Türkiye Sinai Kalkinma Bankasi (TSKB) Q4 2024 earnings summary

Executive summary

• Achieved strong earnings growth with net profit up 44% year-over-year and 18% quarter-over-quarter, driven by resilient core net interest income and robust loan growth.

• Maintained sector-leading solvency and asset quality, with high coverage ratios and no new NPL inflow in 2024.

• Secured record high FX funding exceeding USD 1.7 billion, supporting diversified and sustainable growth.

Financial highlights

• Net profit reached TL 10,135 mn for 2024, up from TL 7,041 mn in 2023.

• Net interest income increased 25% year-over-year to TL 11,968 mn; net banking income rose 7% to TL 12,282 mn.

• OPEX grew 88% year-over-year, while provisions dropped 78% due to improved asset quality.

• Return on equity (ROE) stood at 38.5% for 2024.

Outlook and guidance

• 2025 guidance targets low teens FX-adjusted loan growth, NIM around 5%, and ROE near 30%.

• OPEX growth expected above CPI, with capital adequacy ratio around 21% and NPL ratio below 2.5%.

• Focus remains on SDG-targeted growth and maintaining robust solvency and profitability.