SUMMARY OF BOARD DIRECTORS’ REPORT PRESENTED TO THE GENERAL ASSEMBLY
While Turkey’s credit note –which was raised to investment level by Fitch and Moody’s respectively- as well as macroeconomic data were indicating a positive outlook in the first half of 2013, global economy changes and domestic movements led to a very different outlook in the second half of the year.
Although there were negative developments Turkey’s GDP is expected to be 3.8%. Even there was deterioration in the macroeconomic data, its effect on economy was limited.
Despite the negative developments in 2013, Turkish Banking system with its solid balance sheet structure and effective managements successfully completed 2013. Limited revenue growth in the sector was due to regulations on income sources rather than economic defects.
As one of the most prestigious players in the Turkish banking industry, TEB has maintained its progress with determination in line with its vision, mission, target and strategies and completed the year with a successful performance as indicated by the figures below:
While we maintained our efforts to build infrastructure in our business lines and expand our branch network throughout 2013, we have also taken steps to build a more effective and efficient organization. Our Bank has also focused on enhancing and diversifying the synergy with its strategic partner, BNP Paribas, which has continued to offer global service channels to its customers TEB has also reinforced its collaboration with its financial subsidiaries and increased its performance by capitalizing on the opportunity to offer complementary products and services to its broad and wide client base.
TEB also injected momentum into its social responsibility efforts in 2013. We have successfully undertaken efforts to promote financial literacy, which, in our opinion, is highly important in raising the social wealth and success of the banking industry. Thus, we were able to reach a total of 105,000 people in a year through the TEB Family Academy. I would like to add that we find such projects highly useful in terms of sustainable growth and social development. TEB will continue to support these areas not only through substantial means, but also through the active participation of its qualified management teams as instructors.
Another development important to TEB was the change in the management team. Having served TEB as the CEO for a period of 10 years, Mr. Varol Civil handed over the reins to Mr. Ümit Leblebici. From now on, Mr. Civil will be sharing his broad experience and knowledge with us at a more strategic level on our Management Boards. I would like to wish the greatest success to Mr. Leblebici and Mr. Civil.
TEB has been successfully applying its strategies with the purpose of becoming a much stronger bank with its expanding and diversifying service channels. We will further cement our prestigious position in the sector by expanding our product and client portfolios. Thanks to its strong shareholding structure and resources, TEB is currently able to undertake the necessary investments for growth. Supporting this strength with flexible and swift decision making processes and the managerial competency of its professional team, TEB looks to the future with confidence.
Before presenting TEB’s 2013 operational results and financial statements for your considered opinion, we take this opportunity as the TEB Board of Directors to thank you, our esteemed shareholders, for your worthy support.
The Board of Directors