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The performance index (cost to income ratio) improved to 41% compared to 46% in the corresponding quarter of 2012. This improvement came despite the continued high inflation and expansion of the branch network to which 70 new units were added on an annual basis.

Finansbank’s total funding amounted to 43.5 billion Turkish lira (18.8 billion euro) and marked a 19% increase on an annual basis. As a result of the strategy of credit extension, the bank’s loan portfolio increased by 25% on an annual basis and reached 27.8 billion Turkish lira (7.7 billion euro). The late loans index increased to 5.8% compared to 5% in March 2012.

Total deposits recorded a 23% increase on an annual basis. The loans to deposits ratio was 101% compared to 114% a year ago.

The Capital Adequacy Ratio (CAR) changed to 19%, the highest among the main competitors. Finansbank’s strong capital base provided an important advantage in the development of its balance.

South East Europe: a focus on limitation of prices and improving liquidity

The group's activities in South Eastern Europe led to a profit of 13 million euro after five consecutive quarters of losses. An 11% increase in deposits on an annual basis (up to 5.3 billion euro) contributed to the overall improvement of the loans to deposits ratio, which amounted to 108% compared to 129% at the end of March 2012. The improvement of subsidiaries’ liquidity during the crisis led to their almost complete separation from funding by the parent company.