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Dear investors, customers, business partners and colleagues,

The development of a company is determined by how it perceives innovation. Financial performance is a measurement of success. The added value created for stakeholders occurs at the point where these two intersect.

As TEB, we are pleased to have balanced both innovation and financial performance at an appropriate and sustainable point.

Our performance...
Known for its reputation, financial clout, professionalism and innovativeness in the Turkish banking sector, TEB displayed a strong operational and financial performance in 2009.

TEB's total assets reached TRY 15,064 billion at year-end. For full-year 2009, the Bank recorded pretax profit of TRY 256.8 million and after-tax profit of TRY 210.2 million. With these results, our average return on capital was 13.68% (14.07% in 2008) and our average return on assets was 1.41% (1.24% in 2008).

While TEB's total lendings reached TRY 9 billion according to our end-of-year data, the amount of total deposits our customers entrusted to us was TRY 9.4 billion. The Bank’s capital adequacy ratio, which is one of the most important indicators of financial strength, was 17.70% for 2009 (17.65% in 2008).

We conduct our business activities in a sector that is periodically, easily and rapidly affected by economic turbulence. Accordingly, it is extremely important to have a structure that is balanced, easy-to-manage and as conservative as needed.

By protecting our values...
The effects of the global economic crisis that began in 2008 were intensely experienced in Turkey during the first two quarters of 2009. Domestic and international economic contraction forced all financial institutions to take a range of fiscal measures in response. While the global crisis reminds companies that efficiency is a must in the business world, it also emphasized the importance of developing innovative and creative products to protect and improve their positions in the market.

Across business lines, but particularly in retail banking and commercial banking, TEB won awards for,

  • offering innovative products and services,
  • working efficiently,
  • creating added value for its customers,
  • investing in human resources and technology,

by successfully completing a difficult year like 2009.

Reputation, reliability, ambition and commitment, innovativeness and creativity...Being protected from the deepest impact of the economic crisis environment by adopting these values, TEB strengthened its market share thanks to its products and services created with an innovative approach and continued to be the consultant bank for its customers in 2009. We undertook many significant research and development initiatives in the name of innovativeness and creativity by "protecting the values that made us TEB."

With our core values and innovative approach, I do believe that we will continue to fulfill our responsibilities to our customers, employees, shareholders and other social stakeholders in 2010. As long as we work to further develop TEB with this philosophy in mind, our profitability will continue steadily and our operational performance will remain strong.

Continuity of change...
The global market is characterized by change. Everything is in a process of change including the individual components of our daily lives, personal living standards and many other basic elements of the business world. Consumption patterns and the habits of individuals have been changing quickly. Banking is one of the sectors that is most affected by this reality of today’s world.

TEB predicted that change will occur ever faster and in every conceivable area. We expect a radical restructuring will take place on all strata from the global market to the domestic market and we have prepared our strategic road map accordingly. Our long-term strategic plan, which was prepared in line with this prediction, proceeded through the partnership with BNP Paribas and played a significant role in the success of our integrated financial services offering we organized under the TEB brand.

We have to accept that the concept of change is an integral and continuous part of modern daily life. Success in navigating through all the economic issues in the coming short- and mid-term depends on the ability to manage change. The 2009 global economic crisis brought change to a new dimension.

Dear customers, business partners and colleagues,

TEB planned its journey of development to become one of Turkey’s leading banks in line with the facts I have summarized above.
We should take our Bank and business a step further everyday and update our processes according to changing market conditions. Our human resources, technological infrastructure, customer-oriented business philosophy and proactive risk management approach are our main assets that will continue to guide us in this journey. These assets provide us the opportunity to improve the quality of income generating business lines and make our revenues sustainable.

Sustainable growth strategies, one of the key trends in global banking and which have been successfully implemented by TEB in recent years, were the most important driving force behind the positive developments we achieved in our revenue base despite the extraordinary challenging conditions of 2009. TEB covered a significant amount of its operational expenses thanks to its non-interest income in a year when the demand in credit facilities, which are the basis of our main business, decreased in parallel with the economic contraction.

Product engineering...

TEB's ability to offer innovative products and services has always played an important role in its strong reputation and position in the market.

We see our customers at the center of all of our activities. Products and services developed according to the needs of our customers have made TEB an example of excellence within Turkey and in international markets, especially in terms of retail and commercial banking.

In addition to our products that create added value, our applications in e-banking also provide a high level of customer satisfaction, which led to an increase in business volume and market share. Efficient cross-selling activities we conduct with our existing customers and sales to new customers make the positive trend in our revenue base sustainable.

TEB also implemented successful projects in non-banking products and services in 2009.
In 2009,

  • TEB moved up to rank sixth in POS turnover in Turkey.
  • TEB continued to be among the first three banks in Gold Banking with a market share of nearly 30% in loans.
  • TEB further strengthened its foreign trade intermediation services market share, which has always been at a high level.
  • TEB increased its market share to 4.2% by recording an increase of 40% in investment funds.

Another significant success we had in 2009 was the completion of ISO 14001 certification.

TEB was entitled to receive ISO 14001 certification by taking its environmentally minded approach to the corporate level in 2009. Our Bank is the first deposit bank in Turkey to receive this certification.

I would like to thank all my team members who contributed to the successful completion of the ISO 14001 certification process.

TEB plans to further detail its environmentally friendly approach and integrate it into its products in the following period. We should take care of the next generations more than ever today to ensure future sustainability. Our primary mission is to leave a livable, clean and green world for the next generation. TEB is determined to act as a good corporate citizen taking care of the next generations and fulfill its related responsibilities in interaction with its stakeholders.

As the market expands after the crisis...
We have a customer base that is extensive and differentiated. We stand out within the sector with highly competitive products and services in all our business lines. Our physical growth in recent years enabled us to provide services in a wider geographic area of the domestic market.

TEB is committed to protect its prestigious market position and continue its growth across all business lines, particularly in retail banking and SME banking.

TEB will focus on controlled growth in 2010.
The year 2009 was dominated by a focus on risk management. We see 2010 as a year where controlled growth will be prioritized.

I would like to share the headlines of our objectives in this area.

  • One of the most important requirements in our banking approach today is to provide customers with efficient, fast and quality services. In line with strategy, 2010 will be the year when TEB will provide its customers with faster, more efficient and higher quality services and take significant steps to become a "Convenient Bank."
  • In 2010, we believe that the most important source to finance growth will continue to be deposits. Accordingly, we plan to focus on cash management products that create demand deposits in all of our business lines.
  • We expect that low policy interest rates will continue for a certain period of time in 2010. This will result in a decrease in interest income generated in the markets. Therefore, increasing our non-interest income will be extremely important to protect our profitability.
  • We are determined to improve innovativeness, which is one of the basic principles of TEB banking. We aim to win another award in 2010 in the BNP Paribas Innovation Awards Program, in which we have been winning awards for three consecutive years. The support we expect to receive from our subsidiaries for our projects will be vitally important.


TEB’s core values were safeguarded and adopted in our product and service development initiatives and TEB achievements will guide the projects we plan for 2010.

Our Bank will continue to develop further in terms of not only financial results but also market position and reputation in the sector in 2010.

Best regards,

Varol Civil