in its fight against inflation. The disinflation process is expected to be supported by fiscal tightening measures taken in monetary policy, as well as cost-saving and revenue-enhancing measures in fiscal policy, aiming to limit the budget deficit. As stability-focused economic policies show signs of improvement in macroeconomic indicators, the decrease in domestic dollarization and the increasing demand for Turkish Lira assets from foreign investors reinforce this positive trend. With improvements in the current account balance, the Central Bank of the Republic of Türkiye’s (CBRT) foreign exchange reserves strengthen, and the Turkish Lira appreciates in real terms. Meanwhile, the upgrades in Türkiye’s credit rating by international rating agencies indicate that this rebalancing process is positively received in international markets, while the decline in the credit default swap (CDS) premium is another factor boosting confidence in the markets.
As we entered the last quarter of the year, we experienced significant developments for our bank. In line with the vision of our main shareholder, QNB Group, to become “an international brand” and its mission of “creating an integrated brand architecture,” we are continuing our operations under the name “QNB.” With this brand transformation, we ensure that our brand is unified internationally under one umbrella and represented with the same strong voice across all countries. We will continue our activities in a wide range of areas, from corporate and retail banking to digitalization, sustainability, and projects that touch future generations, and we will continue to add value to our customers.
As QNB Türkiye, we have maintained ceaseless contributions to the Turkish economy by continuing our steady growth in the first nine months of 2024. As of 30 September 2024, Bank’s total assets grew by 38 percent compared to the year-end of 2023, reaching TL 1 trillion 363 billion 39 million. In the same period, net loans rose by 39 percent, reaching TL 795 billion 226 million, while customer deposits grew by 27 percent to TL 772 billion 744 million. Our Bank’s net profit for the first nine months of 2024 realized at TL 27 billion 231 million.
In addition to this strong and profitable growth in our banking activities, we continue to undertake significant projects in the areas of sustainability and social responsibility within the framework of responsible banking principles. In this context, we issued blue and green bonds worth a total of USD 125 million in cooperation with the International Finance Corporation (IFC) and the European Bank for Reconstruction and Development (EBRD). Through our cooperation with the IFC, we issued Türkiye’s first blue bond, taking an important step towards protecting water resources and marine ecosystems. With the USD 100 million green bond issued in partnership with the IFC and EBRD, we aim to support energy efficiency and clean production projects, contributing to Türkiye’s green transformation process. These steps, in line with our sustainability strategy as QNB Türkiye, play a crucial role in Türkiye’s efforts to achieve its 2053 net-zero emission targets.
To support female entrepreneurs, we launched the “Export Academy for Women” project in collaboration with the Association of Women Exporters. Through this project, we offer training, mentoring, and financial support programs aimed at enhancing the export potential of women entrepreneurs, contributing to strengthening their presence in the business world. We aim to have more than 600 women entrepreneurs benefit from this project.
Another innovation that distinguishes us in the sector in terms of digitalization is QNBpay Payment Services. With next-generation payment solutions, we aim to meet companies’ payment needs with a secure, fast, and customer-centric experience.
I would like to extend my gratitude to all our employees, valued customers, business partners, and investors who have contributed to our sustainable and profitable growth and our success.
As QNB Türkiye, we will continue to take determined steps towards realizing our future goals and supporting the economy.
Sincerely,
Ömür Tan
CEO
QNB Bank A.Ş
