In 2023, PASHA Bank, one of Turkey's most robust investment banks, achieved significant growth, marking a successful year. The bank increased its total assets by 61% compared to 2022, reaching 9 billion 910 million Turkish Liras. PASHA Bank has been a leader in Asset-Backed Securities (ABS) issuance in Turkey and provided support of TRY 948 million to the agriculture, chemical, and automotive sectors in 2023. During the year, the bank's Long-Term National Corporate Credit Rating was upgraded to 'A+ (tr)' by the international rating agency JCR. The cash credit size of PASHA Bank also saw a 55% increase compared to 2022, amounting to TRY 5 billion 642 million.
Positioning itself as a "financial bridge" for companies aiming to trade and invest within the Turkey, Azerbaijan, and Georgia triangle and seeking to expand their current business volume, PASHA Bank also takes on the mission of being a guide and strategic solution partner for these firms. Within a short span of nine years, PASHA Bank has established itself among Turkey's strongest investment banks. In addition to its banking activities, PASHA Bank has gained recognition for its social responsibility projects and has become a pioneer in the field of ABS in Turkey. The bank first provided financial support to the agriculture, chemical, and automotive sectors in 2020 and has since achieved a significant milestone by issuing a total of TRY 2 billion 153 million in ABS for these three sectors. PASHA Bank's Long-Term National Corporate Credit Rating has been raised to 'A+ (tr)' by the international credit rating agency JCR. The bank solidifies its image as a strong financial institution with a strong capital adequacy ratio of 23.8%, country-specific advantages that encourage investment, and the continuity of its robust risk management organization. Having had a productive year in 2023, PASHA Bank announced its financial figures for the year on Monday, February 19. The bank increased its total assets by 61% to TRY 9 billion 910 million and its equity by 63% to TRY 1 billion 328 million compared to 2022. The cash credits of PASHA Bank rose to TRY 5 billion 642 million, and the total credit volume to TRY 6 billion 794 million. The bank's net profit for the period increased by 158% compared to the previous year, reaching TRY 525 million.
Standing out with its solid capital structure
2023 was a period in which the fight against the inflation problem caused by the expansionary policies implemented during the pandemic was at the forefront. This was particularly significant in Turkey, where the economy faced challenges following the February earthquake disaster. Despite these difficulties, the latter half of the year saw a period of recovery for the Turkish economy.
PASHA Bank emerged as one of the most successful investment banks in 2023, thanks to its strong capital structure, strategic planning, and the financial tools it developed. Standing by the real sector, it continued to be a lifeblood for the sectors.
Qualified investors will be able to easily participate in ABS issuances!
PASHA Bank's General Manager, H. Cenk Eynehan, commented on the bank's financials for 2023, stating: “Despite a turbulent year, we can say we had a successful year thanks to correct strategic planning. The key factor was our three-year strategic plans and our annual revisions of these plans to align with global and Turkish economic conditions. In 2023, we continued to stand by the real sector with ABSs. PASHA Bank has been instrumental in structuring and facilitating ABS issuances for its clients in the agriculture, chemical, and automotive sectors who have a quality asset pool but lack access to finance under favorable conditions through such transactions. By intermediating ABS issuances, the bank successfully connected qualified investors with its clients. Since its first ABS issuance in 2020, PASHA Bank has reached a volume of TRY 2 billion 153 million, with TRY 948 million of support provided in 2023 alone.
Integrating ABS Leadership and Experience with the Digital World
By integrating our leadership and experience in ABS issuances with the digital world, we have created a digital channel that will be implemented for the first time in Turkey, where qualified investors who are not customers of our Bank can participate in the issuance through our website. We expect investment in asset-backed securities to accelerate in Turkey, as in countries with developed capital markets. As PASHA Bank, we continue to support the real sector and grow by contributing to the Turkish economy.