CEO's Message

 
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Esteemed Stakeholders,

The major earthquake disaster that we experienced in February, 2023 deeply wounded ourselves and the whole country. The whole nation, as well as the banking community, mobilized to bind the wounds of the regions that affected by the earthquake. Operations for infrastructure and residential construction works are rapidly initiated in order for the region to regain its former health, while efforts to bring the region’s production capacity back are continuing.

During the first quarter of the year, the global economy continued to be shaped by the interest steps of major central banks across the world. Within the scope of the fight against inflation, the US Central Bank continued to raise the interest rates and increased the policy interest to 4.75% – 5.00%. Even though the bankruptcies that are started in USA and spread to Europe afterwards seem to be resolved with the governments’ support for the moment, the balance sheets of the banks will be monitored closely in terms of the global economies in the upcoming period. The European Central Bank also increased the policy interest to 3% while giving signals regarding the continuance of the interest rate hikes in the following period. The CBRT lowered the policy rate to 8.50% as the inflation data is being monitored in our country. Markets are awaiting the presidential elections which will be held in May.

As PASHA Bank, our profit reached TL 60 million as of the end of the first quarter of 2023. We increased our asset size to TL 6,284 million. Our total cash and non-cash loan size, including receivables from leasing transactions, reached TL 4,450 million, while TL 3,859 million of this amount consists of cash loans and receivables from leasing transactions.

Our expectation is that the Turkish economy will continue to grow in the 4.00%-4.50% band this year. Along with the developments related to the Russia-Ukraine war, especially the interest policy of the FED will be closely monitored. I wish that the upcoming period will be positive for the Turkish economy and our banking sector.

Sincerely yours,

H. Cenk Eynehan
CEO and Board Member