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Dear Shareholders,
The policies against global fluctuations
have finally had results in 2013. The
developed economies, especially
the United States, performed over
the expectations with their actual
growth rates. Meanwhile, during the
second quarter of 2013, the Euro
Zone recorded growth for the first time
compared to the previous period.
Developing markets, which had made
very good entrance to the year, fell into
a period dominated by uncertainties
and fluctuations starting from the third
quarter. During mid-May, following
the announcement of the US Federal
Reserve (FED) that it may decrease
asset purchase, developing markets
was subjected to capital outflows.
Considering the vulnerability of
developing countries against capital
movements, it seems crucial that these
countries should attentively follow the
developments and continuously review
their positions.
As of the third quarter of 2013,
the Turkish economy exhibited an
impressive growth performance with
4.0%, mainly due to the improvement in
household consumption and increase
in investment expenditures. During
the first half of the year, following the
Moody’s upgrade, Turkey became
more attractive for international
funds. However, after FED signed
that it may end asset buying, like the
other developing countries, Turkey
felt pressure on its economy. Capital
outflow caused depreciation in the
Turkish lira and an increase in rate of
interest. On the inflation front, CPI
increased up to 7.40% annually as
of 2013 end. Meanwhile, the current
account deficit, which again displayed
a widening tendency, increases the
vulnerability of the economy.
Successfully passing through all the
adverse conjunctures during the
recent period, the Turkish banking
sector sustained its contribution to the
economic growth of Turkey in 2013
as well owing to its high level of asset
quality and strong capital structure.
Starting from the second half of the
year, increase in interest rates caused
a short slump throughout the market;
however, profitability sustained and
return on equity of the sector reached
14.2%.
Leaving behind another successful year
in line with the target of being one of the
strong players in the banking industry,
A&T Bank obtained strong results in all
of its business segments. Exceeding
its financial targets for 2013, A&T Bank
reached an asset size of TL 3.4 billion
and return on equity of 12.02%with
a net profit for the period of TL 49.6
million. Another outstanding result
A&T Bank obtained in 2013 is that the
number of customers increased by
100%.
Message from the Chairman
Leaving behind another successful year in line
with the target of being one of the strong players
in the banking industry, A&T Bank confidently
starts 2014 due to breakthroughs made in 2013.
growth
continues