TÜRKİYE İŞ BANKASI ANONİM ŞİRKETİ THE UNCONSOLIDATED INTERIM FINANCIAL REPORT AS AT AND FOR THE THREE-MONTH PERIOD ENDED 31 MARCH PDF

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TÜRKİYE İŞ BANKASI ANONİM ŞİRKETİ THE UNCONSOLIDATED INTERIM FINANCIAL REPORT AS AT AND FOR THE THREE-MONTH PERIOD ENDED 31 MARCH 2014 Headquarters Address: İş Kuleleri, 34330, Levent/İstanbul Telephone:

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TÜRKİYE İŞ BANKASI ANONİM ŞİRKETİ THE UNCONSOLIDATED INTERIM FINANCIAL REPORT AS AT AND FOR THE THREE-MONTH PERIOD ENDED 31 MARCH 2014 Headquarters Address: İş Kuleleri, 34330, Levent/İstanbul Telephone: Fax: Web site: : The unconsolidated interim financial report as at and for the three-month period ended 31 March 2014 prepared in accordance with the communiqué of Financial Statements and Related Disclosures and Footnotes to be Announced to Public by Banks as regulated by Banking Regulation and Supervision Agency, comprises the following sections: GENERAL INFORMATION ABOUT THE BANK UNCONSOLIDATED INTERIM FINANCIAL STATEMENTS EXPLANATIONS ON THE ACCOUNTING POLICIES INFORMATION ON FINANCIAL STRUCTURE AND RISK MANAGEMENT DISCLOSURES AND FOOTNOTES ON THE UNCONSOLIDATED INTERIM FINANCIAL STATEMENTS OTHER EXPLANATIONS INDEPENDENT AUDITORS REPORT The unconsolidated financial statements and related disclosures and footnotes in this report are prepared in accordance with the Regulation on the Procedures and Principles for Accounting Practices and Retention of Documents by Banks, Turkish Accounting Standards, Turkish Financial Reporting Standards and the related statements and guidance and in compliance with the financial records of our Bank. Unless otherwise stated, the accompanying unconsolidated financial report is presented in thousands of Turkish Lira (TL), and has been subjected to independent audit and presented as the attached. Prof. Dr. Turkay Berksoy Füsun Tümsavaş H. Ersin Özince Member of the Board and Deputy Chairman of the Board of Directors Chairman of the Board of Directors the Audit Committee and Chairman of the Audit Committee Ali Tolga Ünal Mahmut Magemizoğlu Adnan Bali Head of Financial Management Division Deputy Chief Executive Chief Executive Officer In Charge of Financial Reporting The authorized contact person for questions on this financial report: Name Surname / Title: Süleyman H. Özcan / Head of Investor Relations Division Phone No : Fax No : Website : Page: SECTION I General Information about the Bank I. Explanations on the Establishment Date and Initial Status of the Bank, History Including the Changes in the Former Status 1 II. Explanations on the Capital Structure, Shareholders who Directly or Indirectly, Solely or Jointly Undertake the Management and Control of the Bank, any Changes in the Period, and Information on the Bank s Risk Group 1 III. Explanations on the Chairman s, Directors, Auditors, Chief Executive Officer s and Deputy Chief Executives Shares, if any, and the Areas of their Responsibility at the Bank 1 IV. Information on the Bank s Qualified Shareholders 2 V. Summary Information on the Bank s Activities and Services 2 VI. Existing or Potential, Actual or Legal Obstacles on the Transfer of Shareholder s Equity Between the Bank and its Subsidiaries or the Reimbursement of Liabilities 2 VII. Written Policies on Assessment of Ensuring Compliance on Market Discipline, Disclosure Obligations, Frequency and Accuracy of Related Disclosures 2 SECTION II Unconsolidated Interim Financial Statements I. Balance Sheet (Statement of Financial Position) Assets 3 II. Balance Sheet (Statement of Financial Position) Liabilities 4 III. Statement of Off-Balance Sheet Items 5 IV. Statement of Income 7 V. Statement of Income and Expense Items Accounted under Shareholders Equity 8 VI. Statement of Changes in the Shareholders Equity 9 VII. Statement of Cash Flows 11 SECTION III Explanations on Accounting Policies I. Basis of Presentation 12 II. Strategy for Use of Financial Instruments and Foreign Currency Transactions 12 III. Associates and Subsidiaries 13 IV. Forwards, Options and Other Derivative Transactions 13 V. Interest Income and Expenses 13 VI. Fee and Commission Income and Expenses 14 VII. Financial Assets 14 VIII. Impairment of Financial Assets 15 IX. Offsetting Financial Instruments 16 X. Sale and Repurchase Agreements and Securities Lending Transactions 16 XI. Non-current Assets Held for Sale and Discontinued Operations and Related Liabilities 16 XII. Goodwill and Other Intangible Assets 16 XIII. Tangible Assets 16 XIV. Leasing Transactions 17 XV. Provisions and Contingent Liabilities 17 XVI. Contingent Assets 17 XVII. Liabilities Regarding Employee Benefits 18 XVIII. Taxation 19 XIX. Borrowings 20 XX. Equity Shares and Issuance of Equity Securities 21 XXI. Bank Acceptances and Bills of Guarantee 21 XXII. Government Incentives 21 XXIII. Segment Reporting 21 XXIV. Other Disclosures 21 SECTION IV Information on the Financial Position of the Bank I. Explanations on Capital Adequacy Standard Ratio 22 II. Explanations on Market Risk 27 III. Explanations on Currency Risk 28 IV. Explanations on Interest Rate Risk 30 V. Explanations on Equity Shares Risk Arising from Banking Book 34 VI. Explanations on Liquidity Risk 35 VII. Explanations on Securitization Positions 37 VIII. Explanations on Credit Risk Mitigation Techniques 37 IX. Explanations on Risk Management Objectives and Policies 37 X. Explanations on Segment Reporting 39 SECTION V Disclosures and Footnotes on the Unconsolidated Interim Financial Statements I. Disclosures and Footnotes on Assets 41 II. Disclosures and Footnotes on Liabilities 55 III. Disclosures and Footnotes on Off-Balance Sheet Items 63 IV. Disclosures and Footnotes on Statement of Income 65 V. Disclosures and Footnotes on the Bank s Risk Group 69 VI. Subsequent Events 71 SECTION VI Other Explanations I. Information on the Bank s Credit Ratings 72 SECTION VII Independent Auditors Review Report I. Information on the Independent Auditors Review Report 73 II. Disclosures and Footnotes of the Independent Auditors 73 SECTION ONE: GENERAL INFORMATION ABOUT THE BANK I. Explanations on the Establishment Date and Initial Status of the Bank, History Including the Changes in the Former Status TÜRKİYE İŞ BANKASI A.Ş. ( the Bank ) was established on 26 August 1924 to operate in all kinds of banking activities and to initiate and/or participate in all kinds of financial and industrial sector undertakings when necessary. There is no change in the Bank s status since its establishment. II. Explanations on the Capital Structure, Shareholders who Directly or Indirectly, Solely or Jointly Undertake the Management and Control of the Bank, any Changes in the Period, and Information on the Bank s Risk Group As at 31 March 2014, 40.25% of the Bank s shares are owned by T. İş Bankası A.Ş. Pension Fund, 28.09% are owned by the Republican People s Party (Atatürk s shares) and 31.66% are on free float. (31 December 2013:Fund 40.16%, Republican People s Party 28.09%, Free float 31.75%). III. Explanations on the Chairman s, Directors, Auditors, Chief Executive Officer s and Deputy Chief Executives Shares, if any, and the Areas of their Responsibility at the Bank Board of Directors: Name and Surname Areas of Responsibility H. Ersin Özince Chairman of the Board and the Remuneration Committee Füsun Tümsavaş Deputy Chairman, Chairman of the Audit Committee, TRNC Internal Systems Committee and the Risk Committee, Chairman of the Corporate Governance Committee, Member of the Credit Committee Adnan Bali Chief Executive Officer and Director, Chairman of the Credit Committee, Member of the Risk Committee, Chairman of the Executive Committee Hasan Koçhan Director, Member of the Credit Committee Mustafa Kıcalıoğlu Director Aysel Tacer Director, Member of the Social Responsibility Committee, Alternate Member of the Credit Committee Hüseyin Yalçın Director,Member of Social Responsibility Committee Murat Vulkan Director Prof.Dr.Turkay Berksoy Director, Audit Committee,, TRNC Internal Systems Committee, The Remuneration Committee, and Corporate Governance Committee, Alternate Member of the Credit Committee Kemal Meral Director Ulaş Moğultay Director Chief Executive Officer and Deputy Chief Executives: Name and Surname Administrative Position Adnan Bali Chief Executive Officer and Director, Chairman of the Credit Committee, Member of the Risk Committee, Chairman of Executive Committee Mahmut Magemizoğlu Financial Management, Investor Relations, Managerial Reporting and Internal Accounting Suat İnce Corporate and Commercial Banking Marketing, Sales and Product Management, SME and Business Banking Sales, Free Zone Branches Hakan Aran Alternative Distribution Channels Operations, Information Technology Management Banking Operations, Retail Loan and Card Operations, Support Services and Purchasing, Foreign Trade and Commercial Levent Korba Loan Operations, Internal Operations Management, Construction and Real Estate Management, Branch Network Development Ertuğrul Bozgedik Corporate Loans, SME Loans, Commercial Loans and Consumer Loans Underwriting, Loans Portfolio Management, Member of the Risk Committee Yalçın Sezen Consumer Loans, Card Payment Systems, Retail Banking Marketing, Sales and Product Management, Private Banking Marketing and Sale Management, Member of the Social Responsibility Committee Rıza İhsan Kutlusoy Human Resources, Enterprise Architecture, Strategy and Corporate Performance Management and Talent Management, Coordination of Consumer Relations Officer Senar Akkuş Treasury Management, Corporate Communication Management, Social Responsibility Committee Member of the Risk Committee İlhami Koç Associates, Cross-Border Banking and Foreign Subsidiaries, Branches and Representative Offices, Capital Markets Management and the Risk Committee (1) Yılmaz Ertürk Economic Research, International Financial Institutions Ergün Yorulmaz Legal Counsellorship Financial Analysis, Commercial and Corporate Loans and Retail Loans Monitoring and Recovery Management (1) İlhami Koç participates in the meetings of the Risk Committee on a consolidated basis.. The Bank s shares attributable to the Directors and members of the Audit Committee, to the CEO and the Deputy Chief Executives are of minor importance. 1 IV. Information on the Bank s Qualified Shareholders Name Surname/Company Shares Ownership Paid-in Capital T. İş Bankası A.Ş. Mensupları Munzam Sosyal Güvenlik ve Yardımlaşma Sandığı Vakfı (İşbank Members Supplementary Pension Fund) 1,811, % 1,811,253 Unpaid Capital Cumhuriyet Halk Partisi Republican People s Party - (Atatürk s Shares) 1,264, % 1,264,142 V. Summary Information on the Bank s Functions and Business Lines In line with the relevant legislation and principles stated in the Articles of Incorporation of the Bank, the Bank s activities include operating in retail, commercial, corporate and private banking, foreign currency and money market operations, marketable securities operations, international banking services and other banking operations, as well as initiating or participating in all kinds of financial and industrial sector corporations as may be required. VI. Existing or Potential, Actual or Legal Obstacles on the Transfer of Shareholders Equity between the Bank and its Subsidiaries or the Reimbursement of Liabilities None. VII. Written Policies on Assessment of Ensuring Compliance on Market Discipline, Disclosure Obligations, Frequency and Accuracy of the Related Disclosures The Bank has written policies on assessment of ensuring compliance on market discipline, disclosure obligations, frequency and accuracy of related disclosures. The mentioned policies which are agreed by Board of Directors can be obtained from the Bank s website. 2 UNCONSOLIDATED FINANCIAL STATEMENTS (STATEMENT OF FINANCIAL POSITION) THOUSAND TL CURRENT PERIOD PRIOR PERIOD ASSETS Footnotes (31/03/2014) ( 31/12/2013) TL FC Total TL FC Total I. CASH AND BALANCES WITH THE CENTRAL BANK V-I-a 4,544,834 19,208,584 23,753,418 5,223,115 17,804,420 23,027,535 II. FINANCIAL ASSETS AT FAIR VALUE THROUGH V-I-b 1,138, ,911 2,042, ,552 1,286,006 2,203,558 PROFIT AND LOSS (Net) 2.1 Financial Assets Held for Trading 1,138, ,911 2,042, ,552 1,286,006 2,203, Government Debt Securities 977,476 5, , ,996 5, , Equity Securities Derivative Financial Assets Held for Trading 159, ,984 1,057,356 32,468 1,280,105 1,312, Other Marketable Securities 1,475-1,475 1,086-1, Financial Assets at Fair Value Through Profit and Loss Government Debt Securities Equity Securities Loans Other Marketable Securities III. BANKS V-I-c 104,840 2,472,900 2,577, ,202 1,412,408 1,527,610 IV. MONEY MARKET PLACEMENTS Interbank Money Market Placements Istanbul Stock Exchange Money Market Placements Receivables from Reverse Repurchase Agreements V. FINANCIAL ASSETS AVAILABLE-FOR-SALE (Net) V-I-d 23,572,667 5,964,450 29,537,117 21,947,541 6,400,289 28,347, Equity Securities 27, ,085 27, , Government Debt Securities 23,533,432 4,730,848 28,264,280 21,908,184 5,147,066 27,055, Other Marketable Securities 11,402 1,233,350 1,244,752 11,524 1,252,971 1,264,495 VI. LOANS AND RECEIVABLES V-I-e 88,564,258 47,170, ,734,550 87,553,358 47,727, ,281, Loans and Receivables 88,073,719 47,170, ,244,011 87,115,711 47,727, ,843, Loans to the Bank's Risk Group 706, ,200 1,507, , ,201 1,521, Government Debt Securities Other 87,367,544 46,369, ,736,636 86,377,867 46,944, ,322, Non-Performing Loans 2,428,961 1,471 2,430,432 2,236,248 1,544 2,237, Specific Provisions (-) 1,938,422 1,471 1,939,893 1,798,601 1,544 1,800,145 VII. FACTORING RECEIVABLES VIII. HELD TO MATURITY INVESTMENTS (Net) V-I-f 7,041,388 28,302 7,069,690 7,611,751 15,697 7,627, Government Debt Securities 7,033,378-7,033,378 7,603,817-7,603, Other Marketable Securities 8,010 28,302 36,312 7,934 15,697 23,631 IX. INVESTMENTS IN ASSOCIATES (Net) V-I-g 743, , , , Associates Accounted for Using the Equity Method Unconsolidated Associates 743, , , , Financial Investments 85,295-85,295 85,295-85, Non-Financial Investments 658, , , ,620 X. INVESTMENTS IN SUBSIDIARIES (Net) V-I-h 6,114, ,311 6,530,590 6,600, ,311 7,016, Unconsolidated Financial Subsidiaries 3,113, ,311 3,529,973 3,278, ,311 3,694, Unconsolidated Non-Financial Subsidiaries 3,000,617-3,000,617 3,322,148-3,322,148 XI. JOINTLY CONTROLLED ENTITIES (JOINT V-I-i VENTURES) (Net) 11.1 Jointly Controlled Entities Accounted for Using the Equity Method 11.2 Unconsolidated Jointly Controlled Entities Jointly Controlled Financial Entities Jointly Controlled Non-Financial Entities XII. LEASE RECEIVABLES V-I-j Finance Lease Receivables Operating Lease Receivables Other Unearned Income ( - ) XIII. DERIVATIVE FINANCIAL ASSETS HELD FOR V-I-k HEDGING 13.1 Fair Value Hedges Cash Flow Hedges Net Foreign Investment Hedges XIV. TANGIBLE ASSETS (Net) 1,814,995 5,949 1,820,944 1,825,513 6,093 1,831,606 XV. INTANGIBLE ASSETS (Net) 234, , , , Goodwill Other 234, , , ,959 XVI. INVESTMENT PROPERTY (Net) V-I-l XVII. TAX ASSETS V-I-m 609, , , , Current Tax Asset Deferred Tax Asset 609, , , ,592 XVIII. ASSETS HELD FOR SALE AND DISCONTINUED V-I-n 77,174-77,174 62,639-62,639 OPERATIONS (Net) 18.1 Held for Sale 77,174-77,174 62,639-62, Discontinued Operations XIX. OTHER ASSETS V-I-o 1,392, ,553 2,289,300 1,122, ,372 2,095,468 TOTAL ASSETS 135,953,517 77,068, ,021, ,456,916 76,043, ,500,037 3 UNCONSOLIDATED FINANCIAL STATEMENTS (STATEMENT OF FINANCIAL POSITION) THOUSAND TL CURRENT PERIOD PRIOR PERIOD LIABILITIES Footnotes (31/03/2014) ( 31/12/2013) TL FC Total TL FC Total I. DEPOSITS V-II-a 61,503,626 64,790, ,294,383 66,439,955 54,534, ,974, Deposits from the Bank's Risk Group 1,425,302 2,712,958 4,138,260 1,973,195 1,888,715 3,861, Other 60,078,324 62,077, ,156,123 64,466,760 52,646, ,112,855 II. DERIVATIVE FINANCIAL LIABILITIES HELD FOR TRADING V-II-b 365, ,196 1,145, , , ,522 III. FUNDS BORROWED V-II-c 2,099,593 13,828,142 15,927,735 1,651,042 14,270,852 15,921,894 IV. MONEY MARKET FUNDS 11,872,632 3,082,852 14,955,484 17,002,149 3,914,129 20,916, Interbank Money Market Funds Istanbul Stock Exchange Money Market Funds Funds Provided Under Repurchase Agreements 11,872,632 3,082,852 14,955,484 17,002,149 3,914,129 20,916,278 V. MARKETABLE SECURITIES ISSUED (Net) V-II-d 5,630,957 5,363,907 10,994,864 5,152,912 4,942,514 10,095, Bills 4,365, ,821 4,894,132 3,896, ,658 4,054, Asset-backed Securities Bonds 1,265,646 4,835,086 6,100,732 1,256,840 4,783,856 6,040,696 VI. FUNDS Borrower funds Other VII. MISCELLANEOUS PAYABLES 4,786, ,593 5,128,312 4,054, ,085 4,337,257 VIII. OTHER LIABILITIES V-II-f 1,969,619 3,762,417 5,732,036 1,354,946 3,193,203 4,548,149 IX. FACTORING PAYABLES X. LEASE PAYABLES (Net) V-II-g Finance Lease Payables Operating Lease Payables Other Deferred Financial Lease Expenses ( - ) XI. DERIVATIVE FINANCIAL LIABILITIES HELD FOR RISK V-II-h MANAGEMENT Fair Value Hedges Cash Flow Hedges Net Foreign Investment Hedges XII. PROVISIONS V-II-i 5,969,355 17,599 5,986,954 5,819,573 22,883 5,842, General Loan Loss Provisions 2,032,807 5,022 2,037,829 1,968,929 3,659 1,972, Provision for Restructuring Reserves for Employee Benefits 384, , , , Insurance Technical Reserves (Net) Other Provisions 3,551,684 12,577 3,564,261 3,485,697 19,224 3,504,921 XIII. TAX LIABILITY V-II-j 516, , , , Current Tax Liability 516, , , , Deferred Tax Liability XIV. LIABILITIES RELATED TO ASSETS HELD FOR SALE AND DISCONTINUED OPERATIONS Held for Sale Discontinued Operations XV. SUBORDINATED DEBT - 3,028,844 3,028,844-2,984,143 2,984,143 XVI. SHAREHOLDERS' EQUITY V-II-k 23,255,217 55,479 23,310,696 23,621,893 (42,776) 23,579, Paid-in Capital 4,500,000-4,500,000 4,500,000-4,500, Capital Reserves 3,078,139 55,479 3,133,618 3,674,798 (42,776) 3,632, Share premium 3,694-3,694 3,694-3, Share Cancellation Profits Marketable Securities Value Increase Fund 1,431,815 55,479 1,487,294 2,028,474 (42,776) 1,985, Tangible Assets Revaluation Reserve Intangible Assets Revaluation Reserve Investment Property Revaluation Reserve Bonus Shares Obtained from Associates, Subsidiaries and Jointly Controlled Entities (Joint Ventures) 26,692-26,692 26,692-26, Hedging Reserves (Effective Portion) Accumulated Revaluation Reserves on Assets Held for Sale and Discontinued Operations Other Capital Reserves 1,615,938-1,615,938 1,615,938-1,615, Profit Reserves 14,861,688-14,861,688 12,283,730-12,283, Legal Reserves 2,246,666-2,246,666 2,044,830-2,044, Statutory Reserves Extraordinary Reserves 12,584,659-12,584,659 10,177,540-10,177, Other Profit Reserves 30,363-30,363 61,360-61, Profit or Loss 815, ,390 3,163,365-3,163, Prior Years' Profit/Loss Current Period Profit/Loss 815, ,390 3,163,365-3,163,365 TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 117,969,673 95,052, ,021, ,100,877 84,399, ,500,037 4 UNCONSOLIDATED STATEMENT OF OFF-BALANCE SHEET ITEMS THOUSAND TL OFF-BALANCE SHEET ITEMS CURRENT PERIOD PRIOR PERIDOD Footnotes (31/03/2014) (31/12/2012) TL FC Total TL FC Total A. OFF-BALANCE SHEET CONTINGENCIES AND COMMITMENTS (I+II+III) 84,768, ,460, ,229,300 73,673,427 94,970, ,644,314 I. GUARANTEES AND SURETYSHIPS V-III 16,710,356 23,044,787 39,755,143 15,457,202 22,554,912 38,012, Letters of Guarantee 16,701,270 13,585,375 30,286,645 15,445,061 14,065,796 29,510, Guarantees Subject to State Tender Law 734,908 3,909,006 4,643, ,823 3,865,351 4,633, Guarantees Given for Foreign Trade Operations 3,062,964 4,544,370 7,607,334 2,010,806 5,064,059 7,074, Other Letters of Guarantee 12,903,398 5,131,999 18,035,397 12,666,432 5,136,386 17,802, Bank Acceptances 829 1,339,765 1,340,594 4,262 1,490,684 1,494, Import Letters of Acceptance - 180, , , , Other Bank Acceptances 829 1,158,837 1,159,666 4,262 1,298,906 1,303, Letters of Credit - 7,463,009 7,463,009-6,421,249 6,421, Documentary Letters of Credit - 5,095,313 5,095,313-4,221,966 4,221, Other Letters of Credit - 2,367,696 2,367,696-2,199,283 2,199, Prefinancing Given as Guarantee Endorsements Endorsements to the Central Bank of Turkey Other Endorsements Purchase Guarantees for Securities Issued Factoring Guarantees Other Guarantees 8, , ,895 7, , , Other Suretyships II. COMMITMENTS 35,266,842 12,282,699 47,549,541 33,746,881 13,558,184 47,305, Irrevocable Commitments 35,095,855 6,821,008 41,916,863 33,621,597 8,171,671 41,793, Forward Asset Purchase Commitm
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