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%75 of our loans portfolio is comprised of corporate, commercial and SME loans. Retail loans and credit card receivables increased by 31% compared to previous year and reached TRY 2.2 millions and their share reached to25%.with an increased share of 25%.
Non Performing Loans reached to 4.64% in 2009 from 2.34% from 2008, which is still below the sector average of %5.2.In other words, regardless of the loan growth and deterioration in the market, asset quality is above the sector average.

As of December 2009, 95% of our deposits were granted as loans. TEB meets liquidity requirement primarily from deposits and the share of deposits which is our main source of funding, reached 63% in total liabilities. Demand deposit’s share in total deposits increased from 15% to 22% corresponding to TRY 2.1 billion and thus made a significant contribution towards decreasing our cost of funding

TEB diversifies its funding resources by foreign borrowings. Bank utilized further sources of long-term funds through syndications from international markets and other similar sources; additionally, continued to create Turkish Lira funds using derivative instruments. 

As of December 31, 2009, the Bank has a syndication loan of EUR 190 million and USD 92 million obtained on December 2, 2009, with a maturity date of 24 November 2010.

TEB has outstanding 4 different subordinated loan facilities amounting to EUR 110 million and USD 165 million, borrowed from various banks and financial institutions between 2002 and 2007.  The repayment of principal amounting 3 million USD is made on October 15, 2009.

Despite the IT expenditures, promotional expenses regarding campaigns supporting the expansion of Retail banking activities and specialization of Corporate and Commercial Banking expenses, operational expenses remain TRY 701 million same as previous year.

Changes in the composition of our balance sheet due to the market conditions and growing number of customers increased our fees and commissions income by 12% in comparison to the previous year. The Bank increased its net income, as a result of its operations as a whole, by 28%, from TRY 164.2 million in 2008 to TRY 210.2 million in 2009.