Case File
efta-01437401DOJ Data Set 10OtherEFTA01437401
Date
Unknown
Source
DOJ Data Set 10
Reference
efta-01437401
Pages
102
Persons
0
Integrity
Extracted Text (OCR)
EFTA DisclosureText extracted via OCR from the original document. May contain errors from the scanning process.
Main
USD/TRY 4.85
LOANS
TRYm
Akbank Garanti Halkbank
Isbank Vakifbank
Yapi Kredi
Total
Stage 1 177483.751
179942.836
208018.025
225447.282
189194.53
189206.167
SUM(C5:H5)=1169292.591
Stage 2 18107.557+561.381+3109.4=21778.338000000003
29599.849+5463.71+2411.769=37475.328
4219
.35+28.39+3620.128=7867.868
16743.129+3832.425+460.08=21035.634000000002
3835.687+108.017+226
2.51=6206.214
5397.15+541.86+2728.63=8667.64 SUM(C6:H6)=103031.02200000001
Stage 3 4046.342
5633.32 6264.786
5799.235
7945.146
8617.858
SUM(
C7:H7)=38306.687000000005
Total
SUM(C5:C7)=203308.43099999998
SUM(D5:D7)=223051.48400000003
SUM(E5:E7)=222150.6789999999
7
SUM(F5:F7)=252282.15099999998
SUM(G5:G7)=203345.89
SUM(H5:H7)=206491.66499999998
SUM(
CB:H8)=1310630.30
COVERAGE
TRYm
Akbank Garanti Halkbank
Isbank Vakifbank
Yapi Kredi
Average
Stage 1 635.937 816.282 1003.91 1588.177
1541.675
1735.70 SUM(C12:H12)=7321.681
Stage 2 2783.856
3620.075
784.616 1845.348
468.183 888.696 SUM(C13:H13)=10390.7
74000000001
Stage 3 3130.372
3963.228
4978.164
4157.801
6201.91 7386.565
SUM(
C14:H14)=29818.039999999997
Total
SUM(C12:C14)=6550.165
SUM(D12:D14)=8399.585
SUM(E12:E14)=6766.69
SUM(F12:F14)=7591.32
6
SUM(G12:614)=8211.768
SUM(H12:H14)=10010.961 SUM(C15:H15)=47530.494999999995
t in Total loans
TRYm
Akbank Garanti Halkbank
Isbank Vakifbank
Yapi Kredi
Average
Stage 1 C5/C$8=0.8729778205803969
D5/D$8=0.8067322968360076
E5/E$8=0.936382575720149
F5/F$8=0.8936315197344263
G5/G$8=0.9304074451664599
H5/H$8=0.9162896090745358
I5/I
$8=0.8921605055216563
Stage 2 C6/C$8=0.10711969933012766
D6/D$8=0.16801200928122942
E6/E$8=0.035416808246622564
F6/F$8=0.08338138039737898
G6/G$8=0.030520479169753565
H6/H$8=0.041975737858474825
16/I
$8=0.07861181143149217
Stage 3 C7/C$8=0.019902480089475486
D7/D$8=0.025255693882762956
E7/E$8=0.02820061603322851
F7/F$8=0.022987099868194798
G7/G$8=0.03907207566378646
H7/H$8=0.04173465306698942
17/I
$8=0.029227683046851582
Total
C8/C$8=1
DB/D$8=1
E8/E$8=1
F8/F$8=1
GB/G$8=1
H8/H$8=1
IB/I$8=1
COVERAGE RATIO
TRYm
Akbank Garanti Halkbank
Isbank Vakifbank
Yapi Kredi
Average
Stage 1 C12/C5=0.0035830716694735623
D12/D5=0.004536340640980005
E12/E5=0.004826072163698314
F12/F5=0.007044560421890559
G12/G5=0.008148623535786156
H12/H5=0.009173591048964065
112/
15=0.0062616329363195285
Stage 2 C13/C6=0.12782683416888835
D13/D6=0.09659888767351148
E13/E6=0.09972409298173278
F13/F6=0.08772485773426177
G13/G6=0.07543777897442788
H13/H6=0.10253033120895655
113/
16=0.10085092623850708
Stage 3 C14/C7=0.7736301083793707
D14/D7=0.7035332628006221
E14/E7=0.7946263447785766
F14/F7=0.7169568055096923
G14/G7=0.7805910678041662
H14/H7=0.85712308093264 I14/17=0.778
4029978891152
Total
SUM(C26:C28)=0.9050400142177326 SUM(D26:D28)=0.8046684911151136 SUM(E26:E28)=0.8991765099240
078
SUM(F26:F28)=0.8117262236658447 SUM(G26:G28)=0.8641774703143803 SUM(H26:H28)=0.9688270031905
606
SUM(126:128)=0.8855155570639418
Expected provision expenses
TRYm
Akbank Garanti Halkbank
Isbank Vakifbank
Yapi Kredi
Average
Stage 1 53.916 379.957 96.532 7.40
167.354 153.12 SUM(C33:H33)=858.279
Stage 2 246.51 748.876 19.004 588.762 78.11
70.684 SUM(C34:H34)=1751.946
Stage 3 397.74 488.162 276.835 531.50 1037.65 589.523 SUM(C35:H35)=3321.4100000000003
Total
SUM(C33:C35)=698.1659999999999 SUM(D33:D35)=1616.995
SUM(E33:E35)=392.371
SUM(F33:F35)
=1127.6619999999998
SUM(G33:G35)=1283.114
SUM(H33:H35)=813.327
SUM(C36:H36)=5931.635
Average gross loans
'R:\Bank models\Turkish Bank Model with 2020 Estimates\Higher RFR\[AKBANK MO
DEL- Higher RFR and Lower NIM.xlsx]COR'!$AH$13/1000=199098.746 111:\Hank models\Turkish Bank Model w
ith 2020 Estimates\Higher RFR\[GARANTI MODEL- Higher RFR and Lower NIM.xlsx]COR'!$AH$13/1000=219928.
43
'R:\Bank models\Turkish Bank Model with 2020 Estimates\Higher RFR\[HALKBANK MODEL- Higher RF
R and Lower NIM.xlsx]COR'!$AH$13/1000=215448.166
'R:\Bank models\Turkish Bank Model with 2020
Estimates\Higher RFR\(ISBANK MODEL- Higher RFR and Lower NIM.xlsx]COR'!$AH$13/1000=249443.2855 'R:\
Bank models\Turkish Bank Model with 2020 Estimates\Higher RFR\[VAKIFBANK MODEL- Higher RFR and Lower
NIM.xlsx]COR'!$AH$13/1000=197091.47
'R:\Bank models\Turkish Bank Model with 2020 Estimates\Highe
r RFR\[YAPI KREDI MODEL- Higher RFR and Lower NIM.xlsx]COR'!$AH$13/1000=204895.8715
SUM(C37:H37)
=1285905.969
COR (gross)
TRYm
Akbank Garanti Halkbank
Isbank Vakifbank
Yapi Kredi
Average
Stage 1 C33/C$37*4=0.0010832011970582677
D33/D$37*4=0.006910557220819518 E33/E$37*4=0.0017922
083402650082
F33/F$37*4=1.1866424843093242E-4
G33/G$37*4=0.0033964737286702467
H33/
H$37*4=0.0029892256760283235
133/1$37*4=0.002669803300368691
Stage 2 C34/C$37*4=0.004952517380496208 D34/D$37*4=0.013620358222900059 E34/E$37*4=3.528273246011294
E-4
F34/F$37*4=0.009441216247931435 G34/G$37*4=0.0015852537910443307
H34/H$37*4=0.0013799
009122543496
134/1$37*4=0.005449686189301761
Stage 3 C35/C$37*4=0.007990808741708499 D35/D$37*4=0.008878561084621938 E35/E$37*4=0.005139704925592
172
F35/F$37*4=0.008522979465005484 G35/G$37*4=0.021059257409770195 H35/H$37*4=0.011508733595932
899
135/1$37*4=0.010331735228145598
Total
SUM(C41:C43)=0.014026527319262974
SUM(D41:D43)=0.029409476528341517
SUM(E41:E43)
EFTA01437401
=0.0072847405904583095 SUM(F41:F43)=0.018082859961367853
SUM(G41:G43)=0.02604098492948477
SUM(H41:H43)=0.015877860184215574
SUM(I41:143)=0.018451224717816052
Recoveries
253
860
188
432
446
330
SUM(C45:H45)=2509
COR (net)
TRYm
Akbank Garanti Halkbank
Isbank Vaki bank
Yapi Kredi
Average
Stage 1
Stage 2
Stage 3 (C35-C45)/C37*4=0.0029079037996552724
(D35-D45)/D37*4=-0.006762891000495025
(E35-E45)/E3
7*4=0.0016493062187403346
(F35-F45)/F37*4=0.0015955530701186181
(G35-G45)/G37*4=0.0120076226
53583133
(H35-H45)/H37*4=0.005066436880354615
(135-145)/137*4=0.002527121016886734
Total
(C36-C45)/C37*4=0.008943622377209748
(D36-D45)/D37*4=0.013768024443224555
(E36-E45)/E3
7*4=0.0037943418836064724
(F36-F45)/F37*4=0.011155433566480983
(G36-G45)/G37*4=0.0169893501
7329771 (H36-H45)/H37*4=0.009435563468637288
(136-145)/137*4=0.010646610506557188
EFTA01437402
Sensit
Coverage
0.25
0.30
0.30
0.25
0.30
0.35
USD/TRY 4.85
OTAS exposure (USDm)
1500
950
160
500
180
200
LOANS
OTAS exposure (TRYm)
M2*$U$1=7274.999999999999
N2*$U$1=4607.50 02*$U$1=776
P2*$
U$1=2425
Q2*$U$1=872.9999999999999
R2*$U51=969.9999999999999
TRYm
Akbank Garanti Halkbank
Isbank Vakifbank
Yapi Kredi
Total
TRYm
Akba
nk
Garanti Halkbank
Isbank Vakifbank
Yapi Kredi
Total
Stage 1 177483.751
179942.836
208018.025
225447.282
189194.53
189206.167
SUM(C5:H5)=1169292.591 Stage 1 C5+M3=184758.751
D5+N3=184550.336
E5+03=208794.025
F5+P3=227872.282
G5+Q3=190067.53 H5+R3=190176.167
SUM(M5:R5)=1186219.091
Stage 2 18107.557+561.381+3109.4=21778.338000000003
29599.849+5463.71+2411.769=37475.328
4219
.35+28.39+3620.128=7867.868
16743.129+3832.425+460.08=21035.634000000002
3835.687+108.017+226
2.51=6206.214
5397.15+541.86+2728.63=8667.64 SUM(C6:H6)=103031.02200000001
Stage 2 C6-M3=14503.
338000000003
D6-N3=32867.828 E6-03=7091.868 F6-P3=18610.634000000002
G6-Q3=5333.214 H6-R
3=7697.639999999999
SUM(M6:R6)=86104.52200000001
Stage 2 loans adjusted for OTAS exposure
Stage 3 4046.342
5633.32 6264.786
5799.235
7945.146
8617.858
SUM(
C7:H7)=38306.687000000005
Stage 3 C7=4046.342
D7=5633.32
E7=6264.786
F7=5799.235
G7=7945.146
H7=8617.858
SUM(M7:R7)=38306.687000000005
Total
SUM(C5:C7)=203308.43099999998
SUM(D5:D7)=223051.48400000003
SUM(E5:E7)=222150.6789999999
7
SUM(F5:F7)=252282.15099999998
SUM(G5:67)=203345.89
SUM(H5:H7)=206491.66499999998
SUM(
C8:H8)=1310630.30
Total
SUM(M5:M7)=203308.43099999998
SUM(N5:N7)=223051.48400000003
SUM(
05:07)=222150.67899999997
SUM(P5:P7)=252282.15099999998
SUM(Q5:Q7)=203345.89
SUM(R5:R7)=2
06491.66499999998
SUM(M8:R8)=1310630.30
COVERAGE
COVERAGE
TRYm
Akbank Garanti Halkbank
Isbank Vakifbank
Yapi Kredi
Average TRYm
Akba
nk
Garanti Halkbank
Isbank Vakifbank
Yapi Kredi
Average
Stage 1 635.937 816.282 1003.91 1588.177
1541.675
1735.70 SUM(C12:H12)=7321.681
Stag
e 1
C12+(M3*0.01)=708.687
D12+(N3*0.01)=862.3570000000001 E12+(03*0.01)=1011.67
F12+(P3*0.01
)=1612.427
G12+(Q3*0.01)=1550.405 H12+(R3*0.01)=1745.40
SUM(M12:R12)=7490.946
Stage 2 2783.856
3620.075
784.616 1845.348
468.183 888.696 SUM(C13:H13)=10390.7
74000000001
stage 2 C13-(M3*M1)=965.1060000000004
D13-(N3*N1)=2237.825
E13-(03*01)=551.816
F13-(P3*P1)=1239.098
G13-(Q3*Q1)=206.28300000000002 H13-(R3*R1)=549.1960000000001
SUM(M13:R13)
=5749.3240000000005
Stage 2 coverage adjusted for OTAS exposure
Stage 3 3130.372
3963.228
4978.164
4157.801
6201.91 7386.565
SUM(
C14:H14)=29818.039999999997
Stage 3 C14=3130.372
D14=3963.228
E14=4978.164
F14=4157.801
G14=6201.91
H14=7386.565
SUM(M14:R14)=29818.039999999997
Total
SUM(C12:C14)=6550.165
SUM(D12:D14)=8399.585
SUM(E12:E14)=6766.69
SUM(F12:F14)=7591.32
6
SUM(G12:G14)=8211.768
SUM(H12:H14)=10010.961 SUM(C15:H15)=47530.494999999995 Total
SUM(
M12:M14)=4804.165000000001
SUM(N12:N14)=7063.41
SUM(012:014)=6541.65
SUM(P12:P14)=7009.32
6
SUM(Q12:Q14)=7958.598
SUM(R12:R14)=9681.161
SUM(M15:R15)=43058.31
% in gross loans
% in gross loans
TRYm
Akbank Garanti Halkbank
Isbank Vakifbank
Yapi Kredi
Average TRYm
Akba
nk
Garanti Halkbank
Isbank Vakifbank
Yapi Kredi
Average
Stage 1 C5/C58=0.8729778205803969
D5/D$8=0.8067322968360076
E5/E$8=0.936382575720149
F5/F$8=0.8936315197344263
G5/G$8=0.9304074451664599
H5/H$8=0.9162896090745358
15/I
58=0.8921605055216563
Stage 1 M5/M$8=0.9087608914752778
N5/N$8=0.8273889628100389
05/0
58=0.9398757003123993
P5/P$8=0.9032437732782769
Q5/Q58=0.934700622668105
R5/R$8=0.920
9871352434492
S5/S$8=0.9050752840064814
Stage 2 C6/C58=0.10711969933012766
D6/D$8=0.16801200928122942
E6/E$8=0.035416808246622564
F6/F$8=0.08338138039737898
G6/G58=0.030520479169753565
H6/H$8=0.041975737858474825
16/I
58=0.07861181143149217 Stage 2 M6/M58=0.07133662843524677
N6/N$8=0.14735534330719807
06/0
58=0.03192368365437227 P6/P$8=0.07376912685352839
06/Q58=0.026227301668108462
R6/R$8=0.037
27821168956142 56/S$8=0.06569703294666697
Stage 3 C7/C$8=0.019902480089475486
D7/D$8=0.025255693882762956
E7/E$8=0.02820061603322851
F7/F$8=0.022987099868194798
G7/G$8=0.03907207566378646
H7/H$8=0.04173465306698942
17/I
58=0.029227683046851582 Stage 3 M7/M$8=0.019902480089475486
N7/N$8=0.025255693882762956
07/0
58=0.02820061603322851 P7/P$8=0.022987099868194798
07/Q58=0.03907207566378646
R7/R$8=0.041
73465306698942 57/S$8=0.029227683046851582
Total
C8/C$8=1
D8/D$8=1
E8/E$8=1
F8/F58=1
G8/G$8=1
H8/H$8=1
18/I$8=1
Total
M8/M$8=1
N8/N$8=1
08/058=1
P8/P$8=1
Q8/Q$8=1
R8/R$8=1
58/5$8=1
COVERAGE RATIO Earnings impact Akbank Garanti Halkbank
Isbank Vakifbank
Yapi Kredi
Total
TRYm
Akbank Garanti Halkbank
Isbank Vakifbank
Yapi Kredi
Average Stage 2 prov
isions (base)
14503.338000000003
32867.828
7091.868
18610.634000000002
5333
.214
7697.639999999999
S6=86104.52200000001
Stage 1 C12/C5=0.0035830716694735623
D12/D5=0.004536340640980005
E12/E5=0.004826072163698314
F12/F5=0.007044560421890559
G12/G5=0.008148623535786156
H12/H5=0.009173591048964065
/12/
15=0.0062616329363195285
Stage 3 provisions (base)
4046.342
5633.32 6264.786
5799.235
7945.146
8617.858
38306.687000000005
Stage 2 C13/C6=0.12782683416888835
D13/D6=0.09659888767351148
E13/E6=0.09972409298173278
F13/F6=0.08772485773426177
G13/G6=0.07543777897442788
H13/H6=0.10253033120895655
113/
16=0.10085092623850708 Amount of Stage 2 transferred to Stage 3
$T$27*M25=0
$T$27*N25=0
$T$27*025=0
$T$27*P25=0
$T$27*Q25=0
$T$27*R25=0
$T$27*S25=0
0
Stage 3 C14/C7=0.7736301083793707
D14/D7=0.7035332628006221
E14/E7=0.7946263447785766
F14/F7=0.7169568055096923
G14/G7=0.7805910678041662
H14/H7=0.85712308093264 114/17=0.778
4029978891152
Coverage of new Stage 3 loans (70%)
M27*0.7=0
N27*0.7=0
027*0.7=0
P27*0.7=0
Q27*0.7=0
R27*0.7=0
527*0.7=0
Total
SUM(C26:C28)=0.9050400142177326 SUM(D26:D28)=0.8046684911151136 SUM(E26:E28)=0.8991765099240
EFTA01437403
078
SUM(F26:F28)=0.8117262236658447 SUM(G26:G28)=0.8641774703143803 SUM(H26:H28)=0.9688270031905
606
SUM(126:128)=0.8855155570639418 Stage 3 provisions (new)
M28+M26=4046.342
N28+
N26=5633.32
028+026=6264.786
P28+P26=5799.235
Q28+026=7945.146
R28+R26=8617
.858
528+526=38306.687000000005
Net profit (base)
6405.467516045113
7118.518599790241
3809.28613779219
6242
.064735470831
3822.804240772133
3853.9025619301465
SUM(M30:R30)=31252.043791800654
Expected provision expenses
Net profit (new) - TRYmn
M30-(M28*0.8)+((M48-M46)*(0.8)*(0.04
))=6405.467516045113
N30-(N28*0.8)+((N48-N46)*(0.8)*(0.04))=7118.518599790241
030-(028*0.8
)+((048-046)*(0.8)*(0.04))=3809.28613779219
P30-(P28*0.8)+((P48-P46)*(0.8)*(0.04))=6242.06473547
0831
030-(Q28*0.8)+((Q48-Q46)*(0.8)*(0.04))=3822.804240772133
R30-(R28*0.8)+((R48-R46)*(0.
8)*(0.04))=3853.9025619301465
S30-(528*0.8)+((S48-546)*(0.8)*(0.04))=31252.043791800654
TRYm
Akbank Garanti Halkbank
Isbank Vakifbank
Yapi Kredi
Average Change in ne
t profit from base
M31/M30-1=0
N31/N30-1=0
031/030-1=0
P31/P30-1=0
Q31/Q30-1=0
R31/R30-1=0
231/S30-1=0
ROE (base)
M30/M$56=0.14227070975751668
N30/N$56=0.15379565842592643
030/0556=0.133239279
64267931
P30/P$56=0.13031433781764779
Q30/Q$56=0.14460043618259225
R30/R$56=0.102203593
17283423
S30/S$56=0.1347398172027409
ROE (new)
M31/M$56=0.14227070975751668
N31/N$56=0.15379565842592643
031/O$56=0.133239279
64267931
P31/P$56=0.13031433781764779
Q31/Q$56=0.14460043618259225
R31/R$56=0.102203593
17283423
S31/S$56=0.1347398172027409
Change in ROE from base (M34-M33)=0
(N34-N33)=0
(034-033)=0
(P34-P33)=0
(Q34-Q33)=0
(R34-R33)=0
(534-533)=0
Stage 1 53.916 379.957 96.532 7.40
167.354 153.12 SUM(C37:H37)=858.279
COR impact
Akba
nk
Garanti Halkbank
Isbank Vakifbank
Yapi Kredi
Total
Stage 2 246.51 748.876 19.004 588.762 78.11
70.684 SUM(C38:H38)=1751.946
Stage 2 loans % in 1
oans (base)
M20=0.07133662843524677 N20=0.14735534330719807 020=0.03192368365437227 P20=0.073769
12685352839
Q20=0.026227301668108462
R20=0.03727821168956142 S20=0.06569703294666697
Stage 3 397.74 488.162 276.835 531.50 1037.65 589.523 SUM(C39:H39)=3321.4100000000003 Stage 3 loan
s % in loans (base)
M21=0.019902480089475486
N21=0.025255693882762956
021=0.028200
61603322851
P21=0.022987099868194798
Q21=0.03907207566378646 R21=0.04173465306698942 S21=
0.029227683046851582
Total
SUM(C37:C39)=698.1659999999999 SUM(D37:039)=1616.995
SUM(E37:E39)=392.371
SUM(F37:F39)
=1127.6619999999998
SUM(G37:G39)=1283.114
SUM(H37:H39)=813.327
SUM(C40:H40)=5931.635
Stag
e 2 loans % in loans (new)
(M6-M27)/M$8=0.07133662843524677
(N6-N27)/N$8=0.1473553433071
9807
(06-027)/O$8=0.03192368365437227
(P6-P27)/P$8=0.07376912685352839
(Q6-Q27)/Q$8
=0.026227301668108462
(R6-R27)/R$8=0.03727821168956142
(56-527)/S$8=0.06569703294666697
Average gross loans
'R:\Bank models\Turkish Bank Model with 2020 Estimates\Higher RFR\[AKBANK MO
DEL- Higher RFR and Lower NIM.xlsx)COR'!$AH$13/1000=199098.746 111:\Bank models\Turkish Bank Model w
ith 2020 Estimates\Higher RFR\[GARANTI MODEL- Higher RFR and Lower NIM.xlsx)COR'!$AH$13/1000=219928.
43
'R:\Bank models\Turkish Bank Model with 2020 Estimates\Higher RFR\CHALKBANK MODEL- Higher RF
R and Lower NIM.xlsx)COR'!$AH$13/1000=215448.166
'R:\Bank models\Turkish Bank Model with 2020
Estimates\Higher RFR\(ISBANK MODEL- Higher RFR and Lower NIM.xlsx)COR'!SAH$13/1000=249443.2855 'R:\
Bank models\Turkish Bank Model with 2020 Estimates\Higher RFR\[VAKIFBANK MODEL- Higher RFR and Lower
NIM.xlsx]COR'!$AH$13/1000=197091.47
'R:\Bank models\Turkish Bank Model with 2020 Estimates\Highe
RFR\[YAPI KREDI MODEL- Higher RFR and Lower NIM.xlsx)COR'!$AH$13/1000=204895.8715
SUM(C41:H41)
=1285905.969
Stage 3 loans % in loans (new) (M7+M27)/M$8=0.019902480089475486
(N7+N27)/N$8
=0.025255693882762956
(07+027)/058=0.02820061603322851
(P7+P27)/P$8=0.022987099868194798
(Q7+Q27)/Q$8=0.03907207566378646
(R7+R27)/R$8=0.04173465306698942
(S7+527)/S$8=0.02922
7683046851582
Stage 1 credit impairments
C37=53.916
D37=379.957
E37=96.532
F37=7.40
G37=
167.354 H37=153.12
137=858.279
COR (gross)
Stage 2 credit impairments
C38=246.51
D38=748.876
E38=19.004
F38=
588.762 G38=78.11
H38=70.684
138=1751.946
TRYm
Akbank Garanti Halkbank
Isbank Vakifbank
Yapi Kredi
Average Stage 3 cred
it impairments (new)
M28+C39=397.74 N28+D39=488.162 028+E39=276.835 P28+F39=531.50 Q28+G39=1037
.65
R28+H39=589.523 S28+139=3321.4100000000003
Stage 1 C37/C$41*4=0.0010832011970582677
D37/D$41*4=0.006910557220819518 E37/E$41*4=0.0017922
083402650082
F37/F$41*4=1.1866424843093242E-4
G37/G$41*4=0.0033964737286702467
H37/
H$41*4=0.0029892256760283235
137/1$41*4=0.002669803300368691 Recoveries
C49=253 D49=860 E49=
188
F49=432 G49=446 H49=330 149=2509
Stage 2 C38/C$41*4=0.004952517380496208 D38/D$41*4=0.013620358222900059 E38/E$41*4=3.528273246011294
E-4
F38/F$41*4=0.009441216247931435 G38/G$41*4=0.0015852537910443307
H38/H$41*4=0.0013799
009122543496
138/1$41*4=0.005449686189301761 Gross loans (base)
C41=199098.746 D41=219928.4
3
E41=215448.166 F41=249443.2855 G41=197091.47
H41=204895.8715 141=1285905.969 0
Stage 3 C39/C$41*4=0.007990808741708499 D39/D$41*4=0.008878561084621938 E39/E$41*4=0.005139704925592
172
F39/F$41*4=0.008522979465005484 G39/G$41*4=0.021059257409770195 H39/H$41*4=0.011508733595932
899
139/I$41*4=0.010331735228145598 Change in loan growth
$T$46=0 $T$46=0 $T$46=0 $T$46=0 $T$4
6=0
$T$46=0 $T$46=0
Total
SUM(C45:C47)=0.014026527319262974
SUM(D45:D47)=0.029409476528341517
SUM(E45:E47)
=0.0072847405904583095 SUM(F45:F47)=0.018082859961367853
SUM(G45:G47)=0.02604098492948477
SUM(H45:H47)=0.015877860184215574
SUM(145:147)=0.018451224717816052
Gross loans (new)
M46*(1+M47)=199098.746 N46*(1+N47)=219928.43
046*(1+047)=215448.166 P46*(1+P47)=249443.2855 Q46*
(1+Q47)=197091.47
R46*(1+R47)=204895.8715 S46*(1+547)=1285905.969
Recoveries
253
860
188
432
446
330
SUM(C49:H49)=2509
COR (net), B
ase
C57=0.008943622377209748
D57=0.013768024443224555
E57=0.0037943418836064724
F57=0.011155433566480983
G57=0.01698935017329771 H57=0.009435563468637288
157=0.010646
610506557188
COR (net), New (M42+M43+M44-M45)/M48*4=0.008943622377209748
(N42+N43+N44-N45)/N48*4=0.0137680244
43224555
(042+043+044-045)/048*4=0.0037943418836064724
(P42+P43+P44-P45)/P48*4=0.0111554335
EFTA01437404
66480983
68637288
COR (net)
-P49)*100=0
TRYm
Akbank
impact Akbank
Stage 1 Base Case (2018E)
Stage 2 Total RWAs
'R:\Bank models\Turkish Bank Model with 2020 Estimates\Higher RFR\[AKBANK MO
DEL- Higher RFR and Lower NIM.xlsxjForecast (TRY)'!$BK$585=302875.679288
'R:\Bank models\Turk
ish Bank Model with 2020 Estimates\Higher RFR\(GARANTI MODEL- Higher RFR and Lower NIM.xlsx] Forecast
(TRY)'!$BK$585=291738.2124657 'R:\Bank models\Turkish Bank Model with 2020 Estimates\Higher RFR\[H
ALKBANK MODEL- Higher RFR and Lower NIM.xlsx]Forecast (TRY)'!$BK$585=234881.86808775
111:\Bank mod
els\Turkish Bank Model with 2020 Estimates\Higher RFR\[ISBANK MODEL- Higher RFR and Lower NIM.xlsx]F
orecast (TRY)°!$BK$585=344418.17760000005
'R:\Bank models\Turkish Bank Model with 2020 Estimat
es\Higher RFR\[VAKIFBANK MODEL- Higher RFR and Lower NIM.xlsx]Forecast (TRY)'!$BK$585=218144.9068410
0002
'R:\Bank models\Turkish Bank Model with 2020 Estimates\Higher RFR\JYAPI KREDI MODEL- Higher
RFR and Lower NIM.xlsxjForecast (TRY)'!$BK$590=282617.49027600006
SUM(M55:R55)=1674676.3345584
502
Stage 3 (C39-C49)/C41*4=0.0029079037996552724
(D39-D49)/D41*4=-0.006762891000495025
(E39-E49)/E4
1*4=0.0016493062187403346
(F39-F49)/F41*4=0.0015955530701186181
(G39-G49)/G41*4=0.0120076226
53583133
(H39-H49)/H41*4=0.005066436880354615
(139-149)/141*4=0.002527121016886734
Shar
eholders equity 111:\Bank models\Turkish Bank Model with 2020 Estimates\Higher RFR\(AKBANK MODEL- Hig
her RFR and Lower NIM.xlsx]Forecast (TRY)'!$BK$112=45023.093839641784
'R:\Bank models\Turkish Bank
Model with 2020 Estimates\Higher RFR\[GARANTI MODEL- Higher RFR and Lower NIM.xlsx]Forecast (TRY)'!
$BK$112=46285.562756758685
'R:\Bank models\Turkish Bank Model with 2020 Estimates\Higher RFR\[H
ALKBANK MODEL- Higher RFR and Lower NIM.xlsx]Forecast (TRY)'!$BK$112=28589.813364406662 111:\Bank mod
els\Turkish Bank Model with 2020 Estimates\Higher RFR\[ISBANK MODEL- Higher RFR and Lower NIM.xlsx]F
orecast (TRY)'!$BK$112=47900.06103707109
'R:\Bank models\Turkish Bank Model with 2020 Estimat
es\Higher RFR\[VAKIFBANK MODEL- Higher RFR and Lower NIM.xlsx]Forecast (TRY)'!$BK$112=26437.01735411
7375
'R:\Bank models\Turkish Bank Model with 2020 Estimates\Higher RFR\JYAPI KREDI MODEL- Higher
RFR and Lower NIM.xlsxjForecast (TRY)'!$BK$112=37708.092663756914
SUM(M56:R56)=231943.64101575
254
Total
(C40-C49)/C41*4=0.008943622377209748
(D4O-D49)/D41*4=0.013768024443224555
(E40-E49)/E4
1*4=0.0037943418836064724
(F40-F49)/F41*4=0.011155433566480983
(G40-G49)/G41*4=0.0169893501
7329771 (H4O-H49)/H41*4=0.009435563468637288
(140-149)/141*4=0.010646610506557188
Tier 1 Capit
al
'R:\Bank models\Turkish Bank Model with 2020 Estimates\Higher RFR\[AKBANK MODEL- Higher RFR
and Lower NIM.xlsx]Forecast (TRY)'!$BK$574=44122.63196284895
'R:\Bank models\Turkish Bank Model w
ith 2020 Estimates\Higher RFR\[GARANTI MODEL- Higher RFR and Lower NIM.xlsx]Forecast (TRY)'!$BK$574=
45591.27931540731
'R:\Bank models\Turkish Bank Model with 2020 Estimates\Higher RFR\[HALKBANK
MODEL- Higher RFR and Lower NIM.xlsxjForecast (TRY)'!$BK$574=28018.01709711853 'R:\Bank models\Turk
ish Bank Model with 2020 Estimates\Higher RFR\(ISBANK MODEL- Higher RFR and Lower NIM.xlsx]Forecast
(TRY)'!$BK$574=46942.05981632967
'R:\Bank models\Turkish Bank Model with 2020 Estimates\Highe
RFR\[VAKIFBANK MODEL- Higher RFR and Lower NIM.xlsxjForecast (TRY)'!$BK$574=25908.277007035027
'R:\Bank models\Turkish Bank Model with 2020 Estimates\Higher RFR\[YAPI KREDI MODEL- Higher RFR and
Lower NIM.xlsx]Forecast (TRY)'!$BK$557=33560.20247074365
SUM(M57:R57)=224142.46766948313
Tier 2 Capital 'R:\Bank models\Turkish Bank Model with 2020 Estimates\Higher RFR\(AKBANK MODEL- Hig
her RFR and Lower NIM.xlsx]Forecast (TRY)'!$BK$575=6078.117668351641
'R:\Bank models\Turkish Bank
Model with 2020 Estimates\Higher RFR\[GARANTI MODEL- Higher RFR and Lower NIM.xlsx] Forecast (TRY)'!
$BK$575=7161.802715988953
'R:\Bank models\Turkish Bank Model with 2020 Estimates\Higher RFR\[H
ALKBANK MODEL- Higher RFR and Lower NIM.xlsx]Forecast (TRY)'!$BK$575=3144.879470084733 111:\Bank mod
els\Turkish Bank Model with 2020 Estimates\Higher RFR\[ISBANK MODEL- Higher RFR and Lower NIM.xlsx]F
orecast (TRY)'!$BK$575=8622.010986672796
'R:\Bank models\Turkish Bank Model with 2020 Estimat
es\Higher RFR\[VAKIFBANK MODEL- Higher RFR and Lower NIM.xlsx]Forecast (TRY)'!$BK$575=6212.699078217
583
'R:\Bank models\Turkish Bank Model with 2020 Estimates\Higher RFR\JYAPI KREDI MODEL- Higher
RFR and Lower NIM.xlsxjForecast (TRY)°!$BK$565=9992.644555895582
SUM(M58:R58)=41212.154475211
28
Deductions
'R:\Bank models\Turkish Bank Model with 2020 Estimates\Higher RFR\(AKBANK MODEL- Hig
her RFR and Lower NIM.xlsx]Forecast (TRY)'!$BK$577=7.262812189425495
'R:\Bank models\Turkish Bank
Model with 2020 Estimates\Higher RFR\[GARANTI MODEL- Higher RFR and Lower NIM.xlsx] Forecast (TRY)'!
SBK$577=34.580451246550766
'R:\Bank models\Turkish Bank Model with 2020 Estimates\Higher RFR\[H
ALKBANK MODEL- Higher RFR and Lower NIM.xlsx]Forecast (TRY)'!$BK$577=20.012869355084664 'R:\Bank mod
els\Turkish Bank Model with 2020 Estimates\Higher RFR\[ISBANK MODEL- Higher RFR and Lower NIM.xlsx]F
orecast (TRY)'!$BK$577=47.9000610370711 'R:\Bank models\Turkish Bank Model with 2020 Estimates\Highe
RFR\[VAKIFBANK MODEL- Higher RFR and Lower NIM.xlsxjForecast (TRY)'!$BK$577=2.643701735411738 'R:\
Bank models\Turkish Bank Model with 2020 Estimates\Higher RFR\CYAPI KREDI MODEL- Higher RFR and Lowe
NIM.xlsxjForecast (TRY)'!$BK$572=301.6647413100553
SUM(M59:R59)=414.06463687359906
Capital base
M57+M58-M59=50193.48681901117
N57+N58-N59=52718.501580149714 057+058-059=31142.88
3697848178
P57+P58-P59=55516.17074196539
Q57+Q58-Q59=32118.332383517198 R57+R58-R59=43251.18
2285329174
257+558-S59=264940.55750782083
Tier 1 capital ratio (base)
M57/M55=0.1456790194134188
N57/N55=0.15627462350605692
057/
055=0.11928556821019161 P57/P55=0.13629379303797134
(157/Q55=0.11876636214990284
R57/R55=0.11
874779030119209 257/555=0.13384226136364502
CAR (base)
M60/M55=0.165723068081947
N60/N55=0.18070482140335967
060/055=0.1325895606
6465483 P60/P55=0.16118827156225388
Q60/Q55=0.1472339320162418
R60/R55=0.15303788255670486
S60/555=0.15820403742534273
Tier 1 capital threshold (2018) 0.09375 0.09375 0.08875000000000001
0.09375 0.08875000000000001
0.09125 AVERAGE(M63:R63)=0.09166666666666667
CAR threshold (2018)
0.12
0.12
0.12
0.12
0.12
0.12
AVERAGE(M64:R64)=0.12
Tier 1 capital headroom M61-M63=0.05192901941341879
N61-N63=0.06252462350605692
061-063=0.03
(Q42+043+044-Q45)/Q48*4=0.01698935017329771
(R42+R43+R44-R45)/R48*4=0.0094355634
(S42+543+544-545)/S48*4=0.010646610506557188
Change in COR from base (bps)
(M50-M49)*100=0 (N50-N49)*100=0 (050-049)*100=0 (P50
(Q50-Q49)*100=0 (R5O-R49)*100=0 (S50-S49)*100=0
Garanti Halkbank
Isbank Vakifbank
Yapi Kredi
Average Tier 1 a CAR
Garanti Halkbank
Isbank Vakifbank
Yapi Kredi
Total
EFTA01437405
05355682101916 P61-P63=0.042543793037971345
Q61-Q63=0.03001636214990283
R61-R63=0.0274977903
01192093
561-S63=0.04217559469697835
CAR headroom
M62-M64=0.04572306808194701
N62-N64=0.06070482140335967
062-064=0.0125895606
6465483 P62-P64=0.04118827156225388
Q62-Q64=0.027233932016241802
R62-R64=0.03303788255670487
S62-564=0.03820403742534273
Stage 1 Impact of weaker asset quality (2018E)
Tier 1 capital (TRYm)
M57-(M$28*0.8)=44122.63196284895
N57-(N528*0.8)=45591.27931540731
057-(0$28*0.8)=28018.01709711853
P57-(P$28*0.8)=46942.05981632967
057-(Q$28*0.8)=25908
.277007035027
R57-(R$28*0.8)=33560.20247074365
557-(S$28*0.8)=224142.46766948313
Capital base (TRYm)
M60-(M$28*0.8)=50193.48681901117
N60-(N$28*0.8)=52718.501580149714
060-(0$28*0.8)=31142.883697848178
P60-(P$28*0.8)=55516.17074196539
Q60-(Q$28*0.8)=32118
.332383517198
R60-(R$28*0.8)=43251.182285329174
560-(S$28*0.8)=264940.55750782083
Tier 1 capital ratio (new)
M68/M55=0.1456790194134188
N68/N55=0.15627462350605692
068/
055=0.11928556821019161 P68/P55=0.13629379303797134
068/Q55=0.11876636214990284
R68/R55=0.11
874779030119209 S68/555=0.13384226136364502
CAR (new)
M69/M55=0.165723068081947
N69/N55=0.18070482140335967
069/055=0.1325895606
6465483 P69/P55=0.16118827156225388
Q69/Q55=0.1472339320162418
R69/R55=0.15303788255670486
S69/555=0.15820403742534273
Tier 1 capital ratio - chg. from base (bps)
(M70-M61)*100=0 (N70-N61)*100=0 (070-061)*100=0 (P70
-P61)*100=0
(Q70-Q61)*100=0 (R7O-R61)*100=0 (570-561)*100=0
COR (net)
CAR - chg. from base (bps)
(M71-M62)*100=0 (N71-N62)*100=0 (071-062)*100=0 (P71
-P62)*100=0
(Q71-Q62)*100=0 (R71-R62)*100=0 (571-562)*100=0
Tier 1 capital headroom M70-M63=0.05192901941341879
N70-N63=0.06252462350605692
070-063=0.03
05355682101916 P70-P63=0.042543793037971345
Q70-Q63=0.03001636214990283
R7O-R63=0.0274977903
01192093
570-S63=0.04217559469697835
CAR headroom
M71-M64=0.04572306808194701
N71-N64=0.06070482140335967
071-064=0.0125895606
6465483 P71-P64=0.04118827156225388
Q71-064=0.027233932016241802
R71-R64=0.03303788255670487
S71-564=0.03820403742534273
TRYm
Akbank Garanti Halkbank
Isbank Vakifbank
Yapi Kredi
Average Valuation
Akbank Garanti Halkbank
Isbank Vakifbank
Yapi Kredi
Total
Net profit (base)
M30=6405.467516045113
N30=7118.518599790241
030=3809.28613779219
P30=
6242.064735470831
Q30=3822.804240772133
R30=3853.9025619301465 530=31252.043791800654
Net profit (new)
M31=6405.467516045113
N31=7118.518599790241
031=3809.28613779219
P31=
6242.064735470831
Q31=3822.804240772133
R31=3853.9025619301465 S31=31252.043791800654
Book value (base)
M56=45023.093839641784 N56=46285.562756758685 056=28589.813364406662 P56=
47900.06103707109
Q56=26437.017354117375 R56=37708.092663756914 S56=231943.64101575254
Book value (new)
M56-(M28*0.8)=45023.093839641784
N56-(N28*0.8)=46285.562756758685
056-(028*0.8)=28589.813364406662
P56-(P28*0.8)=47900.06103707109 Q56-(Q28*0.8)=26437.01735411
7375
R56-(R2B*0.8)=37708.092663756914
556-(528*0.8)=231943.64101575254
Price (TRY/shr) 6.60
7
6.40
4.94
4.06
2.2
Paid-in cap (TRYm)
'R:\Bank models\Turkish Bank Model with 2020 Estimates\Higher RFR\[AKBANK MO
DEL- Higher RFR and Lower NIM.xlsx]Forecast (TRY)'!$BK$113=4000 'R:\Bank models\Turkish Bank Model w
ith 2020 Estimates\Higher RFR\[GARANTI MODEL- Higher RFR and Lower NIM.xlsx]Forecast (TRY)'!$BK$113=
4200
'R:\Bank models\Turkish Bank Model with 2020 Estimates\Higher RFR\[HALKBANK MODEL- Higher RF
R and Lower NIM.xlsx]Forecast (TRY)'!$BK$113=1250
'R:\Bank models\Turkish Bank Model with 2020
Estimates\Higher RFR\(ISBANK MODEL- Higher RFR and Lower NIM.xlsx]Forecast (TRY)'!$BK$113=4500 'R:\
Bank models\Turkish Bank Model with 2020 Estimates\Higher RFR\[VAKIFBANK MODEL- Higher RFR and Lower
NIM.xlsx]Forecast (TRY)'!$BK$113=2500 111:\Bank models\Turkish Bank Model with 2020 Estimates\Highe
r RFR\[YAPI KREDI MODEL- Higher RFR and Lower NIM.xlsx]Forecast (TRY)'!$BK$113=8447.051
M.Cap (TRYm)
M82*M83=26400
N82*N83=29400
082*083=8000
P82*P83=22230
Q82*Q83=10149.999999
999998 R82*R83=18583.5122
P/E (2018E), base (x)
M$84/M78=4.121479023017509
N$84/N78=4.130072793638036
0584/078=2.1
00131024716534 P584/P78=3.5613216046410034
Q584/Q78=2.6551189547571217
R$84/R78=4.821998455
169255 AVERAGE(M86:R86)=3.565020309323243
P/E (2018E), implied (x)
M$84/M79=4.121479023017509
N$84/N79=4.130072793638036
0$84
/079=2.100131024716534 P$84/P79=3.5613216046410034
Q$84/Q79=2.6551189547571217
R584/R79=4.8
21998455169255 AVERAGE(M87:R87)=3.565020309323243
Change from base
M87/M86-1=0
N87/N86-1=0
087/086-1=0
P87/P86-1=0
Q87/Q86-1=0
R87/R86-1=0
S87/S86-1=0
P/BV (2018E), base (x) M$84/M80=0.5863657458554173
N$84/N80=0.6351872646445671
0584/080=0.2
7981994488847295
P$84/P80=0.4640912666644752
Q$84/080=0.38393135897454816
R584/R80=0.4
928255683921537 AVERAGE(M90:R90)=0.47370352490327244
P/BV (2018E), implied (x)
M$84/M81=0.5863657458554173
N584/N81=0.6351872646445671
0$84
/081=0.27981994488847295
P$84/P81=0.4640912666644752
Q584/Q81=0.38393135897454816
R$84
/R81=0.4928255683921537 AVERAGE(M91:R91)=0.47370352490327244
Change from base
M91/M90-1=0
N91/N90-1=0
091/090-1=0
P91/P90-1=0
Q91/Q90-1=0
R91/R90-1=0
591/S90-1=0
Stage 1 Discount to MSCI EM Banks
P/E (2018E), base (x)
M86/$M$109-1=-0.45555098771235025
N86/$M5109-1=-0.4544157472076571
0861$M$109-1=-0.7225718593505239
P86/$M$109-1=-0.5295480046709375
Q86/SM$109-1=-0.6492
577338497858
R86/$M5109-1=-0.36301209310842075
AVERAGE(M94:R94)=-0.5290594043166126
P/E (2018E), implied (x)
M87/$M$109-1=-0.45555098771235025
N87/$M$109-1=-0.454415747207
6571
087/$M$109-1=-0.7225718593505239
P87/$145109-1=-0.5295480046709375
Q87/$M$109-1
=-0.6492577338497858
R87/$M$109-1=-0.36301209310842075
AVERAGE(M95:R95)=-0.5290594043166126
3Y average discount
M121/$M$113-1=-0.11901840490797555
N121/$M$113-1=-0.14723926380368102
0121/$M$113-1=-0.46871165644171786
P121/$M$113-1=-0.2601226993865031
Q121/$M$113-1=-0.354
6012269938651
R121/$M$113-1=-0.2834355828220859
AVERAGE(M96:R96)=-0.2721881390593048
P/BV (2018E), base (x) M90/$M$110-1=-0.4415564325186502
N90/$M$110-1=-0.39505974795755516
090/$M$110-1=-0.7335048143919305
P90/$M$110-1=-0.5580083174624046
Q90/$M$110-1=-0.6343
EFTA01437406
510866909066
R90/$M$110-1=-0.5306423158169965
P/BV (2018E), implied (x)
M91/$M$110-1=-0.441
55516
091/$M$110-1=-0.7335048143919305
P91
=-0.6343510866909066
R91/$M$110-1=-0.53064231581
3Y average discount
M122/$M$114-1=-0.0102040816
0122/$M$114-1=-0.41836734693877553
P122/$M$114
1428571428571
R122/$M$114-1=-0.3571428571428571
Stage 1 Discount to own historical average
P/E (2018E), base (x)
M86/$M$117-1=-0.34266682248
086/$M$117-1=-0.6650508732509515
P86/$M$117-
360518728673
R86/$M$117-1=-0.23094123522021448
P/E (2018E), implied (x)
M87/$M$117-1=-0.342
3977
087/$M$117-1=-0.6650508732509515
P87
=-0.5765360518728673
R87/$M$117-1=-0.23094123522
31
P/BV (2018E), base (x) M90/$M$118-1=-0.27609167178
090/$M$118-1=-0.6545432779154655
P90/$M$118-
106679326566
R90/$M$118-1=-0.3915733723553658
P/BV (2018E), implied (x)
M91/$M$118-1=-0.276
83082
091/$M$118-1=-0.6545432779154655
P91
=-0.5260106679326566
R91/$M$118-1=-0.39157337235
02
MSCI EM Banks
2018E
P/E (x) 7.57
P/BV (x)
1.05
MSCI EM Banks
3Y average
P/E (x) 8.15
P/BV (x)
0.98
Turkish banks
3Y average
P/E (x) 6.27
P/BV (x)
0.81
3Y Historical average
Akbank Garanti Halkbank
1
P/E (x) 7.18
6.95
4.33
6.03
5.26
5.84
AVERAGE(M121:R121)=5.9316666666666675
P/BV (x)
0.97
0.97
0.57
0.69
0.63
0.63
AVERAGE(M122:R122)=0.743333333333333
3
AVERAGE(M98:R98)=-0.5488537858064072
5564325186502
N91/$M$110-1=-0.395059747957
/$M$110-1=-0.5580083174624046
Q91/$M$110-1
69965
AVERAGE(M99:R99)=-0.5488537858064072
32653073
N122/$M$114-1=-0.010204081632653073
-1=-0.29591836734693877
Q122/$M$114-1=-0.357
AVERAGE(M100:R100)=-0.2414965986394558
52458
N86/$M$117-1=-0.3412962051613977
1=-0.43200612366172186
Q86/$M$117-1=-0.5765
AVERAGE(M102:R102)=-0.4314162186087331
6668224852458
N87/$M$117-1=-0.341296205161
/$M$117-1=-0.43200612366172186
Q87/$M$117-1
021448
AVERAGE(M103:R103)=-0.43141621860873
34354
N90/$M$118-1=-0.21581819179683082
1=-0.4270478189327467
Q90/$M$118-1=-0.5260
AVERAGE(M105:R105)=-0.4151808334527502
0916717834354
N91/$M$118-1=-0.215818191796
/$M$118-1=-0.4270478189327467
Q91/$M$118-1
53658
AVERAGE(M106:R106)=-0.41518083345275
Isbank Vakifbank
Yapi Kredi
Tota
EFTA01437407
Loan breakdown and Growth
AKBANK AKBANK Share in total (%)
AKBANK Cumulative change
TRYmn
2011
2012
2013
2014
2015
2016
1Q17
1H17
9M17
2017
C3=2011 D3=2
012
E3=2013 F3=2014 G3=2015 113=2016 13=1Q17 J3=1H17 K3=9M17 L3=2017 TRYmn
2017/2016
2017
/2011
2017/2015
Gross Loans
71568.61200000001
88771.65699999999
112352.302
128308.139
1451
36.806 166095.099
175757.80899999998
176346.731
182089.78
195041.678
Gros
s Loans C4/C$4=1
D4/D$4=1
E4/E$4=1
F4/F$4=1
G4/G$4=1
H4/H$4=1
I4/I$4=1
J4/J$4=1
K4/K$4=1
L4/L$4=1
Gross Loans
L4/H4-1=0.1742771410
7325976 L4/C4-1=1.7252404727368473
L4/G4-1=0.3438471148386715
Corporate Loans 46427.465000000004
54943.065
71016.044
85724.976
105563.73000
000001 126002.84199999998
135179.22199999998
136254.47400000002
139936.895
1514
60.875 Corporate Loans C5/C$4=0.648712664708378
D5/D$4=0.6189257569000881
E5/E$4=0.632
0835687016008
F5/F$4=0.6681179905508566
G5/G$4=0.7273394868562837
H5/H$4=0.75861866339
5962
15/I$4=0.7691221389770511
J5/J$4=0.7726509770118734
K5/K$4=0.7685049375093977
L5/L$4=0.7765564598967406
Corporate Loans L5/H5-1=0.20204332375296774
L5/C5-1=2.2623119741
730457 L5/G5-1=0.4347813875087587
Credit Card Loans
9550.188
12884.495
13592.664999999999
11584.124
1089
8.804999999998 10651.271
10604.635999999999
10660.59
11258.897
11455.619000
000002 Credit Card Loans
C6/C$4=0.1334410118223335
D6/D$4=0.14514199053420848
E6/E
$4=0.12098252334874278 F6/F$4=0.09028362573320466
G6/G$4=0.07509332264070906
H6/H$4=0.064
12754538892206 16/I$4=0.060336641998080434
J6/J$4=0.06045243900778632
K6/K$4=0.06183157011
887214 L6/L$4=0.05873421064394248
Credit Card Loans
L6/H6-1=0.07551662144358184
L6/C
6-1=0.19951764300346775 L6/G6-1=0.05108945430255929
Consumer Loans 15590.959
20944.096999999994
27743.593
30999.039
28674.271
29440.985999999997
29973.951
29431.666999999998
30893.988
32125.183999999997
Consumer Loans C7/C$4=0.21784632346928845
D7/D$4=0.23593225256570344
E7/E$4=0.24693390794
965644 F7/F$4=0.24159838371593872
G7/G$4=0.1975671905030072
H7/H$4=0.17725379121511586
17/I$4=0.1705412190248685
J7/J$4=0.1668965839803404
K7/K$4=0.16966349237173003
L7/L
$4=0.16470932945931688 Consumer Loans L7/H7-1=0.09117215028056469
L7/C7-1=1.0605008325658476
L7/G7-1=0.12034876143843376
Mortgage Loans 7470.948
9753.833
12592.376
13056.473
13446.919
1356
9.841
14043.416
13569.841
13364.862000000001
13232.484
Mortgage Loans C8/C
$4=0.10438861102965082 DB/D$4=0.10987553155620382
E8/E$4=0.11207937688717763
F8/F$4=0.101
7587278699444
G8/G$4=0.09264995813673893
H8/H$4=0.08169922581520603
18/I$4=0.07990208844
717676 J8/J$4=0.0769497734551144
K8/K$4=0.07339710114428169
L8/L$4=0.06784439169970635
Mortgage Loans L8/H8-1=-0.02486079239985195
L8/C8-1=0.7711920896785789
L8/G8-1=-0.015946775
614547826
Personal Need Loans
6298.864
9101.052000000001
12851.278
15691.855000000001
13924.483
14544.601
14600.825
14544.601
16203.264000000001
17574.93
Personal Need Loans
C9/C$4=0.0880115433844099
D9/D$4=0.10252204709888431
E9/E$4=0.114
38375334757271 F9/F$4=0.1222982043251364
G9/G$4=0.0959403984679117
H9/H$4=0.08756791192
255468 19/I$4=0.08307354923842958
J9/J$4=0.08247729298707557
K9/K$4=0.08898502705643338
L9/L$4=0.0901085869451964
Personal Need Loans
L9/H9-1=0.20834734483262896
L9/C9-1=1.79
01745457593625 L9/G9-1=0.26216032580886495
Auto Loans
865.906 999.401 993.735 810.024 539.389 378.283 349.18199999999996
378.283 278.
539
254.678 Auto Loans
C10/C$4=0.012098963159995332
D10/D$4=0.011258109105702511
E10/
E$4=0.008844812098287047
F10/F$4=0.0063131147120760595
G10/G$4=0.00371641773624259
H10/
H$4=0.002277508501319476
I10/I$4=0.001986722535895973
J10/J$4=0.002145109228024193
K10/
K$4=0.001529679480089437
L10/L$4=0.001305761940788881
Auto Loans
L10/H10-1=-0.3267527
2216832374
L10/C10-1=-0.705882624672886
L10/G10-1=-0.5278398335894874
Other Cons. Loans
955.2410000000009
1089.8109999999924
1306.2040000000002
1440
.6869999999976 763.4800000000006
948.2609999999962
980.5280000000009
938.94199999
99967
1047.3229999999992
1063.091999999997
Other Cons. Loans
C11/C$4=0.0133472058
95232406
D11/D$4=0.012276564804912817
Ell/E$4=0.011625965616619055
F11/F$4=0.0112283368
08781847
G11/G$4=0.0052604161621139746
H11/H$4=0.005709144976035664
111/1$4=0.0055788588
033661764
J11/J$4=0.005324408310126241
K11/K$4=0.005751684690925538
L11/L$4=0.0054505888
73625241
Other Cons. Loans
L11/H11-1=0.12109640700187096
L11/C11-1=0.1129044921648001
4
L11/G11-1=0.3924294022109238
Retail Loans
25141.147
33828.592
41336.258
42583.163
39573.076
4009
2.257
40578.587
40092.257
42152.885
43580.803
Retail Loans
C12/C$4=0.35
12873352916219 D12/D$4=0.38107424309991195
E12/E$4=0.36791643129839924
F12/F$4=0.3318820094
4914337 G12/G$4=0.27266051314371625
H12/H$4=0.2413813366040379
I12/I$4=0.23087786102294894
J12/J$4=0.2273490229881267
K12/K$4=0.23149506249060217
L12/L$4=0.22344354010325934
Reta
it Loans
L12/H12-1=0.08701296113112322
L12/C12-1=0.7334452958729369
L12/G12-1=0.10127408
34197472
SME loans
14736.44
17036.756
21374.081
19537.75
23389.014
2474
8
26661.798
28694.351
29105.44
30427.856
SME loans
C13/C$4=0.20
590646637103985 D13/D$4=0.1919166159081609
E13/E$4=0.19024159380374778
F13/F$4=0.1522721017
721253 G13/G$4=0.16115150005436937
H13/H$4=0.14899897798910974
I13/154=0.1516962355851853
J13/J$4=0.1627155254723718
K13/K$4=0.15984115088721618
L13/L$4=0.1560069432954735
SME
loans
L13/H13-1=0.22950767738807176
L13/C13-1=1.0648037110726878
L13/G13-1=0.3009465042006474
GARANTI B17=GARANTI
Share in total (%)
N17=GARANTI
Cumulative change
TRYmn
2011
2012
2013
2014
2015
2016
1Q17
1H17
9M17
2017
C18=2011
D18=2012
El8=2013
F18=2014
G18=2015
H18=2016
Il8=1Q17
J18=
1H17
Kl8=9M17
L18=2017
TRYmn
2017/2016
2017/2011
2017/2015
Gross Loans
66414.859
85065.01699999999
93535.686
120727.867
136731.75900
000002 190315.719
200219.454
205751.289
206483.217
214039.114
Gross Loans
C19/C$19=1
D19/D$19=1
E19/E$19=1
F19/F$19=1
G19/G$19=1
H19/H$19=1
I19/
EFTA01437408
1519=1 J19/J$19=1
K19/K$19=1
L19/L519=1
5
L19/C19-1=2.222759443033674
L19/G19-1=0
Corporate Loans 44920.068
57360.27299999999
2.79500000001
131438.172
140170.89299999998
25.8
Corporate Loans C20/C$19=0.6763556932342505
458122731895076 F20/F519=0.6437699508101141
G20
5720613 220/1$19=0.7000862813260892
J20/J519=0.
L20/L$19=0.6911157369115254
Corporate Loans L20
49403485
L20/G20-1=0.6459463623001818
Credit Card Loans
7692.221
9450.505
8.953000000001 16101.909000000001
16177.34500
000002 Credit Card Loans
C21/C$19=0.11582078
E$19=0.12009857927379718
F21/F$19=0.11416801
H$19=0.0846063009645567 121/1519=0.0807980677042501
8520353496817128
L21/L$19=0.0836619983392381
479937704
L21/C21-1=1.3279284357534715
L21
Consumer Loans 13802.570000000002
18254.239
0.011
42775.638
43871.216
45086.79700
Consumer Loans C22/C$19=0.2078235233473883
D22
53669527
F22/F$19=0.242062033614824
G22
46338186
122/2519=0.2191156509696605
J22
7631133 L22/L$19=0.22522226474923643
Consumer Loans L22/H22-1=0.12695862069900632
L22/C22-1=2.
492565080271282 L22/G22-1=0.4420089182740621
Mortgage Loans 7861.195999999999
9108.25 10559.493
13702.014
15574.572000000002
21644.375000000004
22245.601000000002
22593.462
22971.345999999998
23402.483
Mortgage Loans C23/C$19=0.11836501828604348
D23/D$19=0.10707398083515343
E23/E$19=0.112892666
44176855
F23/F519=0.11349503921907275
G23/G$19=0.11390603115110952
H23/H$19=0.113728782
43441364
123/2$19=0.11110609161884939
J23/J$19=0.1098095769402446
K23/K$19=0.111250426
71143581
L23/L$19=0.10933741297396699
Mortgage Loans L23/H23-1=0.08122701625711048
L23/
C23-1=1.976962156903352 L23/623-1=0.5026084183886399
Personal Need Loans
530.576 677.689 1409.674
1995.759
2371.425
18388.573
18905.908000000003
19573.432
20791.067999999996
21454.427
Personal Need Loans
C24/C$19=0.007988814671728808
D24/D$19=0.007966717975263557
E24/E$19=0.015070975157011196
F24/
F$19=0.016531054922058717
G24/G$19=0.017343629726872745
H24/H$19=0.09662140939603628
124/
I$19=0.09442592926060024
J24/J$19=0.09513151579818294
K24/K519=0.10069132156150006
L24/
L$19=0.100236011068519 Personal Need Loans
L24/H24-1=0.16672604230899268
L24/C24-1=39.4361052
8934592 L24/G24-1=8.047061155212582
Auto Loans
786.905 1106.385
1298.28 1487.4070000000002
1368.963
2212.1910000
000003 2154.6649999999995
C25/C$19=0.011848327495508196
F$19=0.012320328661153271
1519=0.010761516710559003
L$19=0.011084343210278845
12390946
L25/G25-1=0.7330512219833552
Other Cons. Loans
4623.893000000003
7361.915000000001
8628.242
12038.453000
000001 14115.051
530.4989999999948
565.0419999999954
752.1490000000058
814.
0970000000084
976.9809999999966
Other Cons. Loans
C26/C519=0.06962136289410782
D26/
D$19=0.08654456625806589
E26/E$19=0.09224545592149717
F26/F519=0.09971561081253925
G26/
G$19=0.1032316932308316 H26/H$19=0.002787468122903683
226/2519=0.002822113379651886
J26/J$19=0.0
036556222984343288
K26/K$19=0.00394267878924033
L26/L$19=0.004564497496471587
Other Cons.
Loans
L26/H26-1=0.8416264686644201
L26/C26-1=-0.7887102923878221
L26/626-1=-0.930784451292453
9
Retail Loans
21494.791
27704.744
33129.192
43006.894
46858.964
5887
7.547
60048.561
61708.93400000001
64356.733
66113.314
Retail Loans
C27/
C$19=0.32364430676574957
D27/D$19=0.3256890432408895
E27/E519=0.35418772681049243
F27/
F$19=0.3562300491898859 G27/G$19=0.3427072418486183
H27/H$19=0.30936775642793857
127/2519=0.2
999137186739107 J27/J519=0.2999200359809168
K27/K$19=0.3116802127312846
L27/L519=0.308884263
08847455
Retail Loans
L27/H27-1=0.1228951844749917
L27/C27-1=2.0757830583232932
L27/
G27-1=0.41090003611688886
SME loans
14345.609544
18544.173705999998
20671.386606
25352.852069999997
3517
0
38724
41740
42662
39368
40182
SME loans
C28/C$19=0.21600000000000003
D28/
D$19=0.218
E28/E519=0.221 F28/F519=0.21
G28/G$19=0.2572189537911232
H28/H519=0.203472420
47831055
128/I$19=0.20847125075068879
J28/J$19=0.20734742517214558
K28/K519=0.190659563
38717835
L28/L$19=0.18773204228457047
SME loans
L28/H28-1=0.03765106910443139
L28/
C28-1=1.8009963520027612
L28/G28-1=0.1425078191640603
TRY SME loans
27373
30810
34628
36279
34633
35210
HALKBANK
B32=HALKBANK
Share in total (%)
N32=HALKBANK
Cumulative change
TRYmn
2011
2012
2013
2014
2015
2016
1Q17
1H17
9M17
2017
C33=2011
D33=2012
E33=2013
F33=2014
G33=2015
H33=2016
133=1Q17
J33=
1H17
K33=9M17
L33=2017
TRYmn
2017/2016
2017/2011
2017/2015
Gross Loans
56493.362
66236.66399999999
85283.13900000001
103052.56199999999
127690.83000000002
159530.37099999998
169763.306
181811.762
195591.90300000002
204791.802
Gross Loans
C34/C$34=1
D34/D$34=1
E34/E534=1
F34/F$34=1
G34/
G$34=1 H34/H$34=1
134/1534=1
J34/J534=1
K34/K$34=1
L34/L$34=1
Gross Loans
L34/H34-1=0.28371670369900914
L34/C34-1=2.6250595600948654
L34/G34-1=0.6038097802324565
Corporate Loans 41617.944
48715.38499999999
62230.107
78009.98599999999
1008
92.81900000002 127880.79999999997
136346.28600000002
145752.30099999998
155193.41900
000002 163839.318
Corporate Loans C35/C$34=0.7366873297432714
D35/D$34=0.7354746156901862
E35/E$34=0.729688279883788
F35/F534=0.7569922036484643
G35/G534=0.7901336297994148
H35/
Gross Loans
L19/H19-1=0.1246528406831175
.5653942841472548
60406.494000000006
77720.973
8987
144042.35499999998
142126.484
1479
D20/D519=0.6743109567591105
E20/E519=0.6
/G$19=0.6572927581513817
H2O/H$19=0.690632243
7000799640190832
K20/K$19=0.6883197872687153
/H20-1=0.12544018034578275
L20/C20-1=2.29308940
11233.503
13783.260999999999
1342
0000001
16622.137
17593.1 17906.940000
341836125
D21/D519=0.11109743268493087
E21/
557506187
G21/G519=0.09821385388598708
H21/
6
J21/J$19=0.08078752303709748
K21/K519=0.0
4
Credit Card Loans
L21/H21-1=0.11210043
/G21-1=0.3334576418578574
21895.689000000002
29223.633
3343
0000006
46763.633
48206.373999999996
/D$19=0.21459161055595866
E22/E$19=0.234089147
/G$19=0.24449338796263123
H22/H$19=0.224761455
/J$19=0.2191325129438193
K22/K519=0.226476677
2167.754
D25/D519=0.
G25/G$19=0.
J25/J$19=0.
Auto Loans
2187.122
2372.4829999999997
Auto Loans
013006345487475776
E25/E519=0.013880050016418332
F25/
010012033853817383
H25/H519=0.01162379551002826
125/
010535797906957464
K25/K519=0.010592250700937111
L25/
L25/H25-1=0.07245848120709253
L25/C25-1=2.01495479
EFTA01437409
H$34=0.8016078643733612 135/I$34=0.8031552236618201
J35/J$34=0.8016659615234354
K35/K$34=0.7
93455233164739 L35/L$34=0.800028694507996
Corporate Loans L35/H35-1=0.28118777799325656
L35/
C35-1=2.936747043534875 L35/635-1=0.6238947392281702
Credit Card Loans
876.907 1199.228
2231.581
2181.505
2275.9880000000003
2809.855
2735.568
2812.44 2986.165
2995.9640000000004
Credit Card Loans
C36/C$34=0.015522301540488953
D36/D$34=0.018105199259431305
E36/E$34=0.026166731503632856
F36/
F$34=0.021168857500117273
G36/G$34=0.017824208676535346
H36/H$34=0.017613291954295025
136/
I$34=0.01611401229427047
J36/J$34=0.015468966193727335
K36/K$34=0.015267324230696808
L36/
L$34=0.014629316069986046
Credit Card Loans
L36/H36-1=0.06623437864231452
L36/C36-1=2.
416512811506808 L36/G36-1=0.3163355870066098
Consumer Loans 13998.511
16322.051
20821.451
22861.071
24522.022999999997
28839.716
30681.451999999997
33247.021
37412.318999999996
37956.52
Cons
umer Loans
C37/C$34=0.24779036871623963
D37/D$34=0.2464201850503824
E37/E$34=0.244144988
61257908
F37/F$34=0.2218389388514184
G37/G$34=0.19204216152404988
H37/H$34=0.180778843
67234376
137/I$34=0.18073076404390945
J37/J$34=0.18286507228283724
K37/K$34=0.191277442
60456422
L37/L$34=0.18534198942201796
Consumer Loans L37/H37-1=0.31611975651910007
L37/
C37-1=1.7114683840302725
L37/G37-1=0.5478543511683356
Mortgage Loans 5383.382
6588.251
9098.227
10323.079
12239.154
1525
9.70
16172.396
17513.71
20383.72
20866.951
Mortgage Loans C38/C$34=0.0
9529229292460943
D38/D$34=0.09946532029451244
E38/E$34=0.10668259994510755
F38/F$34=0.1
0017294863566809
G38/G$34=0.09584990558836526
H38/H$34=0.0956538864941272
138/I$34=0.0
9526437945311927
J38/J$34=0.09632880627382072
K38/K$34=0.10421556152045823
L38/L$34=0.1
0189348790436446
Mortgage Loans L38/H38-1=0.3674548647745368
L38/C38-1=2.8761787664334433
L38/638-1=0.704934099203262
Personal Need Loans
8314.168
9317.137999999999
11174.117
11940.403
1165
7.744
12827.97
13524.796
14709.947
15844.095000000001
15855.009
Pers
onal Need Loans C39/C$34=0.1471707065336278
D39/D$34=0.14066436075343408
E39/E$34=0.131023753
71056638
F39/F$34=0.11586711449250531
G39/G$34=0.09129664205330953
H39/H$34=0.080410832
86893379
139/I$34=0.07966854745394744
J39/J$34=0.08090756526522196
K39/K$34=0.081005883
97056498
L39/L$34=0.07742013520638878
Personal Need Loans
L39/H39-1=0.2359717866505768
3
L39/C39-1=0.9069868446247418
L39/G39-1=0.3600409307323955
Auto Loans
51.122 98.442 155.561 112.928 177.637 196.836 186.793 228.59 255.253 280.561 Auto
Loans C40/C$34=9.049204754356803E-4
D40/D$34=0.001486216153639622
E40/E$34=0.00182405340403804
78
F40/F$34=0.001095829136203329
G40/G$34=0.001391149231311285
H40/H$34=0.00123384656329796
93
140/I$34=0.00110031434001409
J40/J$34=0.0012572893936311999 K40/K$34=0.00130502846020164
74
L40/L$34=0.001369981597212568
Auto Loans
L40/H40-1=0.42535410189193024
L40/C40-1=4.
488067759477328 L40/G40-1=0.5794063173775732
Other Cons. Loans
249.83900000000114
318.22000000000025
393.54599999999994
484.
66099999999994 447.48799999999636
555.2100000000003
797.4669999999966
794.77400000
00014
929.2509999999936
953.9989999999959
Other Cons. Loans
C41/C$34=0.004422448
782566722
D41/D$34=0.004804287848796255
E41/E$34=0.00461458155286709
F41/F$34=0.004703046
5870416685
G41/G$34=0.0035044646510637946 H41/H$34=0.003480277745984809
141/I$34=0.004697522
796828641
J41/J$34=0.004371411350163371
K41/K$34=0.004750968653339364
L41/L$34=0.004658384
714052157
other Cons. Loans
L41/H41-1=0.7182669620503872
L41/C41-1=2.8184550850747545
1.41/G41-1=1.1318985090103055
Retail Loans
14875.418
17521.279
23053.032
25042.576
26798.011
3164
9.571
33417.02
36059.461
40398.484
40952.484
Retail Loans
C42/C$34=0.2
6331267025672855
D42/D$34=0.2645253843098137
E42/E$34=0.2703117201162119
F42/F$34=0.2
4300779635153566
G42/G$34=0.20986637020058524
H42/H$34=0.1983921356266388
I42/I$34=0.1
968447763381799 .342/J$34=0.1983340384765646
K42/K$34=0.20654476683526102
L42/L$34=0.199971305
492004 Retail Loans
L42/H42-1=0.2939348846150236
L42/C42-1=1.7530308055881183
L42/G42-1=0.
5281911780691484
SME loans
19902
24188
30662
39152
48290
57136
61048
64921
71726
75913
SME
loans
C43/C$34=0.35228917691250167
D43/D$34=0.3651753959106395
E43/E$34=0.35953179443828864
F43/F$34=0.3799226262807518
G43/G$34=0.3781790751927918
H43/H$34=0.3581512388007924
143/
I$34=0.3596065689248535 J43/J$34=0.3570781080709179
K43/K$34=0.3667125218368574
L43/L$34=0.3
7068378352371745
SME loans
L43/H43-1=0.3286369364323718
L43/C43-1=2.814340267309818
L43/G43-1=0.5720231932077036
ISBANK B47=ISBANK
Share in total (%)
N47=ISBANK
Cumulative Change
TRYmn
2011
2012
2013
2014
2015
2016
1Q17
1H17
9M17
2017
C48=2011
D48=2012
E48=2013
F48=2014
G48=2015
H48=2016
148=1017
J48=
1H17
K48=9M17
L48=2017
TRYmn
2017/2016
2017/2011
2017/2015
Gross Loans
93604.558
109167.42100000002
137518.813
158294.849
181537.445
209201.598
225794.74599999998
230118.442
235213.463
245569.299
Gross Loans
C49/C$49=1
D49/D$49=1
E49/E$49=1
F49/F$49=1
G49/G$49=1
H49/H$49=1
149/
I$49=1 J49/J$49=1
K49/K$49=1
L49/L$49=1
Gross Loans
L49/H49-1=0.1738404550810361
8
L49/C49-1=1.6234758674892733
L49/G49-1=0.3527198149120143
Corporate Loans 68147.98700000001
78676.28500000002
99031.42099999999
115880.02100
000001 134740.65300000002
158628.761
173655.62799999997
176788.331
179867.49000
000008 188639.34
Corporate Loans C50/C$49=0.7280413310642416
D50/D$49=0.7206938139538902
E50/E$49=0.7201299868695056
F50/F$49=0.7320517485695319
G50/G$49=0.7422196175560365
H50/
H$49=0.7582578838618623 150/1$49=0.7690862213419261
J50/J$49=0.7682492957257202
K50/K$49=0.7
646989577293035 L50/L$49=0.7681715131662284
Corporate Loans L50/H50-1=0.1891875017544895
L50/
C50-1=1.768083817354722 L50/650-1=0.4000180034751648
Credit Card Loans
6623.97 8112.645
10122.797
9098.61 10394.235
10678.146999
999999 10559.149000000001
10925.45
11786.735999999999
12047.541000000003
Cred
it Card Loans
C51/C$49=0.07076546422023594
D51/D$49=0.07431379184088263
E51/E$49=0.073610270
3271588 F51/F$49=0.05747887601825882
G51/G$49=0.05725669985054599
H51/H$49=0.0510423777929268
151/1$49=0.046764369796275074
J51/J$49=0.04747750725689339
K51/K$49=0.05011080509451961
L51/
EFTA01437410
L$49=0.049059638354874334
Credit Card Loans
L51/H51-1=0.1282426623270876
L51/C51-1=0.
8187795234579871
L51/G51-1=0.15905990195526676
Consumer Loans 18832.601
22378.490999999998
28364.595
33316.218
36402.557
39894.69
41579.969
42404.66099999999
43559.23699999991
44882.418
Cons
umer Loans
C52/C$49=0.2011932047155225
D52/D$49=0.20499239420522716
E52/E$49=0.206259742
8033356 F52/F$49=0.21046937541220942
G52/G$49=0.20052368259341757
H52/H$49=0.19069973834521092
152/1949=0.18414940886179876
J52/J549=0.18427319701738634
K52/K$49=0.1851902371761769
L52/
L$49=0.18276884847889718
Consumer Loans L52/H52-1=0.12502235259880434
L52/C52-1=1.38322991
0727679 L52/G52-1=0.23294685040943675
Mortgage Loans 7941.369
9539.339
11779.645999999999
13597.354000000001
1572
6.204000000002 17696.93
18773.163999999997
19548.212000000003
20034.239
2085
2.259
Mortgage Loans C53/C$49=0.08483955450118144
D53/D549=0.08738265420779702
E53/E$49=0.0
856584327847565 F53/F$49=0.08589890376028599
G53/G$49=0.08662787999467549
H53/H$49=0.084592709
46869153
153/1549=0.08314260775580667
J53/J$49=0.08494848057419058
K53/K549=0.085174712
12946685
L53/L$49=0.08491394927995458
Mortgage Loans L53/H53-1=0.17829810029197146
L53/
C53-1=1.6257763617330965
L53/G53-1=0.325956282902091
Personal Need Loans
6900.455
3417.634
1648.4550000000002
1848.664
1931
3.225
20896.874
21401.637000000002
21584
22170.664999999997
22650.884
Pers
onal Need Loans C54/C$49=0.07371921995507953
D54/D$49=0.031306354667845454
E54/E$49=0.011987123
536326628
F54/F$49=0.01167861122252942
G54/G$49=0.10638700462045171
H54/H549=0.099888692
05482838
154/1549=0.09478359164300486
J54/J$49=0.09379517700715181
K54/K549=0.094257636
09458017
L54/L$49=0.0922382565419955
Personal Need Loans
L54/H54-1=0.0839364777717470
6
L54/C54-1=2.282520355541772
L54/G54-1=0.1728172793513254
Auto Loans
1148.741
1317.01 1302.705
951.552 810.7959999999999
696.72 686.
524
666.925 660.747 676.02 Auto Loans
C55/C$49=0.012272276313723953
D55/D549=0.012064130
378238025
E55/E$49=0.009472922079395783
F55/F$49=0.006011263196568071
G55/G549=0.004466274
1617851895
H55/H$49=0.0033303760901482217 155/1949=0.0030404781872116725 J55/J$49=0.002898181
4504028323
K55/K$49=0.00280913767253195
L55/L$49=0.0027528685497448927 Auto Loans
L55/
H55-1=-0.029710644161212607
L55/C55-1=-0.41151225559112103 L55/G55-1=-0.1662267697423272
Other Cons. Loans
2842.036
8104.507999999998
13633.789
16918.648
552.
3320000000007
604.1660000000022
718.6439999999978
605.5239999999895
693.58599999
99078
703.2550000000015
Other Cons. Loans
C56/C549=0.030362153945537564
D56/D$49=0.0
7423925495134667
E56/E$49=0.09914126440285666
F56/F549=0.10688059723282596
G56/G$49=0.0
030425238165051878
H56/H$49=0.0028879607315427974 156/1549=0.003182731275775557
J56/J$49=0.0
02631357985641105
K56/K$49=0.0029487512795979194 L56/L549=0.0028637741072022257 Other Cons.
Loans
L56/H56-1=0.16400956028640956
L56/C56-1=-0.7525523955361574
L56/G56-1=0.273246887741432
Retail Loans
25456.571
30491.136
38487.392
42414.828
46796.792
5057
2.837
52139.118
53330.11099999999
55345.9729999999
56929.959
Retail Loans
C57/C$49=0.27195866893575843
D57/D549=0.2793061860461098
E57/E$49=0.27987001313049437
F57/
F$49=0.26794825143046824
G57/G$49=0.25778038244396356
H57/H$49=0.24174211613813773
157/
I$49=0.23091377865807386
J57/J$49=0.2317507042742797
K57/K$49=0.2353010422706965
L57/
L$49=0.23182848683377152
Retail Loans
L57/H57-1=0.1257023014152836
L57/C57-1=1.23635614
55311483
L57/G57-1=0.21653550525429188
SME loans
19799
29987
36616
36900
42203
44311
49992
53585
52665
55068
SME
loans
C58/C$49=0.21151747759975534
D58/D$49=0.2746881782615346
E58/E$49=0.2662617514012428
F58/F$49=0.23310929087780993
G58/G$49=0.23247545430641045
H58/H$49=0.21181004554276875
158/
I$49=0.22140462028288294
J58/J$49=0.232858346920322
K58/K$49=0.2239029999741129
L58/
L$49=0.22424627273949257
SME loans
L58/H58-1=0.2427613910767079
L58/C58-1=1.78135259
35653316
L58/G58-1=0.3048361490889273
VAKIFBANK
B62=VAKIFBANK
Share in total CO
N62=VAKIFBANK
Cumulative Change
TRYmn
2011
2012
2013
2014
2015
2016
1Q17
1H17
9M17
2017
C63=2011
D63=2012
E63=2013
F63=2014
G63=2015
H63=2016
163=1Q17
J63=
1H17
K63=9M17
L63=2017
TRYmn
2017/2016
2017/2011
2017/2015
Gross Loans
59466.111000000004
70858.002
90283.644
108557.891
128630.866
154125.878
160955.617
174158.477
182175.68399999998
191609.821
Gross Loans
C64/C$64=1
D64/D$64=1
E64/E564=1
F64/F$64=1
G64/G$64=1
H64/H$64=1
164/
I$64=1 J64/J$64=1
K64/K$64=1
L64/L$64=1
Gross Loans
L64/H64-1=0.2432034353114927
L64/C64-1=2.2221683540058637
L64/G64-1=0.48960997432762365
Corporate Loans 38362.264
46597.085
59796.083000000006
75707.33800000002
9202
0.098
113088.78099999999
119035.62900000002
130416.926
135983.82399999996
1436
57.265 Corporate Loans C65/C$64=0.6451113643533878
D65/D564=0.6576121776620233
E65/E$64=0.6
623135747600086 F65/F$64=0.697391385394545
G65/G$64=0.7153811589824793
H65/H564=0.733742979
8777853 165/I564=0.7395556068105409
J65/J$64=0.7488405287329195
K65/K$64=0.7464433288473339
L65/L$64=0.749738527233424
Corporate Loans L65/H65-1=0.27030518615281585
L65/C65-1=2.74475461
09374565
L65/G65-1=0.5611509672593482
Credit Card Loans
1849.761
2638.839
3277.616
3132.3469999999998
3836
.67
4485.587
4519.216
4730.511
5177.612999999999
5358.842999999999
Credit Card Loans
C66/C$64=0.031106137073601464
D66/D564=0.03724122788559576
E66/E$64=0.0
3630354131474799
F66/F$64=0.02885416224602226
G66/G564=0.02982697791990299
H66/H$64=0.0
29103399495313827
166/I564=0.028077404717102853
J66/J564=0.027162105924938697
K66/K$64=0.0
2842098839052527
L66/L$64=0.02796747563372547
Credit Card Loans
L66/H66-1=0.19468042
867076218
L66/C66-1=1.8970461589362082
L66/666-1=0.396743269554066
Consumer Loans 19254.086000000003
21622.078
27209.945
29718.206
32774.098
36551.51
37400.772
39011.04
41014.247
42593.712999999996
Consumer Loa
ns
C67/C$64=0.3237824985730108
D67/D$64=0.305146594452381
E67/E$64=0.3013828839252434
F67/F$64=0.2737544523594328
G67/G564=0.25479186309761764
H67/H$64=0.23715362062690085
167/
I$64=0.23236698847235632
J67/J564=0.2239973653421418
K67/K$64=0.2251356827621408
L67/
L$64=0.2222939971328505 Consumer Loans L67/H67-1=0.16530652222028563
L67/C67-1=1.2121908565278035
L67/G67-1=0.29961511068893487
EFTA01437411
Mortgage Loans 8809.987
10283.389
13300.952
14315.888
15116.509
1698
3.119
16885.693
17471.074
18081.367
18966.522
Mortgage Loans C68/C$64=0.1
4815138995721444
D68/D$64=0.14512671412891376
E68/E$64=0.14732404908246724
F68/F$64=0.1
3187330619752
G68/G$64=0.11751852001058595
H68/H$64=0.11018992540629678
168/I$64=0.104909001
09438243
J68/J$64=0.10031710371468165
K68/K$64=0.09925236235149802
L68/L$64=0.098985124
56728406
Mortgage Loans L68/H68-1=0.11678673393267758
L68/C68-1=1.1528433583386675
L68/
G68-1=0.25468929367223625
Personal Need Loans
4575.224999999999
5459.406
9476.479000000001
11486.65
15230.301
17002.017
17931.289
18912.088
20087.254999999997
20583.762000
000002 Personal Need Loans
C69/C$64=0.07693835905966676
D69/D$64=0.07704713435188308
E69/
E$64=0.10496340843309339
F69/F$64=0.10581128551953906
G69/G$64=0.11840315993829972
H69/
H$64=0.1103125394685505 169/I$64=0.11140517699360564
J69/J$64=0.10859125737531569
K69/K$64=0.1
1026309636361788
L69/L$64=0.10742540174910974
Personal Need Loans
L69/H69-1=0.21066588
746499915
L69/C69-1=3.4989616904086693
L69/G69-1=0.3515006696190708
Auto Loans
369.697 493.103 586.132 435.42 466.932 412.37 398.20 407.977 406.864 429.632 Auto
Loans C70/C$64=0.006216935894798972
D70/D$64=0.0069590305411095284 E70/E$64=0.00649211722114362
1
F70/F$64=0.0040109474860745035 G70/G$64=0.003630015209568752
H70/H$64=0.00267554031387253
5
170/I$64=0.002473973927856149
.770/J$64=0.0023425618266057755 K70/K$64=0.00223336062786513
3
L70/L$64=0.0022422232730962156 Auto Loans
L70/H70-1=0.041860465116279055 L70/C70-1=0.
162119249006619 L70/G70-1=-0.07988315215063435
Other Cons. Loans
5499.177000000004
5386.180000000002
3846.381999999999
3480
.247999999998
1960.3560000000004
2154.0040000000035
2185.5899999999974
2219.9010000
000007 2438.7610000000072
2613.7969999999927
other Cons. Loans
C71/C$64=0.092475813
66133063
D71/D$64=0.07601371543047464
E71/E$64=0.04260330918853917
F71/F$64=0.032058913
15629923
G71/G$64=0.015240167939163222
H71/H$64=0.013975615438181014
171/1$64=0.013578836
456512092
J71/J$64=0.012746442425538669
K71/K$64=0.013386863419159758
L71/L$64=0.013641247
543360487
Other Cons. Loans
L71/H71-1=0.2134596778836011
L71/C71-1=-0.524693058615863
7
L71/G71-1=0.3333277221076132
Retail Loans
21103.847
24260.917
30487.561
32850.553
36610.768
4103
7.097
41919.988
43741.551
46191.86
47952.556
Retail Loans
C72/C$64=0.3
548886356466122 D72/D$64=0.34238782233797677
E72/E$64=0.33768642523999143
F72/F$64=0.302608614
6054551 G72/G$64=0.2846188410175206
H72/H$64=0.26625702012221464
172/1564=0.26044439318945917
J72/J$64=0.2511594712670805
K72/K$64=0.25355667115266606
L72/L$64=0.25026147276657595
Reta
it Loans
L72/H72-1=0.16851725647162596
L72/C72-1=1.27221870969781
L72/G72-1=0.30979377
433437083
SME loans
8645
16935.062477999996
22047
27682.262205000003
33035
36994
3754
2
44672
46843
47815
SME loans
C73/C$64=0.14537691896482013
D73/D$64=0.238999999
99999996
E73/E$64=0.24419705522741195
F73/F$64=0.255 G73/G$64=0.25682016321028267
H73/
H$64=0.2400245856182568 173/1564=0.2332444229019979
J73/J$64=0.25650201339323836
K73/K$64=0.2
57130913256239 L73/L$64=0.24954357637023208
SME loans
L73/H73-1=0.29250689300967725
L73/
C73-1=4.530942741469057 L73/G73-1=0.4474042682003936
YAPI KREDI
B77=YAPI KREDI Share in total CO
N77=YAPI KREDI Cumulative Change
TRYmn
2011
2012
2013
2014
2015
2016
1Q17
1H17
9M17
2017
C78=2011
D78=2012
E78=2013
F78=2014
G78=2015
H78=2016
178=1Q17
J78=
1H17
K78=9M17
L78=2017
TRYmn
2017/2016
2017/2011
2017/2015
Gross Loans
69859.724
78295.221
99596.333
126327.177
154910.922
1813
30.36000000002 188059.741
189465.30599999998
194362.367
203984.84
Gross Loans
C79/C$79=1
D79/D$79=1
E79/E$79=1
F79/F$79=1
G79/G$79=1
H79/H$79=1
179/
I$79=1 J79/J$79=1
K79/K$79=1
L79/L$79=1
Gross Loans
L79/H79-1=0.1249348426816114
8
L79/C79-1=1.9199204966798895
L79/G79-1=0.31678797961063077
Corporate Loans 46690.083000000006
50320.15700000001
66069.89499999999
89294.492999
99999
111183.537
134406.62900000002
140764.699
141062.11299999998
143628.13400
000002 152348.255
Corporate Loans C80/C$79=0.6683405018891859
D80/D$79=0.6426976813821115
E80/E$79=0.6633767831592755
F80/F$79=0.706851012747637
G80/G$79=0.7177256165320609
H80/
H$79=0.7412251814864318 180/I$79=0.7485105437851262
J80/J$79=0.744527407038838
K80/K$79=0.7
389709037655423 L80/L$79=0.7468606735677025
Corporate Loans L80/H80-1=0.13348765707084276
L80/
C80-1=2.2629681767753547
L80/G80-1=0.37024112661571484
Credit Card Loans
9769.185
12788.046
15300.706
13473.182
14541.850999
999999 15926.712
15757.073
16058.101
17010.675
17174.8660348
Credit Card
Loans
C81/C$79=0.13984001711773153
D81/D$79=0.16333111825560848
E81/E$79=0.15362720231878416
F81/F$79=0.10665307592522234
G81/G$79=0.09387234168033678
H81/H$79=0.08783257254879986
181/
I$79=0.0837875927947811 J81/J$79=0.08475483632871551
K81/K$79=0.08752041489595565
L81/L$79=0.0
8419677675458628
Credit Card Loans
L81/H81-1=0.07836859452220901
L81/C81-1=0.75806538
97740703
L81/G81-1=0.1810646412757222
Consumer Loans 13400.456
15187.017999999998
18225.732000000004
23559.502
2918
5.534000000003 30997.019
31537.969
32345.091999999997
33723.558000000005
3446
1.718965199994 Consumer Loans C82/C$79=0.19181948099308266
D82/D$79=0.19397120036228005
E82/
E$79=0.1829960145219403 F82/F$79=0.18649591132714063
G82/G$79=0.18840204178760234
H82/H$79=0.1
7094224596476837
182/I$79=0.16770186342009266
J82/J$79=0.17071775663244648
K82/K$79=0.1
7350868133850214
L82/L$79=0.16894254967771133
Consumer Loans L82/H82-1=0.1117752634600119
9
L82/C82-1=1.5716825580562328
L82/G82-1=0.18078082673423035
Mortgage Loans 6598.956
7230.831
8990.466
10928.456
12265.728000000001
12570.497
13143.962000000001
13358.066
13719.221
13897.583
Mortgage Loa
ns
C83/C$79=0.09446009262790675
D83/D$79=0.09235341452066403
E83/E$79=0.09026904635133505
F83/F$79=0.08650914442582691
G83/G$79=0.07917923308209347
H83/H$79=0.06932373045528613
183/
I$79=0.06989248166623818
J83/J$79=0.07050402145921113
K83/K$79=0.07058578886312904
L83/
L$79=0.06813046989178216
Mortgage Loans L83/H83-1=0.10557148217767365
L83/C83-1=1.10602752
9203104 L83/G83-1=0.13304183820153193
Personal Need Loans
48.449 54.382 58.912 100.33999999999999
15600.095000000001
1683
EFTA01437412
5.954999999998 16757.247
17321.735999999997
18177.137
18579.044
Personal Nee
d Loans C84/C$79=6.935183425574369E-4
D84/D$79=6.94576237290396E-4
E84/E$79=5.915077214740426E-
4
F84/F$79=7.942867273920004E-4
G84/G$79=0.10070364825535028
H84/H$79=0.09284686248899521
184/1579=0.08910597723305383
J84/J$79=0.09142431596421141
K84/K$79=0.09352189562498998
L84/
L$79=0.09108051363032665
Personal Need Loans
L84/H84-1=0.10353371697655422
L84/C84-1=38
2.47631530062546
L84/G84-1=0.19095710635095497
Auto Loans
1270.7759999999998
1144.466
1119.3990000000001
676.153 431.341 359.
272
340.541 360.45300000000003
380.693 492.14500000000004
Auto Loans
C85/C$79=0.0
18190395370013195
D85/D$79=0.0146173161705489
E85/E$79=0.011239359585658642
F85/F$79=0.0
05352395391531626
G85/G$79=0.0027844453730641408 H85/H$79=0.0019813118994524686 185/I$79=0.0
018108128735538351
J85/J$79=0.0019024749576051674 K85/K$79=0.0019586764962581465 L85/L$79=0.0
02412654783561367
Auto Loans
L85/H85-1=0.36983956445255983
L85/C85-1=-0.612720888653861
8
L85/G85-1=0.14096503694292917
Other Cons. Loans
5482.275000000001
6757.338999999998
8056.955000000003
1185
4.553
888.370000000003
1231.2950000000028
1296.2189999999985
1304.837000000001
1446.507000000008
1492.9469651999939
other Cons. Loans
C86/C$79=0.07847547465260528
D86/D$79=0.08630589343377673
E86/E$79=0.08089610086347258
F86/F$79=0.0938400847823901
G86/
G$79=0.0057347150770944546
H86/H$79=0.006790341121034573
186/I$79=0.00689259164724681
J86/
J$79=0.006886944251418785
K86/K$79=0.007442320354124973
L86/L$79=0.007318911372041147
Othe
r Cons. Loans
L86/H86-1=0.2125014437644841
L86/C86-1=-0.7276774760113285
L86/G86-1=0.68054635
47845931
Retail Loans
23169.641
27975.064
33526.438
37032.684
43727.385
4692
3.731
47295.042
48403.193
50734.23300000001
51636.58499999999
Retail Loans
C87/C$79=0.3316594981108142
D87/D$79=0.3573023186178885
E87/E$79=0.3366232168407245
F87/
F$79=0.293148987252363 G87/G$79=0.2822743834679391
H87/H$79=0.25877481851356826
187/I$79=0.2
5148945621487373
J87/J$79=0.255472592961162
K87/K$79=0.2610290962344578
L87/L$79=0.2
531393264322976 Retail Loans
L87/H87-1=0.1004364721125861
L87/C87-1=1.2286312075357575
L87/
G87-1=0.1808752112663492
SME loans
11061.62376
15087.307550000007
15550
20952
27051
24464
23588
2564
5
26295
27585
SME loans
C88/C$79=0.15834050188918583
D88/D$79=0.19269768138211152
E88/E$79=0.15613024628125616
F88/F$79=0.16585504796010758
G88/G$79=0.17462293588311353
H88/
H$79=0.13491397689829765
188/I$79=0.12542822761837155
J88/J$79=0.135354596265767
K88/
K$79=0.1352885355630599 L88/L$79=0.1352306377277841
SME loans
L88/H88-1=0.1275752125572269
2
L88/C88-1=1.4937568478644403
L88/G88-1=0.019740490185205628
LARGE BANKS AVERAGE
B92=LARGE BANKS AVERAGE Share in total (%)
N92=LARGE BANKS AVERAGE Cumu
lative change
TRYmn
2011
2012
2013
2014
2015
2016
1Q17
1H17
9M17
2017
C93=2011
D93=2012
E93=2013
F93=2014
G93=2015
H93=2016
193=1Q17
J93=
1H17
K93=9M17
L93=2017
TRYmn
2017/2016
2017/2011
2017/2015
Gross Loans
(C4+C19+C34+C49+C64+C79)/6=69567.871
(D4+D19+D34+D49+D64+D79)/6=83065.66366666667
(E4+E19+E34+E49+E64+E79)/6=103094.98616666667
(F4+F19+F34+F49+F64+F79)/6=124211.41416666667
(G4+
G19+G34+G49+G64+G79)/6=145773.10466666668
(H4+H19+H34+H49+H64+H79)/6=176766.50416666668
(14+
119+134+149+164+179)/6=186758.4455
(J4+J19+J34+J49+J64+J79)/6=192942.0011666667
(K4+K19+K34+
K49+K64+K79)/6=199319.40233333336
(L4+L19+L34+L49+L64+L79)/6=209172.75900000005
Gross Loans
C94/C$94=1
D94/D$94=1
E94/E$94=1
F94/F$94=1
G94/G$94=1
H94/H$94=1
194/
I$94=1 J94/J$94=1
K94/K$94=1
L94/L$94=1
Gross Loans
L94/H94-1=0.1833280291767194
2
L94/C94-1=2.00674371650672
L94/G94-1=0.4349201073703324
Corporate Loans (C5+C2O+C35+C5O+C65+C80)/6=47694.30183333334
(D5+D2O+D35+D5O+D65+D80)/6=56102.041
666666664
(E5+E20+E35+E50+E65+E80)/6=69758.34066666667
(F5+F2O+F35+F5O+F65+F80)/6=87056.297
83333333
(G5+G20+G35+650+G65+G80)/6=105712.27200000001
(H5+H2O+H35+H5O+H65+H80)/6=131907.66
416666665
(15+120+135+150+165+180)/6=140858.7261666667
(J5+J20+J35+.150+J65+J80)/6=145719.41
666666666
(K5+K2O+K35+K5O+K65+K80)/6=149456.041
(L5+L2O+L35+L5O+L65+L80)/6=157978.4755 Corp
orate Loans
C95/C$94=0.6855794369980553
D95/D$94=0.6753938894872129
E95/E$94=0.676641447
469551 F95/F$94=0.7008719642827779
G95/G$94=0.7251836492179259
H95/H$94=0.7462254502826833
195/I$94=0.7542294849882261
J95/J$94=0.7552498459927948
K95/K$94=0.7498318741195903
L95/
L$94=0.7552535820402884 Corporate Loans L95/H95-1=0.197644401468535
L95/C95-1=2.3123134090955397
L95/G95-1=0.49441945113051755
Credit Card Loans
(C6+C21+C36+C51+C66+C81)/6=6060.371999999999
(D6+D21+D36+D51+D66+D81)/6=7
845.626333333334
(E6+E21+E36+E51+E66+E81)/6=9293.144666666665
(F6+F21+F36+F51+F66+F81)/6=8
875.504833333334
(G6+G21+G36+G51+G66+G81)/6=9229.417
(H6+H21+H36+H51+H66+H81)/6=10108.913
5
(16+121+136+151+166+181)/6=10058.831166666669
(J6+J21+J36+J51+J66+381)/6=10301.53816666666
7
(K6+K21+K36+K51+K66+K81)/6=10968.864333333333
(L6+L21+L36+L51+L66+L81)/6=11156.62883913333
5
Credit Card Loans
C96/C$94=0.08711452446201781
D96/D$94=0.09445089567714723
E96/
E$94=0.09014157731825162
F96/F$94=0.07145482476694288
G96/G$94=0.06331357914825594
H96/
H$94=0.05718794716033234
196/I$94=0.053860114008427364
J96/J$94=0.05339189033168582
K96/
K$94=0.055031593537439305
L96/L$94=0.05333691104171615
Credit Card Loans
L96/H96-1=0.
10364272472341707
L96/C96-1=0.8409148545886846
L96/G96-1=0.20881187177189364
Consumer Loans (C7+C22+C37+C52+C67+C82)/6=15813.19716666667
(D7+D22+D37+D52+D67+D82)/6=19117.995
666666666
(E7+E22+E37+E52+E67+E82)/6=24043.500833333335
(F7+F22+F37+F52+F67+F82)/6=28279.611
500000003
(G7+G22+G37+G52+G67+G82)/6=30831.415666666668
(H7+H22+H37+H52+H67+H82)/6=34749.926
5
(17+122+137+152+167+182)/6=35840.888166666664
(J7+J22+J37+J52+J67+382)/6=36921.04633333334
(K7+K22+K37+K52+K67+K82)/6=38894.49699999998
(L7+L22+L37+L52+L67+L82)/6=40037.65466086666
Cons
umer Loans
C97/C$94=0.227306038539927
D97/D$94=0.23015521483563978
E97/E$94=0.233216975
21219742
F97/F$94=0.22767321095027923
G97/G$94=0.21150277163381812
H97/H$94=0.196586602
55698424
197/I$94=0.19191040100334666
J97/J$94=0.1913582636755192
K97/K$94=0.195136532
34297013
L97/L$94=0.19140950691799524
Consumer Loans L97/H97-1=0.15216516100736666
L97/
C97-1=1.5319139601486653
L97/G97-1=0.2985992953983396
Mortgage Loans (C8+C23+C38+C53+C68+C83)/6=7344.306333333333
(D8+D23+D38+D53+D68+D83)/6=8750.6488
33333331
(E8+E23+E38+E53+E68+E83)/6=11053.526666666667
(F8+F23+F38+F53+F68+F83)/6=12653.877
EFTA01437413
333333332
(G8+G23+G38+G53+G68+G83)/6=14061.514333333334
(H8+H23+H38+H53+H68+H83)/6=16287.410
333333333
(18+123+138+153+168+183)/6=16877.372
(J8+J23+J38+J53+J68+J83)/6=17342.39416666667
(K8+K23+K38+K53+K68+K83)/6=18092.459166666667
(L8+L23+L38+L53+L68+L83)/6=18536.38033333333
Mort
gage Loans
C98/C$94=0.10557037649367383
D98/D$94=0.10534616166372567
E98/E$94=0.107216917
88965547
F98/F$94=0.10187370796981975
G98/G$94=0.09646165090252565
H98/H$94=0.092140818
25127078
198/I$94=0.09037006039975846
J98/J$94=0.08988397581554056
K98/K$94=0.090771189
13094874
L98/L$94=0.08861756388332252
Mortgage Loans L98/H98-1=0.13808026899140136
L98/
C98-1=1.5239116523779712
L98/G98-1=0.3182349990137381
Personal Need Loans
(C9+C24+C39+C54+c69+C84)/6=4444.622833333334
(D9+D24+D39+D54+D69+D84)/6=4
671.216833333333
(E9+E24+E39+E54+E69+E84)/6=6103.1525
(F9+F24+F39+F54+F69+F84)/6=7177.2784
99999999
(G9+G24+G39+G54+G69+G84)/6=13016.212166666666
(H9+H24+H39+H54+H69+H84)/6=16749.331
66666667
(19+124+139+154+169+184)/6=17186.950333333338
(J9+J24+J39+J54+J69+J84)/6=17774.300
666666666
(K9+K24+K39+K54+K69+K84)/6=18878.913999999997
(L9+L24+L39+L54+L69+L84)/6=19449.676
000000003
Personal Need Loans
C99/C$94=0.06388901614271528
D99/D$94=0.05623523158833004
E99/E$94=0.05919931440830156
F99/F$94=0.05778276133600362
G99/G$94=0.08929090312256366
H99/
H$94=0.09475399055736451
199/I$94=0.09202770074102666
J99/J$94=0.09212250603388793
K99/
K$94=0.09471689047325005
L99/L$94=0.09298379049444004
Personal Need Loans
L99/H99-1=0.
16122101986357862
L99/C99-1=3.37600145824147
L99/G99-1=0.494265439972533
Auto Loans
(C10+C25+C40+C55+C70+C85)/6=748.8578333333334
(D10+D25+D40+D55+D70+D85)/6=859.8011
666666667
(E10+E25+E40+E55+E70+E85)/6=909.302
(F10+F25+F40+F55+F70+F85)/6=745.580666666666
7
(G10+G25+G40+G55+G70+G85)/6=632.5096666666666
(H1O+H25+H4O+H55+H7O+H85)/6=709.278666666666
7
(110+125+140+155+170+185)/6=685.9841666666665
(J10+J25+J40+J55+J70+J85)/6=701.663666666666
7
(K10+K25+K40+KSS+K70+K85)/6=694.8696666666666
(L10+L25+L40+L55+L70+L85)/6=750.919833333333
4
Auto Loans
C100/C$94=0.01076442073860983
D100/D$94=0.010350861339252688 E100/E$94=0.
008820040952622014
F100/F$94=0.00600251330901239
G100/G$94=0.004339001135449507 H100/H$94=0.
0040125173601776596
I100/I$94=0.0036731092124380874 J100/J$94=0.0036366558987877256 K100/K$94=0.
0034862118716601203
L100/L$94=0.0035899504166951933 Auto Loans
L100/H100-1=0.05870917683505
672
L100/C100-1=0.002753526648471505
L100/G100-1=0.1872068885376721
Other Cons. Loans
(C11+C26+C41+C56+C71+C86)/6=3275.4101666666684 (D11+D26+D41+D56+D71+D86)/6=
4836.328833333332
(Ell+E26+E41+E56+E71+E86)/6=5977.519666666667
(F11+F26+F41+F56+F71+F86)/6=
7702.875
(G11+G26+G41+G56+G71+G86)/6=3121.1795
(H11+H26+H41+H56+H71+H86)/6=1003.90583333333
34
(I11+126+141+156+171+186)/6=1090.5816666666644 (J11+J26+J41+J56+J71+J86)/6=1102.68783333333
25
(K11+K26+K41+K56+K71+K86)/6=1228.254166666654
(L11+L26+L41+L56+L71+L86)/6=1300.67849419999
6
other Cons. Loans
C101/C$94=0.04708222516492805
D101/D$94=0.058222960244331344 E101
/E$94=0.05798070196161835
F101/F$94=0.062014228335443435 G101/G$94=0.021411216473279295 H101
/H$94=0.005679276388171298
1101/I$94=0.005839530650123474 J101/J$94=0.005715125927302948 K101
/K$94=0.006162240867111239
L101/L$94=0.006218202123537491 Other Cons. Loans
L101/H101-1=
0.2956180261262844
L101/C101-1=-0.6028959953056274 L101/G101-1=-0.5832734085944125
Retail Loans
(C12+C27+C42+C57+C72+C87)/6=21873.569166666668 (D12+D27+D42+D57+D72+D87)/6=26963.62
2000000003
(E12+E27+E42+E57+E72+E87)/6=33336.6455 (F12+F27+F42+F57+F72+F87)/6=37155.1163333333
4
(G12+G27+G42+G57+G72+G87)/6=40060.83266666666
(H12+H27+H42+H57+H72+H87)/6=44858.8400000000
04
(112+127+142+157+172+187)/6=45899.71933333334
(J12+J27+J42+J57+J72+J87)/6=47222.5845 (K12
+K27+K42+K57+K72+K87)/6=49863.36133333333
(L12+L27+L42+L57+L72+L87)/6=51194.2835 Retail Loans
C102/C$94=0.3144205630019448
D102/D$94=0.32460611051278704
E102/E$94=0.32335855253044904
F102
/F$94=0.29912803571722213
G102/G$94=0.274816350782074
H102/H$94=0.2537745497173166
1102
/I$94=0.24577051501177408
J102/J$94=0.24475015400720496
K102/K$94=0.2501681258804095
L102
/L$94=0.24474641795971142
Retail Loans
L102/H102-1=0.1412306582158609 L102/C102-1=1.340463
1914399885
L102/G102-1=0.2779136151754811
SME loans
(C13+C28+C43+C58+C73+C88)/6=14748.278884000001 (D13+D28+D43+D58+D73+D88)/6=20296.38
3289
(E13+E2B+E43+E58+E73+E88)/6=24486.744601
(F13+F28+F43+F58+F73+F88)/6=28262.8107125
(G13+G28+G43+G5B+G73+G88)/6=34856.335666666666 (H13+H28+H43+H5B+H73+H88)/6=37729.50
(113+128+143
+158+173+188)/6=40095.299666666666
(J13+J28+J43+J58+J73+J88)/6=43363.22516666666
(K13+K28+K43
+K58+K73+K88)/6=44333.74
(L13+L28+L43+L58+L73+L88)/6=46165.142666666674 SME loans
C103
/C$94=0.21199842214518827
D103/D$94=0.24434143294691707
E103/E$94=0.23751634789895543
F103
/F$94=0.2275379513397779
G103/G$94=0.2391136262506805
H103/H$94=0.21344258731522026
1103
/I$94=0.2146906907439785
J103/J$94=0.22474746247297778
K103/K$94=0.2224256117618601
L103
/L$94=0.22070341705760388
SME loans
L103/H103-1=0.22358214836312906 L103/C103-1=2.130205
431411387
L103/G103-1=0.3244405008072806
EFTA01437414
By business segments
Akbank Halkbank
Vakifbank
TRYbn
2015
2016
9M17
2015
2016
9M17
TRYbn
2015
2016
9M17
2015
2016
9M17
TRYbn
2015
2016
9M17
2015
2016
9M17
Corporate & Commercial 90544
114195 123158 C4/C$11=0.5899938748647909
D4/D$11=0.6383424728
74847
E4/E$11=0.6300931136805484
Corporate & Commercial L11-110-L9-18-L7-16-L5=50147.977
M11-M10-M9-M8-M7-M6-M5=69604.33300000001
N11-N10-N9-N8-N7-N6-N5=82074.55000000002
L4/L
$11=0.39566046865904597 M4/M$11=0.43954801666210175
N4/N$11=0.4226887374142226
Corporate &
Commercial
50803.29
66056.812
77798.603
U4/U$11=0.4131205249868875
V4/V
$11=0.45053380260587256 W4/W$11=0.44707303270254295
SME loans
23389
24748
30150
C5/C$11=0.15240509298476534
D5/D$11=0.13833967790802323
E5/E$11=0.1542515092602067
SME loans
49799
57100
71700
L5/1$11=0.39290708932788715
M5/M$11=0.3605837549137351
N5/1011=0.36925919755392816
SME loans
33035.155+1391.22+11
32.243=35558.618
36994.655+1488.565+1041.146=39524.366
46843.167+1623.864+1560.163=50027.19
4
US/U$11=0.28915440192885516
V5/V$11=0.2695719392205343
W5/W$11=0.28748343127933107
Mortgage loans 13446.919
13569.841
13364.862000000001
C6/C$11=0.08762148619238137
D6/D$11=0.07585451079695685
E6/E$11=0.06837645554077561
Mortgage loans 12239
15260
2038
4
16/L811=0.09656398454354527
M6/M$11=0.09636616637449383
N6/N$11=0.10497879334643336
Mortgage loans 15118.311
16983.836
18081.367
U6/U$11=0.12293858482856201
V6/V
$11=0.11583653501041666 W6/W$11=0.1039053565023228
Personal need loans
13924.483
14544.601
16203.264000000001
C7/C$11=0.0907333415
8706163 D7/D$11=0.08130335451918186
E7/E$11=0.08289810702957127
Personal need loans
1165
8
12828
15844
L7/1$11=0.09197997645303135
M7/M$11=0.08100820329305418
N7/N$11=0.08
159752755989454 Personal need loans
15230.30
17002.017
20087.255
U7/U$11=0.12
3849253300481
V7/V$11=0.1159605366813598
W7/W$11=0.11543227854000565
Auto loans
539
378
279
C8/C$11=0.0035121785933040542
DB/D$11=0.002112994918750314
5
E8/E$11=0.0014274020259899725
Auto loans
178
197
255
L8/L$11=0.0014043949
055274987
M8/M$11=0.0012440455292120108
NB/N$11=0.001313264928539075
Auto loans
466.
932
412.37 406.864 UB/U$11=0.0037969823012087875
V8/V$11=0.002812527861329179
W8/W$11=0.00
2338061550764445
Credit cards
10888
10566
11259
C9/C$11=0.07094731080499915
D9/D$11=0.05906323891935403
E9/E$11=0.057602578532692114
Credit cards
2276
2810
2986
L9/L$11=0.01795731912910442
M9/M$11=0.017745014909064723
N9/N$11=0.015378074810265404
Credit cards
3836.63 4485.587
5177.613
U9/U$11=0.031198581819808172
V9/V$11=0.030593492280999997
W9/W$11=0.0297533767
54979927
Other consumer loans
C11-(SUM(C4:C9))=734.5979999999981
D11-(SUM(D4:D9))=891.55799999999
E11-(SUM(E4:E9))=1045.8740000000107
ClO/C$11=0.004786714972697523
D10/D$11=0.00498375006288669
8
E10/E$11=0.005350833930215956
Other consumer loans
447
555
929
L10/1$11=0.0
035267669818583817
M10/M$11=0.003504798318338406
N10/N$11=0.004784404386716866
Other consum
er loans
U11-(SUM(U4:U9))=1960.4189999999944
V11-(SUM(V4:V9))=2154.0039999999863
W11-
(SUM(W4:W9))=2438.7639999999956 U10/U$11=0.01594167083419729
V10/V$11=0.014691166339487494
W10/
W$11=0.014014462670053117
Total loans (net)
153466 178893 195460 C11/C$11=1
D11/D$11=1
E11/E$11=1
Tota
1 loans (net)
126744.977
158354.333
194172.55000000002
L11/L$11=1
M11/M$11=1
N11/N$11=1
Total loans (net)
122974.50
146618.992
174017.66
Ull/U$11=1
V11/V$11=1
W11/W$11=1
Garanti Isbank Yapi Kredi
TRYbn
2015
2016
9M17
2015
2016
9M17
TRYbn
2015
2016
9M17
2015
2016
9M17
TRYbn
2015
2016
9M17
2015
2016
9M17
Corporate & Commercial 110116.096-C17-3500=71605.31294 131438-D17-4000=88367.87212
142126-E17-4
000=97714.60
C16/C$23=0.4499519139518498
D16/D$23=0.4749729307822271
E16/E$23=0.483599182
40892424
Corporate & Commercial L23-L22-L21-L20-L19-L18-L17=90212.99212 M23-M22-M21-M20-M19-
M18-M17=109156.16402599998
N23-N22-N21-N20-N19-N18-N17=119545.716 L16/L$23=0.5070032474332751
M16/M$23=0.5344053528912068
N16/N$23=0.5208555146001621
Corporate & Commercial U23-U22-U21-
U2O-U19-U18-017=109296.756
V23-V22-V21-V20-V19-V18-V17=134534.243 W23-W22-W21-W20-W19-W18-W17=
154483 U16/U$23=0.6142553187041137
V16/V$23=0.6586510276161908
W16/W$23=0.673075750050105
SME loans
C23*0.22=35010.78306
D23*0.21=39070.12788
E23*0.2=40411.40
C17/C$23=0.2
2
D17/D$23=0.21
E17/E$23=0.20
SME loans
123*0.23=40924.76388
M23*0.218=44528.0789
74
N23*0.238=54625.284
L17/L$23=0.23
M17/M$23=0.218 N17/N$23=0.238 SME loans
2500
0
22800
24300
U17/U$23=0.14050172694606639
V17/V$23=0.11162394863030635
W17/W$23=0.1
058740490941887
Mortgage loans 18802.033
21644.375000000004
22971.345999999998
C18/C$23=0.118147807
57434448
D18/D$23=0.11633744235392558
E18/E$23=0.11368745453015731
Mortgage loans 1572
6
17697
20034
L18/L$23=0.08838120631815359
M18/M$23=0.08664074644344437
N18/N$23=0.0
8728727158654223
Mortgage loans 12266
12570
13719
U18/U$23=0.06893576730881801
V18/
V$23=0.06154004536328732
W18/W$23=0.059773089692311716
Personal need loans
16746.536
18388.573
20791.067999999996
C19/C$23=0.105231520
06300769
D19/D$23=0.09883766804809342
E19/E$23=0.10289704390345296
Personal need loans
19313
20897
22171
L19/L$23=0.1085403941003752
M19/M$23=0.10230726554945227
N19/N$23=0.0
9659808816737685
Personal need loans
15600
16836
18177
U19/U$23=0.08767307761434542
V19/V$23=0.08242547364648412
W19/W$23=0.07919640289650486
Auto loans
1567.244
2212.1910000000003
2187.122
C20/C$23=0.00984821388910688
2
D20/D$23=0.011890416929958614
E20/E$23=0.01082428225698689
Auto loans
811
697
661
120/LS23=0.004557876022130394
M20/M$23=0.0034123636927773475 N20/N$23=0.00287994841363204
64
Auto loans
431
359
381
U20/11$23=0.0024222497725501844 V20/V$23=0.001757587
6122052623
W20/W$23=0.0016600005228348104
Credit cards
14977.881
16101.909000000001
17593.1 C21/C$23=0.09411768409615227
D21/
D$23=0.08654696243599805
E21/E$23=0.08706998520219542
Credit cards
10394
10678
1178
7
L21/L$23=0.05841499799509656
M21/M$23=0.05227721594186014
N21/N$23=0.05135544924581078
EFTA01437415
6
Credit cards
14452
15927
17011
U21/U$23=0.08122123831298206
V21/V$23=0.077975203
06293373
W21/W$23=0.07411619132268493
Other consumer loans
C23-(SUM(C16:C21))=430.13300000000163
D23-(SUM(D16:D21))=263.179999999993
E23-(SUM(E16:E21))=388.3640000000014
C22/C$23=0.002702860425538861
D22/D$23=0.00141457944979724
83
E22/E$23=0.0019220516982831647 Other consumer loans
552
604
694
L22/L$23=0.0
031022781309691457
M22/M$23=0.002957055481258993
N22/N$23=0.0030237279864760063 Other consum
er loans
888
1231
1447
U22/U$23=0.004990621341124278
V22/V$23=0.00602671406859241
7
W22/W$23=0.006304516421370002
Total loans (net)
159139.923
186048.228
202057 C23/C$23=1
D23/D$23=1
E23/
E$23=1 Total loans (net)
177933.756
204257.243
229518 L23/L$23=1
M23/M$23=1
N23/N$23=1
Total loans (net)
177933.756
204257.243
229518 U23/U$23=1
V23/
V$23=1 W23/W$23=1
Large Bank average
Large Bank average
TRYbn
2015
2016
9M17
TRYbn
2015
2016
9M17
Corporate & Commercial C4+C16+L4+L16+U4+U16=462610.32805999997 D4+D16+M4+M16+V4+V16=581914.42414600
01
E4+E16+N4+N16+W4+W16=654774.469 Corporate & Commercial C28/C$35=0.5038269431337105
D28/
D$35=0.5395945427114932 E28/E$35=0.5346218404427815
SME loans***
C5+C17+L5+L17+U5+U17=209682.16494
D5+D17+M5+M17+V5+V17=227770.572854
ES+E
17+N5+N17+W5+W17=271213.878
SME loans
C29/C$35=0.22836395511186433
D29/D$35=0.211205897
29780082
E29/E$35=0.22144550448252742
Mortgage loans C6+C18+L6+L18+U6+U18=87598.26299999999 D6+D18+M6+M18+V6+V18=97725.052 E6+E18+N6+N1
8+W6+W18=108554.575
Mortgage loans C30/C$35=0.09540289611819612
D30/D$35=0.09061797157337119
E30/E$35=0.08863455956616408
Personal need loans
C7+C19+L7+L19+U7+U19=92472.319 D7+D19+M7+M19+V7+V19=100496.19099999999 E7+E
19+N7+N19+W7+W19=113273.587
Personal need loans
C31/C$35=0.10071120980293519
D31/D$35=0.0
9318757875176245
E31/E$35=0.09248762195627931
Auto loans
C8+C20+L8+L20+U8+U20=3993.1759999999995 D8+D20+M8+M20+V8+V20=4255.561
E8+E20+N8+N2
0+W8+W20=4169.986
Auto loans
C32/C$35=0.004348951018693988
D32/D$35=0.00394607419320428
8
E32/E$35=0.003404783930175861
Credit cards
C9+C21+L9+L21+U9+U21=56824.511 D9+D21+M9+M21+V9+V21=60568.496 E9+E21+N9+N21+W9+W21
=65813.71299999999
Credit cards
C33/C$35=0.06188733354108052
D33/D$35=0.05616363600164517
E33/E$35=0.05373674453765699
Other consumer loans
C10+C22+L10+L22+U10+U22=5012.149999999994
D10+D22+M10+M22+V10+V22=5698
.741999999969
El0+E22+N10+N22+W10+W22=6943.002000000008
Other consumer loans
C34/C$35=0.0
05458711273519387
D34/D$35=0.00528429947072296
E34/E$35=0.0056689450844148856
Total loans (net)
C11+C23+L11+L23+Ull+U23=918192.912
Dll+D23+Mll+M23+V11+V23=1078429.0389
999999 Ell+E23+Nll+N23+W11+W23=1224743.21
Total loans (net)
C35/C$35=1
D35/D$35=1
E35/E$35=1
*** SME definition includes companies with number of employees < 250 and turnover or total assets <=
TRY40m.
Loan breakdown - 9M17***
TRYbn
Akbank Garanti Halkbank
Isbank Vakifbank
Yapi Kredi
Corporate & Commercial 0.6300931136805484
0.48359918240892424
0.4226887374142226
0.52
08555146001621 0.44707303270254295
0.673075750050105
SME loans
0.1542515092602067
0.20
0.36925919755392816
0.238
0.28748343127933107
0.1058740490941887
Mortgage loans 0.06837645554077561
0.11368745453015731
0.10497879334643336
0.0872872715
8654223 0.1039053565023228
0.059773089692311716
Personal need loans
0.08289810702957127
0.10289704390345296
0.08159752755989454
0.09
659808816737685 0.11543227854000565
0.07919640289650486
Auto loans
0.0014274020259899725
0.01082428225698689
0.001313264928539075
0.0028799484
136320464
0.002338061550764445
0.0016600005228348104
Credit cards
0.057602578532692114
0.08706998520219542
0.015378074810265404
0.0513554492
45810786
0.029753376754979927
0.07411619132268493
Other consumer loans
0.005350833930215956
0.0019220516982831647
0.004784404386716866
0.00
30237279864760063
0.014014462670053117
0.006304516421370002
Total loans (net)
1
1
1
1
1
1
*** SME definition includes companies with number of employees < 250 and turnover or total assets <=
TRY40m.
Chart 1
Chart 2
EFTA01437416
By sector (breakdown)
Loan breakdown (2017)
2017
Akbank Garanti Halkbank
Isbank Vakifbank
Yapi
Agricultural
0.001004057958048613
0.016093202315493667
0.00
58774841
0.012811437143149914
0.011660180684776297
Farming and raising livestock
5.249796351198863E-4
0.0026401724
0.010296496923127122
0.010207887466648318
Forestry
4.7688253181865235E-4
1.8718421809312623E-5
4.00
723067583
9.195536811946481E-4
Fishing 2.1957911100743402E-6
3.824886784097967E-4
0.0016065934
5.327395369333305E-4
Manufacturing
0.22085134000595696
0.1861014981648438
0.20
729675 0.17906324850466848
0.3887215197919661
Mining 0.009800737337995304
0.010937439373085648
0.0050653301
0.006852502437064907
0.010339288513375062
Production
0.12878094044409585
0.05895102142522671
0.17
358547 0.1340176039404227
0.25810370247449904
Electricity, Gas, Water 0.08226966222386582
0.11621303736653146
923762975545073 0.038193142127180904
0.12027852048783323
Construction
0.11719605169790383
0.05548733802389363
1058044 0.1148975229621003
0.14308756500304914
Services
0.3579296431168957
0.059861586075228276
3719204 0.30494729495889594
0.20032513078969774
Wholesale and Retail Trade
0.1426960769402236
na
136469 0.12697541939177975
0.060406255810855874
Hotel, Food beverage services
0.024048570206598216
0.0265221721
0.02828765684495182
0.03656947116373573
0.03182997315798579
Transportation and Telecomunication
0.04895150727080868
0.04
81632286
0.07252997667322456
0.07003707268700905
0.03
Financial institutions 0.1156112471958665
0.04056293981816154
0775475582421803
0.020185270404805403
0.03344080753334289
Real estate and lending services
0.00844801249297517
na
633376166706081 0.0174502972984564
0.007908699720216522
Self-employment service 0.003493386134913933
na
0.0031476631
0.023210308252562532
0
Education service
0.0023945504101620272
na
0.004715255442487287
0.0011634030209067793
Health and social services
0.01228629246534754
3459822 0.00580420031805975
0.029010121082357586
Other
0.30301890722119496
na
0.4800651938153973
311854 0.25620561204676945
Total
1
1
1
1
1
1
Kredi
30416435967680973
0.0092864108
849578834
0.007279034504055943
78287806237853E-4
0.0019538805
766565195
5.61059647716034E-4
81433590784614
0.2592940076
58526063
0.017063385481662096
075437698970924
0.1329929924
0.03232365193022609
0.10
0.045215726398059625
0.26353408842609627
0.11240474904955264
0.0931638821
0.3503335227
0.1420346261
1068505
0.030672153823230682
2853644176270564
0.0526419839
6565870464032306
0.044338178270387205
0.02
0.011777327011930317
0.06
08567367
0.005829518402476771
0.0038241965823669366
0.005374959018811134
na
0.004727817740458005
0.0091675484
0.2879221766204852
0.3882804964
EFTA01437417
Detail sector breakdown (BRSA)
Sectoral Loan Distribution (thousand TL)
Short-Term Loans
Medium-Long Term Loans Loan
s
% in total loans
Non-Performing Loans
% in total NPL stock
Total Loans
Non-
Cash Loans
1
Agriculture, Hunting and Forestry (2+3+4)
25020121
69084794
94104915
F3/F$72=0.040254738959791536
2832595 H3/H$72=0.041691428631311665
96937510
2250588
2
Agriculture
24649225
67976001
92625226
F4/F$72=0.03962178058097918
2783278 H4/H$72=0.040965558471331015
95408504
1944951
3
Hunting 16083
34759
50842
F5/F$72=2.1748401113732702E-5
2123
H5/H$72=3.1247284904
57502E-5
52965
1758
4
Lumber and Forest Products
354813 1074034 1428847 F6/F$72=6.112099776986277E-4
4719
4
H6/H$72=6.946228750760779E-4
1476041 303879
5
Fishing 831970 1488254 2320224 F7/F$72=9.92509386446429E-4
61568
H7/H$72=9.0618598069
00022E-4
2381792 248815
6
Mining and Quarrying (7+8)
5041767 20912961
25954728
F8/F$72=0.0111025104
31175591
883272 H8/H$72=0.013000401239865183
26838000
7628617
7
Extracting of Mines Product Energy
1037685 10542247
11579932
F9/F$72=0.00
495348345867096 361592 H9/H$72=0.005322076421674559
11941524
4425265
8
Extracting of Mines Not Product Energy 4004082 10370714
14374796
F10/F$72=0.0
0614902697250463
521680 H10/H$72=0.007678324818190624
14896476
3203352
9
Manufacturing (10+...+22+25)
164849748
265623546
430473294
F11/F$72=0.1
8414117986432055
13900030
H11/H$72=0.20458699839479033
444373324
227953900
10
Food, Beverage and Tobacco Ind. 27432816
36732250
64165066
F12/F$72=0.0
27447535361652422
2291054 H12/H$72=0.03372078053215554
66456120
27565587
11
Textile and Textile Products Industry
27726268
48783987
76510255
F13/
F$72=0.032728368574288444
2349417 H13/H$72=0.03457979385711348
78859672
26211902
12
Leather and Leather Products Industry
1442207 2579867 4022074 F14/F$72=0.00172050034737255
33
234679 H14/H$72=0.0034541128469716253 4256753 738067
13
Wood and Wood Products Industry 2097339 5122360 7219699 F15/F$72=0.003088330706353308
1636
99
H15/H$72=0.002409396745922763
7383398 3070048
14
Paper Raw Materials and Paper Products Indusrty 5224466 10695273
15919739
F16/
F$72=0.006809898693952519
280235 H16/H$72=0.004124626888946575
16199974
4049289
15
Nuclear Fuel and Refined Petroleum and Coke Coal Ind.
2206367 5927121 8133488 F17/F$72=0.0
03479217172371889
271250 H17/H$72=0.003992381549866215
8404738 10642164
16
Chemical Products Industry
15547631
16964562
32512193
F18/F$72=0.0
13907560962414788
509384 H18/H$72=0.007497346666901573
33021577
18574188
17
Rubber and Plastic Products Industry
11665465
18190862
29856327
F19/
F$72=0.012771475854190783
1052594 H19/H$72=0.015492559871335956
30908921
10072865
18
Other Mines Excluding Metal Industry
8493075 22603175
31096250
F20/F$72=0.0
13301870857419271
1444081 H20/H$72=0.021254644574792085
32540331
7322541
19
Main Metal Industry
28984936
43431671
72416607
F21/F$72=0.030977251
412838667
2298637 H21/H$72=0.03383239059406387
74715244
48211281
20
Machine and Equipment Industry 9585209 15666350
25251559
F22/F$72=0.010801719
717538395
712375 H22/H$72=0.010485061038104865
25963934
16054096
21
Electrical and Optical Devices Indusrty 8225834 12151889
20377723
F23/F$72=0.0
08716865850842543
716139 H23/H$72=0.010540461311482547
21093862
21475823
22
Transportation Vehicles Industry
9125083 16206132
25331215
F24/F$72=0.0
10835793724051032
845782 H24/H$72=0.01244860627468736
26176997
27981332
23
a) Building and Repairing Ships and Boats
606964 4581684 5188648 F25/F$72=0.002219519
25459201
579482 H25/H$72=0.00852908108858829
5768130 3664553
24
b) Manufacture and Repair of Motor and Other Vehicles
8518119 11624448
20142567
F26/F$72=0.008616274469459022
266300 H26/H$72=0.00391952518609907
20408867
24316779
25
Manufacturing Industry Not Classified In Another Places 7093052 10568047
17661099
F27/F$72=0.007554790629033939
730704 H27/H$72=0.01075483564244587
18391803
5984717
26
Electric, Gas and Water Resources
9474147 151671624
161145771
F28/F$72=0.0
6893243510266542
650702 H28/H$72=0.00957732961939556
161796473
38026525
27
Construction
44950931
159974614
204925545
F29/F$72=0.08765986686421229
6280476 H29/H$72=0.09243891799733664
211206021
139359231
28
Wholesale and Retail Trade, Sale and Repair of Motor Vehicles and Personel Products (29+30+3
1)
127541832
216878924
344420756
F30/F$72=0.14733096167308643
14506699
H30/H$72=0.21351623018271948
358927455
125780461
29
Retail Sell of Motor Vehicles and Its Fuel Oil 18616216
29186453
47802669
F31/F$72=0.020448283303548163
1173697 H31/H$72=0.01727500920897079
48976366
14565538
30
Wholesale Trade and Brokerage
79709321
123657531
203366852
F32/F$72=0.0
8699311338132083
9581388 H32/H$72=0.14102325040851446
212948240
92261071
31
Retail Trade and Personnel Products
29216295
64034940
93251235
F33/
F$72=0.03988956498821742
3751614 H33/H$72=0.05521797056523424
97002849
18953852
32
Hotels and Restaurants (Tourism) (33+34+35)
9617728 63728852
73346580
F34/
F$72=0.03137506081901744
2299216 H34/H$72=0.03384091258085603
75645796
7659505
33
Hotels 6375757 49847691
56223448
F35/F$72=0.024050393357875236
1400169 H35/
H$72=0.020608327676662222
57623617
4532010
34
Restaurants
1635775 7173861 8809636 F36/F$72=0.0037684492623024216 346179 H36/H$72=0.0
050952208388981984
9155815 1043908
35
other Tourism
1606196 6707300 8313496 F37/F$72=0.0035562181988397857 552868 H37/H$72=0.0
0813736406529561
8866364 2083587
36
Transportation, Storage and Communication (37+38+...+43)
19612226
110328878
129941104
F38/F$72=0.05558418730485144
2296340 H38/H$72=0.03379858229758445
132237444
28337959
37
Railroad Transportation 193290 1108996 1302286 F39/F$72=5.570716787852269E-4
10028
H39/
EFTA01437418
H$72=1.4759669007210468E-4
1312314 262656
38
Road Transportation
1786512 14206955
15993467
F40/F$72=0.00684143691269515
8
345784 H40/H$72=0.005089407048254153
16339251
1187059
39
Road Haulage
3312153 13746418
17058571
F41/F$72=0.007297050559283435
4761
11
H41/H$72=0.0070076194362704266 17534682
2637850
40
Maritime Transportation 1975064 14187293
16162357
F42/F$72=0.00691368205380090
4
924314 H42/H$72=0.013604476165467429
17086671
1883299
41
Air Transportation
5124566 9433248 14557814
F43/F$72=0.006227315570023082
1605
9
H43/H$72=2.363637062094066E-4
14573873
7901136
42
Other Transportation Activities 2736803 33311834
36048637
F44/F$72=0.015420326
050889933
283838 H44/H$72=0.00417765749069466
36332475
7496626
43
Communication
4483838 24334134
28817972
F45/F$72=0.012327304479373705
2402
06
H45/H$72=0.0035354617606162724 29058178
6969333
44
Financial Intermediation (45+47+48+49) 17242220
42731136
59973356
F46/
F$72=0.02565447076088053
225304 H46/H$72=0.003316127309533853
60198660
47049607
45
Financial Institutions 15035423
29609848
44645271
F47/F$72=0.019097660
62584671
80949
H47/H$72=0.001191444402138692
44726220
27168979
46
Loans Extended to Banks*
19438095
9935518 29373613
F48/F$72=0.012564987
95648388
41875
H48/H$72=6.163354005553833E-4
29415488
24246929
47
Other Financial Instruments
1586945 10626333
12213278
F49/F$72=0.005224406
37381549
76665
H49/H$72=0.0011283905309511274 12289943
14280387
48
Insurance and Pension Excluding Compulsory Social Sec. Institutions
119757 369571 4893
28
F50/F$72=2.0931713190237592E-4 21871
H50/H$72=3.219073801921621E-4
511199 1738216
49
Other Financial Intermediation 500095 2125384 2625479 F51/F$72=0.0011230866293159558 4581
9
H51/H$72=6.743849962518712E-4
2671298 3862025
50
Real Estate Brokerage, Renting and Business Activities (51+52+53+54)
17803113
1138
99719
131702832
F52/F$72=0.05633779194662978
1847753 H52/H$72=0.027196073680773997
1335
50585
26757991
51
Real Estate Brokerage
1341132 28905978
30247110
F53/F$72=0.01293863893653270
1
693348 H53/H$72=0.010205012950549824
30940458
1754681
52
Rent (Vehicle, Machine, Device)
2397573 17539528
19937101
F54/F$72=0.0
08528383415148921
134226 H54/H$72=0.00197559965313306
20071327
1201974
53
Computer and Related Activities 1085474 2287826 3373300 F55/F$72=0.0014429778820061077 2603
71
H55/H$72=0.0038322594526090915 3633671 4586924
54
Research, Consulting, Advertising and Other Activities 12978934
65166387
7814
5321
F56/F$72=0.03342779171294205
759808 H56/H$72=0.011183201624482022
78905129
1921
4412
55
Defense and Public Administration And Social Security Institutions
828515 45218467
46046982
F57/F$72=0.019697262786924782
38660
H57/H$72=5.690155602500566E-4
46085642
9472038
56
Education
1751931 7802304 9554235 F58/F$72=0.00408696225787467
267630 H58/H$72=0.0
03939100734343576
9821865 983897
57
Health and Social Services
2287392 16370188
18657580
F59/F$72=0.007981049
794491896
435627 H59/H$72=0.006411757409856477
19093207
4480745
58
Other Services (59+60+61+62)
6081089 29243937
35325026
F60/F$72=0.015110790
975985144
920330 H60/H$72=0.013545837831477872
36245356
7389880
59
Arranging of Drainage and Waste 426787 970531 1397318 F61/F$72=5.977229917674119E-4
2138
7
H61/H$72=3.1478364684604137E-4 1418705 591710
60
Organizational Activities
631150 3394527 4025677 F62/F$72=0.001722041582753002
1812
2
H62/H$72=2.6672788367437984E-4 4043799 563841
61
Cultural, Entertainment and Sportive Activities 2017071 6892622 8909693 F63/F$72=0.003811250
091739437
220170 H63/H$72=0.003240562749618597
9129863 1929509
62
other Personel Services 3006081 17987207
20992338
F64/F$72=0.00897977630972529
2
660651 H64/H$72=0.009723763551338855
21652989
4304820
63
Private Person Employing Worker 172630 351808 524438 F65/F$72=2.2433594239573094E-4 4026
8
H65/H$72=5.926828396313833E-4
564706 653438
64
International Organizations and Institutions
919
2268
3187
F66/F$72=1.363285361
501635E-6
431
H66/H$72=6.343655107805856E-6
3618
85164
65
Individual Housing Credit
146701 196212065
196358766
F67/F$72=0.083995303
19746626
808990 H67/H$72=0.011907084792723571
197167756
0
66
Individual Automobile Credit
260818 7117663 7378481 F68/F$72=0.003156252004210212
2024
28
H68/H$72=0.0029794278797283615 7580909 0
67
Individual Credit-Other 19839837
192132809
211972646
F69/F$72=0.090674366
2788102 10132984
H69/H$72=0.1491418925960905
222105630
0
68
Credit Cards** 118660222
4072152 122732374
F70/F$72=0.052500548746954465
6940
512
H70/H$72=0.10215362969741958
129672886
203068401
69
other
5723673 25148577
30872250
F71/F$72=0.01320605161644771
2370088 H71/
H$72=0.03488403908851361
33242338
50277673
70
TOTAL
5.9773953E8
1.73999554E9
2.33773507E9
F72/F$72=1
67941903
H72/
H$72=1 2.405676973E9
9.27464435E8
EFTA01437419
FX loans
1Q18
TRYm
Akbank Garanti Halkbank
Isbank Vakifbank
Yapi Kredi
TRL Loans
111:\Bank models\Turkish Bank Model with 2020 Estimates\Higher RFR\(AKBANK MODEL- Hig
her RFR and Lower NIM.xlsx]Loans'!$BH$9=134151.96
'R:\Bank models\Turkish Bank Model with 2020
Estimates\Higher RFR\(GARANTI MODEL- Higher RFR and Lower NIM.xlsx]Loans'!$BH$9=147845.886
'R:\
Bank models\Turkish Bank Model with 2020 Estimates\Higher RFR\[HALKBANK MODEL- Higher RFR and Lower
NIM.xlsx]Loans'!$BH$9=148284.093
'R:\Bank models\Turkish Bank Model with 2020 Estimates\Highe
RFR\[ISBANK MODEL- Higher RFR and Lower NIM.xlsx]Loans'!$BH$9=148967.893
'R:\Bank models\Turk
ish Bank Model with 2020 Estimates\Higher RFR\(VAKIFBANK MODEL- Higher RFR and Lower NIM.xlsx]Loans'
!$BH$9=137593.37
'R:\Bank models\Turkish Bank Model with 2020 Estimates\Higher RFR\[YAPI KRED
I MODEL- Higher RFR and Lower NIM.xlsx]Loans'!$BH$9=122529.949
FX Loans
'R:\Bank models\Turkish Bank Model with 2020 Estimates\Higher RFR\(AKBANK MODEL- Hig
her RFR and Lower NIM.xlsx]Loans'!$BH$10=62606.30800000002
'R:\Bank models\Turkish Bank Model w
ith 2020 Estimates\Higher RFR\[GARANTI MODEL- Higher RFR and Lower NIM.xlsx]Loans'!$BH$10=66836.007
'R:\Bank models\Turkish Bank Model with 2020 Estimates\Higher RFR\[HALKBANK MODEL- Higher RFR and Lo
wer NIM.xlsxjLoans'!$BH$10=67099.896
111:\Bank models\Turkish Bank Model with 2020 Estimates\Highe
RFR\[ISBANK MODEL- Higher RFR and Lower NIM.xlsx]Loans'!$BH$10=95722.932
'R:\Bank models\Turk
ish Bank Model with 2020 Estimates\Higher RFR\(VAKIFBANK MODEL- Higher RFR and Lower NIM.xlsx]Loans'
!$BH$10=57540.748
'R:\Bank models\Turkish Bank Model with 2020 Estimates\Higher RFR\[YAPI KRED
I MODEL- Higher RFR and Lower NIM.xlsx]Loans'!$BH$10=73950.749
Total Loans
111:\Bank models\Turkish Bank Model with 2020 Estimates\Higher RFR\(AKBANK MODEL- Hig
her RFR and Lower NIM.xlsx]Loans'!$BH$8=196758.268
'R:\Bank models\Turkish Bank Model with 2020
Estimates\Higher RFR\(GARANTI MODEL- Higher RFR and Lower NIM.xlsx]Loans'!$BH$8=214681.89299999998
'R:\Bank models\Turkish Bank Model with 2020 Estimates\Higher RFR\[HALKBANK MODEL- Higher RFR and Lo
wer NIM.xlsxjLoans'!$BH$8=215383.989
'R:\Bank models\Turkish Bank Model with 2020 Estimates\Highe
RFR\[ISBANK MODEL- Higher RFR and Lower NIM.xlsx]Loans'!$BH$8=244690.825
'R:\Bank models\Turk
ish Bank Model with 2020 Estimates\Higher RFR\(VAKIFBANK MODEL- Higher RFR and Lower NIM.xlsx]Loans'
!$BH$8=195134.118
'R:\Bank models\Turkish Bank Model with 2020 Estimates\Higher RFR\[YAPI KRED
I MODEL- Higher RFR and Lower NIM.xlsx]Loans'!$BH$8=196480.69799999997
1Q18
Breakdown
Akbank Garanti Halkbank
Isbank Vakifbank
Yapi Kredi
TRL Loans
C4/C$6=0.6818110433864969
D4/D$6=0.6886742236803363
E4/E$6=0.68846386255
75831
F4/F$6=0.6088004852654365
G4/G$6=0.705122053540632
H4/H$6=0.6236233393266957
AVERAGE(C11:H11)=0.6660825012928634
FX Loans
C5/C$6=0.3181889566135031
D5/D$6=0.31132577631966385
ES/E$6=0.31153613744
24168
F5/F$6=0.3911995147345635
G5/G$6=0.29487794645936805
H5/H$6=0.37637666067330444
AVERAGE(C12:H12)=0.33391749870713666
Total Loans
C6/C$6=1
D6/D$6=1
E6/E$6=1
F6/F$6=1
G6/G$6=1
H6/H
$6=1
AVERAGE(C13:H13)=1
USDmn
Akbank Garanti Halkbank
Isbank Vakifbank
Yapi Kredi
FX loans USD mn C5/Main!$I$2=12908.517113402067 D5/Main!$I$2=13780.62
E5/Main!$I$2=13835.030103092
784
F5/Main!$I$2=19736.68701030928 G5/Main!$I$2=11864.07175257732 H5/Main!$I$2=15247.577113402
062
USDmn
FX loans USD mn
Isbank 19736.68701030928
Yapi Kredi
15247.577113402062
Halkbank
13835.030103092784
Garanti 13780.62
Akbank 12908.517113402067
Vakifbank
11864.07175257732
Chart 1
Chart 2
Chart 3
EFTA01437420
Sensit CoR
Coverage
0.25
0.30
0.30
0.25
0.30
0.35
USD/TRY 4.85
OTAS exposure (USDm)
1500
950
160
500
180
200
LOANS
OTAS exposure (TRYm)
M2*$U$1=7274.999999999999
N2*$U$1=4607.50 02*$U$1=776
P2*$
U$1=2425
Q2*$U$1=872.9999999999999
R2*$U$1=969.9999999999999
TRYm
Akbank Garanti Halkbank
Isbank Vakifbank
Yapi Kredi
Total
TRYm
Akba
nk
Garanti Halkbank
Isbank Vakifbank
Yapi Kredi
Total
Stage 1 177483.751
179942.836
208018.025
225447.282
189194.53
189206.167
SUM(C5:H5)=1169292.591 Stage 1 C5+M3=184758.751
D5+N3=184550.336
E5+03=208794.025
F5+P3=227872.282
G5+Q3=190067.53 H5+R3=190176.167
SUM(M5:R5)=1186219.091
Stage 2 18107.557+561.381+3109.4=21778.338000000003
29599.849+5463.71+2411.769=37475.328
4219
.35+28.39+3620.128=7867.868
16743.129+3832.425+460.08=21035.634000000002
3835.687+108.017+226
2.51=6206.214
5397.15+541.86+2728.63=8667.64 SUM(C6:H6)=103031.02200000001
Stage 2 C6-M3=14503.
338000000003
D6-N3=32867.828 E6-03=7091.868 F6-P3=18610.634000000002
G6-Q3=5333.214 H6-R
3=7697.639999999999
SUM(M6:R6)=86104.52200000001
Stage 3 4046.342
5633.32 6264.786
5799.235
7945.146
8617.858
SUM(
C7:H7)=38306.687000000005
Stage 3 C7=4046.342
D7=5633.32
E7=6264.786
F7=5799.235
G7=7945.146
H7=8617.858
SUM(M7:R7)=38306.687000000005
Total
SUM(C5:C7)=203308.43099999998
SUM(D5:D7)=223051.48400000003
SUM(E5:E7)=222150.6789999999
7
SUM(F5:F7)=252282.15099999998
SUM(G5:67)=203345.89
SUM(H5:H7)=206491.66499999998
SUM(
CB:H8)=1310630.30
Total
SUM(M5:M7)=203308.43099999998
SUM(N5:N7)=223051.48400000003
SUM(
05:07)=222150.67899999997
SUM(P5:P7)=252282.15099999998
SUM(Q5:Q7)=203345.89
SUM(R5:R7)=2
06491.66499999998
SUM(M8:R8)=1310630.30
COVERAGE
COVERAGE
TRYm
Akbank Garanti Halkbank
Isbank Vakifbank
Yapi Kredi
Average TRYm
Akba
nk
Garanti Halkbank
Isbank Vakifbank
Yapi Kredi
Average
Stage 1 635.937 816.282 1003.91 1588.177
1541.675
1735.70 SUM(C12:H12)=7321.681
Stag
e 1
C12+(M3*0.01)=708.687
D12+(N3*0.01)=862.3570000000001 E12+(03*0.01)=1011.67
F12+(p3*0.01
)=1612.427
G12+(Q3*0.01)=1550.405 H12+(R3*0.01)=1745.40
SUM(M12:R12)=7490.946
Stage 2 2783.856
3620.075
784.616 1845.348
468.183 888.696 SUM(C13:H13)=10390.7
74000000001
stage 2 C13-(M3*M1)=965.1060000000004
D13-(N3*N1)=2237.825
E13-(03*01)=551.816
F13-(P3*P1)=1239.098
G13-(Q3*Q1)=206.28300000000002 H13-(R3*R1)=549.1960000000001
SUM(M13:R13)
=5749.3240000000005
Stage 3 3130.372
3963.228
4978.164
4157.801
6201.91 7386.565
SUM(
C14:H14)=29818.039999999997
Stage 3 C14=3130.372
D14=3963.228
E14=4978.164
F14=4157.801
G14=6201.91
H14=7386.565
SUM(M14:R14)=29818.039999999997
Total
SUM(C12:C14)=6550.165
SUM(D12:D14)=8399.585
SUM(E12:E14)=6766.69
SUM(F12:F14)=7591.32
6
SUM(G12:G14)=8211.768
SUM(H12:H14)=10010.961 SUM(C15:H15)=47530.494999999995 Total
SUM(
M12:M14)=4804.165000000001
SUM(N12:N14)=7063.41
SUM(012:014)=6541.65
SUM(P12:P14)=7009.32
6
SUM(Q12:Q14)=7958.598
SUM(R12:R14)=9681.161
SUM(M15:R15)=43058.31
% in gross loans
% in gross loans
TRYm
Akbank Garanti Halkbank
Isbank Vakifbank
Yapi Kredi
Average TRYm
Akba
nk
Garanti Halkbank
Isbank Vakifbank
Yapi Kredi
Average
Stage 1 C5/C$8=0.8729778205803969
D5/D$8=0.8067322968360076
E5/E$8=0.936382575720149
F5/F$8=0.8936315197344263
G5/G$8=0.9304074451664599
H5/H$8=0.9162896090745358
15/I
$8=0.8921605055216563
Stage 1 M5/M$8=0.9087608914752778
N5/N$8=0.8273889628100389
05/0
$8=0.9398757003123993
P5/P$8=0.9032437732782769
Q5/Q$8=0.934700622668105
R5/R$8=0.920
9871352434492
S5/S$8=0.9050752840064814
Stage 2 C6/C$8=0.10711969933012766
D6/D$8=0.16801200928122942
E6/E$8=0.035416808246622564
F6/F$8=0.08338138039737898
G6/G$8=0.030520479169753565
H6/H$8=0.041975737858474825
16/I
$8=0.07861181143149217 Stage 2 M6/M$8=0.07133662843524677
N6/N$8=0.14735534330719807
06/0
$8=0.03192368365437227 P6/P$8=0.07376912685352839
06/Q88=0.026227301668108462
R6/R$8=0.037
27821168956142 S6/S$8=0.06569703294666697
Stage 3 C7/C$8=0.019902480089475486
D7/D$8=0.025255693882762956
E7/E$8=0.02820061603322851
F7/F$8=0.022987099868194798
G7/G$8=0.03907207566378646
H7/H$8=0.04173465306698942
17/I
$8=0.029227683046851582 Stage 3 M7/M$8=0.019902480089475486
N7/N$8=0.025255693882762956
07/0
$8=0.02820061603322851 P7/P$8=0.022987099868194798
Q7/Q$8=0.03907207566378646
R7/R$8=0.041
73465306698942 S7/S$8=0.029227683046851582
Total
C8/C$8=1
DB/D$8=1
E8/E$8=1
F8/F58=1
G8/G$8=1
H8/H$8=1
I8/I$8=1
Total
M8/M$8=1
N8/N$8=1
08/058=1
PB/P$8=1
Q8/Q$8=1
R8/R$8=1
S8/S$8=1
COVERAGE RATIO Earnings impact Akbank Garanti Halkbank
Isbank Vakifbank
Yapi Kredi
Total
TRYm
Akbank Garanti Halkbank
Isbank Vakifbank
Yapi Kredi
Average Stage 2 prov
isions (base)
14503.338000000003
32867.828
7091.868
18610.634000000002
5333
.214
7697.639999999999
56=86104.52200000001
AKBANK AKBANK
Stage 1 C12/C5=0.0035830716694735623
D12/D5=0.004536340640980005
E12/E5=0.004826072163698314
F12/F5=0.007044560421890559
G12/G5=0.008148623535786156
H12/H5=0.009173591048964065
I12/
15=0.0062616329363195285
Stage 3 provisions (base)
4046.342
5633.32 6264.786
5799.235
7945.146
8617.858
38306.687000000005
CoR (net)
% of Stage 2
loans transferred to Stage 3 loans
CoR: change from base (bps)
'1 of Stage 2 loans transferr
ed to Stage 3 loans
Stage 2 C13/C6=0.12782683416888835
D13/D6=0.09659888767351148
E13/E6=0.09972409298173278
F13/F6=0.08772485773426177
G13/G6=0.07543777897442788
16=0.10085092623850708 Amount of Stage 2 transferred to Stage 3
H13/H6=0.10253033120895655
I13/
$T$27*M25=0
$T$27*N25=0
$T$27*025=0
$T$27*P25=0
$T$27*Q25=0
$T$27*R25=0
$T$27*525=0
0
Loan growth
(ppt change from base) $M$50=0.008943622377209748
AA27-0.05=-0.15000000000000002 AB27-0.05=-0
.10
-0.05
0
0.05
AD27+0.05=0.10 0.20
0.30
0.40
0.50
0.60
$M$50=0.0089
43622377209748 A027-0.05=-0.15000000000000002 AP27-0.05=-0.10 -0.05
0
0.05
AR27+0.05=0.
EFTA01437421
10
0.20
0.30
0.40
0.50
0.60
Stage 3 C14/C7=0.7736301083793707
D14/D7=0.7035332628006221
E14/E7=0.7946263447785766
F14/F7=0.7169568055096923
G14/G7=0.7805910678041662
H14/H7=0.85712308093264 I14/17=0.778
4029978891152
Coverage of new Stage 3 loans (70%)
M27*0.7=0
N27*0.7=0
027*0.7=0
P27*0.7=0
Q27*0.7=0
R27*0.7=0
S27*0.7=0
0.20
(=TABLE(127,146))=-0.0180427
13505253997
(=TABLE(127,T46))=-0.009544136120944397 (=TABLE(T27,146))=-0.0010455587366348038
(=TABLE(127,146))=0.007453018647674789 (=TABLE(127,T46))=0.015951596031984386 (=TABLE(T27,146))=0.
024450173416293977
(=TABLE(127,146))=0.04144732818491317
(=TABLE(T27,T46))=0.0584444829535323
5
(=TABLE(T27,146))=0.07544163772215155
(=TABLE(127,146))=0.09243879249077074
(=TABLE(T27,
146))=0.10943594725938992
0.20
(228-$AC$32)*10000=-269.86335882463743 (AA28-$AC$32)*10000=
-184.87758498154142
(AB28-$AC$32)*10000=-99.89181113844552 (AC28-$AC$32)*10000=-14.906037295349
586
(AD28-$AC$32)*10000=70.07973654774638
(AE28-$AC$32)*10000=155.0655103908423
(AF28-$AC$32
)*10000=325.0370580770342
(AG28-$AC$32)*10000=495.008605763226
(AH28-$AC$32)*10000=664.9801
53449418
(A128-$AC$32)*10000=834.9517011356098
(AJ28-$AC$32)*10000=1004.9232488218017
Total
SUM(C26:C28)=0.9050400142177326 SUM(D26:D28)=0.8046684911151136 SUM(E26:E28)=0.8991765099240
078
SUM(F26:F28)=0.8117262236658447 SUM(G26:G28)=0.8641774703143803 SUM(H26:H28)=0.9688270031905
606
SUM(126:128)=0.8855155570639418 Stage 3 provisions (new)
M28+M26=4046.342
N28+
N26=5633.32
028+026=6264.786
P28+P26=5799.235
Q28+Q26=7945.146
R28+R26=8617
.858
528+526=38306.687000000005
0.15
(=TABLE(127,146))=-0.018827179309830258 (=TABLE(T27,
146))=-0.009959098560985459
(=TABLE(T27,146))=-0.001091017812140665 (=TABLE(127,146))=0.00777706
2936704129
(=TABLE(127,T46))=0.016645143685548924 (=TABLE(T27,T46) 1=0.025513224434393716 (=TA
BLE(T27,146))=0.04324938593208331
(=TABLE(127,T46))=0.06098554742977289
(=TABLE(T27,146))=0.
0787217089274625
(=TABLE(127,146))=0.09645787042515208
(=TABLE(T27,T46))=0.1141940319228416
7
0.15
(229-$AC$32)*10000=-277.70801687040006 (AA29-$AC$32)*10000=-189.02720938195208 (AB2
9-$AC$32)*10000=-100.34640189350414
(AC29-$AC$32)*10000=-11.665594405056192 (AD29-$AC$32)*10000=
77.01521308339177
(AE29-$AC$32)*10000=165.69602057183968 (AF29-$AC532)*10000=343.057635548735
6
(AG29-$AC$32)*10000=520.4192505256315
(AH29-$AC$32)*10000=697.7808655025275
(A129-$AC532
)*10000=875.1424804794233
(AJ29-$AC$32)*10000=1052.5040954563192
Net profit (base)
6405.467516045113
7118.518599790241
3809.28613779219
6242
.064735470831
3822.804240772133
3853.9025619301465
SUM(M30:R30)=31252.043791800654 0.10
(=TABLE(127,146))=-0.019682960187549812 (=TABLE(T27,T46))=-0.010411784859212068 (=TABLE(T27,146))=-0
.0011406095308743314
(=TABLE(127,146))=0.008130565797463405 (=TABLE(T27,T46))=0.0174017411258011
46
(=TABLE(T27,146))=0.02667291645413888
(=TABLE(127,146))=0.04521526711081436
(=TABLE(T27,
146))=0.06375761776748982
(=TABLE(T27,146))=0.08229996842416533
(=TABLE(127,146))=0.10084231
908084079
(=TABLE(127,T46))=0.11938466973751627
0.10
(230-$AC$32)*10000=-286.265825647595
6
(AA30-$AC$32)*10000=-193.55407236421817 (AB30-$AC$32)*10000=-100.8423190808408 (AC30-$AC$32
)*10000=-8.130565797463424
(AD30-$AC$32)*10000=84.58118748591397
(AE30-$AC$32)*10000=177.2929
4076929133
(AF30-$AC$32)*10000=362.71644733604614 (AG30-$AC$32)*10000=548.1399539028008
(AH3
0-$AC$32)*10000=733.5634604695558
(A130-$AC532)*10000=918.9869670363105
(AJ30-$AC$32)*10000=
1104.4104736030652
Expected provision expenses
Net profit (new) - TRYmn
M30-(M28*0.8)+((M48-M46)*(0.8)*(0.04
))=6405.467516045113
N30-(N28*0.8)+((N48-N46)*(0.8)*(0.04))=7118.518599790241
030-(028*0.8
)+((048-046)*(0.8)*(0.04))=3809.28613779219
P30-(P28*0.8)+((P48-P46)*(0.8)*(0.04))=6242.06473547
0831
030-(Q28*0.8)+C(Q48-Q46)*(0.8)*(0.04))=3822.804240772133
R30-(R28*0.8)+((R48-R46)*(0.
8)*(0.04))=3853.9025619301465
S30-(528*0.8)+C(S48-546)*(0.8)*(0.04))=31252.043791800654
0.05
(=TABLE(127,146))=-0.020620244006004564 (=TABLE(T27,T46))=-0.010907584138222166 (=TABLE(T27,146))=-0
.0011949242704397756
(=TABLE(127,146))=0.008517735597342615 (=TABLE(T27,T46))=0.0182303954651250
08
(=TABLE(T27,146))=0.027943055332907397 (=TABLE(127,146))=0.047368375068472184 (=TABLE(T27,
146))=0.06679369480403696
(=TABLE(T27,146))=0.08621901453960176
(=TABLE(127,146))=0.10564433
427516655
(=TABLE(127,T46))=0.12506965401073133
0.05
(231-$AC$32)*10000=-295.638663832143
1
(AA31-$AC$32)*10000=-198.51206515431915 (AB31-$AC$32)*10000=-101.38546647649522 (AC31-$AC532
)*10000=-4.25886779867133
(AD31-$AC$32)*10000=92.8677308791526
(AE31-$AC$32)*10000=189.9943
295569765
(AF31-$AC$32)*10000=384.2475269126244
(AG31-$AC$32)*10000=578.5007242682722
(AH3
1-$AC$32)*10000=772.7539216239202
(A131-$AC532)*10000=967.007118979568
(AJ31-$AC$32)*10000=
1161.260316335216
TRYm
Akbank Garanti Halkbank
Isbank Vakifbank
Yapi Kredi
Average Change in ne
t profit from base
M31/M30-1=0
N31/N30-1=0
031/030-1=0
P31/P30-1=0
Q31/Q30-1=0
R31/R30-1=0
531/530-1=0
0
(=TABLE(127,T46))=-0.021651256206304793 (=TABLE(T27,146))=-0
.011452963345133276
(=TABLE(127,146))=-0.0012546704839617646
(=TABLE(127,146))=0.00894362
2377209748
(=TABLE(127,T46))=0.01914191523838126
(=TABLE(T27,146))=0.029340208099552772 (=TA
BLE(T27,146))=0.049736793821895796
(=TABLE(127,T46))=0.07013337954423882
(=TABLE(T27,T46) 1=0.
09052996526658186
(=TABLE(127,146))=0.11092655098892489
(=TABLE(T27,T46))=0.1313231367112679
0
(Z32-5AC$32)*10000=-305.94878583514543 (AA32-$AC$32)*10000=-203.96585722343025 (AB32-$AC$32
)*10000=-101.98292861171512
(AC32-$AC$32)*10000=0
(AD32-$AC$32)*10000=101.98292861171514 (AE3
2-$AC$32)*10000=203.96585722343025
(AF32-$AC532)*10000=407.9317144468605
(AG32-$AC$32)*10000=
611.8975716702906
(AH32-$AC$32)*10000=815.8634288937211
(A132-$AC$32)*10000=1019.82928611715
14
(AJ32-$AC$32)*10000=1223.7951433405817
ROE (base)
M30/M$56=0.14227070975751668
N30/N$56=0.15379565842592643
030/0556=0.133239279
64267931
P30/P$56=0.13031433781764779
Q30/Q$56=0.14460043618259225
R30/R556=0.102203593
17283423
530/S$56=0.1347398172027409
-0.05
(=TABLE(T27,146))=-0.022790796006636627 (=TA
BLE(T27,146))=-0.012055750889613977
(=TABLE(127,T46))=-0.0013207057725913311
(=TABLE(T27,
T46))=0.009414339344431314
(=TABLE(T27,146))=0.02014938446145396
(=TABLE(127,146))=0.03088442
9578476605
(=TABLE(127,T46))=0.0523545198125219
(=TABLE(T27,146))=0.07382461004656718
(=TA
BLE(T27,146))=0.0952947002806125
(=TABLE(127,T46))=0.11676479051465778
(=TABLE(T27,T46) 1=0.
13823488074870308
-0.05
(Z33-5AC$32)*10000=-317.3441838384637
(AA33-$AC$32)*10000=-209.993
73266823724
(AB33-$AC532)*10000=-102.6432814980108 (AC33-$AC$32)*10000=4.707169672215662
(AD3
3-$AC$32)*10000=112.05762084244213
(AE33-$AC532)*10000=219.40807201266858 (AF33-$AC$32)*10000=
434.10897435312154
(AG33-$AC$32)*10000=648.8098766935743
(AH33-$AC532)*10000=863.510779034027
6
(A133-$AC$32)*10000=1078.2116813744803 (AJ33-$AC$32)*10000=1292.9125837149334
EFTA01437422
ROE (new)
M31/M$56=0.14227070975751668
N31/N$56=0.15379565842592643
031/0556=0.133239279
64267931
P31/P$56=0.13031433781764779
Q31/Q$56=0.14460043618259225
R31/R556=0.102203593
17283423
S31/S$56=0.1347398172027409
-0.10
(=TABLE(T27,T46))=-0.024056951340338664 (=TA
BLE(T27,T46))=-0.012725514827925864
(=TABLE(T27,T46))=-0.0013940783155130718
(=TABLE(T27,
T46))=0.009937358196899719
(=TABLE(T27,T46))=0.021268794709312512 (=TABLE(T27,T46)]=0.03260023
1221725305
(=TABLE(T27,T46))=0.05526310424655089
(=TABLE(T27,T46))=0.07792597727137647
(=TA
BLE(T27,T46))=0.10058885029620207
(=TABLE(T27,T46))=0.12325172332102766
(=TABLE(T27,T46))=0.
14591459634585324
-0.10
(Z34-5AC$32)*10000=-330.00573717548417 (AA34-$AC$32)*10000=-216.691
37205135613
(AB34-$AC532)*10000=-103.3770069272282 (AC34-$AC$32)*10000=9.937358196899712
(AD3
4-$AC$32)*10000=123.25172332102764
(AE34-$AC532)*10000=236.56608844515557 (AF34-$AC$32)*10000=
463.19481869341143
(AG34-$AC$32)*10000=689.8235489416672
(AH34-$AC532)*10000=916.452279189923
3
(A134-$AC$32)*10000=1143.081009438179
(3034-$AC$32)*10000=1369.709739686435
Change in ROE from base (M34-M33)=0
(N34-N33)=0
(034-033)=0
(P34-P33)=0
(Q34-Q33)=0
(R34-R33)=0
(534-533)=0
-0.15
(=TABLE(T27,T46))=-0.025472066125064464 (=TABLE(T27,T46))=-0
.013474074523686206
(=TABLE(T27,246))=-0.0014760829223079582
(=TABLE(T27,T46))=0.01052190
8679070291
(=TABLE(T27,T46))=0.022519900280448542 (=TABLE(T27,T46))=0.03451789188182679
(=TA
BLE(T27,T46))=0.05851387508458329
(=TABLE(T27,T46))=0.08250985828733978
(=TABLE(T27,T46))=0.
10650584149009631
(=TABLE(T27,246)]=0.1305018246928528
(=TABLE(T27,T46))=0.1544978078956093
-0.15
(Z35-$AC$32)*10000=-344.1568850227421
(AA35-$AC$32)*10000=-224.17696900895956 (AB35-$AC532
)*10000=-104.19705299517706
(AC35-$AC$32)*10000=15.782863018605434 (AD35-$AC$32)*10000=135.7627
7903238795
(AE35-$AC$32)*10000=255.74269504617038 (AF35-$AC$32)*10000=495.70252707373544 (AG3
5-$AC$32)*10000=735.6623591013004
(AH35-$AC532)*10000=975.6221911288657
(A135-$AC$32)*10000=
1215.5820231564305
(AJ35-$AC$32)*10000=1455.5418551839955
-0.20
(=TABLE(T27,T46))=-0.02706407025788099 (=TABLE(T27,T46))=-0.014316204181416594 (=TABLE(T27,
T46))=-0.0015683381049522054
(=TABLE(T27,T46))=0.011179527971512183 (=TABLE(T27,T46))=0.02392739
4047976575
(=TABLE(T27,T46))=0.03667526012444096
(=TABLE(T27,T46))=0.06217099227736975
(=TA
BLE(T27,T46))=0.08766672443029852
(=TABLE(T27,T46))=0.11316245658322732
(=TABLE(T27,T46))=0.
1386581887361561
(=TABLE(T27,T46))=0.16415392088908487
-0.20
(Z36-$AC532)*10000=-360.0769
263509074
(AA36-$AC532)*10000=-232.59826558626344 (AB36-$AC$32)*10000=-105.11960482161953 (AC3
6-$AC$32)*10000=22.35905594302435
(AD36-$AC532)*10000=149.83771670766828 (AE36-$AC$32)*10000=
277.3163774723121
(AF36-$AC$32)*10000=532.2736990016
(AG36-$AC532)*10000=787.231020530887
7
(AH36-$AC$32)*10000=1042.1883420601757 (A136-$AC$32)*10000=1297.1456635894635 (AJ36-$AC$32
*10000=1552.1029851187511
Stage 1 53.916 379.957 96.532 7.40
167.354 153.12 SUM(C37:H37)=858.279
COR impact
Akba
nk
Garanti Halkbank
Isbank Vakifbank
Yapi Kredi
Total
-0.25
(=TABLE(T27,
T46))=-0.028868341608406393
(=TABLE(T27,T46))=-0.015270617793511035 (=TABLE(T27,T46))=-0.0016728
93978615686
(=TABLE(T27,T46))=0.011924829836279663 (=TABLE(T27,T46))=0.025522553651175017 (=TA
BLE(T27,T46))=0.039120277466070365
(=TABLE(T27,T46))=0.06631572509586106
(=TABLE(T27,T46))=0.
09351117272565176
(=TABLE(T27,T46))=0.1207066203554425
(=TABLE(T27,T46))=0.1479020679852331
7
(=TABLE(T27,T46))=0.17509751561502387
-0.25
(Z37-5AC$32)*10000=-378.1196398561614
(AA3
7-$AC$32)*10000=-242.14240170720782
(AB37-$AC532)*10000=-106.16516355825435 (AC37-$AC$32)*10000=
29.812074590699154
(AD37-$AC$32)*10000=165.7893127396527
(AE37-$AC532)*10000=301.766550888606
16
(AF37-$AC$32)*10000=573.7210271865131
(AG37-$AC$32)*10000=845.6755034844201
(AH37-$AC532
)*10000=1117.6299797823274
(A137-$AC$32)*10000=1389.5844560802343 (AJ37-$AC$32)*10000=1661.538
9323781412
Stage 2 246.51 748.876 19.004 588.762 78.11
70.684 SUM(C38:H38)=1751.946
Stage 2 loans % in 1
oans (base)
M20=0.07133662843524677 N20=0.14735534330719807 020=0.03192368365437227 P20=0.073769
12685352839
Q20=0.026227301668108462
R20=0.03727821168956142 S20=0.06569703294666697
Stage 3 397.74 488.162 276.835 531.50 1037.65 589.523 SUM(C39:H39)=3321.4100000000003 Stage 3 loan
s % in loans (base)
M21=0.019902480089475486
N21=0.025255693882762956
021=0.028200
61603322851
P21=0.022987099868194798
Q21=0.03907207566378646 R21=0.04173465306698942 S21=
0.029227683046851582
Total
SUM(C37:C39)=698.1659999999999 SUM(D37:D39)=1616.995
SUM(E37:E39)=392.371
SUM(F37:F39)
=1127.6619999999998
SUM(G37:G39)=1283.114
SUM(H37:H39)=813.327
SUM(C40:H40)=5931.635
Stag
e 2 loans % in loans (new)
(M6-M27)/M$8=0.07133662843524677
(N6-N27)/N$8=0.1473553433071
9807
(06-027)/0$8=0.03192368365437227
(P6-P27)/P$8=0.07376912685352839
(Q6-Q27)/Q$8
=0.026227301668108462
(R6-R27)/R$8=0.03727821168956142
(S6-527)/S$8=0.06569703294666697
Average gross loans
'R:\Bank models\Turkish Bank Model with 2020 Estimates\Higher RFR\[AKBANK MO
DEL- Higher RFR and Lower NIM.xlsx]COR'!$AH$13/1000=199098.746 111:\Bank models\Turkish Bank Model w
ith 2020 Estimates\Higher RFR\[GARANTI MODEL- Higher RFR and Lower NIM.xlsx]COR'!$AH$13/1000=219928.
43
'R:\Bank models\Turkish Bank Model with 2020 Estimates\Higher RFR\[HALKBANK MODEL- Higher RF
R and Lower NIM.xlsx]COR'!$AH$13/1000=215448.166
'R:\Bank models\Turkish Bank Model with 2020
Estimates\Higher RFR\(ISBANK MODEL- Higher RFR and Lower NIM.xlsx]C0R'!$AH513/1000=249443.2855 'R:\
Bank models\Turkish Bank Model with 2020 Estimates\Higher RFR\[VAKIFBANK MODEL- Higher RFR and Lower
NIM.xlsx]COR'!$AH$13/1000=197091.47
111:\Bank models\Turkish Bank Model with 2020 Estimates\Highe
RFR\[YAPI KREDI MODEL- Higher RFR and Lower NIM.xlsx]C0R'!$AN513/1000=204895.8715
SUM(C41:H41)
=1285905.969
Stage 3 loans % in loans (new) (M7+M27)/M$8=0.019902480089475486
(N7+N27)/N$8
=0.025255693882762956
(07+027)/058=0.02820061603322851
(P7+P27)/P$8=0.022987099868194798
(Q7+Q27)/Q$8=0.03907207566378646
(R7+R27)/R$8=0.04173465306698942
(57+5271/S58=0.02922
7683046851582
GARANTI GARANTI
Stage 1 credit impairments
C37=53.916
D37=379.957
E37=96.532
F37=7.40
G37=
167.354 H37=153.12
137=858.279
COR (net)
% of Stage 2 loans transferred to Stage 3 lo
ans
CoR: change from base (bps)
% of Stage 2 loans transferred to Stage 3 loans
COR (gross)
Stage 2 credit impairments
C38=246.51
D38=748.876
E38=19.004
F38=
588.762 G38=78.11
H38=70.684
138=1751.946
Loan growth (ppt change from base)
$N$5
0=0.013768024443224555 AA43-0.05=-0.15000000000000002 AB43-0.05=-0.10 -0.05
0
0.05
AD43
+0.05=0.10
0.20
0.30
0.40
0.50
0.60
$N$50=0.013768024443224555
A043-0.05=-0
.15000000000000002
AP43-0.05=-0.10 -0.05
0
0.05
AR43+0.05=0.10 0.20
0.30
0.40
0.50
0.60
EFTA01437423
TRYm
Akbank Garanti Halkbank
Isbank Vakifbank
Yapi Kredi
Average Stage 3 cred
it impairments (new)
M28+C39=397.74 N28+D39=488.162 028+E39=276.835 P28+F39=531.50 028+G39=1037
.65
R28+H39=589.523 S28+139=3321.4100000000003
0.20
(=TABLE(T27,T46))=-0.040833388995380
62
(=TABLE(T27,T46))=-0.023397808096024694 (=TABLE(T27,T46))=-0.0059622271966687825
(=TA
BLE(T27,T46))=0.01147335370268713
(=TABLE(T27,T46))=0.02890893460204304
(=TABLE(T27,T46))=0.
04634451550139895
(=TABLE(T27,T46))=0.08121567730011078
(=TABLE(T27,T46))=0.1160868390988226
1
(=TABLE(T27,T46))=0.15095800089753444
(=TABLE(T27,T46))=0.18582916269624625
(=TABLE(T27,
T46))=0.22070032449495808
0.20
(244-$AC$48)*10000=-546.0141343860519
(AA44-$AC$48)*10000=
-371.65832539249254
(AB44-$AC$48)*10000=-197.30251639893336 (AC44-$AC$48)*10000=-22.946707405374
25
(AD44-$AC$48)*10000=151.40910158818485 (AE44-$AC$48)*10000=325.76491058174395 (AF44-$AC$48
)*10000=674.4765285688622
(AG44-$AC$48)*10000=1023.1881465559806 (AH44-$AC$48)*10000=1371.899
7645430989
(A144-$AC$48)*10000=1720.6113825302168 (AJ44-$AC$48)*10000=2069.323000517335
Stage 1 C37/C$41*4=0.0010832011970582677
D37/D$41*4=0.006910557220819518 E37/E$41*4=0.0017922
083402650082
F37/F$41*4=1.1866424843093242E-4
G37/G$41*4=0.0033964737286702467
H37/
H$41*4=0.0029892256760283235
137/1$41*4=0.002669803300368691 Recoveries
C49=253 D49=860 E49=
188
F49=432 G49=446 H49=330 149=2509
0.15
(=TABLE(T27,T46))=-0.042608753734310216 (=TA
BLE(T27,T46))=-0.024415104100199682
(=TABLE(T27,T46))=-0.006221454466089164 (=TABLE(T27,T46) 1=0.
011972195168021353
(=TABLE(T27,T46))=0.03016584480213187
(=TABLE(T27,T46))=0.0483594944362423
85
(=TABLE(T27,T46))=0.08474679370446342
(=TABLE(T27,T46))=0.12113409297268446
(=TABLE(T27,
T46))=0.1575213922409055
(=TABLE(T27,T46))=0.1939086915091265
(=TABLE(T27,T46))=0.23029599
077734755
0.15
(Z45-$AC$48)*10000=-563.7677817753477
(AA45-$AC$48)*10000=-381.83128543424
23
(AB45-$AC$48)*10000=-199.8947890931372 (AC45-$AC$48)*10000=-17.958292752032012 (AD45-$AC$48
)*10000=163.97820358907313
(AE45-$AC$48)*10000=345.91469993017836 (AF45-$AC$48)*10000=709.7876
926123886
(AG45-$AC$48)*10000=1073.660685294599
(AH45-$AC$48)*10000=1437.5336779768095 (AI4
5-$AC$48)*10000=1801.4066706590195
(AJ45-$AC$48)*10000=2165.27966334123
Stage 2 C38/C$41*4=0.004952517380496208 D38/D$41*4=0.013620358222900059 E38/E$41*4=3.528273246011294
E-4
F38/F$41*4=0.009441216247931435 G38/G$41*4=0.0015852537910443307
H38/H$41*4=0.0013799
009122543496
138/1$41*4=0.005449686189301761 Gross loans (base)
C41=199098.746 D41=219928.4
3
E41=215448.166 F41=249443.2855 G41=197091.47
H41=204895.8715 141=1285905.969 0
0.10
(=TABLE(T27,T46))=-0.04454551526768794 (=TABLE(T27,T46))=-0.025524881559299665 (=TABLE(T27,T46))=-0
.006504247850911398
(=TABLE(T27,T46))=0.012516385857476867 (=TABLE(T27,T46))=0.0315370195658651
3
(=TABLE(T27,T46))=0.05055765327425339
(=TABLE(T27,T46))=0.08859892069102993
(=TABLE(T27,
T46))=0.12664018810780647
(=TABLE(T27,T46))=0.164681455524583
(=TABLE(T27,T46))=0.20272272
29413595
(=TABLE(T27,T46))=0.24076399035813606
0.10
(246-$AC$48)*10000=-583.135397109124
9
(AA46-$AC$48)*10000=-392.92906002524217 (AB46-$AC$48)*10000=-202.72272294135954 (AC46-$AC$48
)*10000=-12.516385857476875
(AD46-$AC$48)*10000=177.68995122640578 (AE46-$AC$48)*10000=367.8962
8831028836
(AF46-$AC$48)*10000=748.3089624780537
(AG46-$AC$48)*10000=1128.7216366458192 (AH4
6-$AC$48)*10000=1509.1343108135843
(A146-$AC$48)*10000=1889.5469849813496 (AJ46-$AC$48)*10000=
2269.959659149115
Stage 3 C39/C$41*4=0.007990808741708499 D39/D$41*4=0.008878561084621938 E39/E$41*4=0.005139704925592
172
F39/F$41*4=0.008522979465005484 G39/G$41*4=0.021059257409770195 H39/H$41*4=0.011508733595932
899
139/I$41*4=0.010331735228145598 Change in loan growth
$T$46=0 $T$46=0 $T$46=0 $T$46=0 $T$4
6=0
$T$46=0 $T$46=0 0.05
(=TABLE(T27,T46))=-0.046666730280435
(=TABLE(T27,T46))=-0.0267403
5210974251
(=TABLE(T27,T46))=-0.0068139739390500375
(=TABLE(T27,T46))=0.0131124042316424
34
(=TABLE(T27,T46))=0.033038782402334904 (=TABLE(T27,T46))=0.05296516057302737
(=TABLE(T27,
T46))=0.09281791691441231
(=TABLE(T27,T46))=0.13267067325579726
(=TABLE(T27,T46))=0.17252342
959718223
(=TABLE(T27,T46))=0.21237618593856714
(=TABLE(T27,T46))=0.2522289422799521
0.05
(Z47-$AC$48)*10000=-604.3475472365956
(AA47-$AC$48)*10000=-405.0837655296706 (AB47-$AC$48)*10000=
-205.8199838227459
(AC47-$AC$48)*10000=-6.556202115821208 (AD47-$AC$48)*10000=192.707579591103
5
(AE47-$AC$48)*10000=391.97136129802817 (AF47-$AC$48)*10000=790.4989247118775
(AG47-$AC$48
)*10000=1189.026488125727
(AH47-$AC$48)*10000=1587.5540515395767 (AI47-$AC$48)*10000=1986.081
6149534257
(AJ47-$AC$48)*10000=2384.609178367275
Total
SUM(C45:C47)=0.014026527319262974
SUM(D45:D47)=0.029409476528341517
SUM(E45:E47)
=0.0072847405904583095 SUM(F45:F47)=0.018082859961367853
SUM(G45:G47)=0.02604098492948477
SUM(H45:H47)=0.015877860184215574
SUM(145:I47)=0.018451224717816052
Gross loans (new)
M46*(1+M47)=199098.746 N46*(1+N47)=219928.43
046*(1+047)=215448.166 P46*(1+P47)=249443.2855 046*
(1+Q47)=197091.47
R46*(1+R47)=204895.8715 S46*(1+547)=1285905.969 0
(=TABLE(T27,T46))=-0
.049000066794456745
(=TABLE(T27,T46))=-0.028077369715229634 (=TABLE(T27,T46))=-0.007154672636002
539
(=TABLE(T27,T46))=0.013768024443224555 (=TABLE(T27,T46))=0.03469072152245165
(=TABLE(T27,
T46))=0.05561341860167874
(=TABLE(T27,T46))=0.09745881276013293
(=TABLE(T27,T46))=0.13930420
691858714
(=TABLE(T27,T46))=0.1811496010770413
(=TABLE(T27,T46) 1=0.22299499523549549
(=TA
BLE(T27,T46))=0.26484038939394966
0
(Z48-$AC$48)*10000=-627.680912376813
(AA48-$AC$48
)*10000=-418.4539415845419
(AB48-$AC$48)*10000=-209.22697079227095 (AC48-$AC$48)*10000=0
(AD4
8-$AC$48)*10000=209.22697079227098
(AE48-$AC$48)*10000=418.4539415845419
(AF48-$AC$48)*10000=
836.9078831690838
(AG48-$AC$48)*10000=1255.3618247536258 (AH48-$AC$48)*10000=1673.81576633816
76
(A148-$AC$48)*10000=2092.269707922709
(AJ48-$AC$48)*10000=2510.723649507251
Recoveries
253
860
188
432
446
330
SUM(C49:H49)=2509
COR (net), B
ase
C57=0.008943622377209748
D57=0.013768024443224555
E57=0.0037943418836064724
F57=0.011155433566480983
G57=0.01698935017329771 H57=0.009435563468637288
157=0.010646
610506557188
-0.05
(=TABLE(T27,T46))=-0.05157901767837552 (=TABLE(T27,T46))=-0.029555126016031
19
(=TABLE(T27,T46))=-0.007531234353686883 (=TABLE(T27,T46))=0.014492657308657427 (=TABLE(T27,
T46))=0.03651654897100173
(=TABLE(T27,T46))=0.05854044063334604
(=TABLE(T27,T46))=0.10258822
395803466
(=TABLE(T27,T46))=0.14663600728272327
(=TABLE(T27,T46) 1=0.19068379060741192
(=TA
BLE(T27,T46))=0.2347315739321005
(=TABLE(T27,T46))=0.27877935725678915
-0.05
(249-$AC$48)
*10000=-653.4704212160007
(AA49-$AC$48)*10000=-433.2315045925575 (AB49-$AC$48)*10000=-212.992
58796911437
(AC49-$AC$48)*10000=7.246328654328723
(AD49-$AC$48)*10000=227.48524527777178 (AE4
9-$AC$48)*10000=447.7241619012148
(AF49-$AC$48)*10000=888.201995148101
(AG49-$AC$48)*10000=
1328.6798283949872
(AH49-$AC$48)*10000=1769.1576616418736 (A149-$AC$48)*10000=2209.63549488875
97
(AJ49-$AC$48)*10000=2650.113328135646
EFTA01437424
COR (net), New (M42+M43+M44-M45)/M48*4=0.008943622377209748
(N42+N43+N44-N45)/N48*4=0.0137680244
43224555
(042+043+044-045)/048*4=0.0037943418836064724
(P42+P43+P44-P45)/P48*4=0.0111554335
66480983
(Q42+043+044-Q45)/Q48*4=0.01698935017329771
(R42+R43+R44-R45)/R48*4=0.0094355634
68637288
(S42+543+544-S45)/S48*4=0.010646610506557188
-0.10
(=TABLE(T27,246))=-0.0544445
1866050749
(=TABLE(T27,T46))=-0.031197077461366258 (=TABLE(T27,T46))=-0.007949636262225043 (=TA
BLE(T27,T46))=0.015297804936916171
(=TABLE(T27,T46))=0.038545246136057386 (=TABLE(T27,T46) 1=0.
0617926873351986
(=TABLE(T27,246) 1=0.10828756973348103
(=TABLE(T27,T46))=0.1547824521317634
8
(=TABLE(T27,T46) 1=0.2012773345300459
(=TABLE(T27,T46) 1=0.24777221692832832
(=TABLE(T27,
T46)]=0.29426709932661077
-0.10
(250-$AC$48)*10000=-682.1254310373205
(AA50-$AC$48)*10000=
-449.65101904590813
(AB50-$AC$48)*10000=-217.17660705449597 (AC50-$AC$48)*10000=15.2978049369161
67
(AD50-$AC$48)*10000=247.7722169283283
(AE50-$AC$48)*10000=480.2466289197405
(AF50-$AC$48
)*10000=945.1954529025646
(AG50-$AC$48)*10000=1410.1442768853892 (AH50-$AC$48)*10000=1875.093
1008682135
(A150-$AC$48)*10000=2340.0419248510375 (AJ50-$AC$48)*10000=2804.990748833862
COR (net)
Change in COR from base (bps)
(M50-M49)*100=0 (N50-N49)*100=0 (050-049)*100=0 (P50
-P49)*100=0
(Q50-Q49) *100=0 (R5O-R49)*100=0 (S50-S49)*100=0 -0.15
(=TABLE(T27,T46))=-0.0576471
3740524323
(=TABLE(T27,T46))=-0.03303219966497604 (=TABLE(T27,T46))=-0.008417261924708869 (=TA
BLE(T27,T46))=0.0161976758155583
(=TABLE(T27,T46))=0.04081261355582547
(=TABLE(T27,T46) 1=0.
06542755129609264
(=TABLE(T27,T46) 1=0.11465742677662696
(=TABLE(T27,T46))=0.1638873022571613
(=TABLE(T27,T46) 1=0.21311717773769567
(=TABLE(T27,T46))=0.26234705321823
(=TABLE(T27,T46))=0.
3115769286987643
-0.15
(Z51-$AC$48)*10000=-714.1516184846779
(AA51-$AC$48)*10000=-468.002
24108200587
(AB51-$AC$48)*10000=-221.85286367933426 (AC51-$AC$48)*10000=24.29651372333745
(AD5
1-$AC$48)*10000=270.44589112600914
(AE51-$AC$48)*10000=516.5952685286808
(AF51-$AC$48)*10000=
1008.894023334024
(AG51-$AC$48)*10000=1501.1927781393674 (AH51-$AC$48)*10000=1993.49153294471
13
(A151-$AC$48)*10000=2485.790287750054
(AJ51-$AC$48)*10000=2978.0890425553976
-0.20
(=TABLE(T27,T46) 1=-0.06125008349307093 (=TABLE(T27,T46))=-0.03509671214403704 (=TABLE(T27,
T46))=-0.008943340795003174
(=TABLE(T27,T46) 1=0.017210030554030694 (=TABLE(T27,T46) 1=0.04336340
1903064556
(=TABLE(T27,T46))=0.06951677325209842
(=TABLE(T27,T46))=0.12182351595016615
(=TA
BLE(T27,T46))=0.1741302586482339
(=TABLE(T27,T46))=0.22643700134630163
(=TABLE(T27,T46) 1=0.
27874374404436936
(=TABLE(T27,T46) 1=0.3310504867424371
-0.20
(Z52-$AC$48)*10000=-750.1810
793629548
(AA52-$AC$48)*10000=-488.6473658726159 (AB52-$AC$48)*10000=-227.11365238227725 (AC5
2-$AC$48)*10000=34.4200611080614
(AD52-$AC$48)*10000=295.9537745984
(AE52-$AC$48)*10000=
557.4874880887386
(AF52-$AC$48)*10000=1080.554915069416
(AG52-$AC$48)*10000=1603.62234205009
33
(AH52-$AC$48)*10000=2126.6897690307705 (A152-$AC$48)*10000=2649.757196011448
(AJ52-$AC$48
*10000=3172.824622992125
TRYm
Akbank Garanti Halkbank
Isbank Vakifbank
Yapi Kredi
Average Tier 1 d CAR
impact Akbank Garanti Halkbank
Isbank Vakifbank
Yapi Kredi
Total
-0.25
(=TA
BLE(T27,T46))=-0.06533342239260899
(=TABLE(T27,T46))=-0.03743649295363951 (=TABLE(T27,T46))=-0
.00953956351467005
(=TABLE(T27,246) 1=0.018357365924299405 (=TABLE(T27,T46))=0.0462542953632688
6
(=TABLE(T27,T46) 1=0.07415122480223832
(=TABLE(T27,T46) 1=0.12994508368017724
(=TABLE(T27,
T46)]=0.18573894255811615
(=TABLE(T27,T46) 1=0.24153280143605507
(=TABLE(T27,T46))=0.29732666
031399396
(=TABLE(T27,T46))=0.3531205191919329
-0.25
(253-$AC$48)*10000=-791.014468358335
4
(AA53-$AC$48)*10000=-512.0451739686406 (AB53-$AC$48)*10000=-233.07587957894606 (AC53-$AC$48
)*10000=45.8934148107485
(AD53-$AC$48)*10000=324.862709200443
(AE53-$AC$48)*10000=603.8320
035901376
(AF53-$AC$48)*10000=1161.7705923695269 (AG53-$AC$48)*10000=1719.709181148916
(AH5
3-$AC$48)*10000=2277.647769928305
(A153-$AC$48)*10000=2835.586358707694
(AJ53-$AC$48)*10000=
3393.5249474870834
Stage 1 Base Case (2018E)
Stage 2 Total RWAs
'R:\Bank models\Turkish Bank Model with 2020 Estimates\Higher RFR\[AKBANK MO
DEL- Higher RFR and Lower NIM.xlsxjForecast (TRY)°!$BK$585=302875.679288
'R:\Bank models\Turk
ish Bank Model with 2020 Estimates\Higher RFR\(GARANTI MODEL- Higher RFR and Lower NIM.xlsx] Forecast
(TRY)'!$BK$585=291738.2124657 'R:\Bank models\Turkish Bank Model with 2020 Estimates\Higher RFR\[H
ALKBANK MODEL- Higher RFR and Lower NIM.xlsx]Forecast (TRY)'!$BK$585=234881.86808775
111:\Bank mod
els\Turkish Bank Model with 2020 Estimates\Higher RFR\[ISBANK MODEL- Higher RFR and Lower NIM.xlsx]F
orecast (TRY)°!$BK$585=344418.17760000005
'R:\Bank models\Turkish Bank Model with 2020 Estimat
es\Higher RFR\[VAKIFBANK MODEL- Higher RFR and Lower NIM.xlsx]Forecast (TRY)'!$BK$585=218144.9068410
0002
'R:\Bank models\Turkish Bank Model with 2020 Estimates\Higher RFR\CYAPI KREDI MODEL- Higher
RFR and Lower NIM.xlsxjForecast (TRY)°!$BK$590=282617.49027600006
SUM(M55:R55)=1674676.3345584
502
Stage 3 (C39-C49)/C41*4=0.0029079037996552724
(D39-D49)/D41*4=-0.006762891000495025
(E39-E49)/E4
1*4=0.0016493062187403346
(F39-F49)/F41*4=0.0015955530701186181
(G39-G49)/G41*4=0.0120076226
53583133
(H39-H49)/H41*4=0.005066436880354615
(139-149)/141*4=0.002527121016886734
Shar
eholders equity 111:\Bank models\Turkish Bank Model with 2020 Estimates\Higher RFR\(AKBANK MODEL- Hig
her RFR and Lower NIM.xlsx]Forecast (TRY)'!$BK$112=45023.093839641784
'R:\Bank models\Turkish Bank
Model with 2020 Estimates\Higher RFR\[GARANTI MODEL- Higher RFR and Lower NIM.xlsx] Forecast (TRY)'!
$BK$112=46285.562756758685
'R:\Bank models\Turkish Bank Model with 2020 Estimates\Higher RFR\[H
ALKBANK MODEL- Higher RFR and Lower NIM.xlsx]Forecast (TRY)'!$BK$112=28589.813364406662 111:\Bank mod
els\Turkish Bank Model with 2020 Estimates\Higher RFR\[ISBANK MODEL- Higher RFR and Lower NIM.xlsx]F
orecast (TRY)'!$BK$112=47900.06103707109
'R:\Bank models\Turkish Bank Model with 2020 Estimat
es\Higher RFR\[VAKIFBANK MODEL- Higher RFR and Lower NIM.xlsx]Forecast (TRY)'!$BK$112=26437.01735411
7375
'R:\Bank models\Turkish Bank Model with 2020 Estimates\Higher RFR\CYAPI KREDI MODEL- Higher
RFR and Lower NIM.xlsxjForecast (TRY)'!$BK$112=37708.092663756914
SUM(M56:R56)=231943.64101575
254
Total
(C40-C49)/C41*4=0.008943622377209748
(D4O-D49)/D41*4=0.013768024443224555
(E40-E49)/E4
1*4=0.0037943418836064724
(F40-F49)/F41*4=0.011155433566480983
(G40-G49)/G41*4=0.0169893501
7329771 (H4O-H49)/H41*4=0.009435563468637288
(140-149)/141*4=0.010646610506557188
Tier 1 Capit
al
'R:\Bank models\Turkish Bank Model with 2020 Estimates\Higher RFR\[AKBANK MODEL- Higher RFR
and Lower NIM.xlsx]Forecast (TRY)'!$BK$574=44122.63196284895
'R:\Bank models\Turkish Bank Model w
ith 2020 Estimates\Higher RFR\[GARANTI MODEL- Higher RFR and Lower NIM.xlsx]Forecast (TRY)'!$BK$574=
45591.27931540731
'R:\Bank models\Turkish Bank Model with 2020 Estimates\Higher RFR\[HALKBANK
EFTA01437425
MODEL- Higher RFR and Lower NIM.xlsxjForecast (TRY)'!$BK$574=28018.01709711853 'R:\Bank models\Turk
ish Bank Model with 2020 Estimates\Higher RFR\(ISBANK MODEL- Higher RFR and Lower NIM.xlsx]Forecast
(TRY)'!$BK$574=46942.05981632967
111:\Bank models\Turkish Bank Model with 2020 Estimates\Highe
RFR\[VAKIFBANK MODEL- Higher RFR and Lower NIM.xlsx)Forecast (TRY)'!$BK$574=25908.277007035027
'R:\Bank models\Turkish Bank Model with 2020 Estimates\Higher RFR\[YAPI KREDI MODEL- Higher RFR and
Lower NIM.xlsx]Forecast (TRY)'!$BK$557=33560.20247074365
SUM(M57:R57)=224142.46766948313 BALK
BANK
HALKBANK
Tier 2 Capital 'R:\Bank models\Turkish Bank Model with 2020 Estimates\Higher RFR\(AKBANK MODEL- Hig
her RFR and Lower NIM.xlsx]Forecast (TRY)'!$BK$575=6078.117668351641
'R:\Bank models\Turkish Bank
Model with 2020 Estimates\Higher RFR\[GARANTI MODEL- Higher RFR and Lower NIM.xlsx] Forecast (TRY)'!
$BK$575=7161.802715988953
'R:\Bank models\Turkish Bank Model with 2020 Estimates\Higher RFR\[H
ALKBANK MODEL- Higher RFR and Lower NIM.xlsx]Forecast (TRY)'!$BK$575=3144.879470084733 111:\Bank mod
els\Turkish Bank Model with 2020 Estimates\Higher RFR\[ISBANK MODEL- Higher RFR and Lower NIM.xlsx]F
orecast (TRY)°!$BK$575=8622.010986672796
'R:\Bank models\Turkish Bank Model with 2020 Estimat
es\Higher RFR\[VAKIFBANK MODEL- Higher RFR and Lower NIM.xlsx]Forecast (TRY)'!$BK$575=6212.699078217
583
'R:\Bank models\Turkish Bank Model with 2020 Estimates\Higher RFR\JYAPI KREDI MODEL- Higher
RFR and Lower NIM.xlsxjForecast (TRY)°!$BK$565=9992.644555895582
SUM(M58:R58)=41212.154475211
28
CoR (net)
fk of Stage 2 loans transferred to Stage 3 loans CoR: change from base (bps)
fk of Stage 2 loans transferred to Stage 3 loans
Deductions
'R:\Bank models\Turkish Bank Model with 2020 Estimates\Higher RFR\(AKBANK MODEL- Hig
her RFR and Lower NIM.xlsx]Forecast (TRY)'!$BK$577=7.262812189425495
'R:\Bank models\Turkish Bank
Model with 2020 Estimates\Higher RFR\[GARANTI MODEL- Higher RFR and Lower NIM.xlsx] Forecast (TRY)'!
$BK$577=34.580451246550766
'R:\Bank models\Turkish Bank Model with 2020 Estimates\Higher RFR\[H
ALKBANK MODEL- Higher RFR and Lower NIM.xlsx]Forecast (TRY)'!$BK$577=20.012869355084664 111:\Bank mod
els\Turkish Bank Model with 2020 Estimates\Higher RFR\[ISBANK MODEL- Higher RFR and Lower NIM.xlsx]F
orecast (TRY)°!$BK$577=47.9000610370711 'R:\Bank models\Turkish Bank Model with 2020 Estimates\Highe
RFR\[VAKIFBANK MODEL- Higher RFR and Lower NIM.xlsx)Forecast (TRY)'!$BK$577=2.643701735411738 'R:\
Bank models\Turkish Bank Model with 2020 Estimates\Higher RFR\CYAPI KREDI MODEL- Higher RFR and Lowe
NIM.xlsxjForecast (TRY)'!$BK$572=301.6647413100553
SUM(M59:R59)=414.06463687359906 Loan growth
(ppt change from base) $O$50=0.0037943418836064724
AA59-0.05=-0.15000000000000002 AB59-0.05=-0
.10
-0.05
0
0.05
AD59+0.05=0.10 0.20
0.30
0.40
0.50
0.60
$O$50=0.0037
943418836064724 A059-0.05=-0.15000000000000002 AP59-0.05=-0.10 -0.05
0
0.05
AR59+0.05=0.
10
0.20
0.30
0.40
0.50
0.60
Capital base
M57+M58-M59=50193.48681901117
N57+N58-N59=52718.501580149714 057+058-059=31142.88
3697848178
P57+P58-P59=55516.17074196539
Q57+Q58-Q59=32118.332383517198 R57+R58-R59=43251.18
2285329174
257+558-S59=264940.55750782083 0.20
(=TABLE(T27,T46))=-0.008358934618795194 (=TA
BLE(T27,T46))=-0.004518639222639442
(=TABLE(T27,T46))=-6.783438264836909E-4 (=TABLE(T27,T46))=0.
0031619515696720605
(=TABLE(T27,T46))=0.007002246965827811 (=TABLE(T27,T46))=0.0108425423619835
65
(=TABLE(T27,T46))=0.018523133154295067 (=TABLE(T27,T46))=0.02620372394660657
(=TABLE(T27,
T46))=0.03388431473891807
(=TABLE(T27,T46))=0.04156490553122957
(=TABLE(T27,T46))=0.04924549
6323541076
0.20
(Z60-$AC$64)*10000=-121.53276502401667 (AA60-$AC$64)*10000=-83.129811062459
15
(AB60-$AC$64)*10000=-44.72685710090163 (AC60-$AC$64)*10000=-6.323903139344119 (AD60-$AC$64
)*10000=32.07905082221339
(AE60-$AC$64)*10000=70.48200478377092
(AF60-$AC$64)*10000=147.2879
1270688595
(AG60-$AC$64)*10000=224.09382063000098 (AH60-$AC$64)*10000=300.899728553116
(A16
0-$AC$64)*10000=377.705636476231
(AJ60-$AC$64)*10000=454.511544399346
Tier 1 capital ratio (base)
M57/M55=0.1456790194134188
N57/N55=0.15627462350605692
057/
055=0.11928556821019161 P57/P55=0.13629379303797134
Q57/Q55=0.11876636214990284
R57/R55=0.11
874779030119209 257/S55=0.13384226136364502
0.15
(=TABLE(T27,T46))=-0.008722366558742811 (=TA
BLE(T27,T46))=-0.004715101797536809
(=TABLE(T27,T46))=-7.078370363308079E-4 (=TABLE(T27,T46))=0.
003299427724875194
(=TABLE(T27,T46))=0.007306692486081195 (=TABLE(T27,T46))=0.0113139572472871
97
(=TABLE(T27,T46))=0.0193284867696992
(=TABLE(T27,246))=0.027343016292111205 (=TABLE(T27,
T46))=0.0353575458145232
(=TABLE(T27,T46))=0.04337207533693521
(=TABLE(T27,T46))=0.05138660
485934721
0.15
(Z61-$AC$64)*10000=-125.16708442349284 (AA61-$AC$64)*10000=-85.094436811432
83
(AB61-$AC$64)*10000=-45.0217891993728
(AC61-$AC$64)*10000=-4.949141587312785 (AD61-$AC$64
)*10000=35.12350602474723
(AE61-$AC$64)*10000=75.19615363680725
(AF61-$AC$64)*10000=155.3414
4886092727
(AG61-$AC$64)*10000=235.48674408504732 (AH61-$AC$64)*10000=315.6320393091673
(A16
1-$AC$64)*10000=395.7773345332874
(AJ61-$AC$64)*10000=475.9226297574073
CAR (base)
M60/M55=0.165723068081947
N60/N55=0.18070482140335967
060/055=0.1325895606
6465483 P60/P55=0.16118827156225388
Q60/055=0.1472339320162418
R60/R55=0.15303788255670486
S60/255=0.15820403742534273
0.10
(=TABLE(T27,T46))=-0.009118837765958392 (=TABLE(T27,T46))=-0
.004929424606515754
(=TABLE(T27,246))=-7.400114470731173E-4 (=TABLE(T27,T46))=0.0034494017123695
2
(=TABLE(T27,T46))=0.007638814871812157 (=TABLE(T27,T46))=0.011828228031254795 (=TABLE(T27,
T46))=0.02020705435014007
(=TABLE(T27,T46))=0.028585880669025343 (=TABLE(T27,T46))=0.03696470
6987910614
(=TABLE(T27,T46))=0.04534353330679589
(=TABLE(T27,T46))=0.053722359625681164 0.10
(Z62-$AC$64)*10000=-129.13179649564864 (AA62-$AC$64)*10000=-87.23766490122226 (AB62-$AC$64)*10000=
-45.34353330679589
(AC62-$AC$64)*10000=-3.4494017123695233 (AD62-$AC$64)*10000=38.4447298820568
5
(AE62-$AC$64)*10000=80.33886147648323
(AF62-$AC$64)*10000=164.12712466533597 (AG62-$AC$64
)*10000=247.9153878541887
(AH62-$AC$64)*10000=331.7036510430414
(A162-$AC$64)*10000=415.4919
142318942
(AJ62-$AC$64)*10000=499.2801774207469
Tier 1 capital threshold (2018) 0.09375 0.09375 0.08875000000000001
0.09375 0.08875000000000001
0.09125 AVERAGE(M63:R63)=0.09166666666666667
0.05
(=TABLE(T27,T46))=-0.009553068135765935 (=TA
BLE(T27,T46))=-0.005164159111587934
(=TABLE(T27,T46))=-7.752500874099324E-4 (=TABLE(T27,T46))=0.
0036136589367680686
(=TABLE(T27,T46))=0.00800256796094607
(=TABLE(T27,T46))=0.0123914769851240
73
(=TABLE(T27,T46))=0.021169295033480074 (=TABLE(T27,T46))=0.029947113081836074 (=TABLE(T27,
T46))=0.038724931130192077
(=TABLE(T27,T46))=0.04750274917854808
(=TABLE(T27,T46))=0.05628056
7226904075
0.05
(Z63-$AC$64)*10000=-133.47410019372407 (AA63-$AC$64)*10000=-89.585009951944
07
(AB63-$AC$64)*10000=-45.69591971016405 (AC63-$AC$64)*10000=-1.8068294683840385 (AD63-$AC$64
)*10000=42.08226077339597
(AE63-$AC$64)*10000=85.971351015176
(AF63-$AC$64)*10000=173.7495
3149873602
(AG63-$AC$64)*10000=261.527711982296
(AH63-$AC$64)*10000=349.30589246585606 (A16
EFTA01437426
3-$AC$64)*10000=437.0840729494161
(AJ63-$AC$64)*10000=524.862253432976
CAR threshold (2018)
0.12
0.12
0.12
0.12
0.12
0.12
AVERAGE(M64:R64)=0.12
0
(=TABLE(T27,T46))=-0.010030721542554232 (=TABLE(T27,T46))=-0.005422367067167331 (=TABLE(T27,T46))=-8
.14012591780429E-4
(=TABLE(T27,T46))=0.0037943418836064724 (=TABLE(T27,T46))=0.0084026963589933
73
(=TABLE(T27,T46))=0.013011050834380276 (=TABLE(T27,T46))=0.022227759785154077 (=TABLE(T27,
T46))=0.03144446873592788
(=TABLE(T27,T46))=0.04066117768670168
(=TABLE(T27,T46))=0.04987788
6637475485
(=TABLE(T27,T46))=0.05909459558824928
0
(264-$AC$64)*10000=-138.250634261607
05
(AA64-$AC$64)*10000=-92.16708950773804 (AB64-$AC$64)*10000=-46.08354475386901 (AC64-$AC$64
)*10000=0
(AD64-$AC$64)*10000=46.083544753869
(AE64-$AC$64)*10000=92.16708950773804
(AF6
4-$AC$64)*10000=184.33417901547605
(AG64-$AC$64)*10000=276.50126852321404 (AH64-$AC$64)*10000=
368.6683580309521
(A164-$AC$64)*10000=460.8354475386901
(AJ64-$AC$64)*10000=553.002537046428
1
Tier 1 capital headroom M61-M63=0.05192901941341879
N61-N63=0.06252462350605692
061-063=0.03
05355682101916 P61-P63=0.042543793037971345
D61-Q63=0.03001636214990283
R61-R63=0.0274977903
01192093
261-563=0.04217559469697835
-0.05
(=TABLE(T27,T46))=-0.010558654255320245 (=TA
BLE(T27,T46))=-0.005707754807544559
(=TABLE(T27,T46))=-8.568553597688728E-4 (=TABLE(T27,T46))=0.
003994044088006813
(=TABLE(T27,T46))=0.0088449435357825
(=TABLE(T27,T46))=0.0136958429835581
86
(=TABLE(T27,T46))=0.023397641879109556 (=TABLE(T27,T46))=0.033099440774660926 (=TABLE(T27,
T46))=0.0428012396702123
(=TABLE(T27,T46))=0.052503038565763674 (=TABLE(T27,T46))=0.06220483
746131504
-0.05
(Z65-$AC$64)*10000=-143.52996138926719 (AA65-SAC$64)*10000=-95.020966911510
3
(AB65-$AC$64)*10000=-46.51197243375345 (AC65-$AC$64)*10000=1.9970220440034079 (AD65-$AC$64
)*10000=50.506016521760266
(AE65-$AC$64)*10000=99.01501099951713
(AF65-$AC$64)*10000=196.0329
9995503085
(AG65-$AC$64)*10000=293.05098891054456 (AH65-$AC$64)*10000=390.0689778660583
(A16
5-$AC$64)*10000=487.086966821572
(AJ65-$AC$64)*10000=584.1049557770857
CAR headroom
M62-M64=0.04572306808194701
N62-N64=0.06070482140335967
062-064=0.0125895606
6465483 P62-P64=0.04118827156225388
Q62-064=0.027233932016241802
R62-R64=0.03303788255670487
S62-S64=0.03820403742534273
-0.10
(=TABLE(T27,T46))=-0.011145246158393591 (=TABLE(T27,T46))=-0
.006024852296852589
(=TABLE(T27,T46))=-9.044584353115878E-4 (=TABLE(T27,T46))=0.0042159354262294
13
(=TABLE(T27,T46))=0.009336329287770414 (=TABLE(T27,T46))=0.014456723149311417 (=TABLE(T27,
T46))=0.02469751087239342
(=TABLE(T27,T46))=0.03493829859547542
(=TABLE(T27,T46))=0.04517908
6318557424
(=TABLE(T27,T46))=0.05541987404163943
(=TABLE(T27,T46))=0.06566066176472142
-0.1
0
(Z66-$AC$64)*10000=-149.39588042000062 (AA66-$AC$64)*10000=-98.19194180459061 (AB66-$AC$64
)*10000=-46.988003189180596
(AC66-$AC$64)*10000=4.21593542622941
(AD66-$AC$64)*10000=55.41987
404163942
(AE66-$AC$64)*10000=106.62381265704944 (AF66-$AC$64)*10000=209.03168988786948 (AG6
6-$AC$64)*10000=311.43956711868947
(AH66-$AC$64)*10000=413.8474443495095
(A166-$ACS64)*10000=
516.2553215803296
(AJ66-$AC$64)*10000=618.6631988111495
Stage 1 Impact of weaker asset quality (2018E) -0.15
(=TABLE(T27,T46))=-0.011800848873593214 (=TA
BLE(T27,T46))=-0.006379255373138036
(=TABLE(T27,T46))=-9.576618726828578E-4 (=TABLE(T27,T46))=0.
00446393162777232
(=TABLE(T27,T46))=0.009885525128227497 (=TABLE(T27,T46))=0.0153071186286826
79
(=TABLE(T27,T46))=0.026150305629593033 (=TABLE(T27,T46))=0.03699349263050339
(=TABLE(T27,
T46))=0.04783667963141374
(=TABLE(T27,T46))=0.05867986663232411
(=TABLE(T27,T46))=0.06952305
363323445
-0.15
(Z67-$AC$64)*10000=-155.95190757199686 (AA67-$AC$64)*10000=-101.73597256744
507
(AB67-$AC$64)*10000=-47.5200375628933
(AC67-$AC$64)*10000=6.695897441658478
(AD67-$AC$64
)*10000=60.91183244621025
(AE67-$AC$64)*10000=115.12776745076206 (AF67-$AC$64)*10000=223.5596
374598656
(AG67-$AC$64)*10000=331.99150746896913 (AH67-$AC$64)*10000=440.42337747807267 (A16
7-$AC$64)*10000=548.8552474871764
(AJ67-$AC$64)*10000=657.2871174962798
Tier 1 capital (TRYm)
M57-(M$28*0.8)=44122.63196284895
N57-(N$28*0.8)=45591.27931540731
057-(0$28*0.8)=28018.01709711853
P57-(P$28*0.8)=46942.05981632967
g57-(g$28*0.8)=25908
.277007035027
R57-(R$28*0.8)=33560.20247074365
S57-(S$28*0.8)=224142.46766948313
-0.2
0
(=TABLE(T27,T46))=-0.01253840192819279 (=TABLE(T27,T46))=-0.006777958833959163 (=TABLE(T27,
T46))=-0.0010175157397255363
(=TABLE(T27,T46))=0.00474292735450809
(=TABLE(T27,T46))=0.01050337
0448741715
(=TABLE(T27,T46))=0.016263813542975344 (=TABLE(T27,T46))=0.027784699731442594 (=TA
BLE(T27,T46))=0.03930558591990985
(=TABLE(T27,T46))=0.050826472108377097 (=TABLE(T27,T46))=0.
06234735829684435
(=TABLE(T27,T46))=0.0738682444853116
-0.20
(Z68-$AC$64)*10000=-163.3274
3811799264
(AA68-$AC$64)*10000=-105.72300717565635 (AB68-$AC$64)*10000=-48.118576233320084 (AC6
8-$AC$64)*10000=9.485854709016172
(AD68-$AC$64)*10000=67.09028565135243
(AE68-$AC$64)*10000=
124.69471659368871
(AF68-$AC$64)*10000=239.9035784783612
(AG68-$AC$64)*10000=355.112440363033
7
(AH68-$AC$64)*10000=470.3213022477062
(A168-$AC$64)*10000=585.5301641323788
(AJ68-$AC$64
*10000=700.7390260170513
Capital base (TRYm)
M60-(M$28*0.8)=50193.48681901117
N60-(N$28*0.8)=52718.501580149714
060-(0$28*0.8)=31142.883697848178
P60-(P$28*0.8)=55516.17074196539
g60-(g$28*0.8)=32118
.332383517198
R60-(R$28*0.8)=43251.182285329174
S60-(S$28*0.8)=264940.55750782083
-0.2
5
(=TABLE(T27,T46))=-0.013374295390072309 (=TABLE(T27,T46))=-0.007229822756223107 (=TABLE(T27,
T46))=-0.0010853501223739054
(=TABLE(T27,T46))=0.005059122511475296 (=TABLE(T27,T46))=0.01120359
5145324497
(=TABLE(T27,T46))=0.0173480677791737
(=TABLE(T27,T46))=0.029637013046872104 (=TA
BLE(T27,T46))=0.04192595831457051
(=TABLE(T27,T46))=0.05421490358226891
(=TABLE(T27,T46))=0.
06650384884996731
(=TABLE(T27,T46))=0.07879279411766571
-0.25
(Z69-$AC$64)*10000=-171.6863
727367878
(AA69-$AC$64)*10000=-110.2416463982958 (AB69-$AC$64)*10000=-48.796920059803774 (AC6
9-$AC$64)*10000=12.647806278688238
(AD69-$AC$64)*10000=74.09253261718025
(AE69-$AC$64)*10000=
135.53725895567226
(AF69-$AC$64)*10000=258.4267116326563
(AG69-$AC$64)*10000=381.316164309640
3
(AH69-$AC$64)*10000=504.20561698662436 (A169-$AC$64)*10000=627.0950696636083
(AJ69-$AC$64
)*10000=749.9845223405923
Tier 1 capital ratio (new)
M68/M55=0.1456790194134188
N68/N55=0.15627462350605692
068/
055=0.11928556821019161 P68/P55=0.13629379303797134
g68/Q55=0.11876636214990284
R68/R55=0.11
874779030119209 268/555=0.13384226136364502
CAR (new)
M69/M55=0.165723068081947
N69/N55=0.18070482140335967
069/055=0.1325895606
6465483 P69/P55=0.16118827156225388
Q69/055=0.1472339320162418
R69/R55=0.15303788255670486
S69/555=0.15820403742534273
Tier 1 capital ratio - chg. from base (bps)
(M70-M61)*100=0 (N70-N61)*100=0 (070-061)*100=0 (P70
EFTA01437427
-P61)*100=0
(Q70-Q61)*100=0 (R7O-R61)*100=0 (S70-561)*100=0
CoR (net)
CAR - chg. from base (bps)
(M71-M62)*100=0 (N71-N62)*100=0 (071-062)*100=0 (P71
-P62)*100=0
(Q71-Q62)*100=0 (R71-R62)*100=0 (S71-S62)*100=0 ISBANK ISBANK
Tier 1 capital headroom M70-M63=0.05192901941341879
N70-N63=0.06252462350605692
070-063=0.03
05355682101916 P7O-P63=0.042543793037971345
Q70-Q63=0.03001636214990283
R7O-R63=0.0274977903
01192093
S70-563=0.04217559469697835
CoR (net)
% of Stage 2 loans transferred to St
age 3 loans
CoR: change from base (bps)
ft of Stage 2 loans transferred to Stage 3 loans
CAR headroom
M71-M64=0.04572306808194701
N71-N64=0.06070482140335967
071-064=0.0125895606
6465483 P71-P64=0.04118827156225388
Q71-Q64=0.027233932016241802
R71-R64=0.03303788255670487
571-564=0.03820403742534273
Loan growth (ppt change from base)
$P$50=0.011155433566480983
AA75-0.05=-0.15000000000000002 AB75-0.05=-0.10 -0.05
0
0.05
AD75+0.05=0.10 0.20
0.30
0.40
0.50
0.60
$P$50=0.011155433566480983
A075-0.05=-0.15000000000000002 AP75-0.05=-0
.10
-0.05
0
0.05
AR75+0.05=0.10 0.20
0.30
0.40
0.50
0.60
0.20
(=TABLE(T27,T46))=-0.01681684298800927 (=TABLE(T27,T46))=-0.008112497112428122 (=TABLE(T27,
T46))=5.918487631530157E-4
(=TABLE(T27,T46))=0.009296194638734153 (=TABLE(T27,T46))=0.01800054
051431529
(=TABLE(T27,T46))=0.026704886389896428 (=TABLE(T27,T46))=0.04411357814105871
(=TA
BLE(T27,T46))=0.06152226989222099
(=TABLE(T27,T46))=0.07893096164338327
(=TABLE(T27,T46))=0.
09633965339454555
(=TABLE(T27,T46))=0.11374834514570782
0.20
(Z76-$AC$80)*10000=-279.7227
6554490253
(AA76-$AC$80)*10000=-192.67930678909104 (AB76-$AC$80)*10000=-105.63584803327967 (AC7
6-$AC$80)*10000=-18.5923892774683
(AD76-$AC$80)*10000=68.45106947834307
(AE76-$AC$80)*10000=
155.49452823415444
(AF76-$AC$80)*10000=329.5814457457773
(AG76-$AC$80)*10000=503.6683632574
(AH76-$AC$80)*10000=677.7552807690229
(A176-$AC$80)*10000=851.8421982806457
(AJ76-$AC$80)*10000=
1025.9291157922685
TRYm
Akbank Garanti Halkbank
Isbank Vakifbank
Yapi Kredi
Average Valuation
Akbank Garanti Halkbank
Isbank Vakifbank
Yapi Kredi
Total
0.15
(=TABLE(T27,
T46))=-0.017548010074444457
(=TABLE(T27,T46))=-0.008465214378185868 (=TABLE(T27,T46))=6.17581318
0727121E-4
(=TABLE(T27,T46))=0.009700377014331291 (=TABLE(T27,T46))=0.018783172710589872 (=TA
BLE(T27,T46))=0.027865968406848452
(=TABLE(T27,T46))=0.046031559799365615 (=TABLE(T27,T46))=0.
06419715119188278
(=TABLE(T27,T46))=0.08236274258439995
(=TABLE(T27,T46))=0.1005283339769171
(=TABLE(T27,T46))=0.11869392536943427
0.15
(Z77-$AC$80)*10000=-287.0344364092544
(AA77-$AC$80
)*10000=-196.2064794466685
(AB77-$AC$80)*10000=-105.3785224840827 (AC77-$AC$80)*10000=-14.5505
6552149692
(AD77-$AC$80)*10000=76.2773914410889
(AE77-$AC$80)*10000=167.1053484036747
(AF7
7-$AC$80)*10000=348.7612623288463
(AG77-$AC$80)*10000=530.417176254018
(AH77-$AC$80)*10000=
712.0730901791896
(A177-$AC$80)*10000=893.7290041043613
(AJ77-$AC$80)*10000=1075.38491802953
29
Net profit (base)
M30=6405.467516045113
N30=7118.518599790241
030=3809.28613779219
P30=
6242.064735470831
Q30=3822.804240772133
R30=3853.9025619301465 S30=31252.043791800654 0.10
(=TABLE(T27,T46))=-0.01834564689601011 (=TABLE(T27,T46))=-0.008849996849921589 (=TABLE(T27,T46))=6.
456531961669262E-4
(=TABLE(T27,T46))=0.010141303242255439 (=TABLE(T27,T46))=0.0196369532883439
5
(=TABLE(T27,T46))=0.029132603334432468 (=TABLE(T27,T46))=0.04812390342660949
(=TABLE(T27,
T46))=0.06711520351878653
(=TABLE(T27,T46))=0.08610650361096356
(=TABLE(T27,T46))=0.10509780
370314059
(=TABLE(T27,T46))=0.12408910379531761
0.10
(278-$AC$80)*10000=-295.010804624910
9
(AA78-$AC$80)*10000=-200.0543041640257 (AB78-$AC$80)*10000=-105.09780370314057 (AC78-$AC$80
)*10000=-10.141303242255443
(AD78-$AC$80)*10000=84.81519721862969
(AE78-$AC$80)*10000=179.7716
9767951486
(AF78-$AC$80)*10000=369.68469860128516 (AG78-$AC$80)*10000=559.5976995230554
(AH7
8-$AC$80)*10000=749.5107004448258
(A178-$AC$80)*10000=939.4237013665961
(AJ78-$AC$80)*10000=
1129.3367022883663
Net profit (new)
M31=6405.467516045113
N31=7118.518599790241
031=3809.28613779219
P31=
6242.064735470831
Q31=3822.804240772133
R31=3853.9025619301465 S31=31252.043791800654 0.05
(=TABLE(T27,T46))=-0.01921924912915345 (=TABLE(T27,T46))=-0.009271425271346426 (=TABLE(T27,T46))=6.
763985864605893E-4
(=TABLE(T27,T46))=0.010624222444267603 (=TABLE(T27,T46))=0.0205720463020746
2
(=TABLE(T27,T46))=0.030519870159881633 (=TABLE(T27,T46))=0.05041551787549566
(=TABLE(T27,
T46))=0.0703111655911097
(=TABLE(T27,T46))=0.09020681330672373
(=TABLE(T27,T46))=0.11010246
102233776
(=TABLE(T27,T46))=0.12999810873795178
0.05
(279-$AC$80)*10000=-303.746826956344
3
(AA79-$AC$80)*10000=-204.2685883782741 (AB79-$AC$80)*10000=-104.79034980020393 (AC79-$AC$80
)*10000=-5.312111222133802
(AD79-$AC$80)*10000=94.16612735593635
(AE79-$AC$80)*10000=193.6443
6593400652
(AF79-$AC$80)*10000=392.6008430901468
(AG79-$AC$80)*10000=591.5573202462872
(AH7
9-$AC$80)*10000=790.5137974024275
(A179-$AC$80)*10000=989.4702745585678
(AJ79-$AC$80)*10000=
1188.426751714708
Book value (base)
M56=45023.093839641784 N56=46285.562756758685 056=28589.813364406662 P56=
47900.06103707109
Q56=26437.017354117375 R56=37708.092663756914 S56=231943.64101575254 0
(=TABLE(T27,T46))=-0.020180211585611122 (=TABLE(T27,T46))=-0.009734996534913748 (=TABLE(T27,T46))=7.
102185157836169E-4
(=TABLE(T27,T46))=0.011155433566480983 (=TABLE(T27,T46))=0.0216006486171783
5
(=TABLE(T27,T46))=0.032045863667875714 (=TABLE(T27,T46))=0.05293629376927045
(=TABLE(T27,
T46))=0.07382672387066519
(=TABLE(T27,T46))=0.09471715397205993
(=TABLE(T27,T46))=0.11560758
407345466
(=TABLE(T27,T46))=0.13649801417484939
0
(280-$AC$80)*10000=-313.356451520921
04
(AA80-$AC$80)*10000=-208.9043010139473 (AB80-$AC$80)*10000=-104.45215050697364 (AC80-$AC$80
)*10000=0
(AD80-$AC$80)*10000=104.45215050697367 (AE80-$AC$80)*10000=208.9043010139473
(AFB
0-$AC$80)*10000=417.80860202789466
(AG80-$AC$80)*10000=626.7129030418421
(AH80-$AC$80)*10000=
835.6172040557896
(AI80-$AC$80)*10000=1044.5215050697368 (AJ80-$AC$80)*10000=1253.42580608368
4
Book value (new)
M56-(M28*0.8)=45023.093839641784
N56-(N28*0.8)=46285.562756758685
056-(028*0.8)=28589.813364406662
P56-(P28*0.8)=47900.06103707109 Q56-(Q28*0.8)=26437.01735411
7375
R56-(R28*0.8)=37708.092663756914
S56-(S28*0.8)=231943.64101575254
-0.05
(=TA
BLE(T27,T46))=-0.021242327984853815
(=TABLE(T27,T46))=-0.010247364773593419 (=TABLE(T27,T46))=7.
475984376669673E-4
(=TABLE(T27,T46))=0.011742561648927351 (=TABLE(T27,T46))=0.0227375248601877
4
(=TABLE(T27,T46))=0.03373248807144812
(=TABLE(T27,T46))=0.0557224144939689
(=TABLE(T27,
T46))=0.07771234091648968
(=TABLE(T27,T46))=0.09970226733901046
(=TABLE(T27,T46))=0.12169219
376153123
(=TABLE(T27,T46))=0.143682120184052
-0.05
(281-$AC$80)*10000=-323.977615513347
EFTA01437428
9
(AA81-$AC$80)*10000=-214.027983400744
(AB81-$AC$80)*10000=-104.07835128814015 (AC81-$AC$80
)*10000=5.8712808244636845
(AD81-$AC$80)*10000=115.82091293706756 (AE81-$AC$80)*10000=225.7705
450496714
(AF81-$AC$80)*10000=445.6698092748791
(AG81-$AC$80)*10000=665.569073500087
(AH8
1-$AC$80)*10000=885.4683377252948
(A181-$AC$80)*10000=1105.3676019505026 (AJ81-$AC$80)*10000=
1325.26686617571
Price (TRY/shr) 6.60
7
6.40
4.94
4.06
2.2
-0.10
(=TABLE(127,146))=-0.0224224
57317345695
(=TABLE(127,T46))=-0.010816662816570831 (=TABLE(T27,146))=7.89131684204021E-4
(=TA
BLE(T27,146))=0.012394926184978871
(=TABLE(T27,T46))=0.024000720685753724 (=TABLE(T27,146))=0.
035606515186528576
(=TABLE(127,146))=0.05881810418807828
(=TABLE(T27,T46))=0.082029693189628
(=TABLE(127,146))=0.10524128219117769
(=TABLE(T27,T46))=0.1284528711927274
(=TABLE(T27,146))=0.
1516644601942771
-0.10
(Z82-$AC$80)*10000=-335.7789088382668
(AA82-$AC$80)*10000=-219.720
96383051817
(AB82-$AC$80)*10000=-103.66301882276962 (AC82-$AC$80)*10000=12.394926184978884 (ADS
2-$AC$80)*10000=128.4528711927274
(AE82-$AC$80)*10000=244.51081620047592 (AF82-$AC$80)*10000=
476.62670621597294
(AG82-$AC$80)*10000=708.7425962314702
(AH82-$AC$80)*10000=940.858486246967
1
(A182-$AC$80)*10000=1172.9743762624644 (AJ82-$AC$80)*10000=1405.090266277961
Paid-in cap (TRYm)
'R:\Bank models\Turkish Bank Model with 2020 Estimates\Higher RFR\[AKBANK MO
DEL- Higher RFR and Lower NIM.xlsx]Forecast (TRY)'!$BK$113=4000 111:\Bank models\Turkish Bank Model w
ith 2020 Estimates\Higher RFR\[GARANTI MODEL- Higher RFR and Lower NIM.xlsx]Forecast (TRY)'!$BK$113=
4200
'R:\Bank models\Turkish Bank Model with 2020 Estimates\Higher RFR\[HALKBANK MODEL- Higher RF
R and Lower NIM.xlsx]Forecast (TRY)'!$BK$113=1250
'R:\Bank models\Turkish Bank Model with 2020
Estimates\Higher RFR\(ISBANK MODEL- Higher RFR and Lower NIM.xlsx]Forecast (TRY)°!$BK$113=4500 'R:\
Bank models\Turkish Bank Model with 2020 Estimates\Higher RFR\[VAKIFBANK MODEL- Higher RFR and Lower
NIM.xlsx]Forecast (TRY)'!$BK$113=2500 'R:\Bank models\Turkish Bank Model with 2020 Estimates\Highe
r RFR\[YAPI KREDI MODEL- Higher RFR and Lower NIM.xlsx]Forecast (TRY)'!$BK$113=8447.051 -0.15
(=TA
BLE(T27,146))=-0.023741425394836615
(=TABLE(127,T46))=-0.011452937099898527 (=TABLE(T27,T46) 1=8.
355511950395516E-4
(=TABLE(127,146))=0.013124039489977627 (=TABLE(127,T46))=0.0254125277849157
06
(=TABLE(T27,T46))=0.03770101607985378
(=TABLE(127,146))=0.06227799266972994
(=TABLE(T27,
146))=0.0868549692596061
(=TABLE(T27,146))=0.11143194584948227
(=TABLE(127,146))=0.13600892
243935842
(=TABLE(127,T46))=0.16058589902923456
-0.15
(283-$AC$80)*10000=-348.968589613176
(AA83-$AC$80)*10000=-226.08370666379508 (AB83-$AC$80)*10000=-103.19882371441432 (AC83-$AC$80)*10000=
19.686059234966436
(AD83-$AC$80)*10000=142.57094218434722 (AE83-$AC$80)*10000=265.455825133727
96
(AF83-$AC$80)*10000=511.2255910324896
(AG83-$AC$80)*10000=756.9953569312512
(AH83-$AC$80
)*10000=1002.7651228300128
(A183-$AC$80)*10000=1248.5348887287744 (AJ83-$AC$80)*10000=1494.304
6546275357
M.Cap (TRYm)
M82*M83=26400
N82*N83=29400
082*083=8000
P82*P83=22230
Q82*Q83=10149.999999
999998 R82*R83=18583.5122
-0.20
(=TABLE(127,T46))=-0.0252252644820139
(=TABLE(T27,146))=-0
.012168745668642183
(=TABLE(127,146))=8.877731447295235E-4 (=TABLE(T27,T46))=0.0139442919581012
28
(=TABLE(T27,T46))=0.027000810771472934 (=TABLE(127,146))=0.04005732958484464
(=TABLE(T27,
146))=0.06617036721158806
(=TABLE(T27,T46))=0.09228340483833149
(=TABLE(127,146))=0.11839644
24650749
(=TABLE(127,T46))=0.1445094800918183
(=TABLE(T27,146))=0.1706225177185617
-0.2
0
(Z84-$AC$80)*10000=-363.80698048494884 (AA84-$AC$80)*10000=-233.24179235123165 (AB84-$AC$80
)*10000=-102.6766042175146
(AC84-$AC$80)*10000=27.88858391620245
(AD84-$AC$80)*10000=158.4537
720499195
(AE84-$AC$80)*10000=289.0189601836366
(AF84-$AC$80)*10000=550.1493364510708
(AG8
4-$AC$80)*10000=811.279712718505
(AH84-$AC$80)*10000=1072.4100889859392 (A184-$AC$80)*10000=
1333.540465253373
(AJ84-$AC$80)*10000=1594.6708415208072
-0.25
(=TABLE(T27,146))=-0.026906948780814833 (=TABLE(127,146))=-0.012979995379884998 (=TABLE(T27,
146))=9.469580210448252E-4
(=TABLE(T27,T46))=0.014873911421974645 (=TABLE(127,146))=0.02880086
4822904466
(=TABLE(127,T46))=0.04272781822383429
(=TABLE(T27,146))=0.07058172502569393
(=TA
BLE(T27,146))=0.09843563182755359
(=TABLE(127,T46))=0.12628953862941322
(=TABLE(T27,T46) 1=0.
15414344543127287
(=TABLE(127,146))=0.18199735223313251
-0.25
(Z85-$AC$80)*10000=-380.6238
234729582
(AA85-$AC$80)*10000=-241.3542894636598 (AB85-$AC$80)*10000=-102.08475545436158 (ACS
5-$AC$80)*10000=37.184778554936614
(AD85-$AC$80)*10000=176.45431256423484 (AE85-$AC$80)*10000=
315.7238465735331
(AF85-$AC$80)*10000=594.2629145921295
(AG85-$AC$80)*10000=872.801982610726
1
(AH85-$AC$80)*10000=1151.3410506293224 (A185-$AC$80)*10000=1429.8801186479188 (AJ85-$AC$80
)*10000=1708.4191866665153
P/E (2018E), base (x)
M$84/M78=4.121479023017509
N$84/N78=4.130072793638036
0$84/078=2.1
00131024716534 P$84/P78=3.5613216046410034
Q$84/Q78=2.6551189547571217
R$84/R78=4.821998455
169255 AVERAGE(M86:R86)=3.565020309323243
P/E (2018E), implied (x)
M$84/M79=4.121479023017509
N$84/N79=4.130072793638036
0$84
/079=2.100131024716534 P$84/P79=3.5613216046410034
Q$84/Q79=2.6551189547571217
R$84/R79=4.8
21998455169255 AVERAGE(M87:R87)=3.565020309323243
Change from base
M87/M86-1=0
N87/N86-1=0
087/086-1=0
P87/P86-1=0
Q87/Q86-1=0
R87/R86-1=0
S87/586-1=0
VAKIFBANK
VAKIFBANK
P/BV (2018E), base (x) M$84/M80=0.5863657458554173
7981994488847295
P$84/P80=0.4640912666644752
928255683921537 AVERAGE(M90:R90)=0.47370352490327244
ed to Stage 3 loans
CoR: change from base (bps)
ans
P/BV (2018E), implied (x)
M$84/M81=0.5863657458554173
N$84/N81=0.6351872646445671
0$84
/081=0.27981994488847295
P$84/P81=0.4640912666644752
Q$84/Q81=0.38393135897454816
R$84
/R81=0.4928255683921537 AVERAGE(M91:R91)=0.47370352490327244
Loan growth (ppt change from base)
$Q$50=0.01698935017329771
AA91-0.05=-0.15000000000000002 AB91-0.05=-0.10 -0.05
0
0.05
AD91+0.05=0.10 0.20
0.30
0.40
0.50
0.60
$Q$50=0.01698935017329771
A091-0.05=-0
.15000000000000002
AP91-0.05=-0.10 -0.05
0
0.05
AR91+0.05=0.10 0.20
0.30
0.40
0.50
0.60
Change from base
M91/M90-1=0
N91/N90-1=0
091/090-1=0
P91/P90-1=0
Q91/Q90-1=0
R91/R90-1=0
291/590-1=0
0.20
(=TABLE(127,T46))=0.004686935969375032 (=TABLE(T27,T46) 1=0.
007843887916610498
(=TABLE(127,146))=0.011000839863845962 (=TABLE(T27,T46))=0.0141577918110814
N$84/N80=0.
Q$84/Q80=0.
CoR (net)
St of Stage
6351872646445671
0584/080=0.2
38393135897454816
R$84/R80=0.4
fk of Stage 2 loans transferr
2 loans transferred to Stage 3 lo
EFTA01437429
24
(=TABLE(T27,T46))=0.017314743758316885 (=TABLE(T27,T46))=0.02047169570555235
(=TABLE(T27,
T46))=0.026785599600023278
(=TABLE(T27,T46))=0.0330995034944942
(=TABLE(T27,T46))=0.03941340
7388965135
(=TABLE(T27,T46))=0.04572731128343606
(=TABLE(T27,T46))=0.05204121517790698
0.20
(Z92-$AC$96)*10000=-123.02414203922679 (AA92-$AC$96)*10000=-91.45462256687212 (AB92-$AC$96)*10000=
-59.88510309451748
(AC92-$AC$96)*10000=-28.315583622162862 (AD92-$AC$96)*10000=3.25393585019175
7
(AE92-$AC$96)*10000=34.82345532254641
(AF92-$AC$96)*10000=97.96249426725568
(AG92-$AC$96
)*10000=161.1015332119649
(AH92-$AC$96)*10000=224.24057215667426 (A192-$AC$96)*10000=287.3796
111013835
(AJ92-$AC$96)*10000=350.5186500460927
Stage 1 Discount to MSCI EM Banks
0.15
(=TABLE(T27,T46))=0.004890715794130468 (=TABLE(T27,
T46))=0.00818492652168052
(=TABLE(T27,T46))=0.011479137249230569 (=TABLE(T27,T46))=0.01477334
7976780616
(=TABLE(T27,T46))=0.018067558704330664 (=TABLE(T27,T46))=0.02136176943188071
(=TA
BLE(T27,T46))=0.02795019088698081
(=TABLE(T27,T46))=0.0345386123420809
(=TABLE(T27,T46))=0.
04112703379718101
(=TABLE(T27,T46))=0.0477154552522811
(=TABLE(T27,T46))=0.0543038767073812
0.15
(Z93-$AC$96)*10000=-120.98634379167241 (AA93-$AC$96)*10000=-88.04423651617189 (AB93-$AC$96
)*10000=-55.10212924067141
(AC93-$AC$96)*10000=-22.16002196517094 (AD93-$AC$96)*10000=10.78208
5310329544
(AE93-$AC$96)*10000=43.72419258583001
(AF93-$AC$96)*10000=109.60840713683102 (AG9
3-$AC$96)*10000=175.49262168783193
(AH93-$AC$96)*10000=241.376836238833
(A193-$AC$96)*10000=
307.2610507898339
(AJ93-$AC$96)*10000=373.14526534083495
P/E (2018E), base (x)
M86/$M$109-1=-0.45555098771235025
N86/$M$109-1=-0.4544157472076571
0861$M$109-1=-0.7225718593505239
P86/$M$109-1=-0.5295480046709375
Q86/$M$109-1=-0.6492
577338497858
R86/$M$109-1=-0.36301209310842075
AVERAGE(M94:R94)=-0.5290594043166126
0.10
(=TABLE(T27,T46))=0.005113021057500034 (=TABLE(T27,T46))=0.008556968636302361 (=TABLE(T27,T46))=0.
012000916215104683
(=TABLE(T27,T46))=0.015444863793907006 (=TABLE(T27,T46))=0.0188888113727093
27
(=TABLE(T27,T46))=0.022332758951511652 (=TABLE(T27,T46))=0.0292206541091163
(=TABLE(T27,
T46))=0.03610854926672094
(=TABLE(T27,T46))=0.0429964444243256
(=TABLE(T27,T46))=0.04988433
958193024
(=TABLE(T27,T46))=0.05677223473953488
0.10
(294-$AC$96)*10000=-118.763291157976
75
(AA94-$AC$96)*10000=-84.32381536995348 (AB94-$AC$96)*10000=-49.88433958193027 (AC94-$AC$96
)*10000=-15.444863793907041
(AD94-$AC$96)*10000=18.994611994116173 (AE94-$AC$96)*10000=53.43408
778213942
(AF94-SAC$96)*10000=122.31303935818592 (AG94-$AC$96)*10000=191.1919909342323
(AH9
4-$AC$96)*10000=260.0709425102789
(A194-$AC$96)*10000=328.9498940863253
(AJ94-$AC$96)*10000=
397.82884566237175
P/E (2018E), implied (x)
M87/$M$109-1=-0.45555098771235025
N87/$M$109-1=-0.454415747207
6571
0871$M$109-1=-0.7225718593505239
P87/$M$109-1=-0.5295480046709375
Q87/$M$109-1
=-0.6492577338497858
R87/$M$109-1=-0.36301209310842075
AVERAGE(M95:R95)=-0.5290594043166126
0.05
(=TABLE(T27,T46))=0.005356498250714322 (=TABLE(T27,T46))=0.00896444333326914
(=TABLE(T27,
T46))=0.012572388415823955
(=TABLE(T27,T46))=0.01618033349837877
(=TABLE(T27,T46))=0.01978827
8580933585
(=TABLE(T27,T46))=0.0233962236634884
(=TABLE(T27,T46))=0.030612113828598034 (=TA
BLE(T27,T46))=0.03782800399370766
(=TABLE(T27,T46))=0.045043894158817294 (=TABLE(T27,T46))=0.
052259784323926924
(=TABLE(T27,T46))=0.059475674489036554 0.05
(Z95-$AC$96)*10000=-116.3285
1922583387
(AA95-$AC$96)*10000=-80.2490684002857
(AB95-$AC$96)*10000=-44.16961757473754 (AC9
5-$AC$96)*10000=-8.090166749189393
(AD95-$AC$96)*10000=27.989284076358757 (AE95-$AC$96)*10000=
64.06873490190691
(AF95-$AC$96)*10000=136.22763655300324 (AG95-$AC$96)*10000=208.386538204099
48
(AH95-$AC$96)*10000=280.54543985519587 (A195-$AC$96)*10000=352.7043415062921
(AJ95-$AC$96
*10000=424.8632431573884
3Y average discount
M121/$M$113-1=-0.11901840490797555
N121/$M$113-1=-0.14723926380368102
0121/$M$113-1=-0.46871165644171786
P121/$M$113-1=-0.2601226993865031
Q121/$M$113-1=-0.354
6012269938651
R121/$M$113-1=-0.2834355828220859
AVERAGE(M96:R96)=-0.2721881390593048
0
(=TABLE(T27,T46))=0.005624323163250038 (=TABLE(T27,T46))=0.009412665499932598 (=TABLE(T27,T46))=0.
013201007836615153
(=TABLE(T27,T46))=0.01698935017329771
(=TABLE(T27,T46))=0.0207776925099802
63
(=TABLE(T271146))=0.02456603484666282
(=TABLE(T27,T46))=0.03214271952002793
(=TABLE(T27,
T46))=0.03971940419339304
(=TABLE(T27,T46))=0.04729608886675816
(=TABLE(T27,T46))=0.05487277
354012327
(=TABLE(T27,T46))=0.06244945821348838
0
(296-$AC$96)*10000=-113.650270100476
7
(AA96-$AC$96)*10000=-75.76684673365112 (AB96-$AC$96)*10000=-37.88342336682557 (AC96-$AC$96
)*10000=0
(AD96-$AC$96)*10000=37.88342336682553
(AE96-$AC$96)*10000=75.76684673365111
(AF9
6-$AC$96)*10000=151.53369346730221
(AG96-$AC$96)*10000=227.30054020095326 (AH96-$AC$96)*10000=
303.0673869346045
(A196-$AC$96)*10000=378.83423366825565 (AJ96-$AC$96)*10000=454.601080401906
7
-0.05
(=TABLE(T27,T46))=0.005920340171842145 (=TABLE(T27,T46))=0.009908068947297472 (=TABLE(T27,
T46))=0.013895797722752793
(=TABLE(T27,T46))=0.017883526498208114 (=TABLE(T27,T46))=0.02187125
5273663435
(=TABLE(T27,T46))=0.025858984049118756 (=TABLE(T27,T46))=0.0338344416000294
(=TA
BLE(T27,T46))=0.04180989915094004
(=TABLE(T27,T46))=0.04978535670185069
(=TABLE(T27,T46))=0.
05776081425276133
(=TABLE(T27,T46))=0.06573627180367198
-0.05
(Z97-$AC$96)*10000=-110.6901
0001455565
(AA97-$AC$96)*10000=-70.81281226000237 (AB97-$AC$96)*10000=-30.935524505449166 (AC9
7-$AC$96)*10000=8.941763249104042
(AD97-$AC$96)*10000=48.81905100365725
(AE97-$AC$96)*10000=
88.69633875821046
(AF97-$AC$96)*10000=168.4509142673169
(AG97-$AC$96)*10000=248.205489776423
32
(AH97-$AC$96)*10000=327.9600652855298
(A197-$AC$96)*10000=407.71464079463624 (AJ97-$AC$96
*10000=487.46921630374266
P/BV (2018E), base (x) M90/$M$110-1=-0.4415564325186502
N90/$M$110-1=-0.39505974795755516
0901$M$110-1=-0.7335048143919305
P90/$M$110-1=-0.5580083174624046
Q90/$M$110-1=-0.6343
510866909066
R90/$M$110-1=-0.5306423158169965
AVERAGE(M98:R98)=-0.5488537858064072
-0.1
0
(=TABLE(T27,T46))=0.006249247959166709 (=TABLE(T27,T46))=0.01045851722214733
(=TABLE(T27,
T46))=0.014667786485127949
(=TABLE(T27,T46))=0.018877055748108565 (=TABLE(T27,T46))=0.02308632
5011089183
(=TABLE(T27,T46))=0.027295594274069798 (=TABLE(T27,T46))=0.03571413280003104
(=TA
BLE(T27,T46))=0.044132671325992266
(=TABLE(T27,T46))=0.05255120985195351
(=TABLE(T27,T46))=0.
060969748377914745
(=TABLE(T27,T46))=0.06938828690387598
-0.10
(Z98-$AC$96)*10000=-107.4010
2214131001
(AA98-$AC$96)*10000=-65.30832951150379 (AB98-$AC$96)*10000=-23.215636881697613 (AC9
8-$AC$96)*10000=18.87705574810855
(AD98-$AC$96)*10000=60.96974837791473
(AE98-$AC$96)*10000=
103.06244100772088
(AF98-$AC$96)*10000=187.24782626733327 (AG98-$AC$96)*10000=271.433211526945
57
(AH98-$AC$96)*10000=355.618596786558
(A198-$AC$96)*10000=439.80398204617035 (AJ98-$AC$96
EFTA01437430
)*10000=523.9893673057827
P/BV (2018E), implied (x)
M91/$M$110-1=-0.4415564325186502
N91/$M$110-1=-0.395059747957
55516
091/$M$110-1=-0.7335048143919305
P91/$M$110-1=-0.5580083174624046
Q91/$M$110-1
=-0.6343510866909066
R91/$M$110-1=-0.5306423158169965
AVERAGE(M99:R99)=-0.5488537858064072
-0.15
(=TABLE(T27,T46))=0.006616850780294162 (=TABLE(T27,T46))=0.011073724117567763 (=TABLE(T27,
T46))=0.015530597454841356
(=TABLE(T27,T46))=0.01998747079211495
(=TABLE(T27,T46))=0.02444434
4129388545
(=TABLE(T27,T46))=0.02890121746666214
(=TABLE(T27,T46))=0.037814964141209335 (=TA
BLE(T27,T46))=0.04672871081575652
(=TABLE(T27,T46))=0.055642457490303714 (=TABLE(T27,T46))=0.
0645562041648509
(=TABLE(T27,T46))=0.0734699508393981
-0.15
(Z99-$AC$96)*10000=-103.7249
9393003547
(AA99-$AC$96)*10000=-59.15626055729947 (AB99-$AC$96)*10000=-14.587527184563541 (AC9
9-$AC$96)*10000=29.981206188172404
(AD99-$AC$96)*10000=74.54993956090836
(AE99-$AC$96)*10000=
119.11867293364429
(AF99-$AC$96)*10000=208.25613967911625 (AG99-$AC$96)*10000=297.393606424588
1
(AH99-$AC$96)*10000=386.53107317006004 (A199-$AC$96)*10000=475.66853991553194 (AJ99-$AC$96
*10000=564.8060066610038
3Y average discount
M122/$M$114-1=-0.010204081632653073
N122/$M$114-1=-0.010204081632653073
0122/$M$114-1=-0.41836734693877553
P122/$M$114-1=-0.29591836734693877
Q122/$M$114-1=-0.357
1428571428571
R122/$M$114-1=-0.3571428571428571
AVERAGE(M100:R100)=-0.2414965986394558 -0.2
0
(=TABLE(T27,T46))=0.007030403954062548 (=TABLE(T27,T46))=0.011765831874915747 (=TABLE(T27,
T46))=0.01650125979576894
(=TABLE(T27,T46))=0.021236687716622134 (=TABLE(T27,T46))=0.02597211
563747533
(=TABLE(T27,T46))=0.030707543558328523 (=TABLE(T27,T46))=0.04017839940003492
(=TA
BLE(T27,T46))=0.0496492552417413
(=TABLE(T27,T46))=0.059120111083447696 (=TABLE(T27,T46))=0.
06859096692515408
(=TABLE(T27,T46))=0.07806182276686047
-0.20
(Z100-$AC$96)*10000=-99.5894
621923516
(AA100-$AC$96)*10000=-52.235182983819634
(AB100-$AC$96)*10000=-4.880903775287
687
(AC100-$AC$96)*10000=42.47337543324424 (AD100-$AC$96)*10000=89.8276546417762
(AE100-$AC$9
6)*10000=137.18193385030813
(AF100-$AC$96)*10000=231.89049226737208 (AG100-$AC$96)*10000=326.599
0506844359
(AH100-$AC$96)*10000=421.30760910149985 (AI100-$AC$96)*10000=516.0161675185637 (AJ1
00-$AC$96)*10000=610.7247259356276
Stage 1 Discount to own historical average
-0.25
(=TABLE(T27,T46))=0.007499097551000051 (=TA
BLE(T27,T46))=0.012550220666576796
(=TABLE(T27,T46))=0.01760134378215354
(=TABLE(T27,T46))=0.
02265246689773028
(=TABLE(T27,T46))=0.027703590013307015 (=TABLE(T27,T46))=0.0327547131288837
56
(=TABLE(T27,T46))=0.04285695936003724
(=TABLE(T27,T46))=0.05295920559119072
(=TABLE(T27,
T46))=0.06306145182234421
(=TABLE(T27,T46))=0.07316369805349769
(=TABLE(T27,T46))=0.08326594
428465117
-0.25
(Z101-$AC$96)*10000=-94.90252622297659 (AA101-$AC$96)*10000=-44.39129506720
9136
(AB101-$AC$96)*10000=6.119936088558285 (AC101-$AC$96)*10000=56.63116724432569 (AD101-$AC$9
6)*10000=107.14239840009306
(AE101-$AC$96)*10000=157.65362955586045 (AF101-$AC$96)*10000=258.676
0918673953
(AG101-$AC$96)*10000=359.69855417893007 (AH101-$AC$96)*10000=460.721016490465
(AI].
01-$AC$96)*10000=561.7434788019998
(AJ101-$AC$96)*10000=662.7659411135346
P/E (2018E), base (x)
M86/$M$117-1=-0.3426668224852458
N86/$M$117-1=-0.3412962051613977
086/$M$117-1=-0.6650508732509515
P86/$M$117-1=-0.43200612366172186
Q86/$M$117-1=-0.5765
360518728673
R86/$M$117-1=-0.23094123522021448
AVERAGE(M102:R102)=-0.4314162186087331
P/E (2018E), implied (x)
M87/$M$117-1=-0.3426668224852458
N87/$M$117-1=-0.341296205161
3977
087/$M$117-1=-0.6650508732509515
P87/$M$117-1=-0.43200612366172186
Q87/$M$117-1
=-0.5765360518728673
R87/$M$117-1=-0.23094123522021448
AVERAGE(M103:R103)=-0.43141621860873
31
P/BV (2018E), base (x) M90/$M$118-1=-0.2760916717834354
N90/$M$118-1=-0.21581819179683082
090/$M$118-1=-0.6545432779154655
P90/$M$118-1=-0.4270478189327467
Q90/$M$118-1=-0.5260
106679326566
R90/$M$118-1=-0.3915733723553658
AVERAGE(M105:R105)=-0.4151808334527502 YAPI
KREDI YAPI KREDI
P/BV (2018E), implied (x)
M91/$M$118-1=-0.2760916717834354
N91/$M$118-1=-0.215818191796
83082
091/$M$118-1=-0.6545432779154655
P91/$M$118-1=-0.4270478189327467
Q91/$M$118-1
=-0.5260106679326566
R91/$M$118-1=-0.3915733723553658
AVERAGE(M106:R106)=-0.41518083345275
02
CoR (net)
t of Stage 2 loans transferred to Stage 3 loans CoR: change from base (bps)
t of Stage 2 loans transferred to Stage 3 loans
Loan growth (ppt change from base)
$R$50=0.009435563468637288
AA107-0.05=-0.15000000000000
002
AB107-0.05=-0.10
-0.05
0
0.05
AD107+0.05=0.10 0.20
0.30
0.40
0.50
0.60
$R$50=0.009435563468637288
A0107-0.05=-0.15000000000000002 AP107-0.05=-0.10
-0.0
5
0
0.05
AR107+0.05=0.10 0.20
0.30
0.40
0.50
0.60
MSCI EM Banks
2018E
0.20
(=TABLE(T27,T46))=-0.00528602158779954 (=TABLE(T27,T46))=-9.0302453
94671114E-4
(=TABLE(T27,T46))=0.0034799725088653153 (=TABLE(T27,T46))=0.00786296955719774
(=TA
BLE(T27,T46))=0.012245966605530166
(=TABLE(T27,T46))=0.016628963653862593 (=TABLE(T27,T46))=0.
02539495775052744
(=TABLE(T27,T46))=0.0341609518471923
(=TABLE(T27,T46))=0.0429269459438571
46
(=TABLE(T27,T46))=0.051692940040521995 (=TABLE(T27,T46))=0.06045893413718685
0.20
(Z10
8-$AC$112)*10000=-147.21585056436828
(AA108-$AC$112)*10000=-103.38588008104401
(AB108-$AC$1
12)*10000=-59.55590959771972
(AC108-$AC$112)*10000=-15.725939114395477
(AD108-$AC$112)*1000
0=28.104031368928784
(AE108-$AC$112)*10000=71.93400185225305 (AF108-$AC$112)*10000=159.5939428189
0152
(AG108-$AC$112)*10000=247.25388378555007
(AH108-$AC$112)*10000=334.9138247521986 (AI].
08-$AC$112)*10000=422.573765718847
(AJ108-$AC$112)*10000=510.23370668549563
P/E (x) 7.57
0.15
(=TABLE(T27,T46))=-0.005515848613356042 (=TABLE(T27,T46))=-9.422864759656813
E-4
(=TABLE(T27,T46))=0.0036312756614246765 (=TABLE(T27,T46))=0.008204837798815033 (=TABLE(T27,
T46))=0.01277839993620539
(=TABLE(T27,T46))=0.01735196207359575
(=TABLE(T27,T46))=0.02649908
634837646
(=TABLE(T27,T46))=0.035646210623157176 (=TABLE(T27,T46))=0.044793334897937895 (=TA
BLE(T27,T46))=0.0539404591727186
(=TABLE(T27,T46))=0.06308758344749932
0.15
(2109-$AC$11
2)*10000=-149.51412081993328
(AA109-$AC$112)*10000=-103.77849944602968
(AB109-$AC$112)*1000
0=-58.04287807212611
(AC109-$AC$112)*10000=-12.307256698222552
(AD109-$AC$112)*10000=33.428
364675681024
(AE109-$AC$112)*10000=79.16398604958462 (AF109-$AC$112)*10000=170.63522879739176
(AG109-$AC$112)*10000=262.1064715451989 (AH109-$AC$112)*10000=353.57771429300607
(A1109-$AC$1
12)*10000=445.0489570408131
(AJ109-$AC$112)*10000=536.5201997886203
P/BV (x)
1.05
0.10
(=TABLE(T27,T46))=-0.005766569004872225 (=TABLE(T27,T46))=-9.8511767
94166667E-4
(=TABLE(T27,T46))=0.003796333646034889 (=TABLE(T27,T46))=0.008577784971488443 (=TA
EFTA01437431
BLE(T27,T46))=0.013359236296941999
(=TABLE(T27,T46))=0.018140687622395554 (=TABLE(T27,T46))=0.
027703590273302662
(=TABLE(T27,T46))=0.037266492924209776 (=TABLE(T27,T46))=0.0468293955751168
9
(=TABLE(T27,T46))=0.05639229822602399
(=TABLE(T27,T46))=0.0659552008769311
0.10
(Z11
0-$AC$112)*10000=-152.02132473509513
(AA110-$AC$112)*10000=-104.20681148055954
(AB110-$AC$1
12)*10000=-56.39229822602398
(AC110-$AC$112)*10000=-8.577784971488446
(AD110-$AC$112)*1000
0=39.23672828304711
(AE110-$AC$112)*10000=87.05124153758267 (AF110-$AC$112)*10000=182.6802680466
5377
(AG110-$AC$112)*10000=278.3092945557249 (AH110-$AC$112)*10000=373.93832106479596
(AI].
10-$AC$112)*10000=469.56734757386704
(AJ110-$AC$112)*10000=565.1963740829382
0.05
(=TABLE(T27,T46))=-0.006041167528913759 (=TABLE(T27,T46))=-0.00103202804510527 (=TABLE(T27,
T46))=0.003977111438703217
(=TABLE(T27,T46))=0.008986250922511702 (=TABLE(T27,T46))=0.01399539
0406320187
(=TABLE(T27,T46))=0.019004529890128675 (=TABLE(T27,T46))=0.029022808857745646 (=TA
BLE(T27,T46))=0.03904108782536262
(=TABLE(T27,T46))=0.04905936679297959
(=TABLE(T27,T46))=0.
059077645760596556
(=TABLE(T27,T46))=0.06909592472821353
0.05
(Z111-$AC$112)*10000=-154.76
730997551047
(AA111-$AC$112)*10000=-104.67591513742558
(AB111-$AC$112)*10000=-54.5845202993
4071
(AC111-$AC$112)*10000=-4.49312546125586 (AD111-$AC$112)*10000=45.598269376828995
(AE1
11-$AC$112)*10000=95.68966421491388
(AF111-$AC$112)*10000=195.8724538910836 (AG111-$AC$112)*1000
0=296.0552435672533
(AH111-$AC$112)*10000=396.23803324342305
(AI111-$AC$112)*10000=496.42
082291959264
(AJ111-$AC$112)*10000=596.6036125957625
MSCI EM Banks
3Y average
0
(=TABLE(T27,T46))=-0.006343225905359447 (=TABLE(T27,T46))=-0
.0010836294473605336
(=TABLE(T27,T46))=0.004175967010638378 (=TABLE(T27,T46))=0.0094355634686372
88
(=TABLE(T27,T46))=0.0146951599266362
(=TABLE(T27,T46))=0.01995475638463511
(=TABLE(T27,
T46))=0.03047394930063293
(=TABLE(T27,T46))=0.04099314221663075
(=TABLE(T27,T46))=0.05151233
5132628574
(=TABLE(T27,T46))=0.06203152804862639
(=TABLE(T27,T46))=0.07255072096462421
0
(Z112-$AC$112)*10000=-157.78789373996733
(AA112-$AC$112)*10000=-105.19192915997822
(AB1
12-$AC$112)*10000=-52.595964579989094
(AC112-$AC$112)*10000=0 (AD112-$AC$112)*10000=52.59596457998
9115
(AE112-$AC$112)*10000=105.19192915997822
(AF112-$AC$112)*10000=210.38385831995637
(AG112-$AC$112)*10000=315.5757874799346 (AH112-$AC$112)*10000=420.76771663991286
(A1112-$AC$1
12)*10000=525.959645799891
(AJ112-$AC$112)*10000=631.1515749598692
P/E (x) 8.15
-0.05
(=TABLE(T27,T46))=-0.006677079900378366 (=TABLE(T27,T46))=-0.001140662576168
9827
(=TABLE(T27,T46))=0.004395754748040399 (=TABLE(T27,T46))=0.009932172072249777 (=TABLE(T27,
T46))=0.015468589396459159
(=TABLE(T27,T46))=0.02100500672066854
(=TABLE(T27,T46))=0.03207784
13690873
(=TABLE(T27,T46))=0.04315067601750606
(=TABLE(T27,T46))=0.05422351066592482
(=TA
BLE(T27,T46))=0.06529634531434357
(=TABLE(T27,T46))=0.07636917996276234
-0.05
(2113-$AC$11
2)*10000=-161.12643369015655
(AA113-$AC$112)*10000=-105.7622604480627
(AB113-$AC$112)*1000
0=-50.39808720596889
(AC113-$AC$112)*10000=4.9660860361248895
(AD113-$AC$112)*10000=60.330
259278218705
(AE113-$AC$112)*10000=115.6944325203125 (AF113-$AC$112)*10000=226.4227790045001 (AG1
13-$AC$112)*10000=337.1511254886877
(AH113-$AC$112)*10000=447.8794719728753 (AI113-$AC$112)*1000
0=558.6078184570628
(AJ113-$AC$112)*10000=669.3361649412504
P/BV (x)
0.98
-0.10
(=TABLE(T27,T46))=-0.00704802878373272 (=TABLE(T27,T46))=-0.0012040
327192894818
(=TABLE(T27,T46))=0.004639963345153753 (=TABLE(T27,T46))=0.010483959409596986 (=TA
BLE(T27,T46))=0.016327955474040222
(=TABLE(T27,T46))=0.022171951538483458 (=TABLE(T27,T46))=0.
03385994366736992
(=TABLE(T27,T46))=0.04554793579625639
(=TABLE(T27,T46))=0.0572359279251428
64
(=TABLE(T27,T46))=0.06892392005402932
(=TABLE(T27,T46))=0.08061191218291579
-0.10
(Z11
4-$AC$112)*10000=-164.83592252370008
(AA114-$AC$112)*10000=-106.39596187926769
(AB114-$AC$1
12)*10000=-47.95600123483535
(AC114-$AC$112)*10000=10.483959409596979
(AD114-$AC$112)*1000
0=68.92392005402934
(AE114-$AC$112)*10000=127.3638806984617 (AF114-$AC$112)*10000=244.2438019873
263
(AG114-$AC$112)*10000=361.123723276191 (AH114-$AC$112)*10000=478.00364456505577
(AI].
14-$AC$112)*10000=594.8835658539203
(AJ114-$AC$112)*10000=711.7634871427849
-0.15
(=TABLE(T27,T46))=-0.007462618712187585 (=TABLE(T27,T46))=-0.0012748581733653336
(=TA
BLE(T27,T46))=0.004912902365456915
(=TABLE(T27,T46))=0.011100662904279161 (=TABLE(T27,T46))=0.
01728842344310141
(=TABLE(T27,T46))=0.023476183981923658 (=TABLE(T27,T46))=0.0358517050595681
54
(=TABLE(T27,T46))=0.04822722613721265
(=TABLE(T27,T46))=0.060602747214857144 (=TABLE(T27,
T46))=0.07297826829250163
(=TABLE(T27,T46))=0.08535378937014614
-0.15
(Z115-$AC$112)*10000
=-168.98182180824872
(AA115-$AC$112)*10000=-107.10421642002622
(AB115-$AC$112)*10000=-45.22
661103180373
(AC115-$AC$112)*10000=16.65099435641873 (AD115-$AC$112)*10000=78.52859974464123 (AE1
15-$AC$112)*10000=140.4062051328637
(AF115-$AC$112)*10000=264.16141590930863
(AG115-$AC$1
12)*10000=387.9166266857536
(AH115-$AC$112)*10000=511.67183746219854
(AI115-$AC$112)*1000
0=635.4270482386435
(AJ115-$AC$112)*10000=759.1822590150884
Turkish banks
3Y average
-0.20
(=TABLE(T27,T46))=-0.007929032381699308 (=TABLE(T27,T46))=-0
.0013545368092006667
(=TABLE(T27,T46))=0.005219958763297972 (=TABLE(T27,T46))=0.0117944543357966
09
(=TABLE(T27,T46))=0.018368949908295247 (=TABLE(T27,T46))=0.024943445480793885 (=TABLE(T27,
T46))=0.038092436625791155
(=TABLE(T27,T46))=0.05124142777078843
(=TABLE(T27,T46))=0.06439041
891578572
(=TABLE(T27,T46))=0.07753941006078298
(=TABLE(T27,T46))=0.09068840120578026
-0.2
0
(Z116-$AC$112)*10000=-173.64595850336596
(AA116-$AC$112)*10000=-107.90100277837955
(AB116-$AC$112)*10000=-42.15604705339316
(AC116-$AC$112)*10000=23.588908671593206
(AD1
16-$AC$112)*10000=89.33386439657959
(AE116-$AC$112)*10000=155.07882012156597
(AF116-$AC$1
12)*10000=286.56873157153865
(AG116-$AC$112)*10000=418.05864302151144
(AH116-$AC$112)*1000
0=549.5485544714843
(AI116-$AC$112)*10000=681.0384659214569 (AJ116-$AC$112)*10000=812.5283773714
297
P/E (x) 6.27
-0.25
(=TABLE(T27,T46))=-0.008457634540479262 (=TABLE(T27,T46))=-0.001444839263147
378
(=TABLE(T27,T46))=0.005567956014184504 (=TABLE(T27,T46))=0.012580751291516383 (=TABLE(T27,
T46))=0.019593546568848264
(=TABLE(T27,T46))=0.02660634184618015
(=TABLE(T27,T46))=0.04063193
24008439
(=TABLE(T27,T46))=0.05465752295550767
(=TABLE(T27,T46))=0.06868311351017144
(=TA
BLE(T27,T46))=0.08270870406483519
(=TABLE(T27,T46))=0.09673429461949895
-0.25
(2117-$AC$11
2)*10000=-178.9319800911655
(AA117-$AC$112)*10000=-108.80402731784666
(AB117-$AC$112)*1000
0=-38.676074544527836
(AC117-$AC$112)*10000=31.451878228790953
(AD117-$AC$112)*10000=101.57
983100210976
(AE117-$AC$112)*10000=171.70778377542862
(AF117-$AC$112)*10000=311.9636893220
661
(AG117-$AC$112)*10000=452.21959486870384
(AH117-$AC$112)*10000=592.4755004153415 (AI].
17-$AC$112)*10000=732.731405961979
(AJ117-$AC$112)*10000=872.9873115086166
EFTA01437432
P/BV (x)
0.81
3Y Historical average
Akbank Garanti Halkbank
Isbank Vakifbank
Yapi Kredi
rota
1
P/E (x) 7.18
6.95
4.33
6.03
5.26
5.84
AVERAGE(M121:R121)=5.9316666666666675
Aver
age
Average
P/BV (x)
0.97
0.97
0.57
0.69
0.63
0.63
AVERAGE(M122:R122)=0.743333333333333
3
CoR (net)
t of Stage 2 loans transferred to Stage 3 loans CoR: change from base (bps)
t of Stage 2 loans transferred to Stage 3 loans
Loan growth (ppt change from base)
AA123-0.05=-0.15000000000000002 AB123-0.05=-0.10
-0.0
5
0
0.05
AD123+0.05=0.10 0.20
0.30
0.40
0.50
0.60
AO123-0.05=-0.150000
00000000002
AP123-0.05=-0.10
-0.05
0
0.05
AR123+0.05=0.10 0.20
0.30
0.40
0.50
0.60
0.20
(228+I44+260+Z76+Z92+2108)/6=-0.01410849428764393
(AA28+AA44+AA60+AA76+AA92+AA108)/6=-
0.006438702862482212
(AB28+AB44+AB60+AB76+AB92+AB108)/6=0.0012310885626795026
(AC28+AC44+A
C60+AC76+AC92+AC108)/6=0.008900879987841217
(AD28+AD44+AD60+AD76+AD92+AD108)/6=0.016570671413002
93
(AE28+AE44+AE60+AE76+AE92+AE108)/6=0.024240462838164643 (AF28+AF44+AF60+AF76+AF92+AF108)/6=0
.03958004568848807
(AG28+AG44+AG60+AG76+AG92+AG108)/6=0.0549196285388115
(AH28+AR44+AH60+AH76
+AH92+AH108)/6=0.07025921138913493
(A128+A144+A160+A176+A192+AI108)/6=0.08559879423945836 (AJ2
8+AJ44+AJ60+AJ76+AJ92+AJ108)/6=0.10093837708978178
0.20
(AN28+AN44+AN60+AN76+AN92+AN108)/6=-
247.89550273053393
(AO28+AO44+A060+AD76+A092+A0108)/6=-171.1975884789167
(AP28+AP44+AP60+AF76
+AP92+AP108)/6=-94.49967422729956
(AQ28+AQ44+AQ60+AQ76+AQ92+AQ108)/6=-17.801759975682433 (AR2
8+AR44+AR60+AB76+AR92+AR108)/6=56.8961542759347 (AS28+AS44+AS60+AS76+AS92+AS108)/6=135.5940685275518
3
(AT28+AT44+AT60+AT76+AT92+AT108)/6=268.98989703078615
(AU28+AQ44+AU60+AU76+AQ92+AU108)/6=4
42.3857255340204
(AV28+AV44+AV60+AV76+AV92+AV108)/6=595.7815540372548
(AW28+AW44+AW60+AW76
+AW92+AW108)/6=749.177382540489 (AX28+AX44+AX60+AX76+AX92+AX108)/6=902.5732110437231
0.15
(229+I45+261+Z77+Z93+2109)/6=-0.014721907082758882
(AA29+AA45+AA61+AA77+AA93+AA109)/6=_
0.00671864646519883
(AB29+AB45+AB61+AB77+AB93+AB109)/6=0.0012846141523612199
(AC29+AC45+A
C61+AC77+AC93+AC109)/6=0.009287874769921269
(AD29+AD45+AD61+AD77+AD93+AD109)/6=0.017291135387481
32
(AE29+AE45+AE61+AE77+AE93+AE109)/6=0.025294396005041367 (AF29+AF45+AF61+AF77+AF93+AF109)/6=0
.041300917240161474
(AG29+AG45+AG61+AG77+AG93+AG109)/6=0.05730743847528156 (AH29+AH45+AH61+AH77
+AH93+AH109)/6=0.07331395971040168
(A129+A145+A161+A177+A193+AI109)/6=0.08932048094552175 (AJ2
9+AJ45+AJ61+AJ77+AJ93+AJ109)/6=0.10532700218064188
0.15
(AN29+AN45+AN61+AN77+AN93+AN109)/6=_
254.02963068168347
(AO29+AO45+A061+A077+A093+A0109)/6=-173.99702450608288 (AP29+AP45+AP61+AP77
+AP93+AP109)/6=-93.96441833048239
(AQ29+AQ45+AQ61+AQ77+AQ93+AQ109)/6=-13.931812154881902 (AR2
9+AR45+AR61+AR77+AR93+AR109)/6=66.10079402071858
(AS29+AS45+AS61+AS77+AS93+AS109)/6=146.13340
019631912
(AT29+AT45+Ar61+Ar77+AT93+AT109)/6=306.1986125475201
(AU29+AU45+AU61+AU77+AU93+AU
109)/6=466.26382489872117
(AV29+AV45+AV61+AV77+AV93+AV109)/6=626.3290372499221
(AW29+AW45+A
W61+AW77+AW93+AW109)/6=786.3942496011232
(AX29+AX45+AX61+AX77+AX93+AX109)/6=946.4594619523241
0.10
(230+I46+262+Z78+Z94+2110)/6=-0.015391084677429742
(AA30+AA46+AA62+AA78+AA94+AA110)/6=-
0.007024039486344231
(AB30+AB46+AB62+AB78+AB94+AB110)/6=0.0013430057047412753
(AC30+AC46+A
C62+AC78+AC94+AC110)/6=0.00971005089582678
(AD30+AD96+AD62+AD78+AD94+AD110)/6=0.016077096086912
287
(AE30+AE46+AE62+AE78+AE94+AE110)/6=0.026444141277997796 (AF30+AF46+AF62+AF78+AF94+AF110)/6=0
.0431782316601688
(AG30+AG46+AG62+AG78+AG94+AG110)/6=0.059912322042339816 (AH3O+AH46+AH62+AH78
+AH94+AH110)/6=0.07664641242451083
(A130+AI46+A162+A178+A194+AI110)/6=0.09338050280668165 (AJ3
0+AJ46+AJ62+AJ78+AJ94+AJ110)/6=0.11011459318885285
0.10
(AN30+AN46+AN62+AN78+AN94+AN110)/6=-
260.72140662839195
(AO30+AO46+AD62+A078+A094+A0110)/6=-177.05095471753688 (AP3O+AP46+AP62+AP78
+AP94+AP110)/6=-93.38050280668183
(AQ30+AQ46+AQ62+AQ78+AQ94+AQ110)/6=-9.710050895826791
(AR3
0+AR46+AR62+AR78+AR94+AR110)/6=73.96040101502825
(AS30+AS46+AS62+AS78+AS94+AS110)/6=157.63085
292588332
(AT3O+AT46+Ar62+Ar78+AT94+AT110)/6=324.9717567475935
(AU30+AQ46+AD62+AD78+AQ94+AU
110)/6=492.31266056930355
(AV30+AV46+AV62+AV78+AV94+AV110)/6=659.6535643910139
(AW3O+AW46+A
W62+AW78+AW94+AW110)/6=826.9944682127237
(AX30+AX46+AX62+AX78+AX94+AX110)/6=994.3353720344338
0.05
(231+K47+263+Z79+Z95+2111)/6=-0.016123993471593063
(AA31+AA47+AA63+AA79+AA95+AA111)/6=_
0.007358517557122528
(AB31+AB47+AB63+AB79+AB95+AB111)/6=0.0014069583573480028
(AC31+AC47+A
C63+AC79+AC95+AC111)/6=0.01017243427181853
(AD31+AD47+AD63+AD79+AD95+AD111)/6=0.018937910186289
06
(AE31+AE47+AE63+AE79+AE95+AE111)/6=0.027703386100759595 (AF31+AF47+AF63+AF79+AF95+AF111)/6=0
.045234337929700656
(AG31+AG47+AG63+AG79+AG95+AG111)/6=0.06276528975864172 (AH31+AH47+AH63+AH79
+AH95+AH111)/6=0.08029624158758279
(A131+A147+A163+A179+A195+AI111)/6=0.09782719341652385 (AJ3
1+AJ47+AJ63+AJ79+AJ95+AJ111)/6=0.1153581452454649
0.05
(AN31+AN47+AN63+AN79+AN95+AN111)/6=_
268.0504945700252
(AO31+AO47+A063+A079+A095+A0111)/6=-180.39573542531988 (AP31+AP47+AP63+AP79
+AP95+AP111)/6=-92.74097628061457
(AQ31+AQ47+AQ63+AQ79+AQ95+AQ111)/6=-5.086217135909272
CARS
1+AR47+AR63+AR79+AR95+AR111)/6=82.56854200879603
(AS31+AS47+AS63+AS79+AS95+AS111)/6=170.22330
115350132
(AT31+AT47+Ar63+Ar79+AT95+AT111)/6=345.5328194429119
(AU31+AU47+AU63+AU79+AU95+AU
111)/6=520.8423377323226
(AV31+AV47+AV63+AV79+AV95+AV111)/6=696.1518560217332
(AW31+AW47+A
W63+AW79+AW95+AW111)/6=871.4613743111437
(AX31+AX47+AX63+AX79+AX95+AX111)/6=1046.770892600554
4
0
(232+I48+264+Z80+Z96+2112)/6=-0.016930193145172717
(AA32+AA48+AA64+AA80+AA96+AA112)/6=-
0.007726443434978654
(AB32+AB48+AB64+AB80+AB96+AB112)/6=0.0014773062752154028
(AC32+AC48+A
C64+AC80+AC96+AC112)/6=0.010681055985409459
(AD32+AD48+AD64+AD80+AD96+AD112)/6=0.019884805695603
514
(AE32+AE48+AE64+AE80+AE96+AE112)/6=0.029088555405797568 (AF32+AF48+AF64+AF80+AF96+AF112)/6=0
.047496054826185685
(AG32+AG48+AG64+AG80+AG96+AG112)/6=0.0659035542465738
(AH32+AH48+AH64+AH80
+AH96+AH112)/6=0.08431105366696191
(A132+AI46+A164+A180+A196+AI112)/6=0.10271855308735005 (AJ3
2+AJ48+AJ64+AJ80+AJ96+AJ112)/6=0.12112605250773813
0
(AN32+AN48+AN64+AN80+AN96+AN112)/6=-
276.1124913058217
(AO32+AO48+A064+A080+AD96+A0112)/6=-184.07499420388115 (AP32+AP48+AP64+AP80
+AP96+AP112)/6=-92.03749710194057
(AQ32+AQ48+AQ64+AQ80+AQ96+AQ112)/6=0
(AR32+AR48+AR64+AR80
+AR96+AR112)/6=92.03749710194057
(AS32+AS48+AS64+AS80+AS96+AS112)/6=184.07499420388115
(Ar3
2+AT48+Ar64+Ar8O+AT96+AT112)/6=368.1499884077623
(AU32+AU48+AU64+AU8O+AU96+AU112)/6=552.22498
26116434
(AV32+AV48+AV64+AV80+AV96+AV112)/6=736.2999768155246
(AW32+AW48+AW64+AW80+AW96+AW
112)/6=920.3749710194055
(AX32+AX48+AX64+AX80+AX96+AX112)/6=1104.4499652232869
-0.05
(233+I49+265+Z81+Z97+2113)/6=-0.017821255942287072
(AA33+AA49+AA65+AA81+AA97+AA113)/6=_
EFTA01437433
0.00813309835260911
(AB33+A849+AB65+AB81+AB97+ABI113)/6=0.0015550592370688454
(AC33+AC49+A
C65+Ac81+Ac97+AC113)/6=0.011243216826746798
(A033+A049+Ao65+AD81+AD97+A0113)/6=0.020931374416424
755
(AE33+AE49+AE65+AE81+AE97+AE113)/6=0.03061953200610271 (AF33+AF49+AP65+AF81+AF97+AF113)/6=0
.049995847185458624
(AG33+AG49+AG65+AG81+AG97+AG113)/6=0.06937216236481451 (AH33+AH49+AH65+AH81
+AH97+AH113)/6=0.08874847754417044
(A133+A149+A165+A181+A197+A1113)/6=0.10812479272352636 (A,73
3+AJ49+AJ65+A.781+AJ97+AJ113)/6=0.12750110790288227
-0.05
(AN33+AN49+AN65+AN81+AN97+AN113)/6-
285.02311927696525
(A033+A049+A065+A081+A097+A0113)/6=-188.14154338018568 (AP33+AP49+AP65+Ap81
+Ap97+AP113)/6=-91.25996748340613
(AQ33+AQ49+AQ65+AQ81+AQ97+AQ113)/6=5.6216084133734014
CARS
3+AR49+AR65+AR81+AR97+AR113)/6=102.50318431015296
(As33+As49+AS65+AS81+As97+AS113)/6=199.38476
02069325
(AT33+AT49+AT65+AT81+AT97+AT113)/6=393.14791200049166
(Au33+Au49+AU65+AU81+AU97+Au
113)/6=586.9110637940507
(Av33+Av49+AV65+AV81+Av97+AV113)/6=780.67421558761
(AW33+AW49+A
W65+AW81+Aw97+AW113)/6=974.4373673811689
(Ax33+Ax49+Ax65+AX81+AX97+Ax113)/6=1168.200519174727
8
-0.10
(z34+z50+z66+z82+z9B+z114)/6=-0.018811325716858576
(AA34+AA50+AA66+AA82+AA98+AA114)/6-
0.008584937149976282
(AB34+AB50+AB66+AB82+AB98+AB114)/6=0.0016414514169060034
(Ac34+Ac50+A
C66+AC82+Ac98+AC114)/6=0.011867839983788287
(A034+A050+AD66+AD82+AD98+A0114)/6=0.022094228550670
572
(AE34+AE50+AE66+AE82+AE9B+AE114)/6=0.03232061711755286 (AF34+AF50+AP66+AF82+AF98+AF114)/6=0
.05277339425131743
(AG34+AG50+AG66+AG82+AG98+AG114)/6=0.073226171385082
(AN34+AH50+AH66+AH82
+AH98+AH114)/6=0.09367894851884657
(A134+A150+A166+A182+A198+A1114)/6=0.11413172565261115 (A,73
4+AJ50+AJ66+A.782+AJ98+AJ114)/6=0.1345845027863757
-0.10
(AN34+AN50+AN66+AN82+AN98+AN114)/6-
294.92381702268034
(A034+A050+A066+A082+A098+A0114)/6=-192.6599313538574
(AF34+AP50+AP66+AF82
+Ap98+AP114)/6=-90.39604568503455
(AQ34+AQ50+AQ66+AQ82+AQ98+AQ114)/6=11.867839983788285
CARS
4+AR50+AB66+AB82+AR9B+AR114)/6=114.13172565261114
(AS34+As50+As66+AS82+AS98+As114)/6=216.39561
132143402
(AT34+AT5O+AT66+Ar82+AT98+AT114)/6=420.92338265907966
(AD34+AU50+AD66+AD82+AQ98+AU
114)/6=625.4511539967255
(Av34+AV50+AV66+AV82+Av98+Av114)/6=829.9789253343711
(AW34+Aw5O+A
W66+AW82+Aw98+AW114)/6=1034.5066966720167
(Ax34+Ax50+AX66+AX82+AX98+Ax114)/6=1239.034468009662
5
-0.15
(z35+z51+z67+z83+z99+z115)/6=-0.019917874288438494
(AA35+AA51+AA67+AA83+AA99+AA115)/6-
0.009089933452916062
(AB35+AH51+AB67+AB83+AB99+AB115)/6=0.001738007382606356 (AC35+AC51+AC67+Ac83
+Ac99+AC115)/6=0.012565948218128778
(AD35+AD51+A067+A083+AD99+AD115)/6=0.023393889053651192 (AE3
5+AE51+AE67+AE83+AE99+AE115)/6=0.03422182988917361
(Ap35+AP51+AF67+AF83+AP99+AF115)/6=0.0558777
1156021845
(AG35+AG51+AG67+AG83+AG99+AG115)/6=0.07753359323126328 (AH35+AH51+AH67+AH83+AH99+AH
115)/6=0.09918947490230816
(A135+A151+A167+A183+A199+A1115)/6=0.12084535657335298 (AJ35+Aa51+A
J67+AJ83+Aa99+AJ115)/6=0.1425012382443978
-0.15
(AN35+AN51+AN67+AN83+AN99+AN115)/6=-305.9893
0273847947
(A035+AO51+A067+A083+A099+AO115)/6=-197.7098943832552
(Ap35+AP51+AP67+AP83+AP99+Ap
115)/6=-89.43048602803104
(AQ35+AQ51+AQ67+AQ83+AQ99+AQ115)/6=18.848922327193158
(AR35+AR51+A
R67+AR83+AR99+AR115)/6=127.12833068241737
(As35+AS51+AS67+AS83+AS99+AS115)/6=235.4077390376415
6
(Ar35+AT51+AT67+AT83+AT99+AT115)/6=451.9665557480899
(AU35+Au51+Au67+AU83+AU99+AU115)/6=6
68.5253724585383
(AV35+Av51+Av67+AV83+AV99+Av115)/6=885.084189168987
(AW35+AW51+AW67+AW83
+AW99+AW115)/6=1101.6430058794353
(AX35+AX51+Ax67+Ax83+AX99+AX115)/6=1318.2018225898835
-0.20
(z36+z52+268+284+Z100+z116)/6=-0.0211627414314659
(AA36+AA52+AA68+AA84+AA100+AA116)/6=
-0.009658054293723317
(AB36+AH52+AB68+AB84+AB100+AE116)/6=0.0018466328440192535
(AC36+AC52+A
C68+AC84+Ac100+AC116)/6=0.013351319981761823
(A036+A052+AD68+AD84+AD100+A0116)/6=0.02485600711950
4392
(AE36+AE52+AE68+AE84+AE100+AE116)/6=0.036360694257246966
(Ac36+AP52+AF68+AF84+AF100+A
F116)/6=0.0593700685327321
(AG36+AG52+AG68+AG84+AG100+AG116)/6=0.08237944280821724 (AH36+AH52+A
H68+AH84+AH100+AH116)/6=0.10538881708370239
(A136+A152+A168+A184+AI100+A1116)/6=0.12839819135918
754
(Aa36+AJ52+AJ68+A.784+A.7100+Aj116)/6=0.15140756563467267 -0.20
(AN36+AN52+AN68+AN84+AN100+A
N116)/6=-318.43797416875356
(A036+AG52+A068+A084+AO100+A0116)/6=-203.39110279132774 (AP36+Ap52+A
P68+AP84+AP100+AP116)/6=-88.34423141390204
(AQ36+AQ52+AQ68+AQ84+AQ100+AQ116)/6=26.7026399635236
34
(AR36+AR52+AR68+AR84+AR100+AR116)/6=141.74951134094934 (AS36+AS52+As68+AS84+AS100+As116)/6=
256.796382718375
(AT36+Ar52+AT68+AT84+AT100+AT116)/6=486.8901254732264
(Au36+AU52+AU68+Au84
+Au100+Au116)/6=716.9838682280779
(AV36+AV52+Av68+Av84+AV100+AV116)/6=947.0776109829294
(Aw3
6+AW52+Aw68+Aw84+AW100+AW116)/6=1177.1713537377807
(Ax36+Ax52+AX68+AX84+Ax100+AX116)/6=1407.265
0964926322
-0.25
(z37+z53+z69+z85+z101+z117)/6=-0.02257359086023029
(AA37+AA53+AA69+AA85+AA101+AA117)/6=
-0.010301924579971538
(AB37+AH53+AB69+AB85+AB101+A2117)/6=0.001969741700287204
(Ac37+Ac53+A
C69+AC85+Ac101+AC117)/6=0.014241407980545946
(A037+A053+AD69+AD85+AD101+A0117)/6=0.02651307426080
4684
(AE37+AE53+AE69+AE85+AE101+AE117)/6=0.03878474054106343 (AF37+AF53+AP69+AF85+AF101+AF117)/6=
0.06332807310158091
(AG37+AG53+AG69+AG85+AG101+AG117)/6=0.0878714056620984 (AH37+AH53+AH69+AH85
+AH101+AH117)/6=0.11241473822261588
(A137+A153+A169+A185+AI101+A1117)/6=0.13695807078313335 (A,73
7+AJ53+AJ69+A,785+AJ101+AJ117)/6=0.16150140334365085
-0.25
(AN37+AN53+AN69+AN85+AN101+AN117)/6=
-332.54646845639746
(A037+A053+AD69+A085+AO101+A0117)/6=-209.82980565380993 (AP37+AP53+AP69+Ap85
+AP101+AP117)/6=-87.11314285122255
(AQ37+AQ53+AQ69+AQ85+AQ101+AQ117)/6=35.60351995136486
CARS
7+AR53+AR69+AR85+AR101+AR117)/6=158.32018275395228
(AS37+As53+AS69+AS85+AS101+As117)/6=281.0368
455565397
(AT37+AT53+AT69+Ar85+AT101+AT117)/6=526.4701711617146
(Au37+Au53+AU69+AU85+Au101+A
U117)/6=771.9034967668895
(Av37+AV53+AV69+AV85+Av101+AV117)/6=1017.3368223720641 (AW37+Aw53+A
W69+AW85+Aw101+AW117)/6=1262.7701479772393
(Ax37+Ax53+Ax69+AX85+AX101+Ax117)/6=1508.20347358241
38
EFTA01437434
Sensit EPS
Coverage
0.25
0.30
0.30
0.25
0.30
0.35
USD/TRY 4.85
OTAS exposure (USDm)
1500
950
160
500
180
200
LOANS
OTAS exposure (TRYm)
M2*$U$1=7274.999999999999
N2*$U$1=4607.50 02*$U$1=776
P2*$
U$1=2425
Q2*$U$1=872.9999999999999
R2*$U$1=969.9999999999999
TRYm
Akbank Garanti Halkbank
Isbank Vakifbank
Yapi Kredi
Total
TRYm
Akba
nk
Garanti Halkbank
Isbank Vakifbank
Yapi Kredi
Total
Stage 1 177483.751
179942.836
208018.025
225447.282
189194.53
189206.167
SUM(C5:H5)=1169292.591 Stage 1 C5+M3=184758.751
D5+N3=184550.336
E5+03=208794.025
F5+P3=227872.282
G5+Q3=190067.53 H5+R3=190176.167
SUM(M5:R5)=1186219.091
Stage 2 18107.557+561.381+3109.4=21778.338000000003
29599.849+5463.71+2411.769=37475.328
4219
.35+28.39+3620.128=7867.868
16743.129+3832.425+460.08=21035.634000000002
3835.687+108.017+226
2.51=6206.214
5397.15+541.86+2728.63=8667.64 SUM(C6:H6)=103031.02200000001
Stage 2 C6-M3=14503.
338000000003
D6-N3=32867.828 E6-03=7091.868 F6-P3=18610.634000000002
G6-Q3=5333.214 H6-R
3=7697.639999999999
SUM(M6:R6)=86104.52200000001
Stage 3 4046.342
5633.32 6264.786
5799.235
7945.146
8617.858
SUM(
C7:H7)=38306.687000000005
Stage 3 C7=4046.342
D7=5633.32
E7=6264.786
F7=5799.235
G7=7945.146
H7=8617.858
SUM(M7:R7)=38306.687000000005
Total
SUM(C5:C7)=203308.43099999998
SUM(D5:D7)=223051.48400000003
SUM(E5:E7)=222150.6789999999
7
SUM(F5:F7)=252282.15099999998
SUM(G5:67)=203345.89
SUM(H5:H7)=206491.66499999998
SUM(
CB:H8)=1310630.30
Total
SUM(M5:M7)=203308.43099999998
SUM(N5:N7)=223051.48400000003
SUM(
05:07)=222150.67899999997
SUM(P5:P7)=252282.15099999998
SUM(Q5:Q7)=203345.89
SUM(R5:R7)=2
06491.66499999998
SUM(M8:R8)=1310630.30
COVERAGE
COVERAGE
TRYm
Akbank Garanti Halkbank
Isbank Vakifbank
Yapi Kredi
Average TRYm
Akba
nk
Garanti Halkbank
Isbank Vakifbank
Yapi Kredi
Average
Stage 1 635.937 816.282 1003.91 1588.177
1541.675
1735.70 SUM(C12:H12)=7321.681
Stag
e 1
C12+(M3*0.01)=708.687
D12+(N3*0.01)=862.3570000000001 E12+(03*0.01)=1011.67
F12+(P3*0.01
)=1612.427
G12+(Q3*0.01)=1550.405 H12+(R3*0.01)=1745.40
SUM(M12:R12)=7490.946
Stage 2 2783.856
3620.075
784.616 1845.348
468.183 888.696 SUM(C13:H13)=10390.7
74000000001
stage 2 C13-(M3*M1)=965.1060000000004
D13-(N3*N1)=2237.825
E13-(03*01)=551.816
F13-(P3*P1)=1239.098
G13-(Q3*Q1)=206.28300000000002 H13-(R3*R1)=549.1960000000001
SUM(M13:R13)
=5749.3240000000005
Stage 3 3130.372
3963.228
4978.164
4157.801
6201.91 7386.565
SUM(
C14:H14)=29818.039999999997
Stage 3 C14=3130.372
D14=3963.228
E14=4978.164
F14=4157.801
G14=6201.91
H14=7386.565
SUM(M14:R14)=29818.039999999997
Total
SUM(C12:C14)=6550.165
SUM(D12:D14)=8399.585
SUM(E12:E14)=6766.69
SUM(F12:F14)=7591.32
6
SUM(G12:G14)=8211.768
SUM(H12:H14)=10010.961 SUM(C15:H15)=47530.494999999995 Total
SUM(
M12:M14)=4804.165000000001
SUM(N12:N14)=7063.41
SUM(012:014)=6541.65
SUM(P12:P14)=7009.32
6
SUM(Q12:Q14)=7958.598
SUM(R12:R14)=9681.161
SUM(M15:R15)=43058.31
% in gross loans
% in gross loans
TRYm
Akbank Garanti Halkbank
Isbank Vakifbank
Yapi Kredi
Average TRYm
Akba
nk
Garanti Halkbank
Isbank Vakifbank
Yapi Kredi
Average
Stage 1 C5/C$8=0.8729778205803969
D5/D$8=0.8067322968360076
E5/E$8=0.936382575720149
F5/F$8=0.8936315197344263
G5/G$8=0.9304074451664599
H5/H$8=0.9162896090745358
15/I
$8=0.8921605055216563
Stage 1 M5/M$8=0.9087608914752778
N5/N$8=0.8273889628100389
05/0
$8=0.9398757003123993
P5/P$8=0.9032437732782769
Q5/Q$8=0.934700622668105
R5/R$8=0.920
9871352434492
S5/S$8=0.9050752840064814
Stage 2 C6/C$8=0.10711969933012766
D6/D$8=0.16801200928122942
E6/E$8=0.035416808246622564
F6/F$8=0.08338138039737898
G6/G$8=0.030520479169753565
H6/H$8=0.041975737858474825
16/I
$8=0.07861181143149217 Stage 2 M6/M$8=0.07133662843524677
N6/N$8=0.14735534330719807
06/0
$8=0.03192368365437227 P6/P$8=0.07376912685352839
06/Q88=0.026227301668108462
R6/R$8=0.037
27821168956142 S6/S$8=0.06569703294666697
Stage 3 C7/C$8=0.019902480089475486
D7/D$8=0.025255693882762956
E7/E$8=0.02820061603322851
F7/F$8=0.022987099868194798
G7/G$8=0.03907207566378646
H7/H$8=0.04173465306698942
17/I
$8=0.029227683046851582 Stage 3 M7/M$8=0.019902480089475486
N7/N$8=0.025255693882762956
07/0
$8=0.02820061603322851 P7/P$8=0.022987099868194798
07/Q88=0.03907207566378646
R7/R$8=0.041
73465306698942 S7/S$8=0.029227683046851582
Total
C8/C$8=1
DB/D$8=1
E8/E$8=1
F8/F58=1
G8/G$8=1
H8/H$8=1
I8/I$8=1
Total
M8/M$8=1
N8/N$8=1
08/058=1
PB/P$8=1
Q8/Q$8=1
R8/R$8=1
S8/S$8=1
COVERAGE RATIO Earnings impact Akbank Garanti Halkbank
Isbank Vakifbank
Yapi Kredi
Total
TRYm
Akbank Garanti Halkbank
Isbank Vakifbank
Yapi Kredi
Average Stage 2 prov
isions (base)
14503.338000000003
32867.828
7091.868
18610.634000000002
5333
.214
7697.639999999999
56=86104.52200000001
AKBANK AKBANK
Stage 1 C12/C5=0.0035830716694735623
D12/D5=0.004536340640980005
E12/E5=0.004826072163698314
F12/F5=0.007044560421890559
G12/G5=0.008148623535786156
H12/H5=0.009173591048964065
I12/
15=0.0062616329363195285
Stage 3 provisions (base)
4046.342
5633.32 6264.786
5799.235
7945.146
8617.858
38306.687000000005
Net profit
% of Stage 2
loans transferred to Stage 3 loans
Net profit: change from base
% of Stage 2 loans transferr
ed to Stage 3 loans
Stage 2 C13/C6=0.12782683416888835
D13/D6=0.09659888767351148
E13/E6=0.09972409298173278
F13/F6=0.08772485773426177
G13/G6=0.07543777897442788
H13/H6=0.10253033120895655
I13/
16=0.10085092623850708 Amount of Stage 2 transferred to Stage 3
$T$27*M25=0
$T$27*N25=0
$T$27*025=0
$T$27*P25=0
$T$27*Q25=0
$1$27*R25=0
$T$27*525=0
0
Loan growth
(ppt change from base) $M$31=6405.467516045113 AA27-0.05=-0.15000000000000002 AB27-0.05=-0.10 -0.0
5
0
0.05
AD27+0.05=0.10 0.20
0.30
0.40
0.50
0.60
Y27=6405.46751604511
3
A027-0.05=-0.15000000000000002 AP27-0.05=-0.10 -0.05
0
0.05
AR27+0.05=0.10 0.20
EFTA01437435
0.30
0.40
0.50
0.60
Stage 3 C14/C7=0.7736301083793707
D14/D7=0.7035332628006221
E14/E7=0.7946263447785766
F14/F7=0.7169568055096923
G14/G7=0.7805910678041662
H14/H7=0.85712308093264 I14/17=0.778
4029978891152
Coverage of new Stage 3 loans (704)
M27*0.7=0
N27*0.7=0
027*0.7=0
P27*0.7=0
Q27*0.7=0
R27*0.7=0
S27*0.7=0
0.20
(=TABLE(127,146))=8897.97988
2445114 (=TABLE(T27,T46))=8491.886418445112
(=TABLE(127,146))=8085.7929544451135
(=TABLE(T27,
146))=7679.699490445113 (=TABLE(127,146))=7273.606026445113
(=TABLE(127,T46))=6867.512562445113
(=TABLE(127,146))=6055.325634445113
(=TABLE(T27,T46))=5243.138706445112
(=TABLE(T27,146))=44
30.951778445113 (=TABLE(127,T46))=3618.7648504451117
(=TABLE(T27,146))=2806.5779224451117
0.20
(Z28/$AC$32)-1=0.38912263002762626
(AA28/$AC$32)-1=0.32572468710109126
(AB28/$AC$32)-1=0.26
23267441745567 (AC28/$AC$32)-1=0.19892880124802192
(AD28/$AC$32)-1=0.13553085832148737
(AE2
8/$AC$32)-1=0.07213291539495259 (AF28/$AC$32)-1=-0.054662970458116744
(AG28/$AC$32)-1=-0.181458856
3111863 (AH28/$AC$32)-1=-0.3082547421642555
(Al28/$AC$32)-1=-0.4350506280173251
(AJ28/$AC$32
)-1=-0.5618465138703944
Total
SUM(C26:C28)=0.9050400142177326 SUM(D26:D28)=0.8046684911151136 SUM(E26:E28)=0.8991765099240
078
SUM(F26:F28)=0.8117262236658447 SUM(G26:G28)=0.8641774703143803 SUM(H26:H28)=0.9688270031905
606
SUM(126:128)=0.8855155570639418 Stage 3 provisions (new)
M28+M26=4046.342
N28+
N26=5633.32
028+026=6264.786
P28+P26=5799.235
Q28+Q26=7945.146
R28+R26=8617
.858
528+526=38306.687000000005
0.15
(=TABLE(127,146))=8579.421888845112
(=TABLE(T27,
146))=8173.328424845113 (=TABLE(127,146))=7767.234960845113
(=TABLE(127,T46))=7361.141496845113
(=TABLE(T27,146))=6955.048032845112
(=TABLE(T27,T46))=6548.954568845113
(=TABLE(T27,146))=57
36.7676408451125
(=TABLE(T27,146))=4924.5807128451115
(=TABLE(127,T46))=4112.393784845111
(=TABLE(T27,146))=3300.2068568451114
(=TABLE(T27,T46))=2488.0199288451113
0.15
(229/$AC$32)
-1=0.3393904297156205
(AA29/$AC$32)-1=0.2759924867890857
(AB29/$AC$32)-1=0.21259454386255117
(AC29/$AC$32)-1=0.1491966009360164
(AD29/$AC$32)-1=0.08579865800948161
(AE29/$AC$32)-1=0.02
2400715082947054
(AF29/$AC$32)-1=-0.10439517077012228
(AG29/$AC$32)-1=-0.23119105662319184
(AH29/$AC$32)-1=-0.3579869424762613
(A129/$AC$32)-1=-0.4847828283293306
(AJ29/$AC$32)-1=-0.6
115787141824001
Net profit (base)
6405.467516045113
7118.518599790241
3809.28613779219
6242
.064735470831
3822.804240772133
3853.9025619301465
SUM(M30:R30)=31252.043791800654 0.10
(=TABLE(T27,146))=8260.863895245115
(=TABLE(T27,T46))=7854.770431245114
(=TABLE(T27,T46))=74
48.676967245115 (=TABLE(127,T46))=7042.583503245114
(=TABLE(T27,146))=6636.490039245114
(=TA
BLE(T27,146))=6230.396575245114 (=TABLE(T27,146))=5418.209647245114
(=TABLE(T27,146))=4606.02271
9245113 (=TABLE(T27,T46))=3793.835791245113
(=TABLE(127,146))=2981.6488632451124
(=TABLE(T27,
146))=2169.4619352451123
0.10
(230/$AC$32)-1=0.2896582294036154
(AA30/$AC$32)-1=0.22
626028647708063 (AB30/$AC$32)-1=0.16286234355054585
(AC30/$AC$32)-1=0.09946440062401107
(AD3
0/$AC$32)-1=0.036066457697476295
(AE30/$AC$32)-1=-0.02733148522905826
(AF30/$AC$32)-1=-0.1
541273710821276 (AG30/$AC$32)-1=-0.28092325693519715
(AH30/$AC$32)-1=-0.4077191427882665
(A13
0/$AC$32)-1=-0.534515028641336 (AJ30/$AC$32)-1=-0.6613109144944054
Expected provision expenses
Net profit (new) - TRYmn
M30-(M28*0.8)+((M48-M46)*(0.8)*(0.04
))=6405.467516045113
N30-(N28*0.8)+((N48-N46)*(0.8)*(0.04))=7118.518599790241
030-(028*0.8
)+((048-046)*(0.8)*(0.04))=3809.28613779219
P30-(P28*0.8)+((P48-P46)*(0.8)*(0.04))=6242.06473547
0831
Q30-(Q28*0.8)+((Q48-Q46)*(0.8)*(0.04))=3822.804240772133
R30-(R28*0.8)+((R48-R46)*(0.
8)*(0.04))=3853.9025619301465
S30-(528*0.8)+C(S48-546)*(0.8)*(0.04))=31252.043791800654
0.05
(=TABLE(127,146))=7942.305901645114
(=TABLE(127,T46))=7536.212437645114
(=TABLE(T27,146))=71
30.118973645114 (=TABLE(127,T46))=6724.025509645114
(=TABLE(T27,T46))=6317.932045645113
(=TA
BLE(T27,146))=5911.838581645114 (=TABLE(T27,T46))=5099.651653645114
(=TABLE(127,146))=4287.46472
56451135
(=TABLE(127,T46))=3475.2777976451134
(=TABLE(T27,T46))=2663.090869645113
(=TA
BLE(T27,146))=1850.9039416451126
0.05
(Z31/$AC$32)-1=0.23992602909160965
(AA31/$AC$32
)-1=0.17652808616507487 (AB31/$AC$32)-1=0.11313014323854031
(AC31/$AC$32)-1=0.04973220031200554
(AD31/$AC$32)-1=-0.013665742614529242
(AE31/$AC$32)-1=-0.0770636855410638
(AF31/$AC$32)-1=-0.2
0385957139413324
(AG31/$AC$32)-1=-0.3306554572472026
(AH31/$AC$32)-1=-0.4574513431002719
(A131/$AC$32)-1=-0.5842472289533414
(AJ31/$AC$32)-1=-0.7110431148064109
TRYm
Akbank Garanti Halkbank
Isbank Vakifbank
Yapi Kredi
Average Change in ne
t profit from base
M31/M30-1=0
N31/N30-1=0
031/030-1=0
P31/P30-1=0
Q31/Q30-1=0
R31/R30-1=0
531/530-1=0
0
(=TABLE(127,T46))=7623.747908045114
(=TABLE(T27,T46))=72
17.654444045113 (=TABLE(127,T46))=6811.560980045114
(=TABLE(T27,146))=6405.467516045113
(=TA
BLE(T27,146))=5999.374052045113 (=TABLE(T27,146))=5593.280588045113
(=TABLE(T27,146))=4781.09366
0045113 (=TABLE(T27,146))=3968.9067320451127
(=TABLE(127,146))=3156.7198040451126
(=TABLE(T27,
146))=2344.532876045112 (=TABLE(127,146))=1532.345948045112
0
(Z32/$AC$32)-1=0.19019382877
96041
(AA32/$AC$32)-1=0.12679588585306933
(AB32/$AC$32)-1=0.06339794292653478
(AC32/$AC$32
)-1=0
(AD32/$AC$32)-1=-0.06339794292653478
(AE32/$AC$32)-1=-0.12679588585306933
(AF32/$AC$32
)-1=-0.2535917717061388 (AG32/$AC$32)-1=-0.3803876575592082
(AH32/$AC$32)-1=-0.5071835434122776
(A132/$AC$32)-1=-0.6339794292653471
(AJ32/$AC$32)-1=-0.7607753151184165
ROE (base)
M30/M$56=0.14227070975751668
N30/N$56=0.15379565842592643
030/0$56=0.133239279
64267931
P30/P$56=0.13031433781764779
Q30/Q$56=0.14460043618259225
R30/R$56=0.102203593
17283423
530/S$56=0.1347398172027409
-0.05
(=TABLE(T27,T46))=7305.189914445114
(=TA
BLE(T27,146))=6899.096450445113 (=TABLE(T27,T46))=6493.0029864451135
(=TABLE(127,146))=6086.90952
2445113 (=TABLE(T27,146))=5680.8160584451125
(=TABLE(127,146))=5274.722594445113
(=TABLE(T27,
146))=4462.535666445113 (=TABLE(127,146))=3650.348738445112
(=TABLE(T27,T46))=2838.1618104451118
(=TABLE(127,146))=2025.9748824451115
(=TABLE(127,T46))=1213.7879544451114
-0.05
(233/$AC$32)
-1=0.14046162846759858 (AA33/$AC$32)-1=0.0770636855410638
(AB33/$AC$32)-1=0.013665742614529242
(AC33/$AC$32)-1=-0.04973220031200554
(AD33/$AC$32)-1=-0.11313014323854031
(AE33/$AC$32)-1=-0.1
7652808616507498
(AF33/$AC$32)-1=-0.3033239720181443
(AG33/$AC$32)-1=-0.4301198578712139
(AH33/$AC$32)-1=-0.5569157437242833
(A133/$AC$32)-1=-0.6837116295773527
(AJ33/$AC$32)-1=-0.8
105075154304221
ROE (new)
M31/M$56=0.14227070975751668
N31/N$56=0.15379565842592643
031/0$56=0.133239279
64267931
P31/P$56=0.13031433781764779
Q31/Q$56=0.14460043618259225
R31/R$56=0.102203593
17283423
531/S$56=0.1347398172027409
-0.10
(=TABLE(T27,T46))=6986.631920845113
(=TA
EFTA01437436
BLE(T27,T46))=6580.538456845113 (=TABLE(T27,T46))=6174.444992845113
(=TABLE(T27,246))=5768.35152
8845113 (=TABLE(T27,T46))=5362.258064845112
(=TABLE(T27,T46))=4956.164600845113
(=TABLE(T27,
T46))=4143.9776728451125
(=TABLE(T27,T46))=3331.7907448451124
(=TABLE(T27,T46))=2519.60381
68451123
(=TABLE(T27,T46))=1707.4168888451118
(=TABLE(T27,T46))=895.2299608451116
-0.1
O
(Z34/$AC$32)-1=0.09072942815559304
(AA34/$AC$32)-1=0.02733148522905826
(AB34/$AC$32
)-1=-0.036066457697476406
(AC34/$AC$32)-1=-0.09946440062401118
(AD34/$AC$32)-1=-0.162862343
55054596
(AE34/$AC$32)-1=-0.22626028647708052
(AF34/$AC$32)-1=-0.35305617233014996
(AG3
4/$AC$32)-1=-0.4798520581832193 (AH34/$AC$32)-1=-0.6066479440362886
(A134/$AC$32)-1=-0.733443829
8893582 (AJ34/$AC$32)-1=-0.8602397157424275
Change in ROE from base (M34-M33)=0
(N34-N33)=0
(034-033)=0
(P34-P33)=0
(Q34-Q33)=0
(R34-R33)=0
(534-533)=0
-0.15
(=TABLE(T27,T46))=6668.073927245114
(=TABLE(T27,T46))=62
61.980463245113 (=TABLE(T27,T46))=5855.886999245114
(=TABLE(T27,T46))=5449.793535245113
(=TA
BLE(T27,T46))=5043.700071245113 (=TABLE(T27,T46))=4637.606607245113
(=TABLE(T27,T46))=3825.41967
9245113 (=TABLE(T27,T46))=3013.2327512451125
(=TABLE(T27,T46))=2201.0458232451124
(=TABLE(T27,
T46))=1388.8588952451119
(=TABLE(T27,T46))=576.6719672451118
-0.15
(Z35/$AC$32)-1=0.040
9972278435875
(AA35/$AC$32)-1=-0.022400715082947165
(AB35/$AC$32)-1=-0.08579865800948183
(AC3
5/$AC$32)-1=-0.1491966009360166 (AD35/$AC$32)-1=-0.2125945438625514
(AE35/$AC$32)-1=-0.275992486
78908594
(AF35/$AC$32)-1=-0.4027883726421554
(AG35/$AC$32)-1=-0.5295842584952248
(AH3
5/$AC$32)-1=-0.6563801443482942 (A135/$AC$32)-1=-0.7831760302013636
(AJ35/$AC$32)-1=-0.909971916
0544331
-0.20
(=TABLE(T27,T46))=6349.515933645114
(=TABLE(T27,T46))=5943.422469645114
(=TABLE(T27,
T46))=5537.329005645114 (=TABLE(T27,T46))=5131.235541645114
(=TABLE(T27,T46))=4725.142077645113
(=TABLE(T27,T46))=4319.048613645114
(=TABLE(T27,T46))=3506.8616856451135
(=TABLE(T27,T46))=26
94.674757645113 (=TABLE(T27,T46))=1882.487829645113
(=TABLE(T27,T46))=1070.3009016451124
(=TA
BLE(T27,T46))=258.1139736451123 -0.20
(236/$AC$32)-1=-0.008734972468417923
(AA36/$AC$32)-1=-0.0
7213291539495259
(AB36/$AC$32)-1=-0.13553085832148726
(AC36/$AC$32)-1=-0.19892880124802204
(AD36/$AC$32)-1=-0.2623267441745568
(AE36/$AC$32)-1=-0.32572468710109137
(AF36/$AC$32)-1=-0.4
525205729541608 (AG36/$AC$32)-1=-0.5793164588072303
(AH36/$AC$32)-1=-0.7061123446602997
(A13
6/$AC$32)-1=-0.832908230513369 (AJ36/$AC$32)-1=-0.9597041163664385
Stage 1 53.916 379.957 96.532 7.40
167.354 153.12 SUM(C37:H37)=858.279
COR impact
Akba
nk
Garanti Halkbank
Isbank Vakifbank
Yapi Kredi
Total
-0.25
(=TABLE(T27,
T46))=6030.957940045113 (=TABLE(T27,T46))=5624.864476045113
(=TABLE(T27,T46))=5218.771012045114
(=TABLE(T27,T46))=4812.677548045112
(=TABLE(T27,T46))=4406.584084045113
(=TABLE(T27,T46))=40
00.490620045113 (=TABLE(T27,T46))=3188.3036920451127
(=TABLE(T27,T46))=2376.116764045112
(=TA
BLE(T27,T46))=1563.929836045112 (=TABLE(T27,T46))=751.7429080451116
(=TABLE(T27,T46))=-60.444019
95488852
-0.25
(Z37/$AC$32)-1=-0.05846717278042357
(AA37/$AC$32)-1=-0.12186511570695824
(AB37/$AC$32)-1=-0.1852630586334928
(AC37/$AC$32)-1=-0.2486610015600278
(AD37/$AC$32)-1=-0.3
1205894448656235
(AE37/$AC$32)-1=-0.375456887413097
(AF37/$AC$32)-1=-0.5022527732661665
(AG37/$AC$32)-1=-0.6290486591192359
(AH37/$AC$32)-1=-0.7558445449723052
(A137/$AC$32)-1=-0.8
826404308253747 (AJ37/$AC$32)-1=-1.0094363166784441
Stage 2 246.51 748.876 19.004 588.762 78.11
70.684 SUM(C38:H38)=1751.946
Stage 2 loans % in 1
oans (base)
M20=0.07133662843524677 N20=0.14735534330719807 020=0.03192368365437227 P20=0.073769
12685352839
Q20=0.026227301668108462
R20=0.03727821168956142 S20=0.06569703294666697
Stage 3 397.74 488.162 276.835 531.50 1037.65 589.523 SUM(C39:H39)=3321.4100000000003 Stage 3 loan
s % in loans (base)
M21=0.019902480089475486
N21=0.025255693882762956
021=0.028200
61603322851
P21=0.022987099868194798
Q21=0.03907207566378646 R21=0.04173465306698942 S21=
0.029227683046851582
Total
SUM(C37:C39)=698.1659999999999 SUM(D37:039)=1616.995
SUM(E37:E39)=392.371
SUM(F37:F39)
=1127.6619999999998
SUM(G37:G39)=1283.114
SUM(H37:H39)=813.327
SUM(C40:H40)=5931.635
Stag
e 2 loans % in loans (new)
(M6-M27)/M$8=0.07133662843524677
(N6-N27)/N$8=0.1473553433071
9807
(06-027)/O$8=0.03192368365437227
(P6-P27)/P$8=0.07376912685352839
(Q6-Q27)/Q$8
=0.026227301668108462
(R6-R27)/R$8=0.03727821168956142
(S6-527)/S$8=0.06569703294666697
Average gross loans
'R:\Bank models\Turkish Bank Model with 2020 Estimates\Higher RFR\[AKBANK MO
DEL- Higher RFR and Lower NIM.xlsx]COR'!$AH$13/1000=199098.746 'R:\Bank models\Turkish Bank Model w
ith 2020 Estimates\Higher RFR\[GARANTI MODEL- Higher RFR and Lower NIM.xlsx)COR'!$AH$13/1000=219928.
43
'R:\Bank models\Turkish Bank Model with 2020 Estimates\Higher RFR\CHALKBANK MODEL- Higher RF
R and Lower NIM.xlsx)COR'!$AH$13/1000=215448.166
'R:\Bank models\Turkish Bank Model with 2020
Estimates\Higher RFR\(ISBANK MODEL- Higher RFR and Lower NIM.xlsx]COR'!$AH$13/1000=249443.2855 'R:\
Bank models\Turkish Bank Model with 2020 Estimates\Higher RFR\[VAKIFBANK MODEL- Higher RFR and Lower
NIM.xlsx]COR'!$AH$13/1000=197091.47
111:\Bank models\Turkish Bank Model with 2020 Estimates\Highe
RFR\[YAPI KREDI MODEL- Higher RFR and Lower NIM.xlsx]COR'!$AH$13/1000=204895.8715
SUM(C41:H41)
=1285905.969
Stage 3 loans % in loans (new) (M7+M27)/M$8=0.019902480089475486
(N7+N27)/N$8
=0.025255693882762956
(07+027)/058=0.02820061603322851
(P7+P27)/P$8=0.022987099868194798
(Q7+Q27)/Q$8=0.03907207566378646
(R7+R27)/R$8=0.04173465306698942
(57+527)/S$8=0.02922
7683046851582
GARANTI GARANTI
Stage 1 credit impairments
C37=53.916
D37=379.957
E37=96.532
F37=7.40
G37=
167.354 H37=153.12
137=858.279
Net profit
% of Stage 2 loans transferred to Stage 3 lo
ans
Net profit: change from base
% of Stage 2 loans transferred to Stage 3 loans
COR (gross)
Stage 2 credit impairments
C38=246.51
D38=748.876
E38=19.004
F38=
588.762 G38=78.11
H38=70.684
138=1751.946
Loan growth (ppt change from base)
$N$3
1=7118.518599790241
AA43-0.05=-0.15000000000000002 AB43-0.05=-0.10 -0.05
0
0.05
AD43
+0.05=0.10
0.20
0.30
0.40
0.50
0.60
Y43=7118.518599790241
A043-0.05=-0.1500000
0000000002
AP43-0.05=-0.10 -0.05
0
0.05
AR43+0.05=0.10 0.20
0.30
0.40
0.50
0.60
TRYm
Akbank Garanti Halkbank
Isbank Vakifbank
Yapi Kredi
Average Stage 3 cred
it impairments (new)
M28+C39=397.74 N28+D39=488.162 028+E39=276.835 P28+F39=531.50 Q28+G39=1037
.65
R28+H39=589.523 S28+139=3321.4100000000003
0.20
(=TABLE(T27,T46))=11286.95810379024
(=TABLE(T27,T46))=10366.658919790241
(=TABLE(T27,T46))=9446.35973579024
(=TABLE(T27,T46))=85
26.06055179024 (=TABLE(T27,T46))=7605.76136779024
(=TABLE(T27,T46))=6685.4621837902405
(=TA
EFTA01437437
BLE(T27,T46))=4844.863815790241 (=TABLE(T27,T46))=3004.2654477902397
(=TABLE(T27,T46))=1163.66707
97902398
(=TABLE(T27,T46))=-676.9312882097602
(=TABLE(T27,T46))=-2517.529656209761
0.20
(Z44/$AC$48)-1=0.5855768227005589
(AA44/SAC$48)-1=0.4562944205969641
(AB44/$AC$48)-1=0.32
701201849336914 (AC44/SAC$48)-1=0.1977296163897746
(AD44/$AC$48)-1=0.06844721428617984
(AE4
4/$AC$48)-1=-0.060835187817414815
(AF44/SAC$48)-1=-0.31939999202460434
(AG44/$AC$48)-1=-0.5
779647962317939 (AH44/SAC$48)-1=-0.8365296004389833
(A144/$AC$48)-1=-1.0950944046461728
(AJ4
4/$AC$48)-1=-1.3536592088533623
Stage 1 C37/C$41*4=0.0010832011970582677
D37/0$41*4=0.006910557220819518 E37/E$41*4=0.0017922
083402650082
F37/F$41*4=1.1866424843093242E-4
G37/G$41*4=0.0033964737286702467
H37/
H$41*4=0.0029892256760283235
137/1$41*4=0.002669803300368691 Recoveries
C49=253 D49=860 E49=
188
F49=432 G49=446 H49=330 149=2509
0.15
(=TABLE(T27,T46) 1=10935.07261579024
(=TA
BLE(T27,T46))=10014.773431790241
(=TABLE(T27,T46))=9094.47424779024
(=TABLE(T27,T46) 1=81
74.1750637902405
(=TABLE(T27,T46))=7253.87587979024
(=TABLE(T27,T46))=6333.576695790241
(=TABLE(T27,T46))=4492.978327790241
(=TABLE(T27,T46))=2652.37995979024
(=TABLE(T27,T46))=81
1.7815917902399 (=TABLE(T27,T46))=-1028.81677620976
(=TABLE(T27,T46))=-2869.415144209761
0.15
(Z45/$AC$48)-1=0.5361444186031152
(AA45/$AC$48)-1=0.4068620164995205
(AB45/$AC$48)-1=0.27
75796143959255 (AC45/$AC$48)-1=0.14829721229233095
(AD45/$AC$48)-1=0.019014810188736186
(AE4
5/$AC$48)-1=-0.11026759191485846
(AF45/SAC$48)-1=-0.368832396122048
(AG45/$AC$48)-1=-0.6
273972003292375 (AH45/$AC$48)-1=-0.8859620045364269
(A145/$AC$48)-1=-1.1445268087436165
(AJ4
5/$AC$48)-1=-1.403091612950806
Stage 2 C38/C$41*4=0.004952517380496208 D38/D$41*4=0.013620358222900059 E38/E$41*4=3.528273246011294
E-4
F38/F$41*4=0.009441216247931435 G38/G$41*4=0.0015852537910443307
H38/H$41*4=0.0013799
009122543496
138/1$41*4=0.005449686189301761 Gross loans (base)
C41=199098.746 D41=219928.4
3
E41=215448.166 F41=249443.2855 G41=197091.47
H41=204895.8715 141=1285905.969 0
0.10
(=TABLE(T27,T46))=10583.187127790243
(=TABLE(T27,T46))=9662.887943790243
(=TABLE(T27,T46))=87
42.588759790242 (=TABLE(T27,T46))=7822.2895757902415
(=TABLE(T27,T46) 1=6901.990391790241
(=TA
BLE(T27,T46))=5981.691207790242 (=TABLE(T27,T46))=4141.092839790242
(=TABLE(T27,T46))=2300.49447
1790241 (=TABLE(T27,T46))=459.896103790241
(=TABLE(T27,T46))=-1380.702264209759
(=TABLE(T27,
T46))=-3221.30063220976 0.10
(Z46/$AC$48)-1=0.4867120145056718
(AA46/$AC$48)-1=0.3574296124
0207705 (AB46/$AC$48)-1=0.22814721029848228
(AC46/$AC$48)-1=0.09886480819488752
(AD46/$AC$48
)-1=-0.030417593908707352
(AE46/$AC$48)-1=-0.159699996012302
(AF46/$AC$48)-1=-0.418264800
2194914 (AG46/$AC$48)-1=-0.676829604426681
(AH46/$AC$48)-1=-0.9353944086338705
(A146/$AC$48
)-1=-1.1939592128410599 (AJ46/$AC$48)-1=-1.4525240170482494
Stage 3 C39/C$41*4=0.007990808741708499 D39/D$41*4=0.008878561084621938 E39/E$41*4=0.005139704925592
172
F39/F$41*4=0.008522979465005484 G39/G$41*4=0.021059257409770195 H39/H$41*4=0.011508733595932
899
139/I$41*4=0.010331735228145598 Change in loan growth
$T$46=0 $T$46=0 $T$46=0 $T$46=0 $T$4
6=0
$T$46=0 $T$46=0 0.05
(=TABLE(T27,T46))=10231.301639790241
(=TABLE(T27,T46))=9311.00245
5790242 (=TABLE(T27,T46))=8390.70327179024
(=TABLE(T27,T46))=7470.404087790241
(=TABLE(T27,
T46))=6550.10490379024 (=TABLE(T27,T46))=5629.805719790241
(=TABLE(T27,T46))=3789.2073517902404
(=TABLE(T27,T46))=1948.60898379024
(=TABLE(T27,T46))=108.01061579024008
(=TABLE(T27,T46))=-1
732.5877522097599
(=TABLE(T27,T46))=-3573.1861202097607
0.05
(Z47/$AC$48)-1=0.43727961040
822794 (AA47/$AC$48)-1=0.3079972083046332
(AB47/$AC$48)-1=0.1787148062010382
(AC47/$AC$48
)-1=0.04943240409744365 (AD47/$AC$48)-1=-0.07984999800615111
(AE47/$AC$48)-1=-0.20913240010974576
(AF47/$AC$48)-1=-0.4676972043169353
(AG47/SAC$48)-1=-0.7262620085241248
(AH47/$AC$48)-1=-0.9
848268127313142 (A147/$AC$48)-1=-1.2433916169385038
(AJ47/$AC$48)-1=-1.5019564211456933
Total
SUM(C45:C47)=0.014026527319262974
SUM(045:047)=0.029409476528341517
S0M(E45:E47)
=0.0072847405904583095 SUM(F45:F47)=0.018082859961367853
SUM(G45:G47)=0.02604098492948477
SUM(H45:H47)=0.015877860184215574
SUM(145:I47)=0.018451224717816052
Gross loans (new)
M46*(1+M47)=199098.746 N46*(1+N47)=219928.43
046*(1+047)=215448.166 P46*(1+P47)=249443.2855 Q46*
(1+Q47)=197091.47
R46*(1+R47)=204895.8715 S46*(1+547)=1285905.969 0
(=TABLE(T27,T46))=98
79.416151790241 (=TABLE(T27,T46))=8959.116967790242
(=TABLE(T27,T46))=8038.817783790241
(=TA
BLE(T27,T46))=7118.518599790241 (=TABLE(T27,T46))=6198.21941579024
(=TABLE(T27,T46))=5277.92023
1790241 (=TABLE(T27,T46))=3437.3218637902405
(=TABLE(T27,T46))=1596.7234957902401
(=TABLE(T27,
T46))=-243.87487220975981
(=TABLE(T27,T46))=-2084.4732402097598
(=TABLE(T27,T46))=-3925.0716
082097606
0
(Z48/SAC$48)-1=0.3878472063107843
(AA48/SAC$48)-1=0.2585648042071895
(AB48/$AC$48)-1=0.12928240210359476
(AC48/SAC$48)-1=0
(AD48/SAC$48)-1=-0.12928240210359476
(AE48/$AC$48)-1=-0.2585648042071894
(AF48/SAC$48)-1=-0.5171296084143789
(AG48/$AC$48)-1=-0.7
756944126215685 (AH48/SAC$48)-1=-1.0342592168287579
(A148/$AC$48)-1=-1.2928240210359474
(AJ4
8/$AC$48)-1=-1.551388825243137
Recoveries
253
860
188
432
446
330
SUM(C49:H49)=2509
COR (net), B
ase
C57=0.008943622377209748
D57=0.013768024443224555
E57=0.0037943418836064724
F57=0.011155433566480983
G57=0.01698935017329771 H57=0.009435563468637288
157=0.010646
610506557188
-0.05
(=TABLE(T27,T46))=9527.530663790241
(=TABLE(T27,T46))=8607.231479790242
(=TABLE(T27,T46))=7686.932295790241
(=TABLE(T27,T46))=6766.633111790241
(=TABLE(T27,T46))=58
46.3339277902405
(=TABLE(T27,T46))=4926.034743790241
(=TABLE(T27,T46))=3085.4363757902406
(=TABLE(T27,T46))=1244.8380077902402
(=TABLE(T27,T46))=-595.7603602097597
(=TABLE(T27,T46))=-2
436.3587282097596
(=TABLE(T27,T46))=-4276.9570962097605
-0.05
(Z49/SAC$48)-1=0.33841480221
334064 (AA49/$AC$48)-1=0.20913240010974588
(AB49/$AC$48)-1=0.07984999800615111
(AC49/$AC$48
)-1=-0.04943240409744365
(AD49/$AC$48)-1=-0.1787148062010384
(AE49/$AC$48)-1=-0.307997208
30463306
(AF49/SAC$48)-1=-0.5665620125118226
(AG49/$AC$48)-1=-0.8251268167190121
(AH4
9/$AC$48)-1=-1.0836916209262015 (A149/$AC$48)-1=-1.342256425133391
(AJ49/$AC$48)-1=-1.600821229
3405806
COR (net), New (M42+M43+M44-M45)/M48*4=0.008943622377209748
(N42+N43+N44-N45)/N48*4=0.0137680244
43224555
(042+043+044-045)/048*4=0.0037943418836064724
(P42+P43+P44-P45)/P48*4=0.0111554335
66480983
(D42+043+044-045)/048*4=0.01698935017329771
(R42+R43+R44-R45)/R48*4=0.0094355634
68637288
(S42+543+544-S45)/S48*4=0.010646610506557188
-0.10
(=TABLE(T27,T46))=9175.64517
5790241 (=TABLE(T27,T46))=8255.345991790242
(=TABLE(T27,T46))=7335.0468077902415
(=TABLE(T27,
T46))=6414.747623790241 (=TABLE(T27,T46))=5494.448439790241
(=TABLE(T27,T46))=4574.149255790241
(=TABLE(T27,T46))=2733.5508877902407
(=TABLE(T27,T46))=892.9525197902403
(=TABLE(T27,T46))=-9
EFTA01437438
47.6458482097596
(=TABLE(T27,T46))=-2788.2442162097595
(=TABLE(T27,T46))=-4628.84258420976
-0.10
(Z50/$AC$48)-1=0.288982398115897
(AA50/$AC$48)-1=0.15969999601230223
(AB50/$AC$48
)-1=0.030417593908707463
(AC50/$AC$48)-1=-0.0988648081948873
(AD50/SAC$48)-1=-0.228147210
29848206
(AE50/$AC$48)-1=-0.3574296124020767
(AF50/$AC$48)-1=-0.6159944166092662
(AG5
0/$AC$48)-1=-0.8745592208164558 (AH50/$AC$48)-1=-1.1331240250236452
(A150/$AC$48)-1=-1.391688829
2308345 (AJ50/$AC$48)-1=-1.6502536334380242
COR (net)
Change in COR from base (bps)
(M50-M49)*100=0 (N50-N49)*100=0 (050-049)•100=0 (P50
-P49)*100=0
(Q50-Q49)*100=0 (R5O-R49)*100=0 (S50-S49)*100=0 -0.15
(=TABLE(T27,T46))=8823.75968
7790242 (=TABLE(T27,T46))=7903.460503790242
(=TABLE(T27,T46))=6983.161319790242
(=TABLE(T27,
T46))=6062.862135790241 (=TABLE(T27,T46))=5142.562951790241
(=TABLE(T27,T46))=4222.263767790241
(=TABLE(T27,T46))=2381.665399790241
(=TABLE(T27,T46))=541.0670317902404
(=TABLE(T27,T46))=-1
299.5313362097595
(=TABLE(T27,T46))=-3140.1297042097594
(=TABLE(T27,T46))=-4980.72807220976
-0.15
(Z51/$AC$48)-1=0.23954999401845334
(AA51/$AC$48)-1=0.11026759191485858
(AB51/$AC$48
)-1=-0.019014810188736186
(AC51/$AC$48)-1=-0.14829721229233095
(AD51/$AC$48)-1=-0.277579614
3959257 (AE51/$AC$48)-1=-0.40686201649952036
(AF51/$AC$48)-1=-0.6654268207067099
(AG51/$AC$48
)-1=-0.9239916249138994 (AH51/SAC$48)-1=-1.1825564291210888
(A151/$AC$48)-1=-1.4411212333282784
(AJ51/$AC$48)-1=-1.6996860375354679
-0.20
(=TABLE(T27,T46))=8471.874199790242
(=TABLE(T27,T46))=7551.575015790242
(=TABLE(T27,
T46))=6631.275831790242 (=TABLE(T27,T46))=5710.976647790241
(=TABLE(T27,T46))=4790.677463790241
(=TABLE(T27,T46))=3870.3782797902413
(=TABLE(T27,T46))=2029.779911790241
(=TABLE(T27,T46))=18
9.18154379024054
(=TABLE(T27,T46))=-1651.4168242097594
(=TABLE(T27,T46))=-3492.015192209759
3
(=TABLE(T27,T46))=-5332.61356020976
-0.20
(Z52/$AC$48)-1=0.1901175899210097
(AA5
2/SAC$48)-1=0.060835187817414926
(AB52/$AC$48)-1=-0.06844721428617984
(AC52/SAC$48)-1=-0.1
977296163897746 (AD52/$AC$48)-1=-0.32701201849336936
(AE52/$AC$48)-1=-0.456294420596964
(AF5
2/SAC$48)-1=-0.7148592248041535 (AG52/$AC$48)-1=-0.9734240290113431
(AH52/SAC$48)-1=-1.231988833
2185325 (A152/$AC$48)-1=-1.4905536374257218
(AJ52/$AC$48)-1=-1.7491184416329113
TRYm
Akbank Garanti Halkbank
Isbank Vakifbank
Yapi Kredi
Average Tier 1 d CAR
impact Akbank Garanti Halkbank
Isbank Vakifbank
Yapi Kredi
Total
-0.25
(=TA
BLE(T27,T46))=8119.988711790242 (=TABLE(T27,T46))=7199.689527790242
(=TABLE(T27,T46))=6279.39034
3790242 (=TABLE(T27,T46))=5359.091159790241
(=TABLE(T27,T46))=4438.791975790241
(=TABLE(T27,
T46))=3518.4927917902414
(=TABLE(T27,T46))=1677.894423790241
(=TABLE(T27,T46))=-162.70394
420975936
(=TABLE(T27,T46))=-2003.3023122097593
(=TABLE(T27,T46))=-3843.9006802097592
(=TA
BLE(T27,T46))=-5684.49904820976 -0.25
(253/SAC$48)-1=0.14068518582356604
(AA53/SAC$48)-1=0.01
1402783719971277
(AB53/$AC$48)-1=-0.11787961838362349
(AC53/$AC$48)-1=-0.24716202048721825
(AD53/SAC$48)-1=-0.376444422590813
(AE53/$AC$48)-1=-0.5057268246944077
(AF53/SAC$48)-1=-0.7
642916289015972 (AG53/$AC$48)-1=-1.0228564331087866
(AH53/SAC$48)-1=-1.2814212373159761
(A15
3/$AC$48)-1=-1.5399860415231656 (AJ53/SAC$48)-1=-1.7985508457303552
Stage 1 Base Case (2018E)
Stage 2 Total RWAs
'R:\Bank models\Turkish Bank Model with 2020 Estimates\Higher RFR\[AKBANK MO
DEL- Higher RFR and Lower NIM.xlsxjForecast (TRY)°!$BK$585=302875.679288
'R:\Bank models\Turk
ish Bank Model with 2020 Estimates\Higher RFR\(GARANTI MODEL- Higher RFR and Lower NIM.xlsx] Forecast
(TRY)'!$BK$585=291738.2124657 'R:\Bank models\Turkish Bank Model with 2020 Estimates\Higher RFR\[H
ALKBANK MODEL- Higher RFR and Lower NIM.xlsx]Forecast (TRY)'!$BK$585=234881.86808775
111:\Bank mod
els\Turkish Bank Model with 2020 Estimates\Higher RFR\[ISBANK MODEL- Higher RFR and Lower NIM.xlsx]F
orecast (TRY)°!$BK$585=344418.17760000005
'R:\Bank models\Turkish Bank Model with 2020 Estimat
es\Higher RFR\[VAKIFBANK MODEL- Higher RFR and Lower NIM.xlsx]Forecast (TRY)'!$BK$585=218144.9068410
0002
'R:\Bank models\Turkish Bank Model with 2020 Estimates\Higher RFR\JYAPI KREDI MODEL- Higher
RFR and Lower NIM.xlsxjForecast (TRY)'!$BK$590=282617.49027600006
SUM(M55:R55)=1674676.3345584
502
Stage 3 (C39-C49)/C41*4=0.0029079037996552724
(D39-D49)/D41*4=-0.006762891000495025
(E39-E49)/E4
1*4=0.0016493062187403346
(F39-F49)/F41*4=0.0015955530701186181
(G39-G49)/G41*4=0.0120076226
53583133
(H39-H49)/H41*4=0.005066436880354615
(139-149)/141*4=0.002527121016886734
Shar
eholders equity 111:\Bank models\Turkish Bank Model with 2020 Estimates\Higher RFR\(AKBANK MODEL- Hig
her RFR and Lower NIM.xlsx]Forecast (TRY)'!$BK$112=45023.093839641784
'R:\Bank models\Turkish Bank
Model with 2020 Estimates\Higher RFR\[GARANTI MODEL- Higher RFR and Lower NIM.xlsx]Forecast (TRY)'!
$BK$112=46285.562756758685
'R:\Bank models\Turkish Bank Model with 2020 Estimates\Higher RFR\[H
ALKBANK MODEL- Higher RFR and Lower NIM.xlsx]Forecast (TRY)'!$BK$112=28589.813364406662 111:\Bank mod
els\Turkish Bank Model with 2020 Estimates\Higher RFR\[ISBANK MODEL- Higher RFR and Lower NIM.xlsx]F
orecast (TRY)'!$BK$112=47900.06103707109
'R:\Bank models\Turkish Bank Model with 2020 Estimat
es\Higher RFR\[VAKIFBANK MODEL- Higher RFR and Lower NIM.xlsx]Forecast (TRY)'!$BK$112=26437.01735411
7375
'R:\Bank models\Turkish Bank Model with 2020 Estimates\Higher RFR\JYAPI KREDI MODEL- Higher
RFR and Lower NIM.xlsxjForecast (TRY)'!$BK$112=37708.092663756914
SUM(M56:R56)=231943.64101575
254
Total
(C40-C49)/C41*4=0.008943622377209748
(D4O-D49)/D41*4=0.013768024443224555
(E40-E49)/E4
1*4=0.0037943418836064724
(F40-F49)/F41*4=0.011155433566480983
(G40-G49)/G41*4=0.0169893501
7329771 (H4O-H49)/H41*4=0.009435563468637288
(140-149)/141*4=0.010646610506557188
Tier 1 Capit
al
'R:\Bank models\Turkish Bank Model with 2020 Estimates\Higher RFR\[AKBANK MODEL- Higher RFR
and Lower NIM.xlsx]Forecast (TRY)'!$BK$574=44122.63196284895
111:\Bank models\Turkish Bank Model w
ith 2020 Estimates\Higher RFR\[GARANTI MODEL- Higher RFR and Lower NIM.xlsx]Forecast (TRY)'!$BK$574=
45591.27931540731
'R:\Bank models\Turkish Bank Model with 2020 Estimates\Higher RFR\[HALKBANK
MODEL- Higher RFR and Lower NIM.xlsx)Forecast (TRY)'!$BK$574=28018.01709711853 'R:\Bank models\Turk
ish Bank Model with 2020 Estimates\Higher RFR\(ISBANK MODEL- Higher RFR and Lower NIM.xlsx]Forecast
(TRY)'!$BK$574=46942.05981632967
111:\Bank models\Turkish Bank Model with 2020 Estimates\Highe
r RFR\[VAKIFBANK MODEL- Higher RFR and Lower NIM.xlsx)Forecast (TRY)'!$BK$574=25908.277007035027
'R:\Bank models\Turkish Bank Model with 2020 Estimates\Higher RFR\[YAPI KREDI MODEL- Higher RFR and
Lower NIM.xlsx]Forecast (TRY)'!$BK$557=33560.20247074365
SUM(M57:R57)=224142.46766948313 HALK
BANK
HALKBANK
Tier 2 Capital 'R:\Bank models\Turkish Bank Model with 2020 Estimates\Higher RFR\(AKBANK MODEL- Hig
her RFR and Lower NIM.xlsx]Forecast (TRY)'!$BK$575=6078.117668351641
'R:\Bank models\Turkish Bank
EFTA01437439
Model with 2020 Estimates\Higher RFR\[GARANTI MODEL- Higher RFR and Lower NIM.xlsx] Forecast (TRY)'!
SBK$575=7161.802715988953
'R:\Bank models\Turkish Bank Model with 2020 Estimates\Higher RFR\[H
ALKBANK MODEL- Higher RFR and Lower NIM.xlsx]Forecast (TRY)'!$BK$575=3144.879470084733 "R:\Bank mod
els\Turkish Bank Model with 2020 Estimates\Higher RFR\[ISBANK MODEL- Higher RFR and Lower NIM.xlsx]F
orecast (TRY)'!$BK$575=8622.010986672796
'R:\Bank models\Turkish Bank Model with 2020 Estimat
es\Higher RFR\[VAKIFBANK MODEL- Higher RFR and Lower NIM.xlsx]Forecast (TRY)'!$BK$575=6212.699078217
583
'R:\Bank models\Turkish Bank Model with 2020 Estimates\Higher RFR\CLAPI KREDI MODEL- Higher
RFR and Lower NIM.xlsx)Forecast (TRY)'!$BK$565=9992.644555895582
SUM(M58:R58)=41212.154475211
28
Net profit
$ of Stage 2 loans transferred to Stage 3 loans Net profit: change from base
$ of Stage 2 loans transferred to Stage 3 loans
Deductions
'R:\Bank models\Turkish Bank Model with 2020 Estimates\Higher RFR\(AKBANK MODEL- Hig
her RFR and Lower NIM.xlsx]Forecast (TRY)'!$BK$577=7.262812189425495
'R:\Bank models\Turkish Bank
Model with 2020 Estimates\Higher RFR\[GARANTI MODEL- Higher RFR and Lower NIM.xlsx] Forecast (TRY)'!
$BK$577=34.580451246550766
'R:\Bank models\Turkish Bank Model with 2020 Estimates\Higher RFR\[H
ALKBANK MODEL- Higher RFR and Lower NIM.xlsx]Forecast (TRY)'!$BK$577=20.012869355084664 'R:\Bank mod
els\Turkish Bank Model with 2020 Estimates\Higher RFR\[ISBANK MODEL- Higher RFR and Lower NIM.xlsx]F
orecast (TRY)'!$BK$577=47.9000610370711 'R:\Bank models\Turkish Bank Model with 2020 Estimates\Highe
RFR\[VAKIFBANK MODEL- Higher RFR and Lower NIM.xlsx)Forecast (TRY)'!$BK$577=2.643701735411738 'R:\
Bank models\Turkish Bank Model with 2020 Estimates\Higher RFR\JYAPI KREDI MODEL- Higher RFR and Lowe
NIM.xlsx)Forecast (TRY)'!$BK$572=301.6647413100553
SUM(M59:R59)=414.06463687359906 Loan growth
(ppt change from base) $O$31=3809.28613779219 AA59-0.05=-0.15000000000000002 AB59-0.05=-0.10 -0.0
5
0
0.05
AD59+0.05=0.10 0.20
0.30
0.40
0.50
0.60
Y59=3809.28613779219
AO59-0.05=-0.15000000000000002 AP59-0.05=-0.10 -0.05
0
0.05
AR59+0.05=0.10 0.20
0.30
0.40
0.50
0.60
Capital base
M57+M58-M59=50193.48681901117
N57+N58-N59=52718.501580149714 057+058-059=31142.88
3697848178
P57+P58-P59=55516.17074196539
Q57+Q58-Q59=32118.332383517198 R57+R58-R59=43251.18
2285329174
257+558-559=264940.55750782083 0.08
(=TABLE(T27,T46))=4956.55035475219
(=TA
BLE(T27,T46))=4757.97805075219 (=TABLE(T27,T46))=4559.405746752191
(=TABLE(T27,246))=4360.83344
275219 (=TABLE(T27,T46))=4162.26113875219
(=TABLE(T27,T46))=3963.6888347521904
(=TABLE(T27,
T46))=3566.5442267521903
(=TABLE(T27,T46))=3169.3996187521907
(=TABLE(T27,246))=2772.25501
075219 (=TABLE(T27,T46))=2375.11040275219
(=TABLE(T27,T46))=1977.9657947521905
0.08
(Z60
/$AC$64)-1=0.30117564694810217 (AA60/$AC$64)-1=0.24904716491312162
(AB60/$AC$64)-1=0.1969186828
7814152 (AC60/$AC$64)-1=0.14479020084316097
(AD60/$AC$64)-1=0.09266171880818064
(AE60/$AC$64
)-1=0.04053323677320031 (AF60/$AC$64)-1=-0.06372372729676057
(AG60/SAC$64)-1=-0.16798069136672122
(AH60/$AC$64)-1=-0.2722376554366821
(A160/$AC$64)-1=-0.37649461950664287
(AJ60/$AC$64)-1=-0.4
807515835766035
Tier 1 capital ratio (base)
M57/M55=0.1456790194134188
N57/N55=0.15627462350605692
057/
055=0.11928556821019161 P57/P55=0.13629379303797134
057/Q55=0.11876636214990284
R57/R55=0.11
874779030119209 257/S55=0.13384226136364502
0.06
(=TABLE(T27,T46))=4818.66352851219
(=TA
BLE(T27,T46))=4620.09122451219 (=TABLE(T27,T46))=4421.518920512191
(=TABLE(T27,T46))=4222.94661
651219 (=TABLE(T27,T46))=4024.3743125121896
(=TABLE(T27,T46))=3825.80200851219
(=TABLE(T27,
T46))=3428.6574005121897
(=TABLE(T27,T46))=3031.51279251219
(=TABLE(T27,T46))=2634.36818
45121896
(=TABLE(T27,T46))=2237.22357651219
(=TABLE(T27,T46))=1840.07896851219
0.06
(Z61/$AC$64)-1=0.2649780967373119
(AA61/$AC$64)-1=0.21284961470233155
(AB61/$AC$64)-1=0.16
072113266735122 (AC61/$AC$64)-1=0.10859265063237089
(AD61/$AC$64)-1=0.05646416859739012
(AE6
1/$AC$64)-1=0.004335686562409791
(AF61/$AC$64)-1=-0.09992127750755087
(AG61/$AC$64)-1=-0.2
0417824157751163
(AH61/$AC$64)-1=-0.3084352056474725
(A161/$AC$64)-1=-0.41269216971743317
(AJ61/$AC$64)-1=-0.5169491337873939
CAR (base)
M60/M55=0.165723068081947
N60/N55=0.18070482140335967
060/055=0.1325895606
6465483 P60/P55=0.16118827156225388
Q60/055=0.1472339320162418
R60/R55=0.15303788255670486
S60/555=0.15820403742534273
0.04
(=TABLE(T27,T46))=4680.77670227219
(=TABLE(T27,T46))=44
82.20439827219 (=TABLE(T27,T46))=4283.63209427219
(=TABLE(T27,T46))=4085.0597902721906
(=TA
BLE(T27,T46))=3886.4874862721904
(=TABLE(T27,T46))=3687.9151822721906
(=TABLE(T27,T46))=32
90.7705742721905
(=TABLE(T27,T46))=2893.625966272191
(=TABLE(T27,T46))=2496.4813582721904
(=TABLE(T27,T46))=2099.3367502721903
(=TABLE(T27,T46))=1702.1921422721907
0.04
(262/$AC$64)
-1=0.22878054652652158 (AA62/$AC$64)-1=0.17665206449154125
(AB62/$AC$64)-1=0.12452358245656092
(AC62/$AC$64)-1=0.0723951004215806
(AD62/SAC$64)-1=0.020266618386600266
(AE62/$AC$64)-1=-0.0
3186186364838017
(AF62/$AC$64)-1=-0.13611882771834094
(AG62/$AC$64)-1=-0.2403757917883016
(AH62/$AC$64)-1=-0.3446327558582625
(A162/SAC$64)-1=-0.44888971992822335
(AJ62/$AC$64)-1=-0.5
53146683998184
Tier 1 capital threshold (2018) 0.09375 0.09375 0.08875000000000001
0.09375 0.08875000000000001
0.09125 AVERAGE(M63:R63)=0.09166666666666667
0.02
(=TABLE(T27,T46))=4542.88987603219
(=TA
BLE(T27,T46))=4344.31757203219 (=TABLE(T27,T46))=4145.74526803219
(=TABLE(T27,T46))=3947.17296
403219 (=TABLE(T27,T46))=3748.60066003219
(=TABLE(T27,T46))=3550.02835603219
(=TABLE(T27,
246))=3152.88374803219 (=TABLE(T27,T46))=2755.7391400321903
(=TABLE(T27,T46))=2358.59453203219
(=TABLE(T27,T46))=1961.4499240321902
(=TABLE(T27,T46))=1564.3053160321904
0.02
(263/$AC$64)
-1=0.1925829963157315
(AA63/$AC$64)-1=0.14045451428075095
(AB63/$AC$64)-1=0.08832603224577062
(AC63/$AC$64)-1=0.0361975502107903
(AD63/$AC$64)-1=-0.015930931824190142
(AE63/$AC$64)-1=-0.0
6805941385917058
(AF63/$AC$64)-1=-0.17231637792913135
(AG63/$AC$64)-1=-0.276573341999092
(AH63/$AC$64)-1=-0.3808303060690529
(A163/$AC$64)-1=-0.48508727013901354
(AJ63/$AC$64)-1=-0.5
893442342089743
CAR threshold (2018)
0.12
0.12
0.12
0.12
0.12
0.12
AVERAGE(M64:R64)=0.12
0
(=TABLE(T27,246))=4405.00304979219
(=TABLE(T27,T46))=4206.43074579219
(=TABLE(T27,T46))=40
07.85844179219 (=TABLE(T27,T46))=3809.28613779219
(=TABLE(T27,T46))=3610.7138337921897
(=TA
BLE(T27,T46))=3412.14152979219 (=TABLE(T27,T46))=3014.99692179219
(=TABLE(T27,T46))=2617.85231
379219 (=TABLE(T27,T46))=2220.7077057921897
(=TABLE(T27,T46))=1823.5630977921899
(=TABLE(T27,
T46))=1426.41848979219 0
(Z64/$AC$64)-1=0.1563854461049412
(AA64/$AC$64)-1=0.1042569640
6996066 (AB64/$AC$64)-1=0.05212848203498055
(AC64/$AC$64)-1=0
(AD64/$AC$64)-1=-0.052128482
03498044
(AE64/SAC$64)-1=-0.10425696406996077
(AF64/$AC$64)-1=-0.20851392813992153
(AG6
EFTA01437440
4f$AC$64)-1=-0.3127708922098823 (AH64/$AC$64)-1=-0.4170278562798432
(A164/$AC$64)-1=-0.521284820
349804 (AJ64/$AC$64)-1=-0.6255417844197646
Tier 1 capital headroom M61-M63=0.05192901941341879
N61-N63=0.06252462350605692
061-063=0.03
05355682101916 P61-P63=0.042543793037971345
Q61-Q63=0.03001636214990283
R61-R63=0.0274977903
01192093
261-563=0.04217559469697835
-0.02
(=TABLE(T27,T46))=4267.11622355219
(=TA
BLE(T27,T46))=4068.5439195521894
(=TABLE(T27,T46))=3869.97161555219
(=TABLE(T27,T46))=36
71.39931155219 (=TABLE(T27,T46))=3472.8270075521896
(=TABLE(T27,T46))=3274.2547035521898
(=TA
BLE(T27,T46))=2877.1100955521897
(=TABLE(T27,T46))=2479.96548755219
(=TABLE(T27,T46))=20
82.8208795521896
(=TABLE(T27,T46))=1685.6762715521895
(=TABLE(T27,T46))=1288.5316635521897
-0.02
(Z65/$AC$64)-1=0.12018789589415091
(AA65/$AC$64)-1=0.06805941385917036
(AB65/$AC$64
)-1=0.015930931824190253
(AC65/$ACS64)-1=-0.0361975502107903
(AD65/$AC$64)-1=-0.088326032
24577074
(AE65/SAC$64)-1=-0.14045451428075106
(AF65f$AC$64)-1=-0.24471147835071183
(AG6
5f$AC$64)-1=-0.3489684424206725 (AH65f$AC$64)-1=-0.4532254064906335
(A165/$AC$64)-1=-0.557482370
5605942 (AJ65/$AC$64)-1=-0.6617393346305549
CAR headroom
M62-M64=0.04572306808194701
N62-N64=0.06070482140335967
062-064=0.0125895606
6465483 P62-P64=0.04118827156225388
Q62-Q64=0.027233932016241802
R62-R64=0.03303788255670487
S62-S64=0.03820403742534273
-0.04
(=TABLE(T27,T46))=4129.22939731219
(=TABLE(T27,T46))=39
30.657093312189 (=TABLE(T27,T46))=3732.0847893121895
(=TABLE(T27,T46))=3533.5124853121893
(=TA
BLE(T27,T46))=3334.940181312189 (=TABLE(T27,T46))=3136.367877312189
(=TABLE(T27,T46))=2739.22326
9312189 (=TABLE(T27,T46))=2342.0786613121895
(=TABLE(T27,T46))=1944.934053312189
(=TABLE(T27,
T46))=1547.7894453121892
(=TABLE(T27,T46))=1150.6448373121893
-0.04
(Z66/$AC$64)-1=0.083
99034568336061 (AA66/$AC$64)-1=0.03186186364838006
(AB66f$AC$64)-1=-0.020266618386600155
(AC6
6f$AC$64)-1=-0.0723951004215806 (AD66/$AC$64)-1=-0.12452358245656114
(AE66/$AC$64)-1=-0.176652064
49154147
(AF66/$AC$64)-1=-0.28090902856150224
(AG66f$AC$64)-1=-0.3851659926314629
(AH6
6f$AC$64)-1=-0.4894229567014238 (A166/$AC$64)-1=-0.5936799207713845
(AJ66/$AC$64)-1=-0.697936884
8413453
Stage 1 Impact of weaker asset quality (2018E) -0.06
(=TABLE(T27,T46))=3991.34257107219
(=TA
BLE(T27,T46))=3792.7702670721897
(=TABLE(T27,T46))=3594.1979630721903
(=TABLE(T27,T46))=33
95.62565907219 (=TABLE(T27,T46))=3197.05335507219
(=TABLE(T27,T46))=2998.48105107219
(=TA
BLE(T27,T46))=2601.33644307219 (=TABLE(T27,T46))=2204.1918350721903
(=TABLE(T27,T46))=1807.04722
70721898
(=TABLE(T27,T46))=1409.9026190721897
(=TABLE(T27,T46))=1012.75801107219
-0.0
6
(Z67/$AC$64)-1=0.04779279547257054
(AA67/$AC$64)-1=-0.004335686562410013
(AB67/$AC$64
)-1=-0.05646416859739023
(AC67/$AC$64)-1=-0.10859265063237067
(AD67/$AC$64)-1=-0.160721132
6673511 (AE67/$AC$64)-1=-0.21284961470233144
(AF67/$AC$64)-1=-0.3171065787722923
(AG67/$AC$64
)-1=-0.42136354284225297
(AH67/$AC$64)-1=-0.5256205069122138
(A167/$AC$64)-1=-0.629877470
9821746 (AJ67/$AC$64)-1=-0.7341344350521353
Tier 1 capital (TRYm)
M57-(M$28*0.8)=44122.63196284895
N57-(N$28*0.8)=45591.27931540731
057-(0$28*0.8)=28018.01709711853
P57-(P$28*0.8)=46942.05981632967
Q57-(Q$28*0.8)=25908
.277007035027
R57-(R$28*0.8)=33560.20247074365
S57-(S$28*0.8)=224142.46766948313
-0.0
8
(=TABLE(T27,T46))=3853.4557448321902
(=TABLE(T27,T46))=3654.88344083219
(=TABLE(T27,
T46))=3456.3111368321906
(=TABLE(T27,T46))=3257.7388328321904
(=TABLE(T27,T46))=3059.16652
883219 (=TABLE(T27,T46))=2860.5942248321903
(=TABLE(T27,T46))=2463.4496168321903
(=TABLE(T27,
T46))=2066.3050088321907
(=TABLE(T27,T46))=1669.1604008321901
(=TABLE(T27,T46))=1272.01579
28321905
(=TABLE(T27,T46))=874.8711848321906
-0.08
(Z68/$AC$64)-1=0.01159524526178024
(AA68/$AC$64)-1=-0.0405332367732002
(AB68/SAC$64)-1=-0.09266171880818042
(AC68/$AC$64)-1=-0.1
4479020084316085
(AD68/$AC$64)-1=-0.1969186828781413
(AE68/SAC$64)-1=-0.24904716491312162
(AF68/$AC$64)-1=-0.3533041289830824
(AG68/$AC$64)-1=-0.45756109305304304
(AH68/$AC$64)-1=-0.5
61818057123004 (A168/SAC$64)-1=-0.6660750211929647
(AJ68f$AC$64)-1=-0.7703319852629255
Capital base (TRYm)
M60-(M$28*0.8)=50193.48681901117
N60-(N$28*0.8)=52718.501580149714
060-(0$28*0.8)=31142.883697848178
P60-(P$28*0.8)=55516.17074196539
Q60-(Q$28*0.8)=32118
.332383517198
R60-(R$28*0.8)=43251.182285329174
S60-(S$28*0.8)=264940.55750782083
-0.1
0
(=TABLE(T27,T46))=3715.56891859219
(=TABLE(T27,T46))=3516.99661459219
(=TABLE(T27,
T46))=3318.4243105921905
(=TABLE(T27,T46))=3119.8520065921903
(=TABLE(T27,T46))=2921.27970
259219 (=TABLE(T27,T46))=2722.70739859219
(=TABLE(T27,T46))=2325.56279059219
(=TABLE(T27,
T46))=1928.4181825921905
(=TABLE(T27,T46))=1531.27357459219
(=TABLE(T27,T46))=1134.12896
65921902
(=TABLE(T27,T46))=736.9843585921903
-0.10
(Z69/$AC$64)-1=-0.024602304949009945
(AA69/$AC$64)-1=-0.07673078698399038
(AB69/$AC$64)-1=-0.1288592690189706
(AC69/$AC$64)-1=-0.1
8098775105395104
(AD69/$AC$64)-1=-0.2331162330889316
(AE69/SAC$64)-1=-0.2852447151239119
(AF69/$AC$64)-1=-0.3895016791938727
(AG69/$AC$64)-1=-0.49375864326383334
(AH69/$AC$64)-1=-0.5
980156073337943 (A169/SAC$64)-1=-0.702272571403755
(AJ69f$AC$64)-1=-0.8065295354737158
Tier 1 capital ratio (new)
M68/M55=0.1456790194134188
N68/N55=0.15627462350605692
068/
055=0.11928556821019161 P68/P55=0.13629379303797134
Q68/Q55=0.11876636214990284
R68/R55=0.11
874779030119209 268/555=0.13384226136364502
CAR (new)
M69/M55=0.165723068081947
N69/N55=0.18070482140335967
069/055=0.1325895606
6465483 P69/P55=0.16118827156225388
Q69/Q55=0.1472339320162418
R69/R55=0.15303788255670486
S69/S55=0.15820403742534273
Tier 1 capital ratio - chg. from base (bps)
(M70-M61)*100=0 (N70-N61)*100=0 (070-061)*100=0 (P70
-P61)*100=0
(Q70-Q61)*100=0 (R7O-R61)*100=0 (270-261)*100=0
CoR (net)
CAR - chg. from base (bps)
(M71-M62)*100=0 (N71-N62)*100=0 (071-062)*100=0 (P71
-P62)*100=0
(Q71-Q62)*100=0 (R71-R62)*100=0 (S71-S62)*100=0 ISBANK ISBANK
Tier 1 capital headroom M70-M63=0.05192901941341879
N70-N63=0.06252462350605692
070-063=0.03
05355682101916 P70-P63=0.042543793037971345
Q70-Q63=0.03001636214990283
R7O-R63=0.0274977903
01192093
S70-563=0.04217559469697835
Net profit
% of Stage 2 loans transferred to St
age 3 loans
Net profit: change from base
% of Stage 2 loans transferred to Stage 3 loans
CAR headroom
M71-M64=0.04572306808194701
N71-N64=0.06070482140335967
071-064=0.0125895606
6465483 P71-P64=0.04118827156225388
Q71-Q64=0.027233932016241802
R71-R64=0.03303788255670487
S71-564=0.03820403742534273
Loan growth (ppt change from base)
P31=6242.064735470831
AA75
-0.05=-0.15000000000000002
AB75-0.05=-0.10 -0.05
0
0.05
AD75+0.05=0.10 0.20
0.30
0.40
0.50
0.60
Y75=6242.064735470831
A075-0.05=-0.15000000000000002 AP75-0.05=-0.10 -0.0
EFTA01437441
5
0
0.05
AR75+0.05=0.10 0.20
0.30
0.40
0.50
0.60
0.20
(=TABLE(T27,T46))=9401.795018670833
(=TABLE(T27,T46)]=8880.697266670832
(=TABLE(T27,
T46))=8359.59951467083 (=TABLE(T27,T46))=7838.501762670831
(=TABLE(T27,T46))=7317.404010670832
(=TABLE(T27,T46)]=6796.306258670831
(=TABLE(T27,T46))=5754.110754670831
(=TABLE(T27,T46))=47
11.9152506708315
(=TABLE(T27,T46)]=3669.7197466708312
(=TABLE(T27,T46))=2627.524242670831
(=TABLE(T27,T46)]=1585.3287386708316
0.20
(Z76/$AC$80)-1=0.5061995376697528
(AA76/$AC$80
)-1=0.42271790553626354 (AB76/$AC$80)-1=0.3392362734027743
(AC76/$AC$80)-1=0.2557546412692857
(AD76/$AC$80)-1=0.17227300913579668
(AE76/$AC$80)-1=0.08879137700230766
(AF76/$AC$80)-1=-0.0
7817188726467028
(AG76/$AC$80)-1=-0.2451351515316481
(AH76/$AC$80)-1=-0.41209841579862616
(A176/$AC$80)-1=-0.5790616800656041
(AJ76/SAC$80)-1=-0.7460249443325819
TRYm
Akbank Garanti Halkbank
Isbank Vakifbank
Yapi Kredi
Average Valuation
Akbank Garanti Halkbank
Isbank Vakifbank
Yapi Kredi
Total
0.15
(=TABLE(T27,
T46)]=9002.68576187083 (=TABLE(T27,T46))=8481.58800987083
(=TABLE(T27,T46))=7960.49025787083
(=TABLE(T27,T46)]=7439.39250587083
(=TABLE(T27,T46))=6918.29475387083
(=TABLE(T27,T46))=63
97.19700187083 (=TABLE(T27,T46))=5355.00149787083
(=TABLE(T27,T46))=4312.80599387083
(=TA
BLE(T27,T46))=3270.61048987083 (=TABLE(T27,T46))=2228.4149858708297
(=TABLE(T27,T46))=1186.21948
18708301
0.15
(Z77/SAC$80)-1=0.442260877352431
(AA77/SAC$80)-1=0.3587792452189418
(AB77/$AC$80)-1=0.275297613085453
(AC77/$AC$80)-1=0.19181598095196395
(A077/$AC$80)-1=0.10
833434881847515 (AE77/$AC$80)-1=0.02485271668498612
(AF77/$AC$80)-1=-0.14211054758199193
(AG7
7/$AC$80)-1=-0.30907381184896976
(AH77/$AC$80)-1=-0.4760370761159477
(A177/SAC$80)-1=-0.6
430003403829256 (AJ77/SAC$80)-1=-0.8099636046499035
Net profit (base)
M30=6405.467516045113
N30=7118.518599790241
030=3809.28613779219
P30=
6242.064735470831
Q30=3822.804240772133
R30=3853.9025619301465 S30=31252.043791800654 0.10
(=TABLE(T27,T46)]=8603.576505070832
(=TABLE(T27,T46))=8082.478753070833
(=TABLE(T27,T46))=75
61.381001070831 (=TABLE(T27,T46))=7040.2832490708315
(=TABLE(T27,T46))=6519.185497070832
(=TA
BLE(T27,T46))=5998.087745070832 (=TABLE(T27,T46))=4955.892241070831
(=TABLE(T27,T46))=3913.69673
7070832 (=TABLE(T27,T46))=2871.501233070832
(=TABLE(T27,T46))=1829.3057290708316
(=TABLE(T27,
T46)]=787.1102250708323 0.10
(Z78/$AC$80)-1=0.37832221703510993
(AA78/$AC$80)-1=0.2948405849
016209 (AB78/$AC$80)-1=0.21135895276813188
(AC78/$AC$80)-1=0.12787732063464285
(A078/$AC$80
)-1=0.04439568850115405 (AE78/$AC$80)-1=-0.039085943632334974
(AF78/$AC$80)-1=-0.20604920789931302
(AG78/$AC$80)-1=-0.37301247216629085
(AH78/$AC$80)-1=-0.5399757364332688
(A178/$AC$80)-1=-0.7
069390007002467 (AJ78/SAC$80)-1=-0.8739022649672246
Net profit (new)
M31=6405.467516045113
N31=7118.518599790241
031=3809.28613779219
P31=
6242.064735470831
Q31=3822.804240772133
R31=3853.9025619301465 S31=31252.043791800654 0.05
(=TABLE(T27,T46))=8204.467248270832
(=TABLE(T27,T46))=7683.369496270831
(=TABLE(T27,T46))=71
62.271744270831 (=TABLE(T27,T46))=6641.173992270831
(=TABLE(T27,T46))=6120.0762402708315
(=TA
BLE(T27,T46))=5598.978488270831 (=TABLE(T27,T46))=4556.782984270831
(=TABLE(T27,T46))=3514.58748
02708313
(=TABLE(T27,T46))=2472.391976270831
(=TABLE(T27,T46))=1430.196472270831
(=TA
BLE(T27,T46))=388.00096827083166
0.05
(Z79/$AC$80)-1=0.3143835567177884
(AA79/$AC$80
)-1=0.23090192458429937 (AB79/$AC$80)-1=0.14742029245081034
(AC79/SAC$80)-1=0.06393866031732154
(AD79/$AC$80)-1=-0.019542971816167487
(AE79/$AC$80)-1=-0.10302460394965651
(AF79/$AC$80)-1=-0.2
6998786821663445
(AG79/$AC$80)-1=-0.4369511324836123
(AH79/$AC$80)-1=-0.6039143967505902
(A179/$AC$80)-1=-0.7708776610175683
(AJ79/$AC$80)-1=-0.9378409252845461
Book value (base)
M56=45023.093839641784 N56=46285.562756758685 056=28589.813364406662 P56=
47900.06103707109
Q56=26437.017354117375 R56=37708.092663756914 S56=231943.64101575254 0
(=TABLE(T27,T46)]=7805.357991470832
(=TABLE(T27,T46))=7284.260239470831
(=TABLE(T27,T46))=67
63.1624874708305
(=TABLE(T27,T46)]=6242.064735470831
(=TABLE(T27,T46))=5720.966983470831
(=TABLE(T27,T46)]=5199.8692314708305
(=TABLE(T27,T46))=4157.67372747083
(=TABLE(T27,T46))=31
15.478223470831 (=TABLE(T27,T46))=2073.2827194708307
(=TABLE(T27,T46))=1031.0872154708304
(=TA
BLE(T27,T46))=-11.10828852916893
0
(Z80/$AC$80)-1=0.2504448964004671
(AA80/$AC$80
)-1=0.16696326426697805 (ABBO/$AC$80)-1=0.0834816321334888
(AC80/$AC$80)-1=0
(A080/$AC$80
)-1=-0.08348163213348891
(AE80/$AC$80)-1=-0.16696326426697794
(AFBO/$AC$80)-1=-0.333926528
533956 (AG80/$AC$80)-1=-0.5008897928009337
(AH80/$AC$80)-1=-0.6678530570679118
(A180/$AC$80
)-1=-0.8348163213348897 (AJ80/$AC$80)-1=-1.0017795856018674
Book value (new)
M56-(M28*0.8)=45023.093839641784
N56-(N28*0.8)=46285.562756758685
056-(028*0.8)=28589.813364406662
P56-(P28*0.8)=47900.06103707109 Q56-(Q28*0.8)=26437.01735411
7375
R56-(R28*0.8)=37708.092663756914
S56-(S28*0.8)=231943.64101575254
-0.05
(=TA
BLE(T27,T46))=7406.248734670831 (=TABLE(T27,T46))=6885.150982670831
(=TABLE(T27,T46)]=6364.05323
067083 (=TABLE(T27,T46))=5842.95547867083
(=TABLE(T27,T46)]=5321.857726670831
(=TABLE(T27,
T46))=4800.75997467083 (=TABLE(T27,246)]=3758.56447067083
(=TABLE(T27,T46))=2716.3689666708306
(=TABLE(T27,T46))=1674.17346267083
(=TABLE(T27,T46))=631.9779586708298
(=TABLE(T27,T46))=-4
10.2175453291695
-0.05
(Z81/$AC$80)-1=0.18650623608314554
(AAB1/$AC$80)-1=0.1030246039
4965651 (AB81/$AC$80)-1=0.019542971816167487
(ACB1/$AC$80)-1=-0.06393866031732143
(AD81/$AC$80
)-1=-0.14742029245081034
(AE81/$ACS80)-1=-0.23090192458429937
(AFB1/$AC$80)-1=-0.397865188
8512774 (AG81/$AC$80)-1=-0.5648284531182552
(AH81/SAC$80)-1=-0.7317917173852332
(A181/$AC$80
)-1=-0.8987549816522111 (AJ81/$AC$80)-1=-1.065718245919189
Price (TRY/shr) 6.60
7
6.40
4.94
4.06
2.2
-0.10
(=TABLE(T27,T46)]=7007.13947
7870831 (=TABLE(T27,T46))=6486.041725870831
(=TABLE(T27,246)]=5964.94397387083
(=TABLE(T27,
T46))=5443.84622187083 (=TABLE(T27,T46)]=4922.74846987083
(=TABLE(T27,T46))=4401.650717870831
(=TABLE(T27,T46))=3359.45521387083
(=TABLE(T27,T46))=2317.2597098708306
(=TABLE(T27,T46))=12
75.0642058708304
(=TABLE(T27,T46)]=232.86870187083014
(=TABLE(T27,T46))=-809.3268021291692
-0.10
(Z82/$AC$80)-1=0.12256757576582422
(AA82/$AC$80)-1=0.039085943632335196
(AB82/SAC$80
)-1=-0.04439568850115394
(AC82/$AC$80)-1=-0.12787732063464285
(AD82/$AC$80)-1=-0.211358952
76813177
(AE82/$AC$80)-1=-0.2948405849016207
(AF82/$AC$80)-1=-0.46180384916859873
(AGB
2/$AC$80)-1=-0.6287671134355766 (AH82/$AC$80)-1=-0.7957303777025545
(A182/$AC$80)-1=-0.962693641
9695326 (AJ82/$AC$80)-1=-1.1296569062365103
Paid-in cap (TRYm)
'R:\Bank models\Turkish Bank Model with 2020 Estimates\Higher RFR\[AKBANK MO
DEL- Higher RFR and Lower NIM.xlsx)Forecast (TRY)'!$BK$113=4000 'R:\Bank models\Turkish Bank Model w
ith 2020 Estimates\Higher RFR\[GARANTI MODEL- Higher RFR and Lower NIM.xlsx]Forecast (TRY)'!$BK$113=
EFTA01437442
4200
'R:\Bank models\Turkish Bank Model with 2020 Estimates\Higher RFR\[HALKBANK MODEL- Higher RF
R and Lower NIM.xlsx]Forecast (TRY)'!$BK$113=1250
'R:\Bank models\Turkish Bank Model with 2020
Estimates\Higher RFR\(ISBANK MODEL- Higher RFR and Lower NIM.xlsx]Forecast (TRY)°!$BK$113=4500 'R:\
Bank models\Turkish Bank Model with 2020 Estimates\Higher RFR\[VAKIFBANK MODEL- Higher RFR and Lower
NIM.xlsx]Forecast (TRY)'!$BK$113=2500 'R:\Bank models\Turkish Bank Model with 2020 Estimates\Highe
r RFR\[YAPI KREDI MODEL- Higher RFR and Lower NIM.xlsx]Forecast (TRY)'!$BK$113=8447.051 -0.15
(=TA
BLE(T27,T46))=6608.030221070831 (=TABLE(T27,T46))=6086.932469070831
(=TABLE(T27,T46))=5565.83471
707083 (=TABLE(T27,T46))=5044.736965070831
(=TABLE(T27,T46))=4523.639213070831
(=TABLE(T27,
T46))=4002.5414610708303
(=TABLE(T27,T46))=2960.34595707083
(=TABLE(T27,T46))=1918.15045
3070831 (=TABLE(T27,T46))=875.9549490708307
(=TABLE(T27,T46))=-166.24055492916955
(=TABLE(T27,
T46))=-1208.436058929169
-0.15
(283/$AC$80)-1=0.058628915448502905
(AA83/$AC$80)-1=-0.0
2485271668498623
(AB83/$AC$80)-1=-0.10833434881847526
(AC83/$AC$80)-1=-0.19181598095196417
(AD83/$AC$80)-1=-0.2752976130854531
(AE83/$AC$80)-1=-0.3587792452189421
(AF83/$AC$80)-1=-0.5
2574250948592
(AG83/$AC$80)-1=-0.6927057737528979
(AH83/$AC$80)-1=-0.8596690380198759
(AI8
31$AC$80)-1=-1.0266323022868538 (AJ83/$AC$80)-1=-1.1935955665538316
M.Cap (TRYm)
M82*M83=26400
N82*N83=29400
082*083=8000
P82*P83=22230
Q82*Q83=10149.999999
999998 R82*R83=18583.5122
-0.20
(=TABLE(T27,T46))=6208.920964270832
(=TABLE(T27,T46))=56
87.823212270831 (=TABLE(T27,T46))=5166.725460270831
(=TABLE(T27,T46))=4645.627708270831
(=TA
BLE(T27,T46))=4124.5299562708315
(=TABLE(T27,T46))=3603.432204270831
(=TABLE(T27,T46))=25
61.2367002708306
(=TABLE(T27,T46))=1519.0411962708315
(=TABLE(T27,T46))=476.84569227083125
(=TABLE(T27,T46))=-565.349811729169
(=TABLE(T27,T46))=-1607.5453157291684
-0.20
(284/$AC$80)
-1=-0.005309744868818411
(AA84/$AC$80)-1=-0.08879137700230755
(AB84/$AC$80)-1=-0.172273009
13579657
(AC84/$AC$80)-1=-0.2557546412692855
(AD84/$AC$80)-1=-0.3392362734027744
(AEB
4/$AC$80)-1=-0.4227179055362634 (AF84/$AC$80)-1=-0.5896811698032414
(AG84/$AC$80)-1=-0.756644434
0702192 (AH84/$AC$80)-1=-0.9236076983371971
(A184/$AC$80)-1=-1.090570962604175
(AJ84/SAC$80
)-1=-1.257534226871153
-0.25
(=TABLE(T27,T46))=5809.811707470832
(=TABLE(T27,T46))=5288.713955470831
(=TABLE(T27,
T46))=4767.61620347083 (=TABLE(T27,T46))=4246.518451470831
(=TABLE(T27,T46))=3725.420699470831
(=TABLE(T27,T46))=3204.3229474708305
(=TABLE(T27,T46))=2162.1274434708303
(=TABLE(T27,T46))=11
19.9319394708307
(=TABLE(T27,246))=77.73643547083043
(=TABLE(T27,T46))=-964.4590685291698
(=TABLE(T27,T46))=-2006.6545725291692
-0.25
(Z85/SAC$80)-1=-0.06924840518613984
(AA85/SAC$80
)-1=-0.15273003731962898
(AB85/$AC$80)-1=-0.236211669453118
(AC85/$AC$80)-1=-0.319693301
5866069 (AD85/$AC$80)-1=-0.40317493372009583
(AE85/$AC$80)-1=-0.48665656585358485
(AF85/SAC$80
)-1=-0.6536198301205629 (AG85/$AC$80)-1=-0.8205830943875407
(AH85/$AC$80)-1=-0.9875463586545187
(A185/$AC$80)-1=-1.1545096229214966
(AJ85/$AC$80)-1=-1.3214728871884744
P/E (2018E), base (x)
M$84/M78=4.121479023017509
N$84/N78=4.130072793638036
0584/078=2.1
00131024716534 P$84/P78=3.5613216046410034
Q$84/Q78=2.6551189547571217
R$84/R78=4.821998455
169255 AVERAGE(M86:R86)=3.565020309323243
P/E (2018E), implied (x)
M$84/M79=4.121479023017509
N$84/N79=4.130072793638036
O$84
/079=2.100131024716534 P$84/P79=3.5613216046410034
Q$84/Q79=2.6551189547571217
R$84/R79=4.8
21998455169255 AVERAGE(M87:R87)=3.565020309323243
Change from base
M87/M86-1=0
N87/N86-1=0
087/086-1=0
P87/P86-1=0
Q87/Q86-1=0
R87/R86-1=0
S87/586-1=0
VAKIFBANK
VAKIFBANK
P/BV (2018E), base (x) M$84/M80=0.5863657458554173
7981994488847295
P$84/P80=0.4640912666644752
928255683921537 AVERAGE(M90:R90)=0.47370352490327244
ed to Stage 3 loans
Net profit: change from base
ans
P/BV (2018E), implied (x)
M$84/M81=0.5863657458554173
N$84/N81=0.6351872646445671
0$84
/081=0.27981994488847295
P$84/P81=0.4640912666644752
Q$84/Q81=0.38393135897454816
R$84
/R81=0.4928255683921537 AVERAGE(M91:R91)=0.47370352490327244
Loan growth (ppt change from base)
Q31=3822.804240772133
AA91-0.05=-0.15000000000000002 AB91-0.05=-0.10 -0.05
0
0.05
AD91
+0.05=0.10
0.20
0.30
0.40
0.50
0.60
Y91=3822.804240772133
A091-0.05=-0.1500000
0000000002
AP91-0.05=-0.10 -0.05
0
0.05
AR91+0.05=0.10 0.20
0.30
0.40
0.50
0.60
Change from base
M91/M90-1=0
N91/N90-1=0
091/090-1=0
P91/P90-1=0
Q91/Q90-1=0
R91/R90-1=0
S91/590-1=0
0.20
(=TABLE(T27,T46))=5532.179624772133
(=TABLE(T27,T46))=53
82.849632772133 (=TABLE(T27,T46))=5233.519640772133
(=TABLE(T27,T46))=5084.189648772133
(=TA
BLE(T27,T46))=4934.859656772133 (=TABLE(T27,T46))=4785.529664772133
(=TABLE(T27,T46))=4486.86968
07721335
(=TABLE(T27,T46))=4188.209696772134
(=TABLE(T27,T46))=3889.549712772133
(=TA
BLE(T27,T46))=3590.889728772133 (=TABLE(T27,T46))=3292.229744772133
0.20
(Z92/$AC$96)-1=0.447
15221505947134 (AA92/$AC$96)-1=0.40808927000795125
(AB92/$AC$96)-1=0.3690263249564312
(AC9
2/$AC$96)-1=0.32996337990491087 (AD92/$AC$96)-1=0.2909004348533908
(AE92/$AC$96)-1=0.2518374898
018707 (AF92/$AC$96)-1=0.17371159969883054
(AG92/$AC$96)-1=0.09558570959579016
(AH92/$AC$96
)-1=0.017459819492749773
(A192/$AC$96)-1=-0.0606660706102905
(AJ92/$AC$96)-1=-0.138791960
71333078
Stage 1 Discount to MSCI EM Banks
0.15
(=TABLE(T27,T46))=5216.833272772133
(=TABLE(T27,
246))=5067.503280772133 (=TABLE(T27,246))=4918.173288772133
(=TABLE(T27,T46))=4768.843296772133
(=TABLE(T27,T46))=4619.513304772133
(=TABLE(T27,T46))=4470.183312772133
(=TABLE(T27,T46))=41
71.523328772133 (=TABLE(T27,T46))=3872.8633447721336
(=TABLE(T27,T46))=3574.2033607721332
(=TA
BLE(T27,T46))=3275.5433767721333
(=TABLE(T27,T46))=2976.8833927721334
0.15
(Z93/$AC$96)
-1=0.3646613700832435
(AA93/$AC$96)-1=0.3255984250317234
(AB93/$AC$96)-1=0.2865354799802031
(AC93/$AC$96)-1=0.24747253492868304
(AD93/$AC$96)-1=0.20840958987716296
(AE93/$AC$96)-1=0.16
934664482564288 (AF93/$AC$96)-1=0.09122075472260249
(AG93/$AC$96)-1=0.013094864619562552
(AH9
3/$AC$96)-1=-0.06503102548347794
(A193/$AC$96)-1=-0.1431569155865181
(AJ93/$AC$96)-1=-0.2
2128280568955838
P/E (2018E), base (x)
M86/$M$109-1=-0.45555098771235025
N86/$M$109-1=-0.4544157472076571
086/$M$109-1=-0.7225718593505239
P86/$M$109-1=-0.5295480046709375
Q86/$M$109-1=-0.6492
N$84/N80=0.
Q$84/Q80=0.
Net profit
t of Stage
6351872646445671
0584/080=0.2
38393135897454816
R$84/R80=0.4
t of Stage 2 loans transferr
2 loans transferred to Stage 3 lo
EFTA01437443
577338497858
R86/$M$109-1=-0.36301209310842075
AVERAGE(M94:R94)=-0.5290594043166126
0.10
(=TABLE(T27,T46))=4901.486920772134
(=TABLE(T27,T46))=4752.156928772134
(=TABLE(T27,T46))=46
02.826936772134 (=TABLE(T27,T46))=4453.496944772134
(=TABLE(T27,T46))=4304.166952772134
(=TA
BLE(T27,T46))=4154.836960772134 (=TABLE(T27,T46))=3856.1769767721344
(=TABLE(T27,T46))=3557.51699
27721345
(=TABLE(T27,T46))=3258.857008772134
(=TABLE(T27,T46))=2960.1970247721342
(=TA
BLE(T27,T46))=2661.5370407721343
0.10
(Z94/$AC$96)-1=0.2821705251070161
(AA94/$AC$96
)-1=0.24310758005549604 (AB94/$AC$96)-1=0.20404463500397574
(AC94/SAC$96)-1=0.16498168995245566
(AD94/$AC$96)-1=0.12591874490093558
(AE94/$AC$96)-1=0.0868557998494155
(AF94/$AC$96)-1=0.00
872990974637533 (AG94/SAC$96)-1=-0.06939598035666505
(AH94/$AC$96)-1=-0.14752187045970544
(A19
4/$AC$96)-1=-0.2256477605627456 (AJ94/$AC$96)-1=-0.3037736506657859
P/E (2018E), implied (x)
M87/$M$109-1=-0.45555098771235025
N87/$M$109-1=-0.454415747207
6571
0871$M$109-1=-0.7225718593505239
P87/$M$109-1=-0.5295480046709375
Q87/$M$109-1
=-0.6492577338497858
R87/$M$109-1=-0.36301209310842075
AVERAGE(M95:R95)=-0.5290594043166126
0.05
(=TABLE(T27,T46))=4586.140568772133
(=TABLE(T27,T46))=4436.810576772133
(=TABLE(T27,
T46)1=4287.480584772133 (=TABLE(T27,T46))=4138.150592772133
(=TABLE(T27,T46))=3988.8206007721333
(=TABLE(T27,T46))=3839.4906087721333
(=TABLE(T27,T46))=3540.8306247721334
(=TABLE(T27,T46))=32
42.1706407721335
(=TABLE(T27,T46))=2943.510656772133
(=TABLE(T27,T46))=2644.8506727721333
(=TABLE(T27,T46))=2346.1906887721334
0.05
(Z95/$AC$96)-1=0.19967968013078807
(AA95/$AC$96
)-1=0.16061673507926777 (AB95/$AC$96)-1=0.12155379002774769
(AC95/$AC$96)-1=0.0824908449762276
(AD95/$AC$96)-1=0.043427899924707525
(AE95/$AC$96)-1=0.004364954873187443
(AF95/$AC$96)-1=-0.0
7376093522985272
(AG95/$AC$96)-1=-0.151886825332893
(AH95/$AC$96)-1=-0.23001271543593338
(A195/$AC$96)-1=-0.30813860553897365
(AJ95/SAC$96)-1=-0.3862644956420139
3Y average discount
M121/$M$113-1=-0.11901840490797555
N121/$M$113-1=-0.14723926380368102
0121/$M$113-1=-0.46871165644171786
P121/$M$113-1=-0.2601226993865031
Q121/$M$113-1=-0.354
6012269938651
R121/$M$113-1=-0.2834355828220859
AVERAGE(M96:R96)=-0.2721881390593048
0
(=TABLE(T27,T46))=4270.794216772133
(=TABLE(T27,T46))=4121.464224772133
(=TABLE(T27,T46))=39
72.134232772133 (=TABLE(T27,T46))=3822.804240772133
(=TABLE(T27,T46))=3673.4742487721333
(=TA
BLE(T27,T46))=3524.1442567721333
(=TABLE(T27,T46))=3225.4842727721334
(=TABLE(T27,T46))=29
26.8242887721335
(=TABLE(T27,T46))=2628.164304772133
(=TABLE(T27,T46))=2329.5043207721333
(=TABLE(T27,T46))=2030.8443367721334
0
(Z96/$AC$96)-1=0.11718883515456047
(AA96/$AC$96
)-1=0.07812589010304016 (AB96/$AC$96)-1=0.03906294505152008
(AC96/$AC$96)-1=0
(AD96/$AC$96
)-1=-0.03906294505152008
(AE96/$AC$96)-1=-0.07812589010304027
(AF96/$AC$96)-1=-0.156251780
20608055
(AG96/$AC$96)-1=-0.2343776703091207
(AH96/$AC$96)-1=-0.3125035604121611
(A19
6/$AC$96)-1=-0.39062945051520137
(AJ96/$AC$96)-1=-0.46875534061824164
-0.05
(=TABLE(T27,T46))=3955.447864772133
(=TABLE(T27,T46))=3806.117872772133
(=TABLE(T27,
T46))=3656.787880772133 (=TABLE(T27,T46))=3507.457888772133
(=TABLE(T27,T46))=3358.127896772133
(=TABLE(T27,T46))=3208.7979047721333
(=TABLE(T27,T46))=2910.1379207721334
(=TABLE(T27,T46))=26
11.4779367721335
(=TABLE(T27,T46))=2312.817952772133
(=TABLE(T27,T46))=2014.1579687721332
(=TABLE(T27,T46))=1715.4979847721333
-0.05
(Z97/$AC$96)-1=0.03469799017833264
(AA97/SAC$96
)-1=-0.004364954873187443
(AB97/$AC$96)-1=-0.043427899924707636
(AC97/$AC$96)-1=-0.082490844
97622772
(AD97/$AC$96)-1=-0.12155379002774791
(AE97/$AC$96)-1=-0.160616735079268
(AF9
7/$AC$96)-1=-0.23874262518230827
(AG97/$AC$96)-1=-0.31686851528534854
(AH97/$AC$96)-1=-0.3
949944053883888 (A197/SAC$96)-1=-0.4731202954914291
(AJ97/$AC$96)-1=-0.5512461855944694
P/BV (2018E), base (x) M90/$M$110-1=-0.4415564325186502
N90/$M$110-1=-0.39505974795755516
090/$M$110-1=-0.7335048143919305
P90/$M$110-1=-0.5580083174624046
Q90/$M$110-1=-0.6343
510866909066
R90/$M$110-1=-0.5306423158169965
AVERAGE(M98:R98)=-0.5488537858064072
-0.1
O
(=TABLE(T27,T46))=3640.101512772133
(=TABLE(T27,T46))=3490.771520772133
(=TABLE(T27,
T46))=3341.441528772133 (=TABLE(T27,T46))=3192.111536772133
(=TABLE(T27,T46))=3042.781544772133
(=TABLE(T27,T46))=2893.4515527721333
(=TABLE(T27,T46))=2594.7915687721334
(=TABLE(T27,T46))=22
96.1315847721335
(=TABLE(T27,T46))=1997.4716007721331
(=TABLE(T27,T46))=1698.8116167721332
(=TABLE(T27,T46))=1400.1516327721333
-0.10
(Z98/$AC$96)-1=-0.04779285479789508
(AA98/$AC$96
)-1=-0.08685579984941527
(AB98/$AC$96)-1=-0.12591874490093535
(AC98/$AC$96)-1=-0.164981689
95245543
(AD98/$AC$96)-1=-0.20404463500397563
(AE98/$AC$96)-1=-0.2431075800554957
(AF9
8/$AC$96)-1=-0.321233470158536 (AG98/$AC$96)-1=-0.39935936026157626
(AH98/$AC$96)-1=-0.477485250
36461664
(A198/SAC$96)-1=-0.5556111404676569
(AJ98/$AC$96)-1=-0.6337370305706971
P/BV (2018E), implied (x)
M91/$M$110-1=-0.4415564325186502
N91/$M$110-1=-0.395059747957
55516
091/$M$110-1=-0.7335048143919305
P91/$M$110-1=-0.5580083174624046
Q91/$M$110-1
=-0.6343510866909066
R91/$M$110-1=-0.5306423158169965
AVERAGE(M99:R99)=-0.5488537858064072
-0.15
(=TABLE(T27,T46))=3324.755160772133
(=TABLE(T27,T46))=3175.425168772133
(=TABLE(T27,
T46))=3026.095176772133 (=TABLE(T27,T46))=2876.765184772133
(=TABLE(T27,T46))=2727.435192772133
(=TABLE(T27,T46))=2578.1052007721332
(=TABLE(T27,T46))=2279.4452167721333
(=TABLE(T27,T46))=19
80.7852327721334
(=TABLE(T27,T46))=1682.125248772133
(=TABLE(T27,T46))=1383.4652647721332
(=TABLE(T27,T46))=1084.8052807721333
-0.15
(Z99/$AC$96)-1=-0.1302836997741228
(AA99/SAC$96
)-1=-0.169346644825643 (AB99/$AC$96)-1=-0.20840958987716307
(AC99/$AC$96)-1=-0.24747253492868326
(AD99/$AC$96)-1=-0.28653547998020334
(AE99/$AC$96)-1=-0.3255984250317234
(AF99/$AC$96)-1=-0.4
037243151347637 (AG99/SAC$96)-1=-0.481850205237804
(AH99/$AC$96)-1=-0.5599760953408444
(A19
9/$AC$96)-1=-0.6381019854438845 (AJ99/$AC$96)-1=-0.7162278755469249
3Y average discount
M122/$M$114-1=-0.010204081632653073
N122/$M$114-1=-0.010204081632653073
01221$M$114-1=-0.41836734693877553
P122/$M$114-1=-0.29591836734693877
Q122/$M$114-1=-0.357
1428571428571
R122/$M$114-1=-0.3571428571428571
AVERAGE(M100:R100)=-0.2414965986394558 -0.2
O
(=TABLE(T27,T46))=3009.408808772133
(=TABLE(T27,T46))=2860.078816772133
(=TABLE(T27,
T46)1=2710.748824772133 (=TABLE(T27,T46))=2561.418832772133
(=TABLE(T27,T46))=2412.088840772133
(=TABLE(T27,T46))=2262.758848772133
(=TABLE(T27,T46))=1964.0988647721335
(=TABLE(T27,T46))=16
65.4388807721336
(=TABLE(T27,T46))=1366.7788967721333
(=TABLE(T27,T46))=1068.1189127721334
(=TABLE(T27,T46))=769.4589287721335
-0.20
(Z100/$AC$96)-1=-0.21277454475035062
(AA100/$AC$9
6)-1=-0.2518374898018707
(AB100/$AC$96)-1=-0.2909004348533908
(AC100/$AC$96)-1=-0.32996337
9904911 (AD100/$AC$96)-1=-0.36902632495643106
(AE100/$AC$96)-1=-0.40808927000795125
(AF100/$AC$9
6)-1=-0.4862151601109914
(AG100/$AC$96)-1=-0.5643410502140316
(AH100/$AC$96)-1=-0.64246694
0317072 (AI100/$AC$96)-1=-0.7205928304201122
(AJ100/$AC$96)-1=-0.7987187205231525
EFTA01437444
Stage 1 Discount to own historical average
-0.25
(=TABLE(T27,146))=2694.0624567721334
(=TA
BLE(T27,146))=2544.7324647721334
(=TABLE(127,T46))=2395.4024727721335
(=TABLE(T27,146))=22
46.0724807721335
(=TABLE(127,146))=2096.7424887721336
(=TABLE(T27,T46))=1947.4124967721334
(=TABLE(127,146))=1648.7525127721335
(=TABLE(T27,T46))=1350.0925287721336
(=TABLE(T27,146))=10
51.4325447721333
(=TABLE(127,146))=752.7725607721334
(=TABLE(T27,T46))=454.1125767721335
-0.25
(Z101/$AC$96)-1=-0.29526538972657823
(AA101/$AC$96)-1=-0.3343283347780983
(AB101/$AC$9
6)-1=-0.3733912798296185
(AC101/$AC$96)-1=-0.4124542248811386
(AD101/$AC$96)-1=-0.45151716
993265867
(AE101/$AC$96)-1=-0.49058011498417886
(AF101/$AC$96)-1=-0.5687060050872191
(AG1
01/$AC$96)-1=-0.6468318951902594
(AH101/$AC$96)-1=-0.7249577852932998
(AI101/$AC$96)-1=-0.
80308367539634 (AJ101/$AC$96)-1=-0.8812095654993802
P/E (2018E), base (x)
M86/$M$117-1=-0.3426668224852458
N86/$M$117-1=-0.3412962051613977
086/$M$117-1=-0.6650508732509515
P86/$M$117-1=-0.43200612366172186
Q86/$M$117-1=-0.5765
360518728673
R86/$M$117-1=-0.23094123522021448
AVERAGE(M102:R102)=-0.4314162186087331
P/E (2018E), implied (x)
M87/$M$117-1=-0.3426668224852458
N87/$M$117-1=-0.341296205161
3977
087/$M$117-1=-0.6650508732509515
P87/$M$117-1=-0.43200612366172186
Q87/$M$117-1
=-0.5765360518728673
R87/$M$117-1=-0.23094123522021448
AVERAGE(M103:R103)=-0.43141621860873
31
P/BV (2018E), base (x) M90/$M$118-1=-0.2760916717834354
N90/$M$118-1=-0.21581819179683082
090/$M$118-1=-0.6545432779154655
P90/$M$118-1=-0.4270478189327467
Q90/$M$118-1=-0.5260
106679326566
R90/$M$118-1=-0.3915733723553658
AVERAGE(M105:R105)=-0.4151808334527502 YAPI
KREDI YAPI KREDI
P/BV (2018E), implied (x)
M91/$M$118-1=-0.2760916717834354
N91/$M$118-1=-0.215818191796
83082
0911$M$118-1=-0.6545432779154655
P91/$M$118-1=-0.4270478189327467
Q91/$M$118-1
=-0.5260106679326566
R91/$M$118-1=-0.3915733723553658
AVERAGE(M106:R106)=-0.41518083345275
02
Net profit
t of Stage 2 loans transferred to Stage 3 loans Net profit: change from base
t of Stage 2 loans transferred to Stage 3 loans
Loan growth (ppt change from base)
R31=3853.9025619301465 AA107-0.05=-0.15000000000000002 AB10
7-0.05=-0.10
-0.05
0
0.05
AD107+0.05=0.10 0.20
0.30
0.40
0.50
0.60
Y107
=3853.9025619301465
A0107-0.05=-0.15000000000000002 AP107-0.05=-0.10
-0.05
0
0.05
AR107+0.05=0.10 0.20
0.30
0.40
0.50
0.60
MSCI EM Banks
2018E
0.20
(=TABLE(T27,146))=5811.837899530146
(=TABLE(127,146))=5596.30397
9530146 (=TABLE(T27,146))=5380.770059530146
(=TABLE(127,146))=5165.236139530146
(=TABLE(T27,
T46))=4949.702219530146 (=TABLE(127,146))=4734.168299530146
(=TABLE(T27,T46))=4303.1004595301465
(=TABLE(127,146))=3872.032619530146
(=TABLE(T27,T46))=3440.964779530146
(=TABLE(T27,146))=30
09.8969395301465
(=TABLE(127,146))=2578.829099530146
0.20
(Z108/$AC$112)-1=0.508039657
499646 (AA108/$AC$112)-1=0.4521135108115846
(AB108/$AC$112)-1=0.3961873641235236
(AC108/$AC$1
12)-1=0.34026121743546245
(AD108/$AC$112)-1=0.2843350707474013
(AE108/$AC$112)-1=0.22840892
405934032
(AF108/$AC$112)-1=0.11655663068321798
(AG108/$AC$112)-1=0.00470433730709563
(AH1
08/$AC$112)-1=-0.1071479560690266
(A1108/$AC$112)-1=-0.21900024944514873 (AJ108/$AC$112)-1=-0
.3308525428212712
P/E (x) 7.57
0.15
(=TABLE(127,146))=5484.004505130147
(=TABLE(T27,T46))=5268.470585130146
(=TABLE(127,146))=5052.936665130146
(=TABLE(T27,T46))=4837.402745130146
(=TABLE(T27,146))=46
21.868825130146 (=TABLE(T27,T46))=4406.334905130147
(=TABLE(T27,146))=3975.2670651301464
(=TA
BLE(T27,146))=3544.1992251301463
(=TABLE(T27,T46))=3113.1313851301466
(=TABLE(T27,146))=26
82.0635451301464
(=TABLE(127,146))=2250.9957051301462
0.15
(Z109/$AC$112)-1=0.422974353
14078036
(AA109/$AC$112)-1=0.3670482064527192
(AB109/$AC$112)-1=0.311122059764658
(AC1
09/$AC$112)-1=0.25519591307659684
(AD109/$AC$112)-1=0.19926976638853588
(AE109/$AC$112)-1=0.
1433436197004747
(AF109/$AC$112)-1=0.031491326324352364 (AG109/$AC$112)-1=-0.080360967051769
98
(AH109/$AC$112)-1=-0.1922132604278921
(AI109/$AC$112)-1=-0.30406555380401445 (AJ109/$AC$1
12)-1=-0.4159178471801368
P/BV (x)
1.05
0.10
(=TABLE(T27,146))=5156.171110730147
(=TABLE(127,146))=4940.63719
0730146 (=TABLE(T27,146))=4725.1032707301465
(=TABLE(127,146))=4509.569350730147
(=TABLE(T27,
T46))=4294.035430730147 (=TABLE(127,146))=4078.5015107301465
(=TABLE(T27,T46))=3647.433670730147
(=TABLE(127,146))=3216.3658307301466
(=TABLE(T27,T46))=2785.297990730147
(=TABLE(T27,146))=23
54.2301507301468
(=TABLE(127,146))=1923.1623107301466
0.10
(Z110/$AC$112)-1=0.337909048
78191497
(AA110/$AC$112)-1=0.28198290209385357
(AB110/$AC$112)-1=0.2260567554057924
(AC1
10/$AC$112)-1=0.17013060871773145
(AD110/$AC$112)-1=0.11420446202967027
(AE110/$AC$112)-1=0.
0582783153416091
(AF110/$AC$112)-1=-0.05357397803451314 (AG110/$AC$112)-1=-0.165426271410635
48
(AH110/$AC$112)-1=-0.2772785647867577
(AI110/$AC$112)-1=-0.38913085816287996 (AJ110/$AC$1
12)-1=-0.5009831515390023
0.05
(=TABLE(T27,146))=4828.3377163301475
(=TABLE(127,146))=4612.803796330147
(=TABLE(T27,
T46))=4397.269876330147 (=TABLE(127,146))=4181.735956330147
(=TABLE(T27,T46))=3966.202036330147
(=TABLE(127,146))=3750.668116330147
(=TABLE(T27,T46))=3319.600276330147
(=TABLE(T27,146))=28
88.532436330147 (=TABLE(T27,T46))=2457.4645963301473
(=TABLE(T27,146))=2026.3967563301471
(=TA
BLE(T27,146))=1595.328916330147 0.05
(2111/$AC$112)-1=0.25284374442304935
(AA111/$AC$112)-1=0.
19691759773498796
(AB111/$AC$112)-1=0.14099145104692679
(AC111/$AC$112)-1=0.0850653043588658
3
(AD111/$AC$112)-1=0.02913915767080466
(AE111/$AC$112)-1=-0.026786989017256513 (AF111/$AC$1
12)-1=-0.13863928239337875
(AG111/$AC$112)-1=-0.2504915757695011
(AH111/$AC$112)-1=-0.3623438
691456232
(A1111/$AC$112)-1=-0.47419616252174557 (AJ111/$AC$112)-1=-0.5860484558978678
MSCI EM Banks
3Y average
0
(=TABLE(T27,T46))=4500.504321930147
(=TABLE(T27,T46))=42
84.970401930146 (=TABLE(T27,T46))=4069.4364819301463
(=TABLE(T27,146))=3853.9025619301465
(=TA
BLE(T27,146))=3638.3686419301466
(=TABLE(T27,T46))=3422.8347219301463
(=TABLE(T27,146))=29
91.7668819301466
(=TABLE(127,146))=2560.6990419301464
(=TABLE(T27,T46))=2129.6312019301467
(=TABLE(127,146))=1698.5633619301466
(=TABLE(T27,T46))=1267.4955219301464
0
(2112/$AC$11
2)-1=0.16777844006418352
(AA112/$AC$112)-1=0.11185229337612212
(AB112/$AC$112)-1=0.05592614
6688061174
(AC112/$AC$112)-1=0
(AD112/$AC$112)-1=-0.05592614668806106 (AE112/$AC$112)-1=-0
.11185229337612235
(AF112/$AC$112)-1=-0.22370458675224447 (AG112/$AC$112)-1=-0.335556880128366
8
(AH112/$AC$112)-1=-0.44740917350448905 (AI112/$AC$112)-1=-0.5592614668806113
(AJ112/$AC$1
12)-1=-0.6711137602567336
EFTA01437445
P/E (x) 8.15
-0.05
(=TABLE(T27,246))=4172.670927530146
(=TABLE(T27,T46))=3957.1370075301456
(=TABLE(T27,T46) 1=3741.603087530146
(=TABLE(T27,T46))=3526.069167530146
(=TABLE(T27,T46))=33
10.535247530146 (=TABLE(T27,T46))=3095.0013275301458
(=TABLE(T27,T46))=2663.933487530146
(=TA
BLE(T27,T46))=2232.865647530146 (=TABLE(T27,T46))=1801.7978075301462
(=TABLE(T27,T46))=1370.72996
7530146 (=TABLE(T27,T46))=939.6621275301459
-0.05
(Z113/$AC$112)-1=0.08271313570531769
(AA1
13/$AC$112) -1=0.026786989017256513
(AB113/$AC$112)-1=-0.02913915767080466 (AC113/$AC$112)-1=-0
.08506530435886583
(AD113/$AC$112)-1=-0.1409914510469269
(AE113/$AC$112)-1=-0.196917597734988
07
(AF113/$AC$112) -1=-0.3087698911111103
(AG113/$AC$112)-1=-0.42062218448723265 (AH113/$AC$1
12)-1=-0.5324744778633548
(A1113/$AC$112) -1=-0.6443267712394771
(AJ113/$AC$112)-1=-0.7561790
646155995
P/BV (x)
0.98
-0.10
(=TABLE(T27,T46))=3844.8375331301468
(=TABLE(T27,T46))=3629.30361
3130146 (=TABLE(T27,T46))=3413.769693130146
(=TABLE(T27,T46))=3198.2357731301463
(=TABLE(T27,
T46))=2962.7018531301464
(=TABLE(T27,T46))=2767.167933130146
(=TABLE(T27,T46) 1=2336.10009
31301464
(=TABLE(T27,T46))=1905.0322531301463
(=TABLE(T27,T46))=1473.9644131301466
(=TA
BLE(T27,T46))=1042.8965731301464
(=TABLE(T27,T46))=611.8287331301462
-0.10
(2114/$AC$11
2)-1=-0.002352168653547815
(AA114/$AC$112) -1=-0.0582783153416091
(AB114/$AC$112) -1=-0. 1142044
6202967027
(AC114/$AC$112)-1=-0.17013060871773134 (AD114/$AC$112) -1=-0.2260567554057925
(AE1
14/$AC$112) -1=-0.2819829020938537
(AF114/$AC$112)-1=-0.3938351954699759
(AG114/$AC$112) -1=-0
.5056874888460983
(AH114/$AC$112)-1=-0.6175397822222204
(AI114/$AC$112)-1=-0.729392075598342
7
(AJ114/$AC$112) -1=-0.8412443689744651
-0.15
(=TABLE(T27,T46))=3517.004138730147
(=TABLE(T27,T46))=3301.4702187301464
(=TABLE(T27,
T46))=3085.9362987301465
(=TABLE(T27,T46))=2870.4023787301467
(=TABLE(T27,T46))=2654.86845
8730147 (=TABLE(T27,T46))=2439.3345387301465
(=TABLE(T27,T46))=2008.2666987301468
(=TABLE(T27,
T46))=1577.1988587301466
(=TABLE(T27,T46))=1146.131018730147
(=TABLE(T27,T46))=715.063178
7301467 (=TABLE(T27,T46))=283.9953387301465
-0.15
(Z115/$AC$112)-1=-0.08741747301241343
(AA1
15/$AC$112) -1=-0.1433436197004747
(AB115/$AC$112)-1=-0.19926976638853577 (AC115/$AC$112) -1=-0
.25519591307659695
(AD115/$AC$112)-1=-0.311122059764658
(AE115/$AC$112)-1=-0.367048206452719
2
(AF115/$AC$112) -1=-0.4789004998288414
(AG115/$AC$112)-1=-0.5907527932049638
(AH115/$AC$1
12)-1=-0.702605086581086
(A1115/$AC$112) -1=-0.8144573799572083
(AJ115/$AC$112)-1=-0.9263096
733333306
Turkish banks
3Y average
-0.20
(=TABLE(T27,T46))=3189.1707443301475
(=TABLE(T27,T46))=29
73.6368243301467
(=TABLE(T27,246))=2758.102904330147
(=TABLE(T27,T46))=2542.568984330147
(=TABLE(T27,T46) 1=2327.035064330147
(=TABLE(T27,T46))=2111.5011443301464
(=TABLE(T27,T46))=16
80.433304330147 (=TABLE(T27,T46))=1249.3654643301468
(=TABLE(T27,T46))=818.2976243301471
(=TA
BLE(T27,T46))=387.2297843301469 (=TABLE(T27,T46))=-43.83805566985325
-0.20
(Z116/$AC$112)-1=-0.
17248277737127893
(AA116/$AC$112)-1=-0.22840892405934032 (AB116/$AC$112)-1=-0.284335070747401
4
(AC116/$AC$112)-1=-0.34026121743546245 (AD116/$AC$112)-1=-0.3961873641235236
(AE116/$AC$1
12)-1=-0.4521135108115849
(AF116/$AC$112)-1=-0.563965804187707
(AG116/$AC$112) -1=-0. 6758180
975638294
(AH116/$AC$112)-1=-0.7876703909399516
(A1116/$AC$112) -1=-0.8995226843160739
(An
16/$AC$112)-1=-1.0113749776921963
P/E (x) 6.27
-0.25
(=TABLE(T27,T46))=2861.337349930147
(=TABLE(T27,T46))=2645.803429930146
(=TABLE(T27,T46))=2430.2695099301463
(=TABLE(T27,T46))=2214.7355899301465
(=TABLE(T27,T46))=19
99.2016699301464
(=TABLE(T27,T46))=1783.667749930146
(=TABLE(T27,T46))=1352.5999099301464
(=TABLE(T27,246) )=921.5320699301462
(=TABLE(T27,T46))=490.46422993014653
(=TABLE(T27,T46))=59
.39638993014637 (=TABLE(T27,T46))=-371.6714500698538
-0.25
(2117/$AC$112)-1=-0.2575480817301447
6
(AA117/$AC$112)-1=-0.31347422841820605 (AB117/$AC$112)-1=-0.3694003751062672
(AC117/$AC$1
12)-1=-0.4253265217943283
(AD117/$AC$112) -1=-0.48125266848238946 (AE117/$AC$112)-1=-0.5371788
151704506
(AF117/$AC$112)-1=-0.6490311085465729
(AG117/$AC$112) -1=-0.7608834019226951
(AH1
17/$AC$112) -1=-0.8727356952988173
(AI117/$AC$112)-1=-0.9845879886749397
(AJ117/$AC$112) -1=-1
.096440282051062
P/BV (x)
0.81
3Y Historical average
Akbank Garanti Halkbank
Isbank Vakifbank
Yapi Kredi
Tota
1
P/E (x) 7.18
6.95
4.33
6.03
5.26
5.84
AVERAGE(M121:R121)=5.9316666666666675
Aver
age
Average
P/BV (x)
0.97
0.97
0.57
0.69
0.63
0.63
AVERAGE(M122:R122)=0.743333333333333
3
Net profit
fk of Stage 2 loans transferred to Stage 3 loans Net profit: change from base
of Stage 2 loans transferred to Stage 3 loans
Loan growth (ppt change from base)
AA123-0.05=-0.15000000000000002 AB123-0.05=-0.10
-0.0
5
0
0.05
AD123+0.05=0.10 0.20
0.30
0.40
0.50
0.60
A0123-0.05=-0.150000
00000000002
AP123-0.05=-0.10
-0.05
0
0.05
AR123+0.05=0.10 0.20
0.30
0.40
0.50
0.60
0.20
(Z28+Z44+260+Z76+Z92+2108)/6=7647.883480660111 (AA28+AA44+AA60+AA76+AA92+AA108)/6=7246.0623
77993442
(AB2B+AB44+AB60+AB76+AB92+AB108)/6=6844.2412753267745
(AC28+AC44+AC60+AC76+AC92+AC
108)/6=6442.4201726601095
(AD28+AD44+AD6O+AD76+AD92+AD108)/6=6040.599069993442
(AE28+AE44+A
E60+AE76+AE92+AE108)/6=5638.777967326776
(AF28+AF44+AF60+AF76+AF92+AF108)/6=4835.135761993441
5
(AG28+AG44+AG60+AG76+AG92+AG108)/6=4031.493556660109
(AH2B+AH44+AH6O+AH76+AH92+AH108)/6=3
227.8513513267753
(A128+A144+A160+A176+A192+AI108)/6=2424.2091459934422
(AJ28+AJ44+AJ60+AJ76
+AJ92+AJ108)/6=1620.566940660109
0.20
(AN28+AN44+AN60+AN76+AN92+AN108)/6=0.456211084984192
9
(A028+A044+A060+A076+A092+A0108)/6=0.38566449316116275 (AP2B+AP44+AP6O+AP76+AP92+AP108)/6=0
.3151179013381327
(AQ28+AQ44+AQ60+AQ76+AQ92+A0108)/6=0.24457130951510275 (AR28+AR44+AR6O+AR76
+AR92+AR108)/6=0.17402471769207276
(AS2B+AS44+AS60+AS76+AS92+AS108)/6=0.1034781258690428
(AT2
8+AT44+AT6O+AT76+AT92+AT108)/6=-0.037615057777017236
(AU28+AU44+AU6O+AU76+AU92+AU108)/6=-0.178708
24142307729
(AV2B+AV44+AV60+AV76+AV92+AV108)/6=-0.3198014250691373 (AW28+AW44+AW6O+AW76+AW92+AW
108)/6=-0.46089460871519733
(AX28+AX44+AX60+AX76+AX92+AX108)/6=-0.6019877923612574
0.15
(Z29+Z45+261+Z77+Z93+2109)/6=7339.44692882011
(AA29+AA45+AA61+AA77+AA93+AA109)/6=6937.6258
26153442
(AB29+AB45+AB61+AB77+AB93+AB109)/6=6535.8047234867745
(AC29+AC45+AC61+AC77+AC93+AC
109)/6=6133.983620820109
(AD29+AD45+AD61+AD77+AD93+AD109)/6=5732.162518153443
(AE29+AE45+A
E61+AE77+AE93+AE109)/6=5330.341415486775
(AF29+AF45+AF61+AF77+AF93+AF109)/6=4526.699210153441
EFTA01437446
5
(AG29+AG45+AG61+AG77+AG93+AG109)/6=3723.0570048201084
(AH29+AH45+AN61+AH77+AH93+AH109)/6=2
919.414799486775
(A129+A145+A161+A177+A193+A1109)/6=2115.772594153442
(Aa29+AJ45+AJ61+A.777
+AJ93+AJ109)/6=1312.1303888201085
0.15
(AN29+AN45+AN61+AN77+AN93+AN109)/6=0.395068257605417
03
(A029+A045+A061+A077+A093+A0109)/6=0.324521665782387
(AP29+AP45+Ap61+AP77+AP93+AP109)/6=0
.253975073959357
(AQ29+Ao45+A061+AQ77+AQ93+Ao109)/6=0.183428482136327
(AR29+AR45+AR61+AR77
+AR93+AR109)/6=0.11288189031329698
(AS29+AS45+As61+As77+AS93+AS109)/6=0.042335298490267015 (AT2
9+AT45+AT61+AT77+AT93+AT109)/6=-0.09875788515579303
(Au29+Au45+AU61+Au77+Au93+AU109)/6=-0.239851
06880185303
(AV29+AV45+Av61+Av77+Av93+AV109)/6=-0.380944252447913
(Aw29+Aw45+AW61+AW77+AW93+Aw
109)/6=-0.522037436093973
(Ax29+AX45+AX61+AX77+Ax93+AX109)/6=-0.6631306197400332
0.10
(z30+z46+262+278+Z94+2110)/6=7031.01037698011
(AA30+AA46+AA62+AA78+AA94+AA110)/6=6629.1892
74313444
(AB30+AB46+AB62+AB78+AB94+AB110)/6=6227.368171646776
(Ac30+Ac46+AC62+AC78+AC94+Ac
110)/6=5825.547068980109
(A030+Au46+AD62+AD78+Ao94+AD110)/6=5423.725966313444
(AE30+AE46+A
E62+AE78+AE94+AE110)/6=5021.904863646777
(AF30+AF46+AF62+AF78+AF94+AF110)/6=4218.262658313443
(AG30+AG46+AG62+AG78+AG94+AG110)/6=3414.6204529801093
(Aw3O+AH46+AH62+AN78+AN94+AH110)/6=2610.9782
476467763
(A130+A146+A162+A178+A194+AI110)/6=1807.3360423134427
(A,730+AJ46+AJ62+AJ78+AJ94+AJ
110)/6=1003.6938369801093
0.10
(AN30+AN46+AN62+AN78+AN94+AN110)/6=0.3339254302266417
(A03
0+A046+A062+A078+A094+A0110)/6=0.2633788384036116
(Ap3O+Ap46+AP62+AP78+Ap94+AP110)/6=0.1928322
465805815
(AQ30+AQ46+Ao62+Ao78+Ao94+AQ110)/6=0.12228565475755153 (AR3O+AR46+AR62+AR78+AR94+AR
110)/6=0.05173906293452152
(As30+AS46+AS62+AS78+As94+AS110)/6=-0.01880752888850847 (AT3O+AT46+A
T62+AT78+AT94+AT110)/6=-0.15990071253456847
(Au3O+Au46+AU62+AU78+AU94+Au110)/6=-0.30099389618062
85
(Av30+Av46+AV62+AV78+Av94+Av110)/6=-0.44208707982668854 (AW30+AW46+AW62+AW78+AW94+AW110)/6=-
0.5831802634727487
(AX30+Ax46+Ax62+AX78+AX94+Ax110)/6=-0.7242734471188085
0.05
(z31+z47+263+279+Z95+z111)/6=6722.57382514011
(AA31+AA47+AA63+AA79+AA95+AA111)/6=6320.7527
22473443
(AB31+AB47+AB63+AB79+AB95+AB111)/6=5918.931619806775
(Ac31+Ac47+AC63+AC79+AC95+Ac
111)/6=5517.11051714011 (AD31+A047+AD63+AD79+AD95+Au111)/6=5115.289414473443
(AE31+AE47+AE63+AE79
+AE95+AE111)/6=4713.468311806776
(AF31+AF47+AF63+AF79+AF95+AF111)/6=3909.826106473443
(AG3
1+AG47+AG63+AG79+AG95+AG111)/6=3106.1839011401094
(Aw31+AN47+AH63+AN79+AN95+AH111)/6=2302.5416
958067763
(A131+A147+A163+A179+A195+AI111)/6=1498.8994904734425
(AJ31+AJ47+AJ63+AJ79+AJ95+AJ
111)/6=695.257285140109 0.05
(AN31+AN47+AN63+AN79+AN95+AN111)/6=0.2727826028478658
(A031+A047+A
063+A079+A095+A0111)/6=0.20223601102483568
(Ap31+Ap47+AP63+AP79+AP95+Ap111)/6=0.131689419201805
66
(A031+A047+AQ63+AQ79+A095+Ao111)/6=0.061142827378775744 (AR31+AR47+AR63+AR79+AR95+AR111)/6=-
0.0094037644442543
(AS31+As47+AS63+AS79+AS95+As111)/6=-0.07995035626728429 (AT31+AT47+AT63+AT79
+AT95+AT111)/6=-0.22104353991334427
(AU31+AU47+Au63+Au79+AU95+AU111)/6=-0.36213672355940424 (AV3
1+AV47+Av63+Av79+AV95+AV111)/6=-0.5032299072054643
(AW31+AW47+AW63+AW79+AW95+AW111)/6=-0.644323
0908515244
(Ax31+AX47+AX63+Ax79+Ax95+AX111)/6=-0.7854162744975844
0
(z32+z48+264+280+Z96+z112)/6=6414.137273300109 (AA32+AA48+AA64+AA80+AA96+AA112)/6=6012.3161
70633443
(AB32+AB48+AB64+AB80+AB96+AB112)/6=5610.495067966775
(Ac32+Ac48+AC64+AC80+AC96+Ac
112)/6=5208.673965300109
(AD32+AD48+AD64+AD8O+AD96+AD112)/6=4806.852862633442
(AE32+AE48+A
E64+AE80+AE96+AE112)/6=4405.031759966775
(AF32+AF48+AF64+AF80+AF96+AF112)/6=3601.389554633442
5
(AG32+AG48+AG64+AG80+AG96+AG112)/6=2797.747349300109
(AH32+AH48+AN64+AH8O+AH96+AH112)/6=1
994.1051439667754
(A132+A148+A164+A180+A196+A1112)/6=1190.462938633442
(Aa32+AJ48+AJ64+A.780
+AJ96+AJ112)/6=386.8207333001087
0
(AN32+AN48+AN64+AN80+AN96+AN112)/6=0.211639775469090
1
(A032+A048+A064+A080+A096+A0112)/6=0.14109318364605997 (AP32+AP48+Ap64+AP8O+AP96+AP112)/6=0
.07054659182303002
(AQ32+Ao48+A064+A080+A096+A0112)/6=0
(AR32+AR48+AR64+AR8O+AR96+AR112)/6-
0.07054659182303001
(AS32+As48+AS64+AS80+AS96+As112)/6=-0.14109318364606002 (AT32+AT48+AT64+AT80
+AT96+AT112)/6=-0.28218636729212004
(AU32+AU48+Au64+Au8O+AU96+AU112)/6=-0.4232795509381801 (AV3
2+AV48+Av64+Av80+AV96+AV112)/6=-0.5643727345842401
(Aw32+Aw48+AW64+Aw8O+Aw96+AW112)/6=-0.705465
9182303 (Ax32+Ax48+AX64+AX80+Ax96+Ax112)/6=-0.8465591018763602
-0.05
(z33+z49+265+281+Z97+2113)/6=6105.70072146011
(AA33+AA49+AA65+AA81+AA97+AA113)/6=5703.8796
18793442
(AB33+AB49+AB65+A581+AB97+AB113)/6=5302.0585161267745
(Ac33+Ac49+AC65+AC81+AC97+Ac
113)/6=4900.237413460109
(A033+AD49+AD65+AD81+A097+A0113)/6=4498.416310793443
(AE33+AE49+A
E65+AE81+AE97+AE113)/6=4096.595208126776
(AF33+AF49+AF65+AF81+AF97+AF113)/6=3292.953002793442
(AG33+AG49+AG65+AG81+AG97+AG113)/6=2489.3107974601085
(Aw33+AH49+AH65+AN81+AN97+AH113)/6=1685.6685
921267751
(A133+A149+A165+A181+A197+A1113)/6=882.0263867934418
(AJ33+AJ49+AJ65+AJ81+AJ97+AJ
113)/6=78.38418146010842
-0.05
(AN33+AN49+AN65+AN81+AN97+AN113)/6=0.15049694809031433 (A03
3+A049+A065+A081+A097+A0113)/6=0.07995035626728426
(Ap33+Ap49+AP65+AP81+Ap97+AP113)/6=0.0094037
644442543
(A033+AQ49+A065+Ao81+Ao97+AQ113)/6=-0.061142827378775744
(AR33+AR49+AR65+AR81
+AR97+AR113)/6=-0.13168941920180577
(AS33+AS49+As65+As81+AS97+AS113)/6=-0.2022360110248358 (AT3
3+AT49+AT65+AT81+AT97+AT113)/6=-0.3433291946708958
(Au33+Au49+AU65+Au81+Au97+AU113)/6=-0.484422
3783169559
(AV33+AV49+Av65+Av81+Av97+AV113)/6=-0.6255155619630158 (Aw33+Aw49+AW65+AW81+AW97+Aw
113)/6=-0.766608745609076
(Ax33+AX49+AX65+AX81+Ax97+AX113)/6=-0.9077019292551358
-0.10
(z34+z50+266+282+Z98+z114)/6=5797.26416962011
(AA34+AA50+AA66+AA82+AA98+AA114)/6=5395.4430
66953442
(AB34+AB50+AB66+AB82+AB98+AB114)/6=4993.621964286776
(Ac34+Ac50+AC66+AC82+AC98+Ac
114)/6=4591.800861620109
(A034+AD5O+AD66+AD82+A098+A0114)/6=4189.979758953442
(AE34+AE50+A
E66+AE82+AE98+AE114)/6=3788.1586562867756
(AF34+AF50+AF66+AF82+AF98+AF114)/6=2984.516450953442
(AG34+AG50+AG66+AG82+AG98+AG114)/6=2180.874245620109
(Aw34+AH5O+AH66+AN82+AN98+AH114)/6=1377.2320
402867754
(A134+A150+A166+A182+A198+A1114)/6=573.5898349534419
(A,734+AJ50+AJ66+AJ82+AJ98+AJ
114)/6=-230.0523703798915
-0.10
(AN34+AN50+AN66+AN82+AN98+AN114)/6=0.08935412071153866 (A03
4+A050+A066+Ao82+A098+A0114)/6=0.018807528888508562
(Ap34+Ap5O+AP66+AP82+Ap98+AP114)/6=-0.051739
06293452144
(AQ34+AQ50+A066+Ao82+A098+AQ114)/6=-0.12228565475755145 (AR34+AR5O+AR66+AR82+AR98+AR
114)/6=-0.1928322465805815
(As34+AS50+AS66+AS82+As98+As114)/6=-0.2633788384036115 (AT34+AT5O+A
T66+AT82+AT98+AT114)/6=-0.40447202204967153
(Au34+Au5O+AU66+AU82+AU98+Au114)/6=-0.54556520569573
15
(Av34+Av50+AV66+AV82+Av98+Av114)/6=-0.6866583893417916 (AW34+AW5O+Aw66+AW82+AW98+AW114)/6=-
0.8277515729878515
(AX34+Ax50+Ax66+AX82+AX98+Ax114)/6=-0.9688447566339117
-0.15
(z35+z51+267+283+Z99+2115)/6=5488.82761778011
(AA35+AA51+AA67+AA83+AA99+AA115)/6=5087.0065
15113443
(AB35+AB51+AB67+AB83+AB99+AB115)/6=4685.185412446776
(Ac35+Ac51+AC67+AC83+AC99+Ac
115)/6=4283.36430978011 (AD35+A051+AD67+AD83+AD99+Au115)/6=3881.5432071134423
(AE35+AE51+AE67+AE83
+AE99+AE115)/6=3479.722104446775
(AF35+AF51+AF67+AF83+AF99+AF115)/6=2676.079899113443
(AG3
5+AG51+AG67+AG83+AG99+AG115)/6=1872.4376937801092
(Aw35+AN51+AH67+AN83+AN99+AH115)/6=1068.7954
EFTA01437447
884467756
(A135+A151+A167+A183+A199+AI115)/6=265.15328311344206
(A,735+AJ51+AJ67+AJ83+AJ99+AJ
115)/6=-538.4889222198913
-0.15
(AN35+AN51+AN67+AN83+AN99+AN115)/6=0.02821129333276301 (A0S
5+A051+A067+A083+A099+A0115)/6=-0.04233529849026709
(Ap35+Ap51+Ap67+AP83+Ap99+Ap115)/6=-0.112881
89031329705
(AQ35+AQ51+AQ67+AQ83+AQ99+AQ115)/6=-0.1834284821363271 (AR35+AR51+AR67+AR83+AR99+AR
115)/6=-0.2539750739593571
(As35+As51+AS67+AS83+As99+As115)/6=-0.3245216657823871 (AT35+AT51+A
T67+AT83+AT99+AT115)/6=-0.4656148494284471
(Au35+Au51+Au67+AU83+AU99+Au115)/6=-0.60670803307450
72
(Av35+Av51+AV67+AV83+Av99+Av115)/6=-0.7478012167205672 (Aw35+AW51+Aw67+Aw83+Aw99+AW115)/6=-
0.8888944003666271
(AX35+Ax51+Ax67+Ax83+AX99+Ax115)/6=-1.029987584012687
-0.20
(z36+z52+268+284+Z100+z116)/6=5180.391065940109 (AA36+AA52+AA68+AA84+AA100+AA116)/6=4778.569
963273443
(AB36+AB52+AB68+As84+As100+AB116)/6=4376.748860606776
(Ac36+Ac52+Ac68+AC84+AC100+A
C116)/6=3974.92775794011
(Au36+Au52+AD68+AD84+Au100+AD116)/6=3573.1066552734424 (AE36+As52+A
E68+AE84+As100+AE116)/6=3171.285552606776
(AF36+Ap52+AF68+AF84+AF100+Ap116)/6=2367.64334727344
25
(AG36+AG52+AG68+AG84+AG100+AG116)/6=1564.0011419401092 (AH36+AH52+AN68+AN84+AH100+AH116)/6=
760.358936606776
(A136+A152+A168+A184+AI100+A1116)/6=-43.283268726557516 (A.336+AJ52+AJ68+A.784
+A,7100+AJ116)/6=-846.9254740598908
-0.20
(AN36+AN52+AN68+AN84+AN100+AN116)/6=-0.0329315340460
1266
(A036+A052+A068+A084+AO100+A0116)/6=-0.10347812586904274
(Ap36+Ap52+Ap68+Ap84+AP100+A
P116)/6=-0.1740247176920727
(AQ36+AQ52+AQ68+AQ84+AQ100+AQ116)/6=-0.24457130951510275
(ARS
6+AR52+AR68+AR84+AR100+AR116)/6=-0.3151179013381327
(As36+As52+AS68+AS84+As100+As116)/6=-0.38566
44931611628
(AT36+AT52+AT68+AT84+AT100+AT116)/6=-0.5267576768072227 (Au36+Au52+Au68+AU84+AU100+A
0116)/6=-0.6678508604532828
(Av36+Av52+AV68+AV84+Av100+Av116)/6=-0.8089440440993427 (AW36+Aw52+A
W68+AW84+AW100+AW116)/6=-0.9500372277454027
(Ax36+Ax52+Ax68+AX84+AX100+Ax116)/6=-1.0911304113914
628
-0.25
(z37+z53+z69+z85+Z101+z117)/6=4871.95451410011 (AA37+AA53+AA69+AA85+AA101+AA117)/6=4470.133
411433443
(AB37+AB53+AB69+As85+As101+AB117)/6=4068.312308766776
(Ac37+Ac53+Ac69+AC85+AC101+A
C117)/6=3666.491206100109
(Ap37+AD53+AD69+AD85+Au101+AD117)/6=3264.6701034334424 (AE37+As53+A
E69+AE85+As101+AE117)/6=2862.8490007667756
(AF37+Ae53+AF69+AF85+AF101+Ap117)/6=2059.20679543344
2
(AG37+AG53+AG69+AG85+AG101+AG117)/6=1255.5645901001092 (AH37+AH53+AN69+AN85+AH101+AH117)/6=
451.92238476677556
(A137+A153+A169+A185+AI101+A1117)/6=-351.719820566558
(A.337+A.753+AJ69+A,785
+AJ101+A.7117)/6=-1155.3620258998913
-0.25
(AN37+AN53+AN69+AN85+AN101+AN117)/6=-0.0940743614247
8838
(A037+A053+A069+A085+AO101+A0117)/6=-0.16462095324781845
(Ap37+Ap53+Ap69+Ap85+AP101+A
P117)/6=-0.23516754507084844
(AQ37+AQ53+AQ69+AQ85+AQ101+AQ117)/6=-0.3057141368938785 (AR37+AR53+A
R69+AR85+AR101+AR117)/6=-0.37626072871690847
(As37+AS53+As69+AS85+AS101+As117)/6=-0.4468073205399
3855
(AT37+AT53+AT69+AT85+AT101+AT117)/6=-0.5879005041859986 (AU37+AU53+Au69+Au85+Au101+AU117)/6=
-0.7289936878320584
(AV37+Av53+Av69+Av85+AV101+Av117)/6=-0.8700868714781186 (Aw37+Aw53+AW69+Aw85
+Aw101+Aw117)/6=-1.0111800551241785
(Ax37+AX53+Ax69+Ax85+Ax101+AX117)/6=-1.1522732387702386
EFTA01437448
Sensit ROE
Coverage
0.25
0.30
0.30
0.25
0.30
0.35
USD/TRY 4.85
OTAS exposure (USDm)
1500
950
160
500
180
200
LOANS
OTAS exposure (TRYm)
M2*$U$1=7274.999999999999
N2*$U$1=4607.50 02*$U$1=776
P2*$
U$1=2425
Q2*$U$1=872.9999999999999
R2*$U$1=969.9999999999999
TRYm
Akbank Garanti Halkbank
Isbank Vakifbank
Yapi Kredi
Total
TRYm
Akba
nk
Garanti Halkbank
Isbank Vakifbank
Yapi Kredi
Total
Stage 1 177483.751
179942.836
208018.025
225447.282
189194.53
189206.167
SUM(C5:H5)=1169292.591 Stage 1 C5+M3=184758.751
D5+N3=184550.336
E5+03=208794.025
F5+P3=227872.282
G5+Q3=190067.53 H5+R3=190176.167
SUM(M5:R5)=1186219.091
Stage 2 18107.557+561.381+3109.4=21778.338000000003
29599.849+5463.71+2411.769=37475.328
4219
.35+28.39+3620.128=7867.868
16743.129+3832.425+460.08=21035.634000000002
3835.687+108.017+226
2.51=6206.214
5397.15+541.86+2728.63=8667.64 SUM(C6:H6)=103031.02200000001
Stage 2 C6-M3=14503.
338000000003
D6-N3=32867.828 E6-03=7091.868 F6-P3=18610.634000000002
G6-Q3=5333.214 H6-R
3=7697.639999999999
SUM(M6:R6)=86104.52200000001
Stage 3 4046.342
5633.32 6264.786
5799.235
7945.146
8617.858
SUM(
C7:H7)=38306.687000000005
Stage 3 C7=4046.342
D7=5633.32
E7=6264.786
F7=5799.235
G7=7945.146
H7=8617.858
SUM(M7:R7)=38306.687000000005
Total
SUM(C5:C7)=203308.43099999998
SUM(D5:D7)=223051.48400000003
SUM(E5:E7)=222150.6789999999
7
SUM(F5:F7)=252282.15099999998
SUM(G5:67)=203345.89
SUM(H5:H7)=206491.66499999998
SUM(
CB:H8)=1310630.30
Total
SUM(M5:M7)=203308.43099999998
SUM(N5:N7)=223051.48400000003
SUM(
05:07)=222150.67899999997
SUM(P5:P7)=252282.15099999998
SUM(Q5:Q7)=203345.89
SUM(R5:R7)=2
06491.66499999998
SUM(M8:R8)=1310630.30
COVERAGE
COVERAGE
TRYm
Akbank Garanti Halkbank
Isbank Vakifbank
Yapi Kredi
Average TRYm
Akba
nk
Garanti Halkbank
Isbank Vakifbank
Yapi Kredi
Average
Stage 1 635.937 816.282 1003.91 1588.177
1541.675
1735.70 SUM(C12:H12)=7321.681
Stag
e 1
C12+(M3*0.01)=708.687
D12+(N3*0.01)=862.3570000000001 E12+(03*0.01)=1011.67
F12+(P3*0.01
)=1612.427
G12+(Q3*0.01)=1550.405 H12+(R3*0.01)=1745.40
SUM(M12:R12)=7490.946
Stage 2 2783.856
3620.075
784.616 1845.348
468.183 888.696 SUM(C13:H13)=10390.7
74000000001
stage 2 C13-(M3*M1)=965.1060000000004
D13-(N3*N1)=2237.825
E13-(03*01)=551.816
F13-(P3*P1)=1239.098
G13-(Q3*Q1)=206.28300000000002 H13-(R3*R1)=549.1960000000001
SUM(M13:R13)
=5749.3240000000005
Stage 3 3130.372
3963.228
4978.164
4157.801
6201.91 7386.565
SUM(
C14:H14)=29818.039999999997
Stage 3 C14=3130.372
D14=3963.228
E14=4978.164
F14=4157.801
G14=6201.91
H14=7386.565
SUM(M14:R14)=29818.039999999997
Total
SUM(C12:C14)=6550.165
SUM(D12:D14)=8399.585
SUM(E12:E14)=6766.69
SUM(F12:F14)=7591.32
6
SUM(G12:G14)=8211.768
SUM(H12:H14)=10010.961 SUM(C15:H15)=47530.494999999995 Total
SUM(
M12:M14)=4804.165000000001
SUM(N12:N14)=7063.41
SUM(012:014)=6541.65
SUM(P12:P14)=7009.32
6
SUM(Q12:Q14)=7958.598
SUM(R12:R14)=9681.161
SUM(M15:R15)=43058.31
% in gross loans
% in gross loans
TRYm
Akbank Garanti Halkbank
Isbank Vakifbank
Yapi Kredi
Average TRYm
Akba
nk
Garanti Halkbank
Isbank Vakifbank
Yapi Kredi
Average
Stage 1 C5/C$8=0.8729778205803969
D5/D$8=0.8067322968360076
E5/E$8=0.936382575720149
F5/F$8=0.8936315197344263
G5/G$8=0.9304074451664599
H5/H$8=0.9162896090745358
15/I
$8=0.8921605055216563
Stage 1 M5/M$8=0.9087608914752778
N5/N$8=0.8273889628100389
05/0
$8=0.9398757003123993
P5/P$8=0.9032437732782769
Q5/Q$8=0.934700622668105
R5/R$8=0.920
9871352434492
S5/S$8=0.9050752840064814
Stage 2 C6/C$8=0.10711969933012766
D6/D$8=0.16801200928122942
E6/E$8=0.035416808246622564
F6/F$8=0.08338138039737898
G6/G$8=0.030520479169753565
H6/H$8=0.041975737858474825
16/I
$8=0.07861181143149217 Stage 2 M6/M$8=0.07133662843524677
N6/N$8=0.14735534330719807
06/0
$8=0.03192368365437227 P6/P$8=0.07376912685352839
06/Q88=0.026227301668108462
R6/R$8=0.037
27821168956142 S6/S$8=0.06569703294666697
Stage 3 C7/C$8=0.019902480089475486
D7/D$8=0.025255693882762956
E7/E$8=0.02820061603322851
F7/F$8=0.022987099868194798
G7/G$8=0.03907207566378646
H7/H$8=0.04173465306698942
17/I
$8=0.029227683046851582 Stage 3 M7/M$8=0.019902480089475486
N7/N$8=0.025255693882762956
07/0
$8=0.02820061603322851 P7/P$8=0.022987099868194798
Q7/Q$8=0.03907207566378646
R7/R$8=0.041
73465306698942 S7/S$8=0.029227683046851582
Total
C8/C$8=1
DB/D$8=1
E8/E$8=1
F8/F$8=1
G8/G$8=1
H8/H$8=1
I8/I$8=1
Total
M8/M$8=1
N8/N$8=1
08/058=1
PB/P$8=1
Q8/Q$8=1
R8/R$8=1
S8/S$8=1
COVERAGE RATIO Earnings impact Akbank Garanti Halkbank
Isbank Vakifbank
Yapi Kredi
Total
TRYm
Akbank Garanti Halkbank
Isbank Vakifbank
Yapi Kredi
Average Stage 2 prov
isions (base)
14503.338000000003
32867.828
7091.868
18610.634000000002
5333
.214
7697.639999999999
56=86104.52200000001
AKBANK AKBANK
Stage 1 C12/C5=0.0035830716694735623
D12/D5=0.004536340640980005
E12/E5=0.004826072163698314
F12/F5=0.007044560421890559
G12/G5=0.008148623535786156
H12/H5=0.009173591048964065
I12/
15=0.0062616329363195285
Stage 3 provisions (base)
4046.342
5633.32 6264.786
5799.235
7945.146
8617.858
38306.687000000005
ROE
% of Stage 2 loans t
ransferred to Stage 3 loans
ROE: change from base (bps)
% of Stage 2 loans transferred to St
age 3 loans
Stage 2 C13/C6=0.12782683416888835
D13/D6=0.09659888767351148
E13/E6=0.09972409298173278
F13/F6=0.08772485773426177
G13/G6=0.07543777897442788
H13/H6=0.10253033120895655
I13/
16=0.10085092623850708 Amount of Stage 2 transferred to Stage 3
$T$27*M25=0
$T$27*N25=0
$T$27*025=0
$T$27*P25=0
$T$27*Q25=0
$T$27*R25=0
$T$27*525=0
0
Loan growth
(ppt change from base) $M$34=0.14227070975751668
AA27-0.05=-0.15000000000000002 AB27-0.05=-0
.10
-0.05
0
0.05
AD27+0.05=0.10 0.20
0.30
0.40
0.50
0.60
Y27=0.142270
70975751668
A027-0.05=-0.15000000000000002 AP27-0.05=-0.10 -0.05
0
0.05
AR27+0.05=0.
EFTA01437449
10
0.20
0.30
0.40
0.50
0.60
Stage 3 C14/C7=0.7736301083793707
D14/D7=0.7035332628006221
E14/E7=0.7946263447785766
F14/F7=0.7169568055096923
G14/G7=0.7805910678041662
H14/H7=0.85712308093264 I14/17=0.778
4029978891152
Coverage of new Stage 3 loans (70%)
M27*0.7=0
N27*0.7=0
027*0.7=0
P27*0.7=0
Q27*0.7=0
R27*0.7=0
S27*0.7=0
0.20
(=TABLE(127,146))=0.19763146
251425862
(=TABLE(127,T46))=0.18861179217693397
(=TABLE(T27,146))=0.17959212183960938
(=TA
BLE(T27,146))=0.17057245150228473
(=TABLE(T27,T46))=0.1615527811649601
(=TABLE(T27,146))=0.
1525331108276355
(=TABLE(127,146))=0.13449377015298625
(=TABLE(T27,T46))=0.1164544294783369
7
(=TABLE(T27,146))=0.09841508880368774
(=TABLE(127,146))=0.08037574812903847
(=TABLE(T27,
T46))=0.062336407454389224
0.20
(Z28-$AC$32)*10000=553.6075275674193
(AA28-$AC$32)*10000=
463.41082419417285
(AB28-$AC$32)*10000=373.2141208209269
(AC28-$AC532)*10000=283.017417447680
43
(AD28-$AC$32)*10000=192.82071407443425 (AE28-$AC$32)*10000=102.62401070118804 (AF28-$AC$32
)*10000=-77.76939604530436
(AG28-$AC$32)*10000=-258.16280279179716 (AH28-$AC$32)*10000=-438.556
20953828947
(A128-$AC532)*10000=-618.9496162847821 (AJ28-$AC$32)*10000=-799.3430230312745
Total
SUM(C26:C28)=0.9050400142177326 SUM(D26:028)=0.8046684911151136 SUM(E26:E28)=0.8991765099240
078
SUM(F26:F28)=0.8117262236658447 SUM(G26:G28)=0.8641774703143803 SUM(H26:H28)=0.9688270031905
606
SUM(126:128)=0.8855155570639418 Stage 3 provisions (new)
M28+M26=4046.342
N28+
N26=5633.32
028+026=6264.786
P28+P26=5799.235
Q28+Q26=7945.146
R28+R26=8617
.858
528+526=38306.687000000005
0.15
(=TABLE(127,146))=0.19055602707806657
(=TABLE(T27,
T46))=0.18153635674074195
(=TABLE(T27,146))=0.17251668640341736
(=TABLE(127,146))=0.16349701
60660927
(=TABLE(T27,T46))=0.1544773457287681
(=TABLE(T27,146))=0.14545767539144347
(=TA
BLE(T27,146))=0.1274183347167942
(=TABLE(T27,T46))=0.10937899404214495
(=TABLE(T27,146))=0.
0913396533674957
(=TABLE(127,146))=0.07330031269284645
(=TABLE(T27,T46))=0.0552609720181972
0.15
(Z29-5AC$32)*10000=482.8531732054989
(AA29-$AC$32)*10000=392.65646983225264 (AB29-$AC$32
)*10000=302.45976645900674
(AC29-$AC$32)*10000=212.26306308576025 (AD29-$AC$32)*10000=122.0663
5971251406
(AE29-$AC532)*10000=31.86965633926786
(AF29-$AC$32)*10000=-148.5237504072248 (AG2
9-$AC$32)*10000=-328.91715715371737
(AH29-$AC532)*10000=-509.3105639002099 (A129-$AC$32)*10000=
-689.7039706467023
(AJ29-$AC$32)*10000=-870.0973773931948
Net profit (base)
6405.467516045113
7118.518599790241
3809.28613779219
6242
.064735470831
3822.804240772133
3853.9025619301465
SUM(M30:R30)=31252.043791800654 0.10
(=TABLE(127,146))=0.1834805916418746
(=TABLE(T27,T46))=0.17446092130455
(=TABLE(T27,146))=0.
16544125096722537
(=TABLE(127,146))=0.15642158062990072
(=TABLE(T27,T46))=0.1474019102925761
(=TABLE(127,146))=0.13838223995525148
(=TABLE(T27,T46))=0.12034289928060223
(=TABLE(T27,146))=0.
10230355860595296
(=TABLE(127,146))=0.08426421793130372
(=TABLE(T27,T46))=0.0662248772566544
5
(=TABLE(T27,146))=0.0481855365820052
0.10
(Z30-5AC$32)*10000=412.09881884357924
(AA3
0-$AC$32)*10000=321.90211547033306
(AB30-$AC532)*10000=231.70541209708685 (AC30-$AC$32)*10000=
141.50870872384036
(AD30-$AC$32)*10000=51.312005350594156 (AE30-$AC532)*10000=-38.884698022652
046
(AF30-$AC$32)*10000=-219.2781047691446 (AG30-$AC$32)*10000=-399.67151151563723 (AH30-$AC532
)*10000=-580.0649182621297
(A130-$AC$32)*10000=-760.4583250086223 (AJ30-$AC$32)*10000=-940.851
7317551149
Expected provision expenses
Net profit (new) - TRYmn
M30-(M28*0.8)+((M48-M46)*(0.8)*(0.04
))=6405.467516045113
N30-(N28*0.8)+((N48-N46)*(0.8)*(0.04))=7118.518599790241
030-(028*0.8
)+((048-046)*(0.8)*(0.04))=3809.28613779219
P30-(P28*0.8)+((P48-P46)*(0.8)*(0.04))=6242.06473547
0831
030-(Q28*0.8)+((Q48-Q46)*(0.8)*(0.04))=3822.804240772133
R30-(R28*0.8)+((R48-R46)*(0.
8)*(0.04))=3853.9025619301465
S30-(528*0.8)+C(S48-546)*(0.8)*(0.04))=31252.043791800654
0.05
(=TABLE(127,146))=0.1764051562056826
(=TABLE(T27,T46))=0.16738548586835794
(=TABLE(T27,146))=0.
15836581553103335
(=TABLE(127,146))=0.1493461451937087
(=TABLE(T27,T46))=0.1403264748563840
8
(=TABLE(T27,T46))=0.13130680451905946
(=TABLE(127,146))=0.11326746384441021
(=TABLE(T27,
T46))=0.09522812316976095
(=TABLE(T27,T46))=0.0771887824951117
(=TABLE(127,146))=0.05914944
1820462445
(=TABLE(127,T46))=0.04111010114581319
0.05
(231-$AC$32)*10000=341.3444644816591
(AA31-$AC$32)*10000=251.1477611084126
(AB31-$AC532)*10000=160.95105773516667 (AC31-$AC$32)*10000=
70.75435436192018
(AD31-$AC$32)*10000=-19.442349011326023 (AE31-$AC532)*10000=-109.63905238457
222
(AF31-$AC$32)*10000=-290.03245913106474 (AG31-$AC$32)*10000=-470.4258658775573 (AH31-$AC532
)*10000=-650.8192726240499
(A131-$AC$32)*10000=-831.2126793705423 (AJ31-$AC$32)*10000=-1011.60
60861170349
TRYm
Akbank Garanti Halkbank
Isbank Vakifbank
Yapi Kredi
Average Change in ne
t profit from base
M31/M30-1=0
N31/N30-1=0
031/030-1=0
P31/P30-1=0
Q31/Q30-1=0
R31/R30-1=0
231/S30-1=0
0
(=TABLE(127,T46))=0.16932972076949057
(=TABLE(T27,T46) 1=0.
16031005043216592
(=TABLE(127,146))=0.1512903800948413
(=TABLE(T27,T46))=0.1422707097575166
8
(=TABLE(T27,146))=0.13325103942019204
(=TABLE(127,146))=0.12423136908286743
(=TABLE(T27,
T46))=0.10619202840821818
(=TABLE(T27,T46))=0.08815268773356892
(=TABLE(127,146))=0.07011334
705891967
(=TABLE(T27,T46))=0.05207400638427041
(=TABLE(T27,146))=0.03403466570962116
0
(Z32-$AC532)*10000=270.5901101197389
(AA32-$AC532)*10000=180.3934067464924
(AB32-$AC$32)*10000=
90.1967033732462
(AC32-$AC$32)*10000=0
(AD32-$AC$32)*10000=-90.19670337324648 (AE32-$AC$32
)*10000=-180.39340674649253
(AF32-$AC$32)*10000=-360.78681349298506 (AG32-$AC$32)*10000=-541.180
2202394776
(AH32-$AC532)*10000=-721.5736269859701 (A132-$AC$32)*10000=-901.9670337324627 (AJ3
2-$AC$32)*10000=-1082.3604404789553
ROE (base)
M30/M$56=0.14227070975751668
N30/N$56=0.15379565842592643
030/0556=0.133239279
64267931
P30/P$56=0.13031433781764779
Q30/Q$56=0.14460043618259225
R3O/R556=0.102203593
17283423
S30/S$56=0.1347398172027409
-0.05
(=TABLE(T27,146))=0.16225428533329853
(=TA
BLE(T27,146))=0.1532346149959739
(=TABLE(T27,T46))=0.14421494465864929
(=TABLE(T27,T46) 1=0.
13519527432132464
(=TABLE(127,146))=0.12617560398400002
(=TABLE(127,T46))=0.1171559336466754
(=TABLE(127,146))=0.09911659297202616
(=TABLE(T27,T46))=0.08107725229737689
(=TABLE(T27,T46))=0.
06303791162272764
(=TABLE(127,146))=0.04499857094807838
(=TABLE(T27,T46))=0.0269592302734291
3
-0.05
(233-$AC$32)*10000=199.83575575781842
(AA33-$AC$32)*10000=109.63905238457222 (AB3
3-$AC$32)*10000=19.442349011326023
(AC33-$AC532)*10000=-70.75435436192046 (AD33-$AC$32)*10000=
-160.95105773516667
(AE33-$AC$32)*10000=-251.14776110841285 (AF33-$AC532)*10000=-431.54116785490
527
(AG33-$AC$32)*10000=-611.9345746013979 (AH33-$AC$32)*10000=-792.3279813478905 (A133-$AC532
)*10000=-972.721388094383
(AJ33-$AC$32)*10000=-1153.1147948408757
EFTA01437450
ROE (new)
M31/M$56=0.14227070975751668
N31/N$56=0.15379565842592643
031/0$56=0.133239279
64267931
P31/P$56=0.13031433781764779
Q31/Q$56=0.14460043618259225
R31/R$56=0.102203593
17283423
231/S$56=0.1347398172027409
-0.10
(=TABLE(T27,T46))=0.1551788498971065
(=TA
BLE(T27,T46))=0.1461591795597819
(=TABLE(T27,T46))=0.13713950922245727
(=TABLE(T27,T46))=0.
12811983888513262
(=TABLE(T27,T46))=0.11910016854780799
(=TABLE(T27,T46))=0.1100804982104833
8
(=TABLE(T27,T46))=0.09204115753583413
(=TABLE(T27,T46))=0.07400181686118487
(=TABLE(T27,
T46))=0.05596247618653563
(=TABLE(T27,T46))=0.03792313551188637
(=TABLE(T27,246))=0.01988379
4837237116
-0.10
(Z34-$AC$32)*10000=129.08140139589824
(AA34-$AC$32)*10000=38.8846980226520
46
(AB34-$AC$32)*10000=-51.312005350594156 (AC34-$AC$32)*10000=-141.50870872384064 (AD34-$AC$32
)*10000=-231.70541209708696
(AE34-$AC$32)*10000=-321.90211547033306 (AF34-$AC$32)*10000=-502.295
5222168256
(AG34-$AC$32)*10000=-682.6889289633182 (AH34-$AC$32)*10000=-863.0823357098105 (A13
4-$AC$32)*10000=-1043.4757424563031
(AJ34-$AC$32)*10000=-1223.8691492027956
Change in ROE from base (M34-M33)=0
(N34-N33)=0
(034-033)=0
(P34-P33)=0
(Q34-033)=0
(R34-R33)=0
(534-533)=0
-0.15
(=TABLE(T27,T46))=0.14810341446091452
(=TABLE(T27,T46))=0.
13908374412358987
(=TABLE(T27,246))=0.13006407378626525
(=TABLE(T27,T46))=0.1210444034489406
2
(=TABLE(T27,T46))=0.11202473311161598
(=TABLE(T27,T46))=0.10300506277429138
(=TABLE(T27,
T46))=0.08496572209964212
(=TABLE(T27,T46))=0.06692638142499287
(=TABLE(T27,T46))=0.04888704
075034361
(=TABLE(T27,T46))=0.030847700075694352 (=TABLE(T27,T46))=0.012808359401045105 -0.1
5
(Z35-$AC$32)*10000=58.32704703397834
(AA35-$AC$32)*10000=-31.869656339268136 (AB35-$AC$32
)*10000=-122.06635971251434
(AC35-$AC$32)*10000=-212.26306308576068 (AD35-$AC$32)*10000=-302.459
766459007
(AE35-$AC$32)*10000=-392.6564698322531 (AF35-$AC$32)*10000=-573.0498765787456 (AG3
5-$AC$32)*10000=-753.4432833252382
(AH35-$AC$32)*10000=-933.8366900717307 (A135-$AC$32)*10000=
-1114.2300968182233
(AJ35-$AC$32)*10000=-1294.6235035647157
-0.20
(=TABLE(T27,T46))=0.1410279790247225
(=TABLE(T27,T46))=0.13200830868739785
(=TABLE(T27,
T46))=0.12298863835007325
(=TABLE(T27,T46))=0.11396896801274861
(=TABLE(T27,T46))=0.10494929
767542398
(=TABLE(T27,T46))=0.09592962733809937
(=TABLE(T27,T46))=0.07789028666345012
(=TA
BLE(T27,T46))=0.059850945988800856
(=TABLE(T27,T46))=0.04181160531415161
(=TABLE(T27,T46))=0.
023772264639502348
(=TABLE(T27,T46))=0.005732923964853099 -0.20
(Z36-$AC$32)*10000=-12.42730
732794184
(AA36-$AC$32)*10000=-102.62401070118831 (AB36-$AC$32)*10000=-192.8207140744344 (AC3
6-$AC$32)*10000=-283.0174174476807
(AD36-$AC$32)*10000=-373.21412082092706 (AE36-$AC$32)*10000=
-463.41082419417313
(AF36-$AC$32)*10000=-643.8042309406657 (AG36-$AC$32)*10000=-824.19763768715
82
(AH36-$AC$32)*10000=-1004.5910444336507 (A136-$AC$32)*10000=-1184.9844511801432 (AJ36-$AC$32
)*10000=-1365.377857926636
Stage 1 53.916 379.957 96.532 7.40
167.354 153.12 SUM(C37:H37)=858.279
COR impact
Akba
nk
Garanti Halkbank
Isbank Vakifbank
Yapi Kredi
Total
-0.25
(=TABLE(T27,
T46))=0.13395254358853045
(=TABLE(T27,T46))=0.12493287325120583
(=TABLE(T27,T46))=0.11591320
291388123
(=TABLE(T27,T46))=0.10689353257655657
(=TABLE(T27,T46))=0.09787386223923196
(=TA
BLE(T27,T46))=0.08885419190190733
(=TABLE(T27,T46))=0.07081485122725809
(=TABLE(T27,T46))=0.
05277551055260882
(=TABLE(T27,T46))=0.03473616987795957
(=TABLE(T27,T46))=0.0166968292033103
13
(=TABLE(T27,T46))=-0.0013425114713389369
-0.25
(237-$AC$32)*10000=-83.1816616898623
(AA37-$AC$32)*10000=-173.3783650631085 (AB37-$AC$32)*10000=-263.57506843635457 (AC37-$AC$32)*10000=
-353.7717718096012
(AD37-$AC$32)*10000=-443.9684751828472 (AE37-$AC$32)*10000=-534.16517855609
36
(AF37-$AC$32)*10000=-714.5585853025859 (AG37-$AC$32)*10000=-894.9519920490786 (AH37-$AC$32
)*10000=-1075.345398795571
(A137-$AC$32)*10000=-1255.7388055420638 (AJ37-$AC$32)*10000=-1436.13
2212288556
Stage 2 246.51 748.876 19.004 588.762 78.11
70.684 SUM(C38:H38)=1751.946
Stage 2 loans % in 1
oans (base)
M20=0.07133662843524677 N20=0.14735534330719807 020=0.03192368365437227 P20=0.073769
12685352839
Q20=0.026227301668108462
R20=0.03727821168956142 S20=0.06569703294666697
Stage 3 397.74 488.162 276.835 531.50 1037.65 589.523 SUM(C39:H39)=3321.4100000000003 Stage 3 loan
s % in loans (base)
M21=0.019902480089475486
N21=0.025255693882762956
021=0.028200
61603322851
P21=0.022987099868194798
Q21=0.03907207566378646 R21=0.04173465306698942 S21=
0.029227683046851582
Total
SUM(C37:C39)=698.1659999999999 SUM(D37:D39)=1616.995
SUM(E37:E39)=392.371
SUM(F37:F39)
=1127.6619999999998
SUM(G37:G39)=1283.114
SUM(H37:H39)=813.327
SUM(C40:H40)=5931.635
Stag
e 2 loans % in loans (new)
(M6-M27)/M$8=0.07133662843524677
(N6-N27)/N$8=0.1473553433071
9807
(06-027)/O$8=0.03192368365437227
(P6-P27)/P$8=0.07376912685352839
(Q6-Q27)/Q$8
=0.026227301668108462
(R6-R27)/R$8=0.03727821168956142
(S6-527)/S$8=0.06569703294666697
Average gross loans
'R:\Bank models\Turkish Bank Model with 2020 Estimates\Higher RFR\[AKBANK MO
DEL- Higher RFR and Lower NIM.xlsx]COR'!$AH$13/1000=199098.746 111:\Bank models\Turkish Bank Model w
ith 2020 Estimates\Higher RFR\[GARANTI MODEL- Higher RFR and Lower NIM.xlsx]COR'!$AH$13/1000=219928.
43
'R:\Bank models\Turkish Bank Model with 2020 Estimates\Higher RFR\[HALKBANK MODEL- Higher RF
R and Lower NIM.xlsx]COR'!$AH$13/1000=215448.166
'R:\Bank models\Turkish Bank Model with 2020
Estimates\Higher RFR\(ISBANK MODEL- Higher RFR and Lower NIM.xlsx]COR'!$AH$13/1000=249443.2855 'R:\
Bank models\Turkish Bank Model with 2020 Estimates\Higher RFR\[VAKIFBANK MODEL- Higher RFR and Lower
NIM.xlsx]COR'!$AH$13/1000=197091.47
111:\Bank models\Turkish Bank Model with 2020 Estimates\Highe
RFR\[YAPI KREDI MODEL- Higher RFR and Lower NIM.xlsx]COR'!$AN$13/1000=204895.8715
SUM(C41:H41)
=1285905.969
Stage 3 loans % in loans (new) (M7+M27)/M$8=0.019902480089475486
(N7+N27)/N$8
=0.025255693882762956
(07+027)/0$8=0.02820061603322851
(P7+P27)/P$8=0.022987099868194798
(Q7+Q27)/Q$8=0.03907207566378646
(R7+R27)/R$8=0.04173465306698942
(57+527)/5$8=0.02922
7683046851582
GARANTI GARANTI
Stage 1 credit impairments
C37=53.916
D37=379.957
E37=96.532
F37=7.40
G37=
167.354 H37=153.12
137=858.279
Y26=ROE % of Stage 2 loans transferred to Stage 3 loans ROE:
change from base (bps) ft of Stage 2 loans transferred to Stage 3 loans
COR (gross)
Stage 2 credit impairments
C38=246.51
D38=748.876
E38=19.004
F38=
588.762 G38=78.11
H38=70.684
138=1751.946
Loan growth (ppt change from base)
$N$3
4=0.15379565842592643
AA43-0.05=-0.15000000000000002 AB43-0.05=-0.10 -0.05
0
0.05
AD43
+0.05=0.10
0.20
0.30
0.40
0.50
0.60
Y43=0.15379565842592643 A043-0.05=-0.1500000
0000000002
AP43-0.05=-0.10 -0.05
0
0.05
AR43+0.05=0.10 0.20
0.30
0.40
0.50
0.60
EFTA01437451
TRYm
Akbank Garanti Halkbank
Isbank Vakifbank
Yapi Kredi
Average Stage 3 cred
it impairments (new)
M28+C39=397.74 N28+D39=488.162 028+E39=276.835 P28+F39=531.50 Q28+G39=1037
.65
R28+H39=589.523 B28+139=3321.4100000000003
0.20
(=TABLE(T27,T46))=0.2438548314321208
6
(=TABLE(T27,T46))=0.22397175927771315
(=TABLE(T27,T46))=0.20408868712330538
(=TABLE(T27,
T46))=0.18420561496889767
(=TABLE(T27,T46))=0.16432254281448994
(=TABLE(T27,T46))=0.14443947
066008223
(=TABLE(T27,T46))=0.10467332635126676
(=TABLE(T27,T46))=0.06490718204245129
(=TA
BLE(T27,T46))=0.025141037733635838
(=TABLE(T27,T46))=-0.014625106575179615 (=TABLE(T27,T46))=-0
.05439125088399509
0.20
(Z44-$AC$48)*10000=900.5917300619443
(AA44-$AC$48)*10000=701.7610
085178671
(AB44-$AC$48)*10000=502.9302869737895
(AC44-$AC$48)*10000=304.0995654297124
(AD4
4-$AC$48)*10000=105.26884388563501
(AE44-$AC$48)*10000=-93.5618776584421
(AF44-$AC$48)*10000=
-491.2233207465967
(AG44-$AC$48)*10000=-888.8847638347515 (AH44-$AC$48)*10000=-1286.5462069229
06
(A144-$AC$48)*10000=-1684.2076500110607 (AJ44-$AC$48)*10000=-2081.869093099215
Stage 1 C37/C$41*4=0.0010832011970582677
D37/D$41*4=0.006910557220819518 E37/E$41*4=0.0017922
083402650082
F37/F$41*4=1.1866424843093242E-4
G37/G$41*4=0.0033964737286702467
H37/
H$41*4=0.0029892256760283235
137/1$41*4=0.002669803300368691 Recoveries
C49=253 D49=860 E49=
188
F49=432 G49=446 H49=330 149=2509
0.15
(=TABLE(T27,T46))=0.23625234229637807
(=TA
BLE(T27,T46))=0.21636927014197033
(=TABLE(T27,T46))=0.1964861979875626
(=TABLE(T27,T46))=0.
17660312583315488
(=TABLE(T27,T46))=0.15672005367874714
(=TABLE(T27,T46))=0.1368369815243394
(=TABLE(T27,T46))=0.09707083721552395
(=TABLE(T27,T46))=0.05730469290670848
(=TABLE(T27,T46))=0.
01753854859789303
(=TABLE(T27,T46))=-0.022227595710922424 (=TABLE(T27,T46))=-0.061993740019737
9
0.15
(245-$AC$48)*10000=824.5668387045163
(AA45-$AC$48)*10000=625.7361171604389
(AB4
5-$AC$48)*10000=426.90539561636155
(AC45-$AC$48)*10000=228.07467407228444 (AD45-$AC$48)*10000=
29.24395252820705
(AE45-$AC$48)*10000=-169.58676901587035 (AF45-$AC$48)*10000=-567.24821210402
48
(AG45-$AC$48)*10000=-964.9096551921796 (AH45-$AC$48)*10000=-1362.5710982803341 (A145-$AC$48
)*10000=-1760.2325413684885
(AJ45-$AC$48)*10000=-2157.8939844566435
Stage 2 C38/C$41*4=0.004952517380496208 D38/D$41*4=0.013620358222900059 E38/E$41*4=3.528273246011294
E-4
F38/F$41*4=0.009441216247931435 G38/G$41*4=0.0015852537910443307
H38/H$41*4=0.0013799
009122543496
138/1$41*4=0.005449686189301761 Gross loans (base)
C41=199098.746 D41=219928.4
3
E41=215448.166 F41=249443.2855 G41=197091.47
H41=204895.8715 141=1285905.969 0
0.10
(=TABLE(T27,T46))=0.2286498531606353
(=TABLE(T27,T46))=0.20876678100622756
(=TABLE(T27,T46))=0.
18888370885181982
(=TABLE(T27,T46))=0.16900063669741208
(=TABLE(T27,T46))=0.1491175645430043
4
(=TABLE(T27,T46))=0.12923449238859663
(=TABLE(T27,T46))=0.08946834807978117
(=TABLE(T27,
T46))=0.049702203770965694
(=TABLE(T27,T46))=0.009936059462150242 (=TABLE(T27,T46))=-0.0298300
84846665213
(=TABLE(T27,T46))=-0.0695962291554807
0.10
(246-$AC$48)*10000=748.5419473470886
(AA46-$AC$48)*10000=549.7112258030112
(AB46-$AC$48)*10000=350.88050425893385 (AC46-$AC$48)*10000=
152.04978271485646
(AD46-$AC$48)*10000=-46.78093882922091 (AE46-$AC$48)*10000=-245.61166037329
8
(AF46-$AC$48)*10000=-643.2731034614526 (AG46-$AC$48)*10000=-1040.9345465496074 (AH46-$AC$48
)*10000=-1438.595989637762
(A146-$AC$48)*10000=-1836.2574327259165 (AJ46-$AC$48)*10000=-2233.91
88758140713
Stage 3 C39/C$41*4=0.007990808741708499 D39/D$41*4=0.008878561084621938 E39/E$41*4=0.005139704925592
172
F39/F$41*4=0.008522979465005484 G39/G$41*4=0.021059257409770195 H39/H$41*4=0.011508733595932
899
139/I$41*4=0.010331735228145598 Change in loan growth
$T$46=0 $T$46=0 $T$46=0 $T$46=0 $T$4
6=0
$T$46=0 $T$46=0 0.05
(=TABLE(T27,T46))=0.22104736402489245
(=TABLE(T27,T46))=0.20116429
187048473
(=TABLE(T27,T46))=0.18128121971607697
(=TABLE(T27,T46))=0.16139814756166926
(=TA
BLE(T27,T46))=0.14151507540726152
(=TABLE(T27,T46))=0.1216320032528538
(=TABLE(T27,T46))=0.
08186585894403833
(=TABLE(T27,T46))=0.042099714635222864 (=TABLE(T27,T46))=0.0023335703264074
11
(=TABLE(T27,T46))=-0.03743257398240804 (=TABLE(T27,T46))=-0.07719871829122352 0.05
(Z47
-$AC$48)*10000=672.5170559896601
(AA47-$AC$48)*10000=473.686334445583
(AB47-$AC$48)*10000=
274.85561290150537
(AC47-$AC$48)*10000=76.02489135742823
(AD47-$AC$48)*10000=-122.80583018664
915
(AE47-$AC$48)*10000=-321.6365517307264 (AF47-$AC$48)*10000=-719.297994818881
(AG47-$AC$48
)*10000=-1116.9594379070359
(AH47-$AC$48)*10000=-1514.6208809951902 (A147-$AC$48)*10000=-1912.28
23240833447
(AJ47-$AC$48)*10000=-2309.9437671714995
Total
BUM(C45:C47)=0.014026527319262974
SUM(D45:D47)=0.029409476528341517
SUM(E45:E47)
=0.0072847405904583095 BUM(F45:F47)=0.018082859961367853
SUM(G45:G47)=0.02604098492948477
SUM(H45:H47)=0.015877860184215574
SUM(145:I47)=0.018451224717816052
Gross loans (new)
M46*(1+M47)=199098.746 N46*(1+N47)=219928.43
046*(1+047)=215448.166 P46*(1+P47)=249443.2855 q46*
(1+Q47)=197091.47
R46*(1+R47)=204895.8715 546*(1+547)=1285905.969 0
(=TABLE(T27,T46))=0.
21344487488914962
(=TABLE(T27,T46))=0.1935618027347419
(=TABLE(T27,T46))=0.1736787305803341
7
(=TABLE(T27,T46))=0.15379565842592643
(=TABLE(T27,T46))=0.1339125862715187
(=TABLE(T27,
T46))=0.11402951411711099
(=TABLE(T27,T46))=0.07426336980829552
(=TABLE(T27,T46))=0.03449722
5499480054
(=TABLE(T27,T46))=-0.005268918809335398 (=TABLE(T27,T46))=-0.04503506311815085 (=TA
BLE(T27,T46))=-0.08480120742696633
0
(Z48-$AC$48)*10000=596.4921646322318
(AA48-$AC$48
*10000=397.6614430881548
(AB48-$AC$48)*10000=198.8307215440774
(AC48-$AC$48)*10000=0
(AD4
8-$AC$48)*10000=-198.8307215440774
(AE48-$AC$48)*10000=-397.6614430881545 (AF48-$AC$48)*10000=
-795.3228861763091
(AG48-$AC$48)*10000=-1192.9843292644637 (AH48-$AC$48)*10000=-1590.6457723526
182
(A148-$AC$48)*10000=-1988.3072154407728 (AJ48-$AC$48)*10000=-2385.9686585289273
Recoveries
253
860
188
432
446
330
SUM(C49:H49)=2509
COR (net), B
ase
C57=0.008943622377209748
D57=0.013768024443224555
E57=0.0037943418836064724
F57=0.011155433566480983
G57=0.01698935017329771 H57=0.009435563468637288
157=0.010646
610506557188
-0.05
(=TABLE(T27,T46))=0.20584238575340683
(=TABLE(T27,T46))=0.1859593135989991
2
(=TABLE(T27,T46))=0.16607624144459138
(=TABLE(T27,T46))=0.14619316929018364
(=TABLE(T27,
T46))=0.1263100971357759
(=TABLE(T27,T46))=0.10642702498136818
(=TABLE(T27,T46))=0.06666088
067255271
(=TABLE(T27,T46))=0.026894736363737248 (=TABLE(T27,T46))=-0.012871407945078208 (=TA
BLE(T27,T46))=-0.05263755225389366
(=TABLE(T27,T46))=-0.09240369656270914 -0.05
(Z49-$AC$48)
*10000=520.4672732748039
(AA49-$AC$48)*10000=321.6365517307268
(AB49-$AC$48)*10000=122.8058
3018664942
(AC49-$AC$48)*10000=-76.02489135742796 (AD49-$AC$48)*10000=-274.85561290150537 (AE4
9-$AC$48)*10000=-473.6863344455826
(AF49-$AC$48)*10000=-871.3477775337373 (AG49-$AC$48)*10000=
-1269.009220621892
(AH49-$AC$48)*10000=-1666.6706637100465 (A149-$AC$48)*10000=-2064.3321067982
01
(AJ49-$AC$48)*10000=-2461.9935498863556
EFTA01437452
COR (net), New (M42+M43+M44-M45)/M48*4=0.008943622377209748
(N42+N43+N44-N45)/N48*4=0.0137680244
43224555
(042+043+044-045)/048*4=0.0037943418836064724
(P42+P43+P44-P45)/P48*4=0.0111554335
66480983
(Q42+043+Q44-Q45)/Q48*4=0.01698935017329771
(R42+R43+R44-R45)/R48*4=0.0094355634
68637288
(S42+543+S44-S45)/S48*4=0.010646610506557188
-0.10
(=TABLE(T27,246) 1=0.19823989
6617664 (=TABLE(T27,T46))=0.1783568244632563
(=TABLE(T27,T46))=0.15847375230884855
(=TABLE(T27,
T46))=0.13859068015444082
(=TABLE(T27,T46) 1=0.11870760800003308
(=TABLE(T27,T46))=0.09882453
584562537
(=TABLE(127,T46))=0.059058391536809904 (=TABLE(T27,T46) 1=0.019292247227994438 (=TA
BLE(T27,T46))=-0.020473897080821018
(=TABLE(T27,T46))=-0.06024004138963647 (=TABLE(T27,T46))=-0
.10000618569845195
-0.10
(Z50-$AC$48)*10000=444.44238191737566
(AA50-$AC$48)*10000=245.6116
6037329858
(AB50-$AC$48)*10000=46.780938829221185 (AC50-$AC$48)*10000=-152.0497827148562 (AD5
0-$AC$48)*10000=-350.88050425893357
(AE50-$AC$48)*10000=-549.7112258030107 (AF50-$AC$48)*10000=
-947.3726688911653
(AG50-$AC$48)*10000=-1345.03411197932
(AH50-$AC$48)*10000=-1742.6955550674
745
(A150-$AC$48)*10000=-2140.3569981556293 (AJ50-$AC$48)*10000=-2538.018441243784
COR (net)
Change in COR from base (bps)
(M50-M49)*100=0 (N50-N49)*100=0 (050-049)*100=0 (P50
-P49)*100=0
(Q50-Q49) *100=0 (R5O-R49)*100=0 (S50-S49)*100=0 -0.15
(=TABLE(T27,T46))=0.19063740
74819212
(=TABLE(T27,T46))=0.1707543353275135
(=TABLE(T27,T46))=0.15087126317310576
(=TA
BLE(T27,T46))=0.13098819101869802
(=TABLE(T27,T46) )=0.11110511886429027
(=TABLE(T27,T46) 1=0.
09122204670988256
(=TABLE(T27,T46) 1=0.051455902401067094 (=TABLE(T27,T46))=0.0116897580922516
28
(=TABLE(T27,T46) 1=-0.028076386216563824 (=TABLE(T27,T46))=-0.06784253052537928 (=TABLE(T27,
T46)]=-0.10760867483419476
-0.15
(251-$AC$48)*10000=368.41749055994774
(AA51-$AC$48)*10000=
169.5867690158706
(AB51-$AC$48)*10000=-29.243952528206773 (AC51-$AC$48)*10000=-228.07467407228
415
(AD51-$AC$48)*10000=-426.90539561636166 (AE51-$AC$48)*10000=-625.7361171604388 (AF51-$AC$48
)*10000=-1023.3975602485934
(AG51-$AC$48)*10000=-1421.0590033367482 (AH51-$AC$48)*10000=-1818.72
04464249025
(A151-$AC$48)*10000=-2216.381889513057 (AJ51-$AC$48)*10000=-2614.043332601212
-0.20
(=TABLE(T27,T46) 1=0.18303491834617838
(=TABLE(T27,T46))=0.16315184619177067
(=TABLE(T27,
T46)]=0.14326877403736293
(=TABLE(T27,T46) 1=0.1233857018829552
(=TABLE(T27,T46))=0.10350262
972854747
(=TABLE(T27,T46))=0.08361955757413975
(=TABLE(T27,T46) 1=0.043853413265324284 (=TA
BLE(T27,T46))=0.004087268956508819
(=TABLE(T27,T46))=-0.035678875352306634 (=TABLE(T27,T46) 1=-0
.07544501966112209
(=TABLE(T27,246))=-0.11521116396993757 -0.20
(Z52-$AC$48)*10000=292.39259
92025195
(AA52-$AC$48)*10000=93.56187765844237
(AB52-$AC$48)*10000=-105.26884388563501 (AC5
2-$AC$48)*10000=-304.0995654297124
(AD52-$AC$48)*10000=-502.93028697378963 (AE52-$AC$48)*10000=
-701.7610085178669
(AF52-$AC$48)*10000=-1099.4224516060215 (AG52-$AC$48)*10000=-1497.0838946941
76
(AH52-$AC$48)*10000=-1894.7453377823306 (A152-$AC$48)*10000=-2292.406780870485 (AJ52-$AC$48
)*10000=-2690.06822395864
TRYm
Akbank Garanti Halkbank
Isbank Vakifbank
Yapi Kredi
Average Tier 1 a CAR
impact Akbank Garanti Halkbank
Isbank Vakifbank
Yapi Kredi
Total
-0.25
(=TA
BLE(T27,T46))=0.1754324292104356
(=TABLE(T27,T46))=0.15554935705602788
(=TABLE(T27,T46) 1=0.
13566628490162014
(=TABLE(T27,246) 1=0.11578321274721239
(=TABLE(T27,T46))=0.0959001405928046
6
(=TABLE(T27,T46) 1=0.07601706843839694
(=TABLE(T27,T46) 1=0.036250924129581474 (=TABLE(T27,
T46)]=-0.00351522017923399
(=TABLE(T27,T46) 1=-0.043281364488049444 (=TABLE(T27,T46))=-0.0830475
087968649
(=TABLE(T27,T46))=-0.12281365310568038 -0.25
(253-$AC$48)*10000=216.3677078450915
3
(AA53-$AC$48)*10000=17.536986301014412 (AB53-$AC$48)*10000=-181.29373524306297 (AC53-$AC$48
)*10000=-380.1244567871405
(AD53-$AC$48)*10000=-578.9551783312178 (AE53-$AC$48)*10000=-777.785
899875295
(AF53-$AC$48)*10000=-1175.4473429634495 (AG53-$AC$48)*10000=-1573.1087860516043 (AH5
3-$AC$48)*10000=-1970.7702291397588
(A153-$AC$48)*10000=-2368.431672227913 (AJ53-$AC$48)*10000=
-2766.093115316068
Stage 1 Base Case (2018E)
Stage 2 Total RWAs
'R:\Bank models\Turkish Bank Model with 2020 Estimates\Higher RFR\[AKBANK MO
DEL- Higher RFR and Lower NIM.xlsxjForecast (TRY)'!$BK$585=302875.679288
'R:\Bank models\Turk
ish Bank Model with 2020 Estimates\Higher RFR\(GARANTI MODEL- Higher RFR and Lower NIM.xlsx] Forecast
(TRY)'!$BK$585=291738.2124657 'R:\Bank models\Turkish Bank Model with 2020 Estimates\Higher RFR\[H
ALKBANK MODEL- Higher RFR and Lower NIM.xlsx]Forecast (TRY)'!$BK$585=234881.86808775
111:\Bank mod
els\Turkish Bank Model with 2020 Estimates\Higher RFR\[ISBANK MODEL- Higher RFR and Lower NIM.xlsx]F
°recast (TRY)°!$BK$585=344418.17760000005
'R:\Bank models\Turkish Bank Model with 2020 Estimat
es\Higher RFR\[VAKIFBANK MODEL- Higher RFR and Lower NIM.xlsx]Forecast (TRY)'!$BK$585=218144.9068410
0002
'R:\Bank models\Turkish Bank Model with 2020 Estimates\Higher RFR\CYAPI KREDI MODEL- Higher
RFR and Lower NIM.xlsxjForecast (TRY)°!$BK$590=282617.49027600006
SUM(M55:R55)=1674676.3345584
502
Stage 3 (C39-C49)/C41*4=0.0029079037996552724
(D39-049)/041*4=-0.006762891000495025
(E39-E49)/E4
1*4=0.0016493062187403346
(F39-F49)/F41*4=0.0015955530701186181
(G39-G49)/G41*4=0.0120076226
53583133
(H39-H49)/H41*4=0.005066436880354615
(139-149)/141*4=0.002527121016886734
Shar
eholders equity 111:\Bank models\Turkish Bank Model with 2020 Estimates\Higher RFR\(AKBANK MODEL- Hig
her RFR and Lower NIM.xlsx]Forecast (TRY)'!$BK$112=45023.093839641784
'R:\Bank models\Turkish Bank
Model with 2020 Estimates\Higher RFR\[GARANTI MODEL- Higher RFR and Lower NIM.xlsx] Forecast (TRY)'!
$BK$112=46285.562756758685
'R:\Bank models\Turkish Bank Model with 2020 Estimates\Higher RFR\[H
ALKBANK MODEL- Higher RFR and Lower NIM.xlsx]Forecast (TRY)'!$BK$112=28589.813364406662 111:\Bank mod
els\Turkish Bank Model with 2020 Estimates\Higher RFR\[ISBANK MODEL- Higher RFR and Lower NIM.xlsx]F
orecast (TRY)'!$BK$112=47900.06103707109
'R:\Bank models\Turkish Bank Model with 2020 Estimat
es\Higher RFR\[VAKIFBANK MODEL- Higher RFR and Lower NIM.xlsx]Forecast (TRY)'!$BK$112=26437.01735411
7375
'R:\Bank models\Turkish Bank Model with 2020 Estimates\Higher RFR\CYAPI KREDI MODEL- Higher
RFR and Lower NIM.xlsxjForecast (TRY)'!$BK$112=37708.092663756914
SUM(M56:R56)=231943.64101575
254
Total
(C40-C49)/C41*4=0.008943622377209748
(D40-049)/041*4=0.013768024443224555
(E40-E49)/E4
1*4=0.0037943418836064724
(F40-F49)/F41*4=0.011155433566480983
(G40-G49)/G41*4=0.0169893501
7329771 (H4O-H49)/H41*4=0.009435563468637288
(140-149)/141*4=0.010646610506557188
Tier 1 Capit
al
'R:\Bank models\Turkish Bank Model with 2020 Estimates\Higher RFR\[AKBANK MODEL- Higher RFR
and Lower NIM.xlsx]Forecast (TRY)'!$BK$574=44122.63196284895
'R:\Bank models\Turkish Bank Model w
ith 2020 Estimates\Higher RFR\[GARANTI MODEL- Higher RFR and Lower NIM.xlsx]Forecast (TRY)'!$BK$574=
45591.27931540731
'R:\Bank models\Turkish Bank Model with 2020 Estimates\Higher RFR\[HALKBANK
EFTA01437453
MODEL- Higher RFR and Lower NIM.xlsxjForecast (TRY)'!$BK$574=28018.01709711853 'R:\Bank models\Turk
ish Bank Model with 2020 Estimates\Higher RFR\(ISBANK MODEL- Higher RFR and Lower NIM.xlsx]Forecast
(TRY)'!$BK$574=46942.05981632967
111:\Bank models\Turkish Bank Model with 2020 Estimates\Highe
RFR\[VAKIFBANK MODEL- Higher RFR and Lower NIM.xlsx)Forecast (TRY)'!$BK$574=25908.277007035027
'R:\Bank models\Turkish Bank Model with 2020 Estimates\Higher RFR\[YAPI KREDI MODEL- Higher RFR and
Lower NIM.xlsx]Forecast (TRY)'!$BK$557=33560.20247074365
SUM(M57:R57)=224142.46766948313 BALK
BANK
HALKBANK
Tier 2 Capital 'R:\Bank models\Turkish Bank Model with 2020 Estimates\Higher RFR\(AKBANK MODEL- Hig
her RFR and Lower NIM.xlsx]Forecast (TRY)'!$BK$575=6078.117668351641
'R:\Bank models\Turkish Bank
Model with 2020 Estimates\Higher RFR\[GARANTI MODEL- Higher RFR and Lower NIM.xlsx] Forecast (TRY)'!
$BK$575=7161.802715988953
'R:\Bank models\Turkish Bank Model with 2020 Estimates\Higher RFR\[H
ALKBANK MODEL- Higher RFR and Lower NIM.xlsx]Forecast (TRY)'!$BK$575=3144.879470084733 111:\Bank mod
els\Turkish Bank Model with 2020 Estimates\Higher RFR\[ISBANK MODEL- Higher RFR and Lower NIM.xlsx]F
orecast (TRY)°!$BK$575=8622.010986672796
'R:\Bank models\Turkish Bank Model with 2020 Estimat
es\Higher RFR\[VAKIFBANK MODEL- Higher RFR and Lower NIM.xlsx]Forecast (TRY)'!$BK$575=6212.699078217
583
'R:\Bank models\Turkish Bank Model with 2020 Estimates\Higher RFR\JYAPI KREDI MODEL- Higher
RFR and Lower NIM.xlsxjForecast (TRY)°!$BK$565=9992.644555895582
SUM(M58:R58)=41212.154475211
28
Y42=ROE % of Stage 2 loans transferred to Stage 3 loans ROE: change from base (bps)
% of
Stage 2 loans transferred to Stage 3 loans
Deductions
'R:\Bank models\Turkish Bank Model with 2020 Estimates\Higher RFR\(AKBANK MODEL- Hig
her RFR and Lower NIM.xlsx]Forecast (TRY)'!$BK$577=7.262812189425495
'R:\Bank models\Turkish Bank
Model with 2020 Estimates\Higher RFR\[GARANTI MODEL- Higher RFR and Lower NIM.xlsx] Forecast (TRY)'!
$BK$577=34.580451246550766
'R:\Bank models\Turkish Bank Model with 2020 Estimates\Higher RFR\[H
ALKBANK MODEL- Higher RFR and Lower NIM.xlsx]Forecast (TRY)'!$BK$577=20.012869355084664 111:\Bank mod
els\Turkish Bank Model with 2020 Estimates\Higher RFR\[ISBANK MODEL- Higher RFR and Lower NIM.xlsx]F
orecast (TRY)°!$BK$577=47.9000610370711 'R:\Bank models\Turkish Bank Model with 2020 Estimates\Highe
RFR\[VAKIFBANK MODEL- Higher RFR and Lower NIM.xlsx)Forecast (TRY)'!$BK$577=2.643701735411738 'R:\
Bank models\Turkish Bank Model with 2020 Estimates\Higher RFR\CYAPI KREDI MODEL- Higher RFR and Lowe
NIM.xlsxjForecast (TRY)°!$BK$572=301.6647413100553
SUM(M59:R59)=414.06463687359906 Loan growth
(ppt change from base) $O$34=0.13323927964267931
-0.05
-0.03
-0.01
0
0.05
AD59
+0.05=0.10
0.20
0.30
0.40
0.50
0.60
Y59=0.13323927964267931 -0.05
-0.03
-0.0
1
0
0.05
AR59+0.05=0.10 0.20
0.30
0.40
0.50
0.60
Capital base
M57+M58-M59=50193.48681901117
N57+N58-N59=52718.501580149714 057+058-059=31142.88
3697848178
P57+P58-P59=55516.17074196539
Q57+Q58-Q59=32118.332383517198 R57+R58-R59=43251.18
2285329174
S57+558-559=264940.55750782083 0.20
(=TABLE(T27,T46))=0.1884141961870405
(=TA
BLE(T27,T46))=0.18563597162895767
(=TABLE(T27,T46))=0.1828577470708748
(=TABLE(T27,T46))=0.
18146863479183337
(=TABLE(T27,T46))=0.17452307339662623
(=TABLE(T27,T46))=0.1675775120014191
(=TABLE(T27,T46))=0.1536863892110048
(=TABLE(T27,T46))=0.13979526642059056
(=TABLE(T27,T46))=0.
12590414363017627
(=TABLE(T27,T46))=0.112013020839762
(=TABLE(T27,T46))=0.0981218980493477
2
0.20
(260-$AC$64)*10000=551.7491654436119
(AA60-$AC$64)*10000=523.9669198627836
(AB6
0-$AC$64)*10000=496.1846742819548
(AC60-$AC$64)*10000=482.29355149154054 (AD60-$AC$64)*10000=
412.8379375394692
(AE60-$AC$64)*10000=343.3823235873978
(AF60-$AC$64)*10000=204.471095683254
9
(AG60-$AC$64)*10000=65.5598677791125
(AH60-$AC$64)*10000=-73.35136012503047 (A160-$AC$64
)*10000=-212.26258802917314
(AJ60-$AC$64)*10000=-351.17381593331595
Tier 1 capital ratio (base)
M57/M55=0.1456790194134188
N57/N55=0.15627462350605692
057/
055=0.11928556821019161 P57/P55=0.13629379303797134
Q57/Q55=0.11876636214990284
R57/R55=0.11
874779030119209 S57/555=0.13384226136364502
0.15
(=TABLE(T27,T46))=0.17635685739975202
(=TA
BLE(T27,T46))=0.17357863284166913
(=TABLE(T27,T46))=0.17080040828358625
(=TABLE(T27,T46))=0.
16941129600454483
(=TABLE(T27,T46))=0.16246573460933772
(=TABLE(T27,T46))=0.1555201732141305
6
(=TABLE(T27,T46))=0.1416290504237163
(=TABLE(T27,T46))=0.12773792763330202
(=TABLE(T27,
T46))=0.11384680484288773
(=TABLE(T27,T46))=0.09995568205247346
(=TABLE(T27,T46))=0.08606455
926205919
0.15
(Z61-$AC$64)*10000=431.175777570727
(AA61-$AC$64)*10000=403.393531989898
2
(AB61-$AC$64)*10000=375.61128640906935 (AC61-$AC$64)*10000=361.72016361865514 (AD61-$AC$64
)*10000=292.26454966658406
(AE61-$AC$64)*10000=222.80893571451244 (AF61-$AC$64)*10000=83.89770
781036975
(AG61-$AC$64)*10000=-55.01352009377292 (AH61-$AC$64)*10000=-193.92474799791586 (A16
1-$AC$64)*10000=-332.8359759020585
(AJ61-$AC$64)*10000=-471.74720380620124
CAR (base)
M60/M55=0.165723068081947
N60/N55=0.18070482140335967
060/055=0.1325895606
6465483 P60/P55=0.16118827156225388
Q60/Q55=0.1472339320162418
R60/R55=0.15303788255670486
S60/555=0.15820403742534273
0.10
(=TABLE(T27,T46))=0.16429951861246353
(=TABLE(T27,T46))=0.
16152129405438068
(=TABLE(T27,T46))=0.1587430694962978
(=TABLE(T27,T46))=0.1573539572172563
7
(=TABLE(T27,T46))=0.15040839582204923
(=TABLE(T27,T46))=0.14346283442684213
(=TABLE(T27,
T46))=0.12957171163642783
(=TABLE(T27,T46))=0.11568058884601357
(=TABLE(T27,246))=0.10178946
605559927
(=TABLE(T27,T46))=0.087898343265185
(=TABLE(T27,T46))=0.07400722047477074
0.10
(Z62-$AC$64)*10000=310.60238969784217
(AA62-$AC$64)*10000=282.8201441170136
(AB62-$AC$64)*10000=
255.0378985361848
(AC62-$AC$64)*10000=241.14677574577053 (AD62-$AC$64)*10000=171.691161793699
2
(AE62-$AC$64)*10000=102.23554784162813 (AF62-$AC$64)*10000=-36.675680062514814 (AG62-$AC$64
)*10000=-175.5869079666575
(AH62-$AC$64)*10000=-314.49813587080047 (A162-$AC$64)*10000=-453.409
36377494313
(AJ62-$AC$64)*10000=-592.3205916790859
Tier 1 capital threshold (2018) 0.09375 0.09375 0.08875000000000001
0.09375 0.08875000000000001
0.09125 AVERAGE(M63:R63)=0.09166666666666667
0.05
(=TABLE(T27,T46))=0.15224217982517502
(=TA
BLE(T27,T46))=0.14946395526709214
(=TABLE(T27,T46))=0.14668573070900928
(=TABLE(T27,T46))=0.
14529661842996786
(=TABLE(T27,T46))=0.1383510570347607
(=TABLE(T27,T46))=0.1314054956395536
(=TABLE(T27,T46))=0.11751437284913929
(=TABLE(T27,T46))=0.10362325005872504
(=TABLE(T27,T46))=0.
08973212726831074
(=TABLE(T27,246))=0.07584100447789649
(=TABLE(T27,T46))=0.0619498816874822
1
0.05
(263-$AC$64)*10000=190.02900182495702
(AA63-$AC$64)*10000=162.24675624412822 (AB6
3-$AC$64)*10000=134.46451066329968
(AC63-$AC$64)*10000=120.5733878728854
(AD63-$AC$64)*10000=
51.11777392081379
(AE63-$AC$64)*10000=-18.33784003125727 (AF63-$AC$64)*10000=-157.24906793540
023
(AG63-$AC$64)*10000=-296.16029583954275 (AH63-$AC$64)*10000=-435.0715237436857 (A163-$AC$64
)*10000=-573.9827516478282
(AJ63-$AC$64)*10000=-712.893979551971
EFTA01437454
CAR threshold (2018)
0.12
0.12
0.12
0.12
0.12
0.12
AVERAGE(M64:R64)=0.12
0
(=TABLE(127,146))=0.14018484103788648
(=TABLE(T27,T46))=0.13740661647980362
(=TABLE(T27,146))=0.
13462839192172074
(=TABLE(127,146))=0.13323927964267931
(=TABLE(T27,T46))=0.1262937182474721
8
(=TABLE(T27,146))=0.11934815685226505
(=TABLE(127,146))=0.10545703406185078
(=TABLE(T27,
1461)=0.09156591127143651
(=TABLE(T27,146))=0.07767478848102222
(=TABLE(127,146))=0.06378366
569060795
(=TABLE(T27,T46))=0.04989254290019368
0
(264-$AC$64)*10000=69.45561395207162
(AA64-$AC$64)*10000=41.67336837124308
(AB64-$AC$64)*10000=13.891122790414268 (AC64-$AC$64)*10000=
O
(AD64-$AC$64)*10000=-69.45561395207133 (AE64-$AC$64)*10000=-138.91122790414266 (AF64-$AC$64
)*10000=-277.8224558082853
(AG64-$AC$64)*10000=-416.73368371242805 (AH64-$AC$64)*10000=-555.644
911616571
(A164-$AC$64)*10000=-694.5561395207136 (AJ64-$AC$64)*10000=-833.4673674248563
Tier 1 capital headroom M61-M63=0.05192901941341879
N61-N63=0.06252462350605692
061-063=0.03
05355682101916 P61-P63=0.042543793037971345
Q61-Q63=0.03001636214990283
R61-R63=0.0274977903
01192093
261-S63=0.04217559469697835
-0.05
(=TABLE(T27,T46) I=0.12812750225059794
(=TA
BLE(T27,146))=0.12534927769251508
(=TABLE(T27,T46))=0.12257105313443223
(=TABLE(T27,146))=0.
1211819408553908
(=TABLE(127,146))=0.11423637946018365
(=TABLE(T27,T46))=0.1072908180649765
2
(=TABLE(T27,146))=0.09339969527456225
(=TABLE(127,146))=0.07950857248414799
(=TABLE(T27,
1461)=0.06561744969373369
(=TABLE(T27,146))=0.05172632690331942
(=TABLE(127,146))=0.03783520
4112905155
-0.05
(Z65-$AC$64)*10000=-51.11777392081379
(AA65-$AC$64)*10000=-78.900019501642
33
(AB65-$AC$64)*10000=-106.68226508247086 (AC65-$AC$64)*10000=-120.57338787288514 (AD65-$AC$64
)*10000=-190.0290018249566
(AE65-$AC$64)*10000=-259.48461577702795 (AF65-$AC$64)*10000=-398.395
8436811706
(AG65-$AC$64)*10000=-537.3070715853133 (AH65-$AC$64)*10000=-676.2182994894563 (A16
5-$AC$64)*10000=-815.1295273935989
(AJ65-$AC$64)*10000=-954.0407552977416
CAR headroom
M62-M64=0.04572306808194701
N62-N64=0.06070482140335967
062-064=0.0125895606
6465483 P62-P64=0.04118827156225388
Q62-Q64=0.027233932016241802
R62-R64=0.03303788255670487
S62-S64=0.03820403742534273
-0.10
(=TABLE(T27,T46))=0.11607016346330945
(=TABLE(T27,T46) 1=0.
1132919389052266
(=TABLE(127,146))=0.11051371434714373
(=TABLE(T27,T46))=0.1091246020681023
(=TABLE(127,146))=0.10217904067289517
(=TABLE(T27,T46))=0.09523347927768804
(=TABLE(T27,T46))=0.
08134235648727375
(=TABLE(127,146))=0.0674512336968595
(=TABLE(T27,T46))=0.0535601109064452
(=TABLE(127,146))=0.03966898811603093
(=TABLE(T27,T46))=0.025777865325616663 -0.10
(266-$AC$64)
*10000=-171.69116179369865
(AA66-$AC$64)*10000=-199.47340737452717 (AB66-$AC$64)*10000=-227.255
65295535586
(AC66-$AC$64)*10000=-241.14677574577013 (AD66-$AC$64)*10000=-310.60238969784143 (AE6
6-$AC$64)*10000=-380.0580036499128
(AF66-$AC$64)*10000=-518.9692315540556 (AG66-$AC$64)*10000=
-657.8804594581982
(AH66-$AC$64)*10000=-796.7916873623412 (A166-$AC$64)*10000=-935.70291526648
4
(AJ66-$AC$64)*10000=-1074.6141431706267
Stage 1 Impact of weaker asset quality (2018E) -0.15
(=TABLE(T27,146))=0.10401282467602092
(=TA
BLE(T27,146))=0.10123460011793807
(=TABLE(T27,T46))=0.0984563755598552
(=TABLE(T27,146))=0.
09706726328081379
(=TABLE(127,146))=0.09012170188560664
(=TABLE(T27,T46))=0.0831761404903995
1
(=TABLE(T27,146))=0.06928501769998523
(=TABLE(127,146))=0.055393894909570966 (=TABLE(T27,
146))=0.04150277211915668
(=TABLE(T27,T46))=0.027611649328742407 (=TABLE(127,146))=0.01372052
6538328138
-0.15
(Z67-$AC$64)*10000=-292.2645496665839
(AA67-$AC$64)*10000=-320.04679524741
243
(AB67-$AC$64)*10000=-347.82904082824115 (AC67-$AC$64)*10000=-361.72016361865525 (AD67-$AC$64
)*10000=-431.1757775707267
(AE67-$AC$64)*10000=-500.6313915227981 (AF67-$AC$64)*10000=-639.542
6194269409
(AG67-$AC$64)*10000=-778.4538473310835 (AH67-$AC$64)*10000=-917.3650752352264 (A16
7-$AC$64)*10000=-1056.276303139369
(AJ67-$AC$64)*10000=-1195.1875310435116
Tier 1 capital (TRYm)
M57-(M$28*0.8)=44122.63196284895
N57-(N$28*0.8)=45591.27931540731
057-(0$28*0.8)=28018.01709711853
P57-(P$28*0.8)=46942.05981632967
Q57-(Q$28*0.8)=25908
.277007035027
R57-(R$28*0.8)=33560.20247074365
S57-(S$28*0.8)=224142.46766948313
-0.2
O
(=TABLE(T27,T46))=0.09195548588873244
(=TABLE(127,146))=0.08917726133064957
(=TABLE(T27,
1461)=0.08639903677256672
(=TABLE(T27,T46))=0.08500992449352529
(=TABLE(127,146))=0.07806436
309831814
(=TABLE(T27,T46))=0.07111880170311101
(=TABLE(T27,T46) 1=0.057227678912696735 (=TA
BLE(T27,146))=0.043336556122282474
(=TABLE(T27,T46))=0.029445433331868182 (=TABLE(T27,T46) 1=0.
015554310541453913
(=TABLE(127,146))=0.0016631877510396437 -0.20
(Z68-$AC$64)*10000=-412.8379
375394688
(AA68-$AC$64)*10000=-440.62018312029744 (AB68-$AC$64)*10000=-468.402428701126
(AC6
8-$AC$64)*10000=-482.29355149154026
(AD68-$AC$64)*10000=-551.7491654436117 (AE68-$AC$64)*10000=
-621.2047793956831
(AF68-$AC$64)*10000=-760.1160072998259 (AG68-$AC$64)*10000=-899.02723520396
84
(AH68-$AC$64)*10000=-1037.9384631081114 (A168-$AC$64)*10000=-1176.849691012254 (AJ68-$AC$64
)*10000=-1315.7609189163966
Capital base (TRYm)
M60-(M$28*0.8)=50193.48681901117
N60-(N$28*0.8)=52718.501580149714
060-(0$28*0.8)=31142.883697848178
P60-(P$28*0.8)=55516.17074196539
Q60-(Q$28*0.8)=32118
.332383517198
R60-(R$28*0.8)=43251.182285329174
S60-(S$28*0.8)=264940.55750782083
-0.2
5
(=TABLE(T27,T46))=0.0798981471014439
(=TABLE(127,146))=0.07711992254336104
(=TABLE(T27,
1461)=0.07434169798527818
(=TABLE(T27,146))=0.07295258570623675
(=TABLE(127,146))=0.06600702
431102962
(=TABLE(T27,T46))=0.05906146291582248
(=TABLE(T27,T46) I=0.0451703401254082
(=TA
BLE(T27,146))=0.03127921733499394
(=TABLE(T27,T46))=0.01738809454457965
(=TABLE(T27,T46) 1=0.
0034969717541653796
(=TABLE(127,146))=-0.01039415103624889 -0.25
(Z69-$AC$64)*10000=-533.4113
254123541
(AA69-$AC$64)*10000=-561.1935709931827 (AB69-$AC$64)*10000=-588.9758165740113 (AC6
9-$AC$64)*10000=-602.8669393644257
(AD69-$AC$64)*10000=-672.322553316497
(AE69-$AC$64)*10000=
-741.7781672685683
(AF69-$AC$64)*10000=-880.6893951727111 (AG69-$AC$64)*10000=-1019.6006230768
537
(AH69-$AC$64)*10000=-1158.5118509809965 (A169-$AC$64)*10000=-1297.4230788851394 (AJ69-$AC$64
J*10000=-1436.334306789282
Tier 1 capital ratio (new)
M68/M55=0.1456790194134188
N68/N55=0.15627462350605692
068/
055=0.11928556821019161 P68/P55=0.13629379303797134
Q68/Q55=0.11876636214990284
R68/R55=0.11
874779030119209 268/555=0.13384226136364502
CAR (new)
M69/M55=0.165723068081947
N69/N55=0.18070482140335967
069/055=0.1325895606
6465483 P69/P55=0.16118827156225388
Q69/Q55=0.1472339320162418
R69/R55=0.15303788255670486
S69/S55=0.15820403742534273
Tier 1 capital ratio - chg. from base (bps)
(M70-M61)*100=0 (N70-N61)*100=0 (070-061)*100=0 (P70
-P61)*100=0
(Q70-Q61)*100=0 (R7O-R61)*100=0 (S70-561)*100=0
COR (net)
CAR - chg. from base (bps)
(M71-M62)*100=0 (N71-N62)*100=0 (071-062)*100=0 (P71
EFTA01437455
-P62)*100=0
(Q71-Q62)*100=0 (R71-R62)*100=0 (S71-S62)*100=0 ISBANK ISBANK
Tier 1 capital headroom M70-M63=0.05192901941341879
N70-N63=0.06252462350605692
070-063=0.03
05355682101916 P70-P63=0.042543793037971345
Q70-Q63=0.03001636214990283
R7O-R63=0.0274977903
01192093
S70-563=0.04217559469697835
Y58=ROE % of Stage 2 loans transferred to Stage 3 lo
ans
ROE: change from base (bps)
% of Stage 2 loans transferred to Stage 3 loans
CAR headroom
M71-M64=0.04572306808194701
N71-N64=0.06070482140335967
071-064=0.0125895606
6465483 P71-P64=0.04118827156225388
Q71-Q64=0.027233932016241802
R71-R64=0.03303788255670487
571-564=0.03820403742534273
Loan growth (ppt change from base)
$P$34=0.13031433781764779
AA75-0.05=-0.15000000000000002 AB75-0.05=-0.10 -0.05
0
0.05
AD75+0.05=0.10 0.20
0.30
0.40
0.50
0.60
Y75=0.13031433781764779 A075-0.05=-0.15000000000000002 AP75-0.05=-0.10 -0.0
5
0
0.05
AR75+0.05=0.10 0.20
0.30
0.40
0.50
0.60
0.20
(=TABLE(T27,T46))=0.19627939537268108
(=TABLE(T27,246))=0.18540054176126897
(=TABLE(T27,
T46))=0.17452168814985686
(=TABLE(T27,T46))=0.1636428345384448
(=TABLE(T27,T46))=0.15276398
092703272
(=TABLE(T27,T46))=0.14188512731562064
(=TABLE(T27,T46))=0.12012742009279646
(=TA
BLE(T27,T46))=0.09836971286997231
(=TABLE(T27,T46))=0.07661200564714814
(=TABLE(T27,T46))=0.
054854298424323975
(=TABLE(T27,T46))=0.033096591201499825 0.20
(Z76-$AC$80)*10000=659.65057
55503329
(AA76-$AC$80)*10000=550.8620394362118
(AB76-$AC$80)*10000=442.07350332209074 (AC7
6-$AC$80)*10000=333.28496720797017
(AD76-$AC$80)*10000=224.49643109384937 (AE76-$AC$80)*10000=
115.70789497972855
(AF76-$AC$80)*10000=-101.86917724851321 (AG76-$AC$80)*10000=-319.44624947675
47
(AH76-$AC$80)*10000=-537.0233217049964 (A176-$AC$80)*10000=-754.6003939332381 (AJ76-$AC$80
)*10000=-972.1774661614796
TRYm
Akbank Garanti Halkbank
Isbank Vakifbank
Yapi Kredi
Average Valuation
Akbank Garanti Halkbank
Isbank Vakifbank
Yapi Kredi
Total
0.15
(=TABLE(T27,
T46))=0.18794727119248178
(=TABLE(T27,T46))=0.17706841758106967
(=TABLE(T27,T46))=0.16618956
39696576
(=TABLE(T27,T46))=0.1553107103582455
(=TABLE(T27,T46))=0.14443185674683345
(=TA
BLE(T27,T46))=0.13355300313542134
(=TABLE(T27,T46))=0.11179529591259718
(=TABLE(T27,T46))=0.
09003758868977303
(=TABLE(T27,T46))=0.06827988146694887
(=TABLE(T27,T46))=0.0465221742441247
(=TABLE(T27,T46))=0.024764467021300543 0.15
(Z77-$AC$80)*10000=576.32933374834
(AA77-$AC$80
)*10000=467.54079763421885
(AB77-$AC$80)*10000=358.75226152009805 (AC77-$AC$80)*10000=249.9637
2540597721
(AD77-$AC$80)*10000=141.1751892918567
(AE77-$AC$80)*10000=32.38665317773559
(AF7
7-$AC$80)*10000=-185.19041905050605
(AG77-$AC$80)*10000=-402.7674912787475 (AH77-$AC$80)*10000=
-620.3445635069892
(A177-$AC$80)*10000=-837.9216357352309 (AJ77-$AC$80)*10000=-1055.4987079634
725
Net profit (base)
M30=6405.467516045113
N30=7118.518599790241
030=3809.28613779219
P30=
6242.064735470831
Q30=3822.804240772133
R30=3853.9025619301465 S30=31252.043791800654 0.10
(=TABLE(T27,T46))=0.17961514701228257
(=TABLE(T27,T46))=0.16873629340087049
(=TABLE(T27,T46))=0.
15785743978945838
(=TABLE(T27,T46))=0.1469785861780463
(=TABLE(T27,T46))=0.1360997325666342
(=TABLE(T27,T46))=0.12522087895522216
(=TABLE(T27,T46))=0.10346317173239797
(=TABLE(T27,T46))=0.
08170546450957382
(=TABLE(T27,T46))=0.059947757286749656 (=TABLE(T27,T46))=0.0381900500639254
86
(=TABLE(T27,T46))=0.016432342841101337 0.10
(Z78-$AC$80)*10000=493.0080919463478
(AA7
8-$AC$80)*10000=384.219555832227
(AB78-$AC$80)*10000=275.4310197181059
(AC78-$AC$80)*10000=
166.64248360398508
(AD78-$AC$80)*10000=57.853947489864275 (AE78-$AC$80)*10000=-50.934588624256
264
(AF78-$AC$80)*10000=-268.51166085249815 (AG78-$AC$80)*10000=-486.08873308073964 (AH78-$AC$80
)*10000=-703.6658053089812
(A178-$AC$80)*10000=-921.2428775372231 (AJ78-$AC$80)*10000=-1138.81
99497654643
Net profit (new)
M31=6405.467516045113
N31=7118.518599790241
031=3809.28613779219
P31=
6242.064735470831
Q31=3822.804240772133
R31=3853.9025619301465 S31=31252.043791800654 0.05
(=TABLE(T27,T46))=0.1712830228320833
(=TABLE(T27,T46))=0.16040416922067122
(=TABLE(T27,T46))=0.
1495253156092591
(=TABLE(T27,T46))=0.13864646199784705
(=TABLE(T27,T46))=0.1277676083864349
7
(=TABLE(T27,T46))=0.11688875477502288
(=TABLE(T27,T46))=0.09513104755219871
(=TABLE(T27,
T46))=0.07337334032937455
(=TABLE(T27,T46))=0.05161563310655039
(=TABLE(T27,T46))=0.02985792
5883726225
(=TABLE(T27,T46))=0.008100218660902075 0.05
(279-$AC$80)*10000=409.6868501443551
(AA79-$AC$80)*10000=300.8983140302343
(AB79-$AC$80)*10000=192.10977791611322 (AC79-$AC$80)*10000=
83.32124180199268
(AD79-$AC$80)*10000=-25.467294312128132 (AE79-$AC$80)*10000=-134.25583042624
908
(AF79-$AC$80)*10000=-351.83290265449074 (AG79-$AC$80)*10000=-569.4099748827324 (AH79-$AC$80
)*10000=-786.987047110974
(A179-$AC$80)*10000=-1004.5641193392156 (AJ79-$AC$80)*10000=-1222.14
1191567457
Book value (base)
M56=45023.093839641784 N56=46285.562756758685 056=28589.813364406662 P56=
47900.06103707109
Q56=26437.017354117375 R56=37708.092663756914 S56=231943.64101575254 0
(=TABLE(T27,T46))=0.16295089865188406
(=TABLE(T27,T46))=0.15207204504047195
(=TABLE(T27,T46))=0.
14119319142905987
(=TABLE(T27,T46))=0.13031433781764779
(=TABLE(T27,T46))=0.1194354842062357
2
(=TABLE(T27,T46))=0.10855663059482362
(=TABLE(T27,T46))=0.08679892337199945
(=TABLE(T27,
T46))=0.0650412161491753
(=TABLE(T27,T46))=0.04328350892635113
(=TABLE(T27,T46))=0.02152580
1703526963
(=TABLE(T27,T46))=-2.3190551929716712E-4
0
(Z80-$AC$80)*10000=326.36560
834236275
(AA80-$AC$80)*10000=217.57707222824163 (AB80-$AC$80)*10000=108.78853611412082 (AC8
0-$AC$80)*10000=0
(AD80-$AC$80)*10000=-108.78853611412067 (AE80-$AC$80)*10000=-217.57707222824
163
(AF80-$AC$80)*10000=-435.1541444564834 (AG80-$AC$80)*10000=-652.7312166847249 (AH80-$AC$80
)*10000=-870.3082889129665
(A180-$AC$80)*10000=-1087.8853611412083 (AJ80-$AC$80)*10000=-1305.46
24333694499
Book value (new)
M56-(M28*0.8)=45023.093839641784
N56-(N28*0.8)=46285.562756758685
056-(028*0.8)=28589.813364406662
P56-(P28*0.8)=47900.06103707109 Q56-(Q28*0.8)=26437.01735411
7375
R56-(R28*0.8)=37708.092663756914
S56-(S28*0.8)=231943.64101575254
-0.05
(=TA
BLE(T27,T46))=0.1546187744716848
(=TABLE(T27,T46))=0.1437399208602727
(=TABLE(T27,T46))=0.
1328610672488606
(=TABLE(T27,246))=0.12198221363744853
(=TABLE(T27,T46))=0.1111033600260364
5
(=TABLE(T27,T46))=0.10022450641462437
(=TABLE(T27,T46))=0.07846679919180019
(=TABLE(T27,
T46))=0.05670909196897604
(=TABLE(T27,T46))=0.03495138474615187
(=TABLE(T27,T46))=0.01319367
75233277
(=TABLE(T27,T46))=-0.00856402969949645 -0.05
(281-$AC$80)*10000=243.0443665403700
5
(AA81-$AC$80)*10000=134.25583042624922 (AB81-$AC$80)*10000=25.467294312128132 (AC81-$AC$80
)*10000=-83.32124180199254
(AD81-$AC$80)*10000=-192.10977791611336 (AE81-$AC$80)*10000=-300.898
EFTA01437456
3140302342
(AF81-5AC$80)*10000=-518.475386258476
(AG81-$AC580)*10000=-736.0524584867175 (AH8
1-$AC580)*10000=-953.6295307149592
(A181-5AC$80)*10000=-1171.2066029432008 (AJ81-$AC580)*10000=
-1388.7836751714424
Price (TRY/shr) 6.60
7
6.40
4.94
4.06
2.2
-0.10
(=TABLE(127,146))=0.14628665
029148555
(=TABLE(127,T46))=0.13540779668007347
(=TABLE(T27,146))=0.12452894306866134
(=TA
BLE(T27,146))=0.11365008945724928
(=TABLE(127,T46))=0.1027712358458372
(=TABLE(T27,146))=0.
09189238223442513
(=TABLE(127,146))=0.07013467501160095
(=TABLE(T27,T46))=0.0483769677887767
94
(=TABLE(T27,146))=0.026619260565952627 (=TABLE(127,146)]=0.004861553343128457 (=TABLE(T27,
146)]=-0.016896153879695692
-0.10
(282-$AC580)*10000=159.72312473837763
(AA82-$AC$80)*10000=
50.93458862425682
(AB82-$AC$80)*10000=-57.85394748986442 (AC82-5AC$80)*10000=-166.64248360398
508
(AD82-$AC580)*10000=-275.4310197181059 (AE82-$AC$80)*10000=-384.2195558322266 (AF82-$AC$80
)*10000=-601.7966280604684
(AG82-$AC580)*10000=-819.37370028871
(AH82-$AC$80)*10000=-1036.95
07725169517
(A182-$AC$80)*10000=-1254.5278447451933 (AJ82-$AC$80)*10000=-1472.104916973435
Paid-in cap (TRYm)
'R:\Bank models\Turkish Bank Model with 2020 Estimates\Higher RFR\[AKBANK MO
DEL- Higher RFR and Lower NIM.xlsx]Forecast (TRY)'!$BK$113=4000 'R:\Bank models\Turkish Bank Model w
ith 2020 Estimates\Higher RFR\[GARANTI MODEL- Higher RFR and Lower NIM.xlsx]Forecast (TRY)'!$BK$113=
4200
'R:\Bank models\Turkish Bank Model with 2020 Estimates\Higher RFR\[HALKBANK MODEL- Higher RF
R and Lower NIM.xlsx]Forecast (TRY)'!$BK$113=1250
'R:\Bank models\Turkish Bank Model with 2020
Estimates\Higher RFR\(ISBANK MODEL- Higher RFR and Lower NIM.xlsx]Forecast (TRY)'!$BK$113=4500 'R:\
Bank models\Turkish Bank Model with 2020 Estimates\Higher RFR\[VAKIFBANK MODEL- Higher RFR and Lower
NIM.xlsx]Forecast (TRY)'!$BK$113=2500 'R:\Bank models\Turkish Bank Model with 2020 Estimates\Highe
r RFR\[YAPI KREDI MODEL- Higher RFR and Lower NIM.xlsx]Forecast (TRY)'!$BK$113=8447.051 -0.15
(=TA
BLE(T27,146))=0.1379545261112863
(=TABLE(127,T46))=0.1270756724998742
(=TABLE(T27,146))=0.
1161968188884621
(=TABLE(127,146))=0.10531796527705004
(=TABLE(T27,T46))=0.0944391116656379
5
(=TABLE(T27,T46))=0.08356025805422586
(=TABLE(127,146)]=0.061802550831401695 (=TABLE(T27,
146)]=0.04004484360857755
(=TABLE(T27,146))=0.018287136385753383 (=TABLE(127,146)]=-0.0034705
708370707856
(=TABLE(127,T46))=-0.025228278059894936 -0.15
(283-$AC580)*10000=76.40188293638522
(AA83-$AC$80)*10000=-32.386653177735866 (AB83-5AC$80)*10000=-141.1751892918568 (AC83-$AC$80)*10000=
-249.9637254059775
(AD83-$AC$80)*10000=-358.75226152009833 (AE83-5AC$80)*10000=-467.54079763421
925
(AF83-$AC$80)*10000=-685.1178698624609 (AG83-$AC$80)*10000=-902.6949420907024 (AH83-$AC$80
)*10000=-1120.272014318944
(A183-$AC$80)*10000=-1337.8490865471856 (AJ83-$AC$80)*10000=-1555.42
61587754272
M.Cap (TRYm)
M82*M83=26400
N82*N83=29400
082*083=8000
P82*P83=22230
Q82*Q83=10149.999999
999998 R82*R83=18583.5122
-0.20
(=TABLE(127,T46))=0.12962240193108707
(=TABLE(T27,T46) 1=0.
11874354831967496
(=TABLE(127,146)]=0.10786469470826288
(=TABLE(T27,T46))=0.0969858410968508
(=TABLE(127,146))=0.08610698748543873
(=TABLE(T27,T46))=0.07522813387402663
(=TABLE(T27,146))=0.
05347042665120246
(=TABLE(127,146)]=0.03171271942837831
(=TABLE(T27,T46))=0.0099550122055541
44
(=TABLE(T27,146))=-0.011802695017270024 (=TABLE(127,146)]=-0.03356040224009418 -0.20
(Z84
-$AC$80)*10000=-6.919358865607183
(AA84-$AC$80)*10000=-115.70789497972828 (AB84-$AC580)*10000=
-224.49643109384908
(AC84-$AC$80)*10000=-333.2849672079699 (AD84-5AC$80)*10000=-442.07350332209
06
(AE84-$AC$80)*10000=-550.8620394362115 (AF84-$AC$80)*10000=-768.4391116644532 (AG84-5AC$80
)*10000=-986.0161838926948
(AH84-$AC$80)*10000=-1203.5932561209365 (A184-$AC$80)*10000=-1421.17
03283491781
(AJ84-$AC$80)*10000=-1638.7474005774197
-0.25
(=TABLE(T27,146))=0.1212902777508878
(=TABLE(127,146))=0.1104114241394757
(=TABLE(T27,
146))=0.09953257052806361
(=TABLE(T27,T46))=0.08865371691665154
(=TABLE(127,146))=0.07777486
330523946
(=TABLE(127,T46))=0.06689600969382736
(=TABLE(T27,146))=0.0451383024710032
(=TA
BLE(T27,146))=0.023380595248179047
(=TABLE(127,T46))=0.0016228880253548778 (=TABLE(T27,146))=-0
.02013481919746929
(=TABLE(127,146))=-0.04189252642029344 -0.25
(Z85-5AC$80)*10000=-90.24060
066759986
(AA85-5AC$80)*10000=-199.0291367817208 (AB85-$AC580)*10000=-307.8176728958418 (AC8
5-$AC$80)*10000=-416.60620900996247
(AD85-5AC$80)*10000=-525.3947451240832 (AE85-$AC580)*10000=
-634.1832812382042
(AF85-$AC$80)*10000=-851.7603534664458 (AG85-5AC$80)*10000=-1069.3374256946
875
(AH85-$AC580)*10000=-1286.914497922929 (A185-$AC$80)*10000=-1504.4915701511707 (AJ85-5AC$80
)*10000=-1722.0686423794123
P/E (2018E), base (x)
M$84/M78=4.121479023017509
N$84/N78=4.130072793638036
0$84/078=2.1
00131024716534 P$84/P78=3.5613216046410034
Q$84/478=2.6551189547571217
R$84/R78=4.821998455
169255 AVERAGE(M86:R86)=3.565020309323243
P/E (2018E), implied (x)
M$84/M79=4.121479023017509
N$84/N79=4.130072793638036
0884
/079=2.100131024716534 P$84/P79=3.5613216046410034
Q$84/479=2.6551189547571217
R$84/R79=4.8
21998455169255 AVERAGE(M87:R87)=3.565020309323243
Change from base
M87/M86-1=0
N87/N86-1=0
087/086-1=0
P87/P86-1=0
Q87/Q86-1=0
R87/R86-1=0
587/586-1=0
VAKIFBANK
VAKIFBANK
P/BV (2018E), base (x) M$84/M80=0.5863657458554173
N$84/N80=0.6351872646445671
0584/080=0.2
7981994488847295
P$84/P80=0.4640912666644752
Q$84/Q80=0.38393135897454816
R584/R80=0.4
928255683921537 AVERAGE(M90:R90)=0.47370352490327244
Y74=ROE % of Stage 2 loans transferred to St
age 3 loans
ROE: change from base (bps)
% of Stage 2 loans transferred to Stage 3 loans
P/BV (2018E), implied (x)
M$84/M81=0.5863657458554173
N584/N81=0.6351872646445671
0584
/081=0.27981994488847295
P$84/P81=0.4640912666644752
4584/Q81=0.38393135897454816
R$84
/R81=0.4928255683921537 AVERAGE(M91:R91)=0.47370352490327244
Loan growth (ppt change from base)
$Q$34=0.14460043618259225
AA91-0.05=-0.15000000000000002 AB91-0.05=-0.10 -0.05
0
0.05
AD91+0.05=0.10 0.20
0.30
0.40
0.50
0.60
Y91=0.14460043618259225 A091-0.05=-0.1500000
0000000002
AP91-0.05=-0.10 -0.05
0
0.05
AR91+0.05=0.10 0.20
0.30
0.40
0.50
0.60
Change from base
M91/M90-1=0
N91/N90-1=0
091/090-1=0
P91/P90-1=0
Q91/490-1=0
R91/R90-1=0
591/590-1=0
0.20
(=TABLE(127,T46))=0.2092588415202041
(=TABLE(T27,T46) 1=0.
20361032262717765
(=TABLE(127,146)]=0.1979618037341512
(=TABLE(T27,T46))=0.1923132848411247
5
(=TABLE(T27,146))=0.1866647659480983
(=TABLE(127,146))=0.18101624705507188
(=TABLE(T27,
146))=0.16971920926901898
(=TABLE(T27,T46))=0.1584221714829661
(=TABLE(127,146)]=0.14712513
369691319
(=TABLE(127,T46))=0.13582809591086029
(=TABLE(T27,146))=0.12453105812480741
0.20
EFTA01437457
(Z92-$AC$96)*10000=646.5840533761186
(AA92-$AC$96)*10000=590.0988644458541
(AB92-$AC$96)*10000=
533.6136755155895
(AC92-$AC$96)*10000=477.1284865853251
(AD92-$AC$96)*10000=420.643297655060
56
(AE92-$AC$96)*10000=364.15810872479636 (AF92-$AC$96)*10000=251.18773086426737 (AG92-$AC$96
)*10000=138.21735300373865
(AH92-$AC$96)*10000=25.246975143209394 (A192-$AC$96)*10000=-87.7234
027173196
(AJ92-$AC$96)*10000=-200.69378057784832
Stage 1 Discount to MSCI EM Banks
0.15
(=TABLE(T27,T46))=0.19733062935557094
(=TABLE(T27,
T46))=0.1916821104625445
(=TABLE(T27,T46))=0.18603359156951807
(=TABLE(T27,T46))=0.18038507
267649162
(=TABLE(T27,T46))=0.17473655378346517
(=TABLE(T27,T46))=0.16908803489043872
(=TA
BLE(T27,T46))=0.15779099710438585
(=TABLE(T27,T46))=0.14649395931833298
(=TABLE(T27,T46))=0.
13519692153228008
(=TABLE(T27,T46))=0.12389988374622718
(=TABLE(T27,T46))=0.1126028459601743
0.15
(Z93-$AC$96)*10000=527.3019317297869
(AA93-$AC$96)*10000=470.81674279952244 (AB93-$AC$96
)*10000=414.33155386925824
(AC93-$AC$96)*10000=357.84636493899376 (AD93-$AC$96)*10000=301.3611
760087293
(AE93-$AC$96)*10000=244.87598707846476 (AF93-$AC$96)*10000=131.90560921793605 (AG9
3-$AC$96)*10000=18.93523135740732
(AH93-$AC$96)*10000=-94.03514650312167 (A193-$AC$96)*10000=
-207.00552436365066
(AJ93-$AC$96)*10000=-319.9759022241795
P/E (2018E), base (x)
M86/$M$109-1=-0.45555098771235025
N86/$M$109-1=-0.4544157472076571
0861$M$109-1=-0.7225718593505239
P86/$M$109-1=-0.5295480046709375
Q86/$M$109-1=-0.6492
577338497858
R86/$M$109-1=-0.36301209310842075
AVERAGE(M94:R94)=-0.5290594043166126
0.10
(=TABLE(T27,T46))=0.18540241719093786
(=TABLE(T27,T46))=0.1797538982979114
(=TABLE(T27,T46))=0.
174105379404885 (=TABLE(T27,T46))=0.16845686051185854
(=TABLE(T27,T46))=0.1628083416188321
(=TA
BLE(T27,T46))=0.15715982272580564
(=TABLE(T27,T46))=0.14586278493975277
(=TABLE(T27,T46))=0.
13456574715369987
(=TABLE(T27,T46))=0.12326870936764697
(=TABLE(T27,T46))=0.1119716715815940
9
(=TABLE(T27,T46))=0.1006746337955412
0.10
(Z94-$AC$96)*10000=408.01981008345615
(AA9
4-$AC$96)*10000=351.53462115319167
(AB94-$AC$96)*10000=295.04943222292746 (AC94-$AC$96)*10000=
238.56424329266295
(AD94-$AC$96)*10000=182.07905436239847 (AE94-$AC$96)*10000=125.593865432133
97
(AF94-$AC$96)*10000=12.623487571605253 (AG94-$AC$96)*10000=-100.34689028892375 (AH94-$AC$96
)*10000=-213.31726814945273
(A194-$AC$96)*10000=-326.2876460099816 (AJ94-$AC$96)*10000=-439.258
02387051044
P/E (2018E), implied (x)
M87/$M$109-1=-0.45555098771235025
N87/$M$109-1=-0.454415747207
6571
087/$M$109-1=-0.7225718593505239
P87/$M$109-1=-0.5295480046709375
Q87/$M$109-1
=-0.6492577338497858
R87/$M$109-1=-0.36301209310842075
AVERAGE(M95:R95)=-0.5290594043166126
0.05
(=TABLE(T27,T46))=0.17347420502630467
(=TABLE(T27,T46))=0.16782568613327825
(=TABLE(T27,
T46))=0.1621771672402518
(=TABLE(T27,T46))=0.15652864834722535
(=TABLE(T27,T46))=0.15088012
945419893
(=TABLE(T27,T46))=0.14523161056117248
(=TABLE(T27,T46))=0.1339345727751196
(=TA
BLE(T27,T46))=0.12263753498906671
(=TABLE(T27,T46))=0.11134049720301381
(=TABLE(T27,T46))=0.
10004345941696093
(=TABLE(T27,T46))=0.08874642163090804
0.05
(Z95-$AC$96)*10000=288.73768
84371243
(AA95-$AC$96)*10000=232.25249950686006 (AB95-$AC$96)*10000=175.76731057659555 (AC9
5-$AC$96)*10000=119.28212164633106
(AD95-$AC$96)*10000=62.79693271606684
(AE95-$AC$96)*10000=
6.311743785802348
(AF95-$AC$96)*10000=-106.65863407472636 (AG95-$AC$96)*10000=-219.62901193525
536
(AH95-$AC$96)*10000=-332.59938979578436 (A195-$AC$96)*10000=-445.5697676563132 (AJ95-$AC$96
)*10000=-558.540145516842
3Y average discount
M121/$M$113-1=-0.11901840490797555
N121/$M$113-1=-0.14723926380368102
01211$M$113-1=-0.46871165644171786
P121/$M$113-1=-0.2601226993865031
Q121/$M$113-1=-0.354
6012269938651
R121/$M$113-1=-0.2834355828220859
AVERAGE(M96:R96)=-0.2721881390593048
0
(=TABLE(T27,T46))=0.16154599286167157
(=TABLE(T27,T46))=0.15589747396864512
(=TABLE(T27,T46))=0.
1502489550756187
(=TABLE(T27,T46))=0.14460043618259225
(=TABLE(T27,T46))=0.1389519172895658
(=TABLE(T27,T46))=0.13330339839653935
(=TABLE(T27,T46))=0.12200636061048648
(=TABLE(T27,T46))=0.
11070932282443359
(=TABLE(T27,T46))=0.09941228503838068
(=TABLE(T27,T46))=0.0881152472523277
9
(=TABLE(T27,T46))=0.0768182094662749
0
(Z96-$AC$96)*10000=169.4555667907932
(AA9
6-$AC$96)*10000=112.97037786052871
(AB96-$AC$96)*10000=56.4851889302645
(AC96-$AC$96)*10000=
O
(AD96-$AC$96)*10000=-56.4851889302645
(AE96-$AC$96)*10000=-112.970377860529
(AF96-$AC$96
)*10000=-225.9407557210577
(AG96-$AC$96)*10000=-338.91113358158657 (AH96-$AC$96)*10000=-451.881
5114421157
(A196-$AC$96)*10000=-564.8518893026445 (AJ96-$AC$96)*10000=-677.8222671631734
-0.05
(=TABLE(T27,T46))=0.14961778069703843
(=TABLE(T27,T46))=0.143969261804012
(=TABLE(T27,
T46))=0.13832074291098556
(=TABLE(T27,T46))=0.1326722240179591
(=TABLE(T27,T46))=0.12702370
512493266
(=TABLE(T27,T46))=0.12137518623190623
(=TABLE(T27,T46))=0.11007814844585334
(=TA
BLE(T27,T46))=0.09878111065980046
(=TABLE(T27,T46))=0.08748407287374756
(=TABLE(T27,T46))=0.
07618703508769467
(=TABLE(T27,T46))=0.06488999730164177
-0.05
(Z97-$AC$96)*10000=50.173445
14446187
(AA97-$AC$96)*10000=-6.311743785802348 (AB97-$AC$96)*10000=-62.79693271606684 (AC9
7-$AC$96)*10000=-119.28212164633135
(AD97-$AC$96)*10000=-175.76731057659583 (AE97-$AC$96)*10000=
-232.2524995068602
(AF97-$AC$96)*10000=-345.22287736738906 (AG97-$AC$96)*10000=-458.19325522791
79
(AH97-$AC$96)*10000=-571.1636330884469 (A197-$AC$96)*10000=-684.1340109489757 (AJ97-$AC$96
)*10000=-797.1043888095047
P/BV (2018E), base (x) M90/$M$110-1=-0.4415564325186502
N90/$M$110-1=-0.39505974795755516
090/$M$110-1=-0.7335048143919305
P90/$M$110-1=-0.5580083174624046
Q90/$M$110-1=-0.6343
510866909066
R90/$M$110-1=-0.5306423158169965
AVERAGE(M98:R98)=-0.5488537858064072
-0.1
O
(=TABLE(T27,T46))=0.13768956853240533
(=TABLE(T27,T46))=0.13204104963937888
(=TABLE(T27,
T46))=0.12639253074635243
(=TABLE(T27,T46))=0.12074401185332599
(=TABLE(T27,T46))=0.11509549
296029954
(=TABLE(T27,T46))=0.10944697406727309
(=TABLE(T27,T46))=0.09814993628122021
(=TA
BLE(T27,T46))=0.08685289849516732
(=TABLE(T27,T46))=0.07555586070911442
(=TABLE(T27,T46))=0.
06425882292306154
(=TABLE(T27,T46))=0.05296178513700865
-0.10
(Z98-$AC$96)*10000=-69.10867
65018692
(AA98-$AC$96)*10000=-125.59386543213368 (AB98-$AC$96)*10000=-182.07905436239818 (AC9
8-$AC$96)*10000=-238.56424329266255
(AD98-$AC$96)*10000=-295.04943222292707 (AE98-$AC$96)*10000=
-351.53462115319155
(AF98-$AC$96)*10000=-464.5049990137204 (AG98-$AC$96)*10000=-577.47537687424
93
(AH98-$AC$96)*10000=-690.4457547347782 (A198-$AC$96)*10000=-803.4161325953071 (AJ98-$AC$96
)*10000=-916.386510455836
P/BV (2018E), implied (x)
M91/$M$110-1=-0.4415564325186502
N91/$M$110-1=-0.395059747957
55516
0911$M$110-1=-0.7335048143919305
P91/$M$110-1=-0.5580083174624046
Q91/$M$110-1
=-0.6343510866909066
R91/$M$110-1=-0.5306423158169965
AVERAGE(M99:R99)=-0.5488537858064072
EFTA01437458
-0.15
(=TABLE(T27,T46))=0.1257613563677722
(=TABLE(T27,T46))=0.12011283747474574
(=TABLE(T27,
T46))=0.1144643185817193
(=TABLE(T27,T46))=0.10881579968869286
(=TABLE(T27,T46))=0.10316728
079566641
(=TABLE(T27,T46))=0.09751876190263997
(=TABLE(T27,T46))=0.08622172411658709
(=TA
BLE(T27,T46))=0.0749246863305342
(=TABLE(T27,T46))=0.06362764854448129
(=TABLE(T27,T46))=0.
0523306107584284
(=TABLE(T27,246))=0.04103357297237552
-0.15
(Z99-$AC$96)*10000=-188.3907
9814820053
(AA99-$AC$96)*10000=-244.87598707846502 (AB99-$AC$96)*10000=-301.3611760087295 (AC9
9-$AC$96)*10000=-357.8463649389939
(AD99-$AC$96)*10000=-414.33155386925836 (AE99-$AC$96)*10000=
-470.81674279952273
(AF99-$AC$96)*10000=-583.7871206600516 (AG99-$AC$96)*10000=-696.75749852058
05
(AH99-$AC$96)*10000=-809.7278763811096 (A199-$AC$96)*10000=-922.6982542416384 (AJ99-$AC$96
)*10000=-1035.6686321021673
3Y average discount
M122/$M$114-1=-0.010204081632653073
N122/$M$114-1=-0.010204081632653073
01221$M$114-1=-0.41836734693877553
P122/$M$114-1=-0.29591836734693877
Q122/$M$114-1=-0.357
1428571428571
R122/$M$114-1=-0.3571428571428571
AVERAGE(M100:R100)=-0.2414965986394558 -0.2
0
(=TABLE(T27,T46))=0.11383314420313906
(=TABLE(T27,T46))=0.10818462531011261
(=TABLE(T27,
T46))=0.10253610641708617
(=TABLE(T27,T46))=0.09688758752405972
(=TABLE(T27,T46))=0.09123906
863103329
(=TABLE(T27,T46))=0.08559054973800684
(=TABLE(T27,T46))=0.07429351195195397
(=TA
BLE(T27,T46))=0.06299647416590108
(=TABLE(T27,T46))=0.051699436379848175 (=TABLE(T27,T46))=0.
04040239859379528
(=TABLE(T27,246))=0.029105360807742398 -0.20
(Z100-$AC$96)*10000=-307.672
9197945319
(AA100-$AC$96)*10000=-364.15810872479636
(AB100-$AC$96)*10000=-420.6432976550
6073
(AC100-$AC$96)*10000=-477.1284865853252 (AD100-$AC$96)*10000=-533.6136755155895 (AE100-$AC$9
6)*10000=-590.0988644458541
(AF100-$AC$96)*10000=-703.0692423063828 (AG100-$AC$96)*10000=-816.03
96201669116
(AH100-$AC$96)*10000=-929.0099980274408 (AI100-$AC$96)*10000=-1041.9803758879696
(AJ100-$AC$96)*10000=-1154.9507537484985
Stage 1 Discount to own historical average
-0.25
(=TABLE(T27,T46))=0.10190493203850594
(=TA
BLE(T27,T46))=0.0962564131454795
(=TABLE(T27,T46))=0.09060789425245305
(=TABLE(T27,T46))=0.
08495937535942662
(=TABLE(T27,T46))=0.07931085646640017
(=TABLE(T27,T46))=0.0736623375733737
2
(=TABLE(T27,T46))=0.06236529978732083
(=TABLE(T27,T46))=0.05106826200126795
(=TABLE(T27,
T46))=0.03977122421521504
(=TABLE(T27,T46))=0.028474186429162156 (=TABLE(T27,T46))=0.01717714
864310927
-0.25
(Z101-$AC$96)*10000=-426.95504144086306 (AA101-$AC$96)*10000=-483.4402303711
274
(AB101-$AC$96)*10000=-539.9254193013919 (AC101-$AC$96)*10000=-596.4106082316563 (AD101-$AC$9
6)*10000=-652.8957971619208
(AE101-$AC$96)*10000=-709.3809860921853 (AF101-$AC$96)*10000=-822.35
13639527141
(AG101-$AC$96)*10000=-935.321741813243 (AH101-$AC$96)*10000=-1048.292119673772 (AI].
01-$AC$96)*10000=-1161.2624975343008
(AJ101-$AC$96)*10000=-1274.2328753948298
P/E (2018E), base (x)
M86/$M$117-1=-0.3426668224852458
N86/$M$117-1=-0.3412962051613977
086/$M$117-1=-0.6650508732509515
P86/$M$117-1=-0.43200612366172186
Q86/$M$117-1=-0.5765
360518728673
R86/$M$117-1=-0.23094123522021448
AVERAGE(M102:R102)=-0.4314162186087331
P/E (2018E), implied (x)
M87/$M$117-1=-0.3426668224852458
N87/$M$117-1=-0.341296205161
3977
087/$M$117-1=-0.6650508732509515
P87/$M$117-1=-0.43200612366172186
Q87/$M$117-1
=-0.5765360518728673
R87/$M$117-1=-0.23094123522021448
AVERAGE(M103:R103)=-0.43141621860873
31
P/BV (2018E), base (x) M90/$M$118-1=-0.2760916717834354
N90/$M$118-1=-0.21581819179683082
090/$M$118-1=-0.6545432779154655
P90/$M$118-1=-0.4270478189327467
Q90/$M$118-1=-0.5260
106679326566
R90/$M$118-1=-0.3915733723553658
AVERAGE(M105:R105)=-0.4151808334527502 YAPI
KREDI YAPI KREDI
P/BV (2018E), implied (x)
M91/$M$118-1=-0.2760916717834354
N91/$M$118-1=-0.215818191796
83082
091/$M$118-1=-0.6545432779154655
P91/$M$118-1=-0.4270478189327467
Q91/$M$118-1
=-0.5260106679326566
R91/$M$118-1=-0.3915733723553658
AVERAGE(M106:R106)=-0.41518083345275
02
Y90=ROE % of Stage 2 loans transferred to Stage 3 loans ROE: change from base (bps)
% of
Stage 2 loans transferred to Stage 3 loans
Loan growth (ppt change from base)
$R$34=0.10220359317283423
AA107-0.05=-0.15000000000000
002
AB107-0.05=-0.10
-0.05
0
0.05
AD107+0.05=0.10 0.20
0.30
0.40
0.50
0.60
Y107=0.10220359317283423
A0107-0.05=-0.15000000000000002 AP107-0.05=-0.10
-0.0
5
0
0.05
AR107+0.05=0.10 0.20
0.30
0.40
0.50
0.60
MSCI EM Banks
2018E
0.20
(=TABLE(T27,T46))=0.1541270716435941
(=TABLE(T27,T46))=0.14841121
849976321
(=TABLE(T27,T46))=0.14269536535593236
(=TABLE(T27,T46))=0.13697951221210153
(=TA
BLE(T27,T46))=0.13126365906827067
(=TABLE(T27,T46))=0.12554780592443981
(=TABLE(T27,T46))=0.
11411609963677813
(=TABLE(T27,T46))=0.10268439334911642
(=TABLE(T27,T46))=0.0912526870614547
2
(=TABLE(T27,T46))=0.07982098077379303
(=TABLE(T27,T46))=0.0683892744861313
0.20
(Z10
8-$AC$112)*10000=519.2347847075987
(AA108-$AC$112)*10000=462.07625326928985
(AB108-$AC$1
12)*10000=404.9177218309813
(AC108-$AC$112)*10000=347.759190392673 (AD108-$AC$112)*10000=290.60
06589543644
(AE108-$AC$112)*10000=233.44212751605588
(AF108-$AC$112)*10000=119.1250646394
39
(AG108-$AC$112)*10000=4.808001762821867 (AH108-$AC$112)*10000=-109.50906111379513
(AI].
08-$AC$112)*10000=-223.826123990412
(AJ108-$AC$112)*10000=-338.14318686702927
P/E (x) 7.57
0.15
(=TABLE(T27,T46))=0.14543309188377726
(=TABLE(T27,T46))=0.1397172387399464
(=TABLE(T27,T46))=0.13400138559611555
(=TABLE(T27,T46))=0.1282855324522847
(=TABLE(T27,T46))=0.
12256967930845386
(=TABLE(T27,246))=0.116853826164623
(=TABLE(T27,T46))=0.1054221198769613
(=TABLE(T27,T46))=0.09399041358929959
(=TABLE(T27,T46))=0.0825587073016379
(=TABLE(T27,T46))=0.
07112700101397619
(=TABLE(T27,246))=0.05969529472631449
0.15
(Z109-$AC$112)*10000=432.294
98710943034
(AA109-$AC$112)*10000=375.1364556711217 (AB109-$AC$112)*10000=317.97792423281317
(AC109-$AC$112)*10000=260.8193927945046 (AD109-$AC$112)*10000=203.66086135619634
(AE109-$AC$1
12)*10000=146.50232991788775
(AF109-$AC$112)*10000=32.185267041270755
(AG109-$AC$112)*1000
0=-82.13179583534638
(AH109-$AC$112)*10000=-196.44885871196325
(A1109-$AC$112)*10000=-310.7
659215885804
(AJ109-$AC$112)*10000=-425.0829844651974
P/BV (x)
1.05
0.10
(=TABLE(T27,T46))=0.13673911212396045
(=TABLE(T27,T46))=0.13102325
89801296
(=TABLE(T27,T46))=0.12530740583629874
(=TABLE(T27,T46))=0.11959155269246789
(=TA
BLE(T27,T46))=0.11387569954863704
(=TABLE(T27,T46))=0.10815984640480618
(=TABLE(T27,T46))=0.
09672814011714448
(=TABLE(T27,T46))=0.08529643382948278
(=TABLE(T27,T46))=0.0738647275418210
8
(=TABLE(T27,T46))=0.06243302125415938
(=TABLE(T27,T46))=0.05100131496649767
0.10
(Z11
0-$AC$112)*10000=345.3551895112622
(AA110-$AC$112)*10000=288.19665807295365
(AB110-$AC$1
EFTA01437459
12)*10000=231.03812663464507
(AC110-$AC$112)*10000=173.87959519633665
(AD110-$AC$112)*1000
0=116.72106375802807
(AE110-$AC$112)*10000=59.5625323197195 (AF110-$AC$112)*10000=-54.7545305568
9749
(AG110-$AC$112)*10000=-169.0715934335145
(AH110-$AC$112)*10000=-283.38865631013147
(AI110-$AC$112)*10000=-397.70571918674847
(AJ110-$AC$112)*10000=-512.0227820633655
0.05
(=TABLE(T27,T46))=0.12804513236414364
(=TABLE(T27,T46))=0.12232927922031277
(=TABLE(T27,
T46))=0.11661342607648191
(=TABLE(T27,T46))=0.11089757293265107
(=TABLE(T27,T46))=0.10518171
978882022
(=TABLE(T27,T46))=0.09946586664498937
(=TABLE(T27,T46))=0.08803416035732767
(=TA
BLE(T27,T46))=0.07660245406966597
(=TABLE(T27,T46))=0.06517074778200427
(=TABLE(T27,T46))=0.
05373904149434256
(=TABLE(T27,T46))=0.042307335206680854 0.05
(Z111-$AC$112)*10000=258.415
3919130941
(AA111-$AC$112)*10000=201.25686047478538
(AB111-$AC$112)*10000=144.0983290364
7683
(AC111-$AC$112)*10000=86.93979759816838 (AD111-$AC$112)*10000=29.78126615985996 (AE111-$AC$1
12)*10000=-27.377265278448608
(AF111-$AC$112)*10000=-141.69432815506562
(AG111-$AC$112)*1000
0=-256.0113910316826
(AH111-$AC$112)*10000=-370.3284539082996
(AI111-$AC$112)*10000=-484.6
4551678491665
(AJ111-$AC$112)*10000=-598.9625796615337
MSCI EM Banks
3Y average
0
(=TABLE(T27,T46))=0.11935115260432679
(=TABLE(T27,T46))=0.
11363529946049591
(=TABLE(T27,T46))=0.10791944631666507
(=TABLE(T27,T46))=0.1022035931728342
3
(=TABLE(T27,T46))=0.09648774002900339
(=TABLE(T27,T46))=0.09077188688517251
(=TABLE(T27,
T46))=0.07934018059751083
(=TABLE(T27,T46))=0.06790847430984912
(=TABLE(T27,T46))=0.05647676
802218743
(=TABLE(T27,T46))=0.04504506173452572
(=TABLE(T27,T46))=0.033613355446864016 0
(Z112-$AC$112)*10000=171.47559431492556 (AA112-$AC$112)*10000=114.31706287661686
(AB112-$AC$1
12)*10000=57.15853143830843
(AC112-$AC$112)*10000=0 (AD112-$AC$112)*10000=-57.15853143830843
(AE112-$AC$112)*10000=-114.31706287661714
(AF112-$AC$112)*10000=-228.634125753234 (AG112-$AC$1
12)*10000=-342.9511886298511
(AH112-$AC$112)*10000=-457.268251506468 (AI112-$AC$112)*10000=-571.5
85314383085
(AJ112-$AC$112)*10000=-685.9023772597021
P/E (x) 8.15
-0.05
(=TABLE(T27,T46))=0.11065717284450995
(=TABLE(T27,T46))=0.1049413197006790
8
(=TABLE(T27,T46))=0.09922546655684823
(=TABLE(T27,T46))=0.09350961341301739
(=TABLE(T27,
T46))=0.08779376026918653
(=TABLE(T27,T46))=0.08207790712535568
(=TABLE(T27,T46))=0.07064620
083769399
(=TABLE(T27,T46))=0.059214494550032276 (=TABLE(T27,T46))=0.04778278826237058
(=TA
BLE(T27,T46)1=0.036351081974708876
(=TABLE(T27,T46))=0.024919375687047173 -0.05
(2113-$AC$11
2)*10000=84.53579671675718
(AA113-$AC$112)*10000=27.37726527844847 (AB113-$AC$112)*10000=-29.78
126615985996
(AC113-$AC$112)*10000=-86.93979759816838
(AD113-$AC$112)*10000=-144.098329036
47697
(AE113-$AC$112)*10000=-201.25686047478553
(AF113-$AC$112)*10000=-315.5739233514024
(AG113-$AC$112)*10000=-429.89098622801953
(AH113-$AC$112)*10000=-544.2080491046364
(A1l
13-$AC$112)*10000=-658.5251119812535
(AJ113-$AC$112)*10000=-772.8421748578705
P/BV (x)
0.98
-0.10
(=TABLE(T27,T46))=0.10196319308469314
(=TABLE(T27,T46))=0.09624733
994086226
(=TABLE(T27,T46))=0.09053148679703141
(=TABLE(T27,T46))=0.08481563365320056
(=TA
BLE(T27,T46)1=0.07909978050936972
(=TABLE(T27,T46))=0.07338392736553886
(=TABLE(T27,T46) 1=0.
061952221077877165
(=TABLE(T27,T46))=0.05052051479021546
(=TABLE(T27,T46))=0.0390888085025537
65
(=TABLE(T27,T46) 1=0.027657102214892062 (=TABLE(T27,T46))=0.016225395927230355 -0.10
(Z11
4-$AC$112)*10000=-2.4040008814109335
(AA114-$AC$112)*10000=-59.562532319719644
(AB114-$AC$1
12)*10000=-116.72106375802821
(AC114-$AC$112)*10000=-173.87959519633665
(AD114-$AC$112)*1000
0=-231.03812663464507
(AE114-$AC$112)*10000=-288.19665807295365
(AF114-$AC$112)*10000=-402.5
1372094957065
(AG114-$AC$112)*10000=-516.8307838261877
(AH114-$AC$112)*10000=-631.147846702
8046
(AI114-$AC$112)*10000=-745.4649095794216
(AJ114-$AC$112)*10000=-859.7819724560387
-0.15
(=TABLE(T27,T46))=0.09326921332487631
(=TABLE(T27,T46))=0.08755336018104544
(=TABLE(T27,
T46))=0.0818375070372146
(=TABLE(T27,T46))=0.07612165389338375
(=TABLE(T27,T46))=0.07040580
07495529
(=TABLE(T27,T46))=0.06468994760572204
(=TABLE(T27,T46))=0.05325824131806035
(=TA
BLE(T27,T46)1=0.04182653503039864
(=TABLE(T27,T46))=0.03039482874273695
(=TABLE(T27,T46) 1=0.
01896312245507524
(=TABLE(T27,T46))=0.007531416167413534 -0.15
(Z115-$AC$112)*10000=-89.343
79847957918
(AA115-$AC$112)*10000=-146.5023299178879
(AB115-$AC$112)*10000=-203.660861356
19634
(AC115-$AC$112)*10000=-260.8193927945048
(AD115-$AC$112)*10000=-317.97792423281334
(AE115-$AC$112)*10000=-375.1364556711219
(AF115-$AC$112)*10000=-489.45351854773884
(AG1
15-$AC$112)*10000=-603.7705814243559
(AH115-$AC$112)*10000=-718.0876443009728
(AI115-$AC$1
12)*10000=-832.4047071775899
(AJ115-$AC$112)*10000=-946.7217700542069
Turkish banks
3Y average
-0.20
(=TABLE(T27,T46))=0.0845752335650595
(=TABLE(T27,T46) 1=0.
07885938042122863
(=TABLE(T27,T46))=0.07314352727739779
(=TABLE(T27,T46))=0.0674276741335669
3
(=TABLE(T27,T46))=0.061711820989736085 (=TABLE(T27,T46))=0.055995967845905215 (=TABLE(T27,
T46))=0.04456426155824353
(=TABLE(T27,T46))=0.03313255527058182
(=TABLE(T27,T46))=0.02170084
8982920126
(=TABLE(T27,T46))=0.01026914269525842
(=TABLE(T27,T46))=-0.0011625635924032865
-0.20
(Z116-$AC$112)*10000=-176.2835960777473 (AA116-$AC$112)*10000=-233.442127516056 (AB116-$AC$1
12)*10000=-290.6006589543644
(AC116-$AC$112)*10000=-347.759190392673 (AD116-$AC$112)*10000=-404.9
177218309814
(AE116-$AC$112)*10000=-462.07625326929013
(AF116-$AC$112)*10000=-576.393316145
907
(AG116-$AC$112)*10000=-690.7103790225241
(AH116-$AC$112)*10000=-805.027441899141 (AI].
16-$AC$112)*10000=-919.3445047757581
(AJ116-$AC$112)*10000=-1033.6615676523752
P/E (x) 6.27
-0.25
(=TABLE(T27,T46))=0.07588125380524266
(=TABLE(T27,T46))=0.0701654006614117
9
(=TABLE(T27,T46))=0.06444954751758093
(=TABLE(T27,T46))=0.05873369437375009
(=TABLE(T27,
T46))=0.05301784122991924
(=TABLE(T27,T46))=0.047301988086088376 (=TABLE(T27,T46))=0.03587028
179842668
(=TABLE(T27,T46))=0.02443857551076498
(=TABLE(T27,T46))=0.013006869223103283 (=TA
BLE(T27,T46))=0.0015751629354415779
(=TABLE(T27,T46))=-0.009856543352220129 -0.25
(2117-$AC$11
2)*10000=-263.2233936759157
(AA117-$AC$112)*10000=-320.3819251142244
(AB117-$AC$112)*1000
0=-377.540456552533
(AC117-$AC$112)*10000=-434.6989879908414
(AD117-$AC$112)*10000=-491.8
575194291499
(AE117-$AC$112)*10000=-549.0160508674585
(AF117-$AC$112)*10000=-663.333113744
0754
(AG117-$AC$112)*10000=-777.6501766206925
(AH117-$AC$112)*10000=-891.9672394973094
(AI117-$AC$112)*10000=-1006.2843023739265
(AJ117-$AC$112)*10000=-1120.6013652505435
P/BV (x)
0.81
3Y Historical average
Akbank Garanti Halkbank
Isbank Vakifbank
Yapi Kredi
Tota
1
P/E (x) 7.18
6.95
4.33
6.03
5.26
5.84
AVERAGE(M121:R121)=5.9316666666666675
Aver
age
Average
EFTA01437460
P/BV (x)
0.97
0.97
0.57
0.69
0.63
0.63
AVERAGE(M122:R122)=0.743333333333333
3
Y106=ROE
t of Stage 2 loans transferred to Stage 3 loans ROE: change from base (bps)
t of Stage 2 loans transferred to Stage 3 loans
Loan growth (ppt change from base)
AA123-0.05=-0.15000000000000002 AB123-0.05=-0.10
-0.0
5
0
0.05
AD123+0.05=0.10 0.20
0.30
0.40
0.50
0.60
AO123-0.05=-0.150000
00000000002
AP123-0.05=-0.10
-0.05
0
0.05
AR123+0.05=0.10 0.20
0.30
0.40
0.50
0.60
0.20
(228+Z44+260+Z76+Z92+2108)/6=0.19826096644498323
(AA28+AA44+AA60+AA76+AA92+AA108)/6=0
.18927360099530244
(AB28+AB44+AB60+AB76+AB92+AB108)/6=0.18028623554562165 (AC28+AC44+AC60+AC76
+AC92+AC108)/6=0.17153038880911445
(AD28+AD44+AD60+AD76+AD92+AD108)/6=0.161848467219913
(AE2
8+AE44+AE60+AE76+AE92+AE108)/6=0.15216654563071152
(AF28+AF44+AF60+AF76+AF92+AF108)/6=0.1328027
0245230855
(AG28+AG44+AG60+AG76+AG92+AG108)/6=0.11343885927390561 (AH28+AR44+AH60+AH76+AH92+AH
108)/6=0.09407501609550266
(A128+A144+A160+A176+A192+AI108)/6=0.0747111729170997
(AJ28+AJ44+A
J60+AJ76+AJ92+AJ108)/6=0.055347329738696736
0.20
(AN28+AN44+AN60+AN76+AN92+AN108)/6=638.56963
9451171 (A028+A044+AO60+A076+AO92+AO108)/6=548.6959649543632
(AD28+AF44+AP60+AD76+AF92+AP108)/6=4
58.82233045755555
(AQ28+7)044+AQ60+AQ76+AQ92+A0108)/6=371.26386309248363
(AB28+AR44+AR60+AB76
+AR92+AR108)/6=274.4446472004688
(AS28+AS44+AS60+AS76+AS92+AS108)/6=177.62543130845413
(AT2
8+AT44+AT60+AT76+AT92+AT108)/6=-16.013000475575502
(AD28+AD44+AU60+AD76+AD92+AU108)/6=-209.6514
3225960506
(AV28+AV44+AV60+AV76+AV92+AV108)/6=-403.2898640436347
(AW28+AW44+AW60+AW76+AW92+AW
108)/6=-596.9282958276642
(AX28+AX44+AX60+AX76+AX92+AX108)/6=-790.5667276116938
0.15
(229+Z45+261+Z77+Z93+2109)/6=0.18897936986767108
(AA29+AA45+AA61+AA77+AA93+AA109)/6=0
.17999200441799035
(AB29+AB45+AB61+AB77+AB93+AB109)/6=0.17100463896830956 (AC29+AC45+AC61+AC77
+AC93+AC109)/6=0.16224879223180236
(AD29+AD45+AD61+AD77+AD93+AD109)/6=0.1525668706426009
(AE2
9+AE45+AE61+AE77+AE93+AE109)/6=0.1428849490533994
(AF29+AF45+AF61+AF77+AF93+AF109)/6=0.1235211
0587499644
(AG29+AG45+AG61+AG77+AG93+AG109)/6=0.10415726269659352 (AH29+AH45+AH61+AH77+AH93+AH
109)/6=0.08479341951819054
(A129+A145+A161+A177+A193+AI109)/6=0.06542957633978759 (AJ29+AJ45+A
J61+AJ77+AJ93+AJ109)/6=0.046065733161384646
0.15
(AN29+AN45+AN61+AN77+AN93+AN109)/6=545.75367
367805 (A029+A045+A061+AO77+AO93+AO109)/6=455.88001918124223
(AP29+AP45+AP61+AP77+AP93+AP109)/6=3
66.00636468443446
(AQ29+7)045+7)061+AQ77+AQ93+A0109)/6=278.44789731936254
(AR29+AR45+AR61+AR77
+AR93+AR109)/6=181.6286814273479
(AS29+AS45+AS61+AS77+AS93+AS109)/6=84.809465535333
(AT2
9+AT45+AT61+AT77+AT93+AT109)/6=-108.82896624869653
(A029+A045+AU61+A077+AO93+AU109)/6=-302.4673
9803272607
(AV29+AV45+AV61+AV77+AV93+AV109)/6=-496.10582981675566 (AW29+AW45+AW61+AW77+AW93+AW
109)/6=-689.7442616007852
(AX29+AX45+AX61+AX77+AX93+AX109)/6=-883.3826933848148
0.10
(230+Z46+262+Z78+Z94+2110)/6=0.17969777329035905
(AA30+AA46+AA62+AA78+AA94+AA110)/6=0
.17071040784067829
(AB30+AB46+AB62+AB78+AB94+AB110)/6=0.16172304239099752 (AC30+AC46+AC62+AC78
+AC94+AC110)/6=0.15296719565449032
(AD3O+AD46+AD62+AD78+AD94+AD110)/6=0.14328527406528882 (AE3
0+AE46+AE62+AE78+AE94+AE110)/6=0.13360335247608737
(AF30+AF46+AF62+AF78+AF94+AF110)/6=0.1142395
0929768441
(AG30+AG46+AG62+AG78+AG94+AG110)/6=0.09487566611928146 (AH30+AR46+AH62+AH78+AH94+AH
110)/6=0.07551182294087849
(A130+A146+A162+A178+A194+AI110)/6=0.056147979762475535 (AJ30+AJ46+A
J62+AJ78+AJ94+AJ110)/6=0.03678413658407258
0.10
(AN30+AN46+AN62+AN78+AN94+AN110)/6=452.93770
790492937
(AO30+AO46+AO62+AO78+AO94+AO110)/6=363.0640534081217
(AP30+AF46+AP62+AP78+AP94+AP
110)/6=273.190398911314 (AQ30+7)046+AQ62+AQ78+AQ94+A0110)/6=185.631931546242
(AR30+AR46+AB62+AR78
+AR94+AR110)/6=88.8127156542272 (AS30+AS46+AS62+AS78+AS94+AS110)/6=-8.006500237787447
(AT3O+AT46+A
T62+AT78+AT94+AT110)/6=-201.64493202181708
(A030+AO46+AU62+AU78+AU94+A0110)/6=-395.283363805846
65
(AV30+AV46+AV62+AV78+AV94+AV110)/6=-588.9217955898763
(AW30+AW46+AW62+AW78+AW94+AW110)/6=-
782.560227373906
(AX30+AX46+AX62+AX78+AX94+AX110)/6=-976.1986591579354
0.05
(231+Z47+263+Z79+Z95+2111)/6=0.17041617671304696
(AA31+AA47+AA63+AA79+AA95+AA111)/6=0
.16142881126336617
(AB31+AB47+AB63+AB79+AB95+AB111)/6=0.1524414458136854
(AC31+AC47+AC63+AC79
+AC95+AC111)/6=0.14368559907717823
(AD31+AD47+AD63+AD79+AD95+AD111)/6=0.13400367748797673 (AE3
1+AE47+AE63+AE79+AE95+AE111)/6=0.12432175589877527
(AF31+AF47+AF63+AF79+AF95+AF111)/6=0.1049579
127203723
(AG31+AG47+AG63+AG79+AG95+AG111)/6=0.08559406954196934 (AH31+AH47+AH63+AH79+AH95+AH
111)/6=0.06623022636356639
(A131+A147+A163+A179+A195+AI111)/6=0.04686638318516343 (AJ31+AJ47+A
J63+AJ79+AJ95+AJ111)/6=0.027502540006760473
0.05
(AN31+AN47+AN63+AN79+AN95+AN111)/6=360.12174
21318083
(AO31+AO47+AO63+AO79+AO95+AO111)/6=270.24808763500056
(AP31+AP47+AP63+AP79+AP95+AP
111)/6=180.37443313819287
(A031+A047+A063+AQ79+AQ95+AQ111)/6=92.815965773121
(AR31+AR47+A
R63+AR79+AR95+AR111)/6=-4.003250118893784
(As31+AS47+AS63+AS79+AS95+AS111)/6=-100.822466010908
51
(AT31+AT47+AT63+AT79+AT95+AT111)/6=-294.4608977949381
(AU31+AU47+ALT63+AU79+AU95+AU111)/6=-
488.0993295789677
(AV31+AV47+AV63+AV79+AV95+AV111)/6=-681.7377613629973
(AW31+AW47+AW63+AW79
+AW95+AW111)/6=-875.3761931470267
(AX31+AX47+AX63+AX79+AX95+AX111)/6=-1069.0146249310565
0
(232+Z48+264+Z80+Z96+2112)/6=0.16113458013573487
(AA32+AA48+AA64+AA80+AA96+AA112)/6=0
.15214721468605408
(AB32+AB48+AB64+AB80+AB96+AB112)/6=0.1431598492363733
(AC32+AC48+AC64+AC80
+AC96+AC112)/6=0.13440400249986612
(AD32+AD46+AD64+AD80+AD96+AD112)/6=0.12472208091066463 (AE3
2+AE48+AE64+AE80+AE96+AE112)/6=0.11504015932146316
(AF32+AF48+AF64+AF80+AF96+AF112)/6=0.0956763
1614306021
(AG32+AG48+AG64+AG80+AG96+AG112)/6=0.07631247296465725 (AH32+AH48+AH64+AH80+AH96+AH
112)/6=0.056948629786254285
(A132+A148+A164+A180+A196+AI112)/6=0.037584786607851334 (AJ32+AJ48+A
J64+AJ80+AJ96+AJ112)/6=0.018220943429448373
0
(AN32+AN48+AN64+AN80+AN96+AN112)/6=267.30577
63586873
(AO32+AO48+AO64+AO80+AO96+AO112)/6=177.43212186187955
(AF32+AF48+AP64+AP80+AP96+AP
112)/6=87.55846736507192
(AQ32+A048+A064+AQ80+AQ96+AQ112)/6=0
(AB32+AR48+AB64+AR80+AR96+AR
112)/6=-96.81921589201478
(AS32+AS48+AS64+AS80+AS96+AS112)/6=-193.63843178402956 (AT32+AT48+A
T64+AT80+AT96+AT112)/6=-387.27686356805907
(AD32+AQ48+AQ64+AU80+AD96+AU112)/6=-580.915295352088
7
(AV32+AV48+AV64+AV80+AV96+AV112)/6=-774.5537271361181
(AW32+AW46+AW64+AW80+AW96+AW112)/6=-
968.1921589201478
(AX32+AX48+AX64+AX80+AX96+AX112)/6=-1161.8305907041774
-0.05
(233+Z49+265+Z81+Z97+2113)/6=0.15185298355842275
(AA33+AA49+AA65+AA81+AA97+AA113)/6=0
.142865618108742
(AB33+AB49+AB65+AB81+AB97+AB113)/6=0.13387825265906123 (AC33+AC49+AC65+AC81
+AC97+AC113)/6=0.125122405922554
(AD33+AD49+AD65+AD81+AD97+AD113)/6=0.11544048433335252 (AE3
3+AE49+AE65+AE81+AE97+AE113)/6=0.10575856274415106
(AF33+AF49+AF65+AF81+AF97+AF113)/6=0.0863947
1956574811
(AG33+AG49+AG65+AG81+AG97+AG113)/6=0.06703087638734516 (AH33+AH49+AH65+AH81+AH97+AH
113)/6=0.04766703320894219
(A133+A149+A165+A181+A197+AI113)/6=0.028303190030539233 (AJ33+AJ49+A
J65+AJ81+AJ97+AJ113)/6=0.008939346852136274
-0.05
(AN33+AN49+AN65+AN81+AN97+AN113)/6=174.48981
EFTA01437461
058556626
(A033+A049+A065+A081+A097+A0113)/6=84.61615608875867
(Ap33+Ap49+AP65+AP81+AP97+Ap
113)/6=-5.257498408049014
(Ao33+AQ49+AQ65+AQ81+AQ97+AQ113)/6=-92.81596577312096
(AR33+AR49+A
R65+AR81+AR97+AR113)/6=-189.63518166513578
(As33+AS49+AS65+As81+AS97+AS113)/6=-286.454397557150
57
(AT33+AT49+AT65+AT81+AT97+AT113)/6=-480.09282934118005 (AU33+AU49+Au65+AU81+AU97+AU113)/6=-
673.7312611252097
(AV33+Av49+Av65+AV81+AV97+Av113)/6=-867.3696929092393
(AW33+AW49+AW65+AW81
+AW97+AW113)/6=-1061.0081246932689
(AX33+AX49+Ax65+Ax81+AX97+AX113)/6=-1254.6465564772982
-0.10
(z34+z50+z66+282+Z98+z114)/6=0.14257138698111066
(AA34+AA50+AA66+AA82+AA98+AA114)/6=0
.1335840215314299
(AB34+AN50+AN66+AB82+AB98+AH114)/6=0.12459665608174914 (Ac34+AC50+AC66+Ac82
+Ac98+AC114)/6=0.11584080934524192
(AD34+AD5O+Ao66+,082+AD98+AD114)/6=0.10615888775604045 (AE3
4+AE50+AE66+AE82+AE98+AE114)/6=0.09647696616683898
(AF34+AF50+AF66+AF82+AF98+AF114)/6=0.0771131
2298843602
(AG34+AG50+AG66+AG82+AG98+AG114)/6=0.05774927981003306 (AH34+AH5O+AH66+AH82+AH98+AH
114)/6=0.038385436631630104
(A134+A150+A166+A182+A198+A1114)/6=0.01902159345322715 (AJ34+A,750+A
J66+AJ82+Aa98+AJ114)/6=-3.422497251758105E-4
-0.10
(AN34+AN50+AN66+AN82+AN98+AN114)/6=81.673844
81244547
(A034+A050+A066+A082+A098+A0114)/6=-8.199809684362181
(Ap34+Ap5O+AP66+AP82+AP98+Ap
114)/6=-98.07346418116994
(Ao34+AQ50+AQ66+AQ82+AQ98+AQ114)/6=-185.63193154624187 (AR34+AR5O+A
R66+AR82+AR98+AR114)/6=-282.45114743825667
(As34+AS50+As66+AS82+AS98+AS114)/6=-379.270363330271
44
(AT34+AT5O+AT66+AT82+AT98+AT114)/6=-572.9087951143009
(AU34+AU5O+Au66+AU82+AU98+AU114)/6=-
766.5472268983307
(AV34+Av50+Av66+AV82+AV98+Av114)/6=-960.1856586823601
(Aw34+AW5O+AW66+Aw82
+AW98+AW114)/6=-1153.8240904663899
(AX34+AX50+Ax66+Ax82+AX98+AX114)/6=-1347.4625222504194
-0.15
(z35+z51+267+283+Z99+z115)/6=0.1332897904037986 (AA35+AA51+AA67+AA83+AA99+AA115)/6=0.1243024
2495411781
(AB35+AB51+AB67+AN83+AN99+AB115)/6=0.11531505950443703 (Ac35+Ac51+AC67+AC83+AC99+Ac
115)/6=0.10655921276792985
(A035+AD51+AD67+AD83+Ao99+Ao115)/6=0.09687729117872836 (AE35+AE51+A
E67+AE83+AE99+AE115)/6=0.08719536958952688
(AF35+AF51+AF67+AF83+AF99+AF115)/6=0.067831526411123
93
(AG35+AG51+AG67+AG83+AG99+AG115)/6=0.04846768323272097 (AH35+AH51+AH67+AH83+AH99+AH115)/6=0
.02910384005431801
(A135+A151+A167+A183+A199+AI115)/6=0.009739996875915057 (Aa35+AJ51+AJ67+A.783
+AJ99+AJ115)/6=-0.0096238463024879
-0.15
(AN35+AN51+AN67+AN83+AN99+AN115)/6=-11.1421209606753
87
(A035+AO51+A067+A083+A099+A0115)/6=-101.01577545748313 (AP35+AP51+Ap67+AP83+AP99+AP115)/6=-
190.88942995429082
(AQ35+AQ51+Aq67+AQ83+AQ99+Ao115)/6=-278.4478973193627
(AR35+AR51+AR67+AR83
+AR99+AR115)/6=-375.2671132113776
(AS35+AS51+As67+As83+AS99+AS115)/6=-472.0863291033923
(AT3
5+AT51+AT67+AT83+AT99+AT115)/6=-665.7247608874219
(Au35+Au51+AU67+Au83+Au99+AU115)/6=-859.3631
926714515
(AV35+AV51+Av67+Av83+Av99+AV115)/6=-1053.001624455481
(Aw35+Aw51+AW67+AW83+AW99+Aw
115)/6=-1246.6400562395104
(Ax35+AX51+AX67+AX83+Ax99+AX115)/6=-1440.2784880235401
-0.20
(z36+z52+268+284+Z100+z116)/6=0.12400819382648648
(AA36+AA52+AA68+AA84+AA100+AA116)/6=
0.11502082837680572
(AB36+Ao52+AN68+AB84+AB100+AN116)/6=0.10603346292712496 (Ac36+AC52+AC68+Ac84
+AC100+AC116)/6=0.09727761619061774
(AD36+AD52+Ao68+,084+AD100+AD116)/6=0.08759569460141627 (AE3
6+AE52+AE68+AE84+AE100+AE116)/6=0.0779137730122148
(AF36+AF52+AF68+AF84+AF100+AF116)/6=0.058549
92983381185
(AG36+AG52+AG68+AG84+AG100+AG116)/6=0.03918608665540889 (AH36+AH52+AH68+AH84+AH100+A
H116)/6=0.019822243477005935
(A136+A152+A168+A184+AI100+A1116)/6=4.5840029860297424E-4
(AJ3
6+AJ52+AJ68+AJ84+AJ100+AJ116)/6=-0.01890544287979998
-0.20
(AN36+AN52+AN68+AN84+AN100+AN116)/6=
-103.95808673379626
(A036+A052+A068+A084+AO100+A0116)/6=-193.83174123060402 (AP36+AP52+AP68+Ap84
+AP100+AP116)/6=-283.7053957274116
(AQ36+AQ52+AQ68+Ao84+AQ100+AQ116)/6=-371.26386309248363 (ARS
6+AR52+AR68+AR84+AR100+AR116)/6=-468.08307898449834
(As36+As52+AS68+AS84+As100+AS116)/6=-564.902
2948765131
(AT36+AT52+AT68+AT84+AT100+AT116)/6=-758.5407266605426 (Au36+Au52+AU68+AU84+AU100+A
U116)/6=-952.1791584445722
(Av36+AV52+AV68+AV84+Av100+Av116)/6=-1145.8175902286018 (AW36+Aw52+A
W68+AW84+AW100+AW116)/6=-1339.4560220126311
(Ax36+Ax52+AX68+AX84+AX100+Ax116)/6=-1533.0944537966
614
-0.25
(z37+z53+269+285+Z101+z117)/6=0.11472659724917439
(AA37+AA53+AA69+AA85+AA101+AA117)/6=
0.10573923179949361
(AB37+AN53+AN69+AB85+AB101+AN117)/6=0.09675186634981287 (Ac37+AC53+AC69+Ac85
+AC101+Ac117)/6=0.08799601961330565
(AD37+AD53+Ao69+,085+AD101+AD117)/6=0.07831409802410419 (AE3
7+AE53+AE69+AE85+AE101+AE117)/6=0.0686321764349027
(AF37+AF53+AF69+AF85+AF101+AF117)/6=0.049268
33325649974
(AG37+AG53+AG69+AG85+AG101+AG117)/6=0.02990449007809679 (AH37+AH53+AH69+AH85+AH101+A
H117)/6=0.010540646899693829
(A137+A153+A169+A185+AI101+A1117)/6=-0.008823196278709127
(AJ3
7+AJ53+AJ69+AJ85+AJ101+AJ117)/6=-0.028187039457112085
-0.25
(AN37+AN53+AN69+AN85+AN101+AN117)/6=
-196.77405250691723
(A037+A053+A069+A085+A0101+A0117)/6=-286.6477070037249 (AP37+AP53+AP69+Ap85
+AP101+AP117)/6=-376.5213615005326
(AQ37+AQ53+AQ69+AQ85+AQ101+AQ117)/6=-464.0798288656046 (ARS
7+AR53+AR69+AR85+AR101+AR117)/6=-560.8990447576192
(AS37+As53+As69+AS85+AS101+As117)/6=-657.718
2606496341
(AT37+AT53+AT69+AT85+AT101+AT117)/6=-851.3566924336636 (Au37+Au53+AU69+AU85+AU101+A
0117)/6=-1044.995124217693
(Av37+AV53+AV69+AV85+Av101+AV117)/6=-1238.6335560017226 (AW37+Aw53+A
W69+AW85+Aw101+AW117)/6=-1432.2719877857523
(Ax37+Ax53+Ax69+AX85+AX101+Ax117)/6=-1625.9104195697
819
EFTA01437462
Sensit CAR
Coverage
0.25
0.30
0.30
0.25
0.30
0.35
USD/TRY 4.85
OTAS exposure (USDm)
1500
950
160
500
180
200
LOANS
OTAS exposure (TRYm)
M2*$U$1=7274.999999999999
N2*$U$1=4607.50 02*$U$1=776
P2*$
U$1=2425
Q2*$U$1=872.9999999999999
R2*$U$1=969.9999999999999
TRYm
Akbank Garanti Halkbank
Isbank Vakifbank
Yapi Kredi
Total
TRYm
Akba
nk
Garanti Halkbank
Isbank Vakifbank
Yapi Kredi
Total
Stage 1 177483.751
179942.836
208018.025
225447.282
189194.53
189206.167
SUM(C5:H5)=1169292.591 Stage 1 C5+M3=184758.751
D5+N3=184550.336
E5+03=208794.025
F5+P3=227872.282
G5+Q3=190067.53 H5+R3=190176.167
SUM(M5:R5)=1186219.091
Stage 2 18107.557+561.381+3109.4=21778.338000000003
29599.849+5463.71+2411.769=37475.328
4219
.35+28.39+3620.128=7867.868
16743.129+3832.425+460.08=21035.634000000002
3835.687+108.017+226
2.51=6206.214
5397.15+541.86+2728.63=8667.64 SUM(C6:H6)=103031.02200000001
Stage 2 C6-M3=14503.
338000000003
D6-N3=32867.828 E6-03=7091.868 F6-P3=18610.634000000002
G6-Q3=5333.214 H6-R
3=7697.639999999999
SUM(M6:R6)=86104.52200000001
Stage 3 4046.342
5633.32 6264.786
5799.235
7945.146
8617.858
SUM(
C7:H7)=38306.687000000005
Stage 3 C7=4046.342
D7=5633.32
E7=6264.786
F7=5799.235
G7=7945.146
H7=8617.858
SUM(M7:R7)=38306.687000000005
Total
SUM(C5:C7)=203308.43099999998
SUM(D5:D7)=223051.48400000003
SUM(E5:E7)=222150.6789999999
7
SUM(F5:F7)=252282.15099999998
SUM(G5:67)=203345.89
SUM(H5:H7)=206491.66499999998
SUM(
CB:H8)=1310630.30
Total
SUM(M5:M7)=203308.43099999998
SUM(N5:N7)=223051.48400000003
SUM(
05:07)=222150.67899999997
SUM(P5:P7)=252282.15099999998
SUM(Q5:Q7)=203345.89
SUM(R5:R7)=2
06491.66499999998
SUM(M8:R8)=1310630.30
COVERAGE
COVERAGE
TRYm
Akbank Garanti Halkbank
Isbank Vakifbank
Yapi Kredi
Average TRYm
Akba
nk
Garanti Halkbank
Isbank Vakifbank
Yapi Kredi
Average
Stage 1 635.937 816.282 1003.91 1588.177
1541.675
1735.70 SUM(C12:H12)=7321.681
Stag
e 1
C12+(M3*0.01)=708.687
D12+(N3*0.01)=862.3570000000001 E12+(03*0.01)=1011.67
F12+(P3*0.01
)=1612.427
G12+(Q3*0.01)=1550.405 H12+(R3*0.01)=1745.40
SUM(M12:R12)=7490.946
Stage 2 2783.856
3620.075
784.616 1845.348
468.183 888.696 SUM(C13:H13)=10390.7
74000000001
Stage 2 C13-(M3*M1)=965.1060000000004
D13-(N3*N1)=2237.825
E13-(03*01)=551.816
F13-(P3*P1)=1239.098
G13-(Q3*Q1)=206.28300000000002 H13-(R3*R1)=549.1960000000001
SUM(M13:R13)
=5749.3240000000005
Stage 3 3130.372
3963.228
4978.164
4157.801
6201.91 7386.565
SUM(
C14:H14)=29818.039999999997
Stage 3 C14=3130.372
D14=3963.228
E14=4978.164
F14=4157.801
G14=6201.91
H14=7386.565
SUM(M14:R14)=29818.039999999997
Total
SUM(C12:C14)=6550.165
SUM(D12:D14)=8399.585
SUM(E12:E14)=6766.69
SUM(F12:F14)=7591.32
6
SUM(G12:G14)=8211.768
SUM(H12:H14)=10010.961 SUM(C15:H15)=47530.494999999995 Total
SUM(
M12:M14)=4804.165000000001
SUM(N12:N14)=7063.41
SUM(012:014)=6541.65
SUM(P12:P14)=7009.32
6
SUM(Q12:Q14)=7958.598
SUM(R12:R14)=9681.161
SUM(M15:R15)=43058.31
% in gross loans
% in gross loans
TRYm
Akbank Garanti Halkbank
Isbank Vakifbank
Yapi Kredi
Average TRYm
Akba
nk
Garanti Halkbank
Isbank Vakifbank
Yapi Kredi
Average
Stage 1 C5/C$8=0.8729778205803969
D5/D$8=0.8067322968360076
E5/E$8=0.936382575720149
F5/F$8=0.8936315197344263
G5/G$8=0.9304074451664599
H5/H$8=0.9162896090745358
15/I
$8=0.8921605055216563
Stage 1 M5/M$8=0.9087608914752778
N5/N$8=0.8273889628100389
05/0
$8=0.9398757003123993
P5/P$8=0.9032437732782769
Q5/Q$8=0.934700622668105
R5/R$8=0.920
9871352434492
S5/S$8=0.9050752840064814
Stage 2 C6/C$8=0.10711969933012766
D6/D$8=0.16801200928122942
E6/E$8=0.035416808246622564
F6/F$8=0.08338138039737898
G6/G$8=0.030520479169753565
H6/H$8=0.041975737858474825
16/I
$8=0.07861181143149217 Stage 2 M6/M$8=0.07133662843524677
N6/N$8=0.14735534330719807
06/0
$8=0.03192368365437227 P6/P$8=0.07376912685352839
06/Q88=0.026227301668108462
R6/R$8=0.037
27821168956142 S6/S$8=0.06569703294666697
Stage 3 C7/C$8=0.019902480089475486
D7/D$8=0.025255693882762956
E7/E$8=0.02820061603322851
F7/F$8=0.022987099868194798
G7/G$8=0.03907207566378646
H7/H$8=0.04173465306698942
17/I
$8=0.029227683046851582 Stage 3 M7/M$8=0.019902480089475486
N7/N$8=0.025255693882762956
07/0
$8=0.02820061603322851 P7/P$8=0.022987099868194798
Q7/Q$8=0.03907207566378646
R7/R$8=0.041
73465306698942 S7/S$8=0.029227683046851582
Total
C8/C$8=1
DB/D$8=1
E8/E$8=1
F8/F58=1
G8/G$8=1
H8/H$8=1
I8/I$8=1
Total
M8/M$8=1
N8/N$8=1
08/058=1
PB/P$8=1
Q8/Q$8=1
R8/R$8=1
S8/S$8=1
COVERAGE RATIO Earnings impact Akbank Garanti Halkbank
Isbank Vakifbank
Yapi Kredi
Total
TRYm
Akbank Garanti Halkbank
Isbank Vakifbank
Yapi Kredi
Average Stage 2 prov
isions (base)
14503.338000000003
32867.828
7091.868
18610.634000000002
5333
.214
7697.639999999999
56=86104.52200000001
AKBANK AKBANK AKBANK
Stage 1 C12/C5=0.0035830716694735623
D12/D5=0.004536340640980005
E12/E5=0.004826072163698314
F12/F5=0.007044560421890559
G12/G5=0.008148623535786156
H12/H5=0.009173591048964065
I12/
15=0.0062616329363195285
Stage 3 provisions (base)
4046.342
5633.32 6264.786
5799.235
7945.146
8617.858
38306.687000000005
CAR
% of Stage 2 loans t
ransferred to Stage 3 loans
CAR: change from base (bps)
% of Stage 2 loans transferred to St
age 3 loans
Headroom above threshold
% of Stage 2 loans transferred to Stage 3 loans
Stage 2 C13/C6=0.12782683416888835
D13/D6=0.09659888767351148
E13/E6=0.09972409298173278
F13/F6=0.08772485773426177
G13/G6=0.07543777897442788
H13/H6=0.10253033120895655
I13/
16=0.10085092623850708 Amount of Stage 2 transferred to Stage 3
$T$27*M25=0
$T$27*N25=0
$T$27*025=0
$T$27*P25=0
$T$27*Q25=0
$T$27*R25=0
$T$27*525=0
0
Loan growth
(ppt change from base) $M$72=0.165723068081947 AA27-0.05=-0.15000000000000002 AB27-0.05=-0.10 -0.0
5
0
0.05
AD27+0.05=0.10 0.20
0.30
0.40
0.50
0.60
Y27=0.16572306808194
7
A027-0.05=-0.15000000000000002 AP27-0.05=-0.10 -0.05
0
0.05
AR27+0.05=0.10 0.20
EFTA01437463
0.30
0.40
0.50
0.60
AM27=0.165723068081947 -0.05
-0.03
-0.01
0
0.05
BF27
+0.05=0.10
0.20
0.30
0.40
0.50
0.60
Stage 3 C14/C7=0.7736301083793707
D14/D7=0.7035332628006221
E14/E7=0.7946263447785766
F14/F7=0.7169568055096923
G14/G7=0.7805910678041662
H14/H7=0.85712308093264 I14/17=0.778
4029978891152
Coverage of new Stage 3 loans (70%)
M27*0.7=0
N27*0.7=0
027*0.7=0
P27*0.7=0
Q27*0.7=0
R27*0.7=0
S27*0.7=0
0.20
(=TABLE(T27,T46))=0.14145453
818948073
(=TABLE(T27,T46))=0.14033721103797245
(=TABLE(T27,T46))=0.13921988388646414
(=TA
BLE(T27,T46))=0.13810255673495583
(=TABLE(T27,T46))=0.13698522958344755
(=TABLE(T27,T46))=0.
13586790243193925
(=TABLE(T27,246))=0.1336332481289227
(=TABLE(T27,T46))=0.1313985938259061
(=TABLE(T27,T46))=0.1291639395228895
(=TABLE(T27,T46))=0.12692928521987293
(=TABLE(T27,T46))=0.
12469463091685634
0.20
(Z28-$AC$32)*10000=-242.6852989246628
(AA28-$AC$32)*10000=-253.858
5704397456
(AB28-$AC$32)*10000=-265.0318419548287 (AC28-$AC$32)*10000=-276.20511346991174 (AD2
8-$AC$32)*10000=-287.3783849849945
(AE28-$AC$32)*10000=-298.55165650007757 (AF28-$AC$32)*10000=
-320.8981995302432
(AG28-$AC$32)*10000=-343.24474256040907 (AH28-$AC$32)*10000=-365.59128559057
52
(A128-$AC$32)*10000=-387.9378286207408 (AJ28-$AC$32)*10000=-410.2843716509066 0.20
228-
$M$64=0.021454538189480732
AA28-$M$64=0.020337211037972452 AB28-$M$64=0.019219883886464145 AC28
-$M$64=0.018102556734955838
AD28-$M$64=0.01698522958344756 AE28-$M$64=0.01586790243193925 AF28
-$M$64=0.013633248128922693
AG28-$M$64=0.011398593825906106 AH28-$M$64=0.009163939522889492 A128
-$M$64=0.006929285219872933
AJ28-$M$64=0.004694630916856346
Total
SUM(C26:C28)=0.9050400142177326 SUM(D26:D28)=0.8046684911151136 SUM(E26:E28)=0.8991765099240
078
SUM(F26:F28)=0.8117262236658447 SUM(G26:G28)=0.8641774703143803 SUM(H26:H28)=0.9688270031905
606
SUM(126:128)=0.8855155570639418 Stage 3 provisions (new)
M28+M26=4046.342
N28+
N26=5633.32
028+026=6264.786
P28+P26=5799.235
Q28+026=7945.146
R28+R26=8617
.858
528+526=38306.687000000005
0.15
(=TABLE(T27,T46))=0.14760473550206685
(=TABLE(T27,
T46))=0.14643882890918863
(=TABLE(T27,T46))=0.1452729223163104
(=TABLE(T27,T46))=0.14410701
572343218
(=TABLE(T27,T46))=0.14294110913055397
(=TABLE(T27,T46))=0.14177520253767575
(=TA
BLE(T27,T46))=0.13944338935191933
(=TABLE(T27,T46))=0.13711157616616287
(=TABLE(T27,T46))=0.
13477976298040645
(=TABLE(T27,T46))=0.13244794979465002
(=TABLE(T27,T46))=0.1301161366088935
7
0.15
(229-$AC$32)*10000=-181.18332579880158 (AA29-$AC$32)*10000=-192.84239172758373 (AB2
9-$AC$32)*10000=-204.5014576563661
(AC29-$AC$32)*10000=-216.16052358514827 (AD29-$AC$32)*10000=
-227.8195895139304
(AE29-$AC$32)*10000=-239.47865544271252 (AF29-$AC$32)*10000=-262.79678730027
68
(AG29-$AC$32)*10000=-286.1149191578413 (A829-$AC$32)*10000=-309.43305101540557 (A129-$AC$32
)*10000=-332.7511828729698
(AJ29-$AC$32)*10000=-356.06931473053436 0.15
Z29-$M$64=0.02760473
550206685
AA29-$M$64=0.02643882890918864 AB29-$M$64=0.025272922316310398 AC29-$M$64=0.0241070
15723432185
AD29-$M$64=0.02294110913055397 AE29-$M$64=0.02177520253767576 AF29-$M$64=0.0194433
89351919332
AG29-$M$64=0.01711157616616288 AH29-$M$64=0.014779762980406452 A129-$M$64=0.0124479
49794650026
AJ29-$M$64=0.010116136608893572
Net profit (base)
6405.467516045113
7118.518599790241
3809.28613779219
6242
.064735470831
3822.804240772133
3853.9025619301465
SUM(M30:R30)=31252.043791800654 0.10
(=TABLE(T27,T46))=0.15431404166125168
(=TABLE(T27,T46))=0.15309513931415172
(=TABLE(T27,T46))=0.
15187623696705177
(=TABLE(T27,T46))=0.15065733461995182
(=TABLE(T27,T46))=0.1494384322728518
6
(=TABLE(T27,T46))=0.1482195299257519
(=TABLE(T27,T46))=0.145781725231552
(=TABLE(T27,
T46)1=0.1433439205373521
(=TABLE(T27,T46))=0.14090611584315216
(=TABLE(T27,T46))=0.13846831
114895228
(=TABLE(T27,T46))=0.13603050645475234
0.10
(230-$AC$32)*10000=-114.090264206953
28
(AA30-$AC$32)*10000=-126.27928767795282 (AB30-$AC$32)*10000=-138.46831114895235 (AC30-$AC$32
)*10000=-150.6573346199519
(AD30-$AC$32)*10000=-162.84635809095144 (AE30-$AC$32)*10000=-175.035
38156195097
(AF30-$AC$32)*10000=-199.41342850395006 (AG30-$AC$32)*10000=-223.79147544594912 (AH3
0-$AC$32)*10000=-248.1695223879485
(A130-$AC$32)*10000=-272.5475693299473 (AJ30-$AC$32)*10000=
-296.92561627194664
0.10
Z30-$M$64=0.03431404166125168
AA30-$M$64=0.03309513931415173 AB30
-$M$64=0.031876236967051774
AC30-$M$64=0.03065733461995182 AD30-$M$64=0.029438432272851867 AE30
-$M$64=0.028219529925751913
AF30-$M$64=0.025781725231552005 AG30-$M$64=0.023343920537352097 AH30
-$M$64=0.020906115843152162
A130-$M$64=0.018468311148952282 AJ30-$M$64=0.016030506454752347
Expected provision expenses
Net profit (new) - TRYmn
M30-(M28*0.8)+((M48-M46)*(0.8)*(0.04
))=6405.467516045113
N30-(N28*0.8)+((N48-N46)*(0.8)*(0.04))=7118.518599790241
030-(028*0.8
)+((048-046)*(0.8)*(0.04))=3809.28613779219
P30-(P28*0.8)+((P48-P46)*(0.8)*(0.04))=6242.06473547
0831
Q30-(Q28*0.8)+((Q48-Q46)*(0.8)*(0.04))=3822.804240772133
R30-(R28*0.8)+((R48-R46)*(0.
8)*(0.04))=3853.9025619301465
S30-(528*0.8)+C(S48-546)*(0.8)*(0.04))=31252.043791800654
0.05
(=TABLE(T27,T46))=0.16166232935940653
(=TABLE(T27,T46))=0.16038538404339706
(=TABLE(T27,T46))=0.
15910843872738756
(=TABLE(T27,T46))=0.1578314934113781
(=TABLE(T27,T46))=0.1565545480953686
2
(=TABLE(T27,T46))=0.15527760277935912
(=TABLE(T27,T46))=0.15272371214734018
(=TABLE(T27,
T46))=0.15016982151532124
(=TABLE(T27,T46))=0.14761593088330227
(=TABLE(T27,246))=0.14506204
025128333
(=TABLE(T27,T46))=0.14250814961926436
0.05
(231-$AC$32)*10000=-40.6073872254048
(AA31-$AC$32)*10000=-53.376840385499506 (AB31-$AC$32)*10000=-66.14629354559447 (AC31-$AC$32)*10000=
-78.91574670568919
(AD31-$AC$32)*10000=-91.68519986578389 (AE31-$AC$32)*10000=-104.45465302587
887
(AF31-$AC$32)*10000=-129.99355934606825 (AG31-$AC$32)*10000=-155.53246566625768 (AH31-$AC$32
)*10000=-181.07137198644736
(A131-$AC$32)*10000=-206.61027830663676 (AJ31-$AC$32)*10000=-232.149
18462682644
0.05
Z31-$M$64=0.04166232935940653
AA31-$M$64=0.04038538404339706 AB31-$M$64=0
.03910843872738756
AC31-$M$64=0.03783149341137809 AD31-$M$64=0.03655454809536862 AE31-$M$64=0
.035277602779359124
AF31-$M$64=0.032723712147340184 AG31-$M$64=0.030169821515321243 AH31-$M$64=0
.027615930883302275
A131-$M$64=0.025062040251283335 AJ31-$M$64=0.022508149619264367
TRYm
Akbank Garanti Halkbank
Isbank Vakifbank
Yapi Kredi
Average Change in ne
t profit from base
M31/M30-1=0
N31/N30-1=0
031/030-1=0
P31/P30-1=0
Q31/Q30-1=0
R31/R30-1=0
231/530-1=0
0
(=TABLE(T27,T46))=0.16974544582737686
(=TABLE(T27,T46))=0.
16840465324556692
(=TABLE(T27,T46))=0.16706386066375695
(=TABLE(T27,T46))=0.165723068081947
(=TABLE(T27,T46))=0.16438227550013707
(=TABLE(T27,T46))=0.1630414829183271
(=TABLE(T27,T46))=0.
16035989775470721
(=TABLE(T27,T46))=0.1576783125910873
(=TABLE(T27,T46))=0.1549967274274674
(=TABLE(T27,T46))=0.15231514226384749
(=TABLE(T27,T46))=0.14963355710022758
0
(232-$AC$32)
*10000=40.22377745429851
(AA32-$AC$32)*10000=26.815851636199096 (AB32-$AC$32)*10000=13.40792
581809941
(AC32-$AC$32)*10000=0
(AD32-$AC$32)*10000=-13.40792581809941 (AE32-$AC$32)*10000=
EFTA01437464
-26.815851636199096
(AF32-$AC$32)*10000=-53.631703272397914 (AG32-$AC$32)*10000=-80.447554908597
01
(AH32-$AC$32)*10000=-107.2634065447961 (A132-$AC$32)*10000=-134.0792581809952 (AJ32-$AC$32
)*10000=-160.89510981719428
0
Z32-$M$64=0.04974544582737686
AA32-$M$64=0.048404653245566
92
AB32-$M$64=0.04706386066375695 AC32-$M$64=0.04572306808194701 AD32-$M$64=0.044382275500137
07
AE32-$M$64=0.0430414829183271
AF32-$M$64=0.04035989775470722 AG32-$M$64=0.037678312591087
31
AH32-$M$64=0.0349967274274674
A132-$M$64=0.03231514226384749 AJ32-$M$64=0.029633557100227
58
ROE (base)
M30/M$56=0.14227070975751668
N30/1O56=0.15379565842592643
030/0$56=0.133239279
64267931
P30/P$56=0.13031433781764779
Q30/0$56=0.14460043618259225
R30/R$56=0.102203593
17283423
230/S$56=0.1347398172027409
-0.05
(=TABLE(T27,T46))=0.1786794166603967
(=TA
BLE(T27,T46))=0.17726805604796517
(=TABLE(T27,T46))=0.17585669543553362
(=TABLE(T27,T46))=0.
17444533482310212
(=TABLE(T27,T46))=0.1730339742106706
(=TABLE(T27,T46))=0.1716226135982390
5
(=TABLE(T27,T46))=0.168799892373376
(=TABLE(T27,T46))=0.16597717114851296
(=TABLE(T27,
T46))=0.16315444992364989
(=TABLE(T27,T46))=0.16033172869878684
(=TABLE(T27,T46))=0.15750900
747392377
-0.05
(Z33-$AC$32)*10000=129.56348578449683
(AA33-$AC$32)*10000=115.449879660181
61
(AB33-$AC$32)*10000=101.33627353586611 (AC33-$AC$32)*10000=87.22266741155116
(AD33-$AC$32
)*10000=73.10906128723593
(AE33-$AC$32)*10000=58.99545516292043
(AF33-$AC$32)*10000=30.76824
2914289978
(AG33-$AC$32)*10000=2.541030665659527
(AH33-$AC$32)*10000=-25.6861815829712
(A13
3-$AC$32)*10000=-53.91339383160165
(AJ33-$AC$32)*10000=-82.14060608023239 -0.05
Z33-$M$64=0.
058679416660396694
AA33-$M$64=0.05726805604796517 AB33-$M$64=0.05585669543553362 AC33-$M$64=0
.054445334823102126
AD33-$M$64=0.053033974210670604 AE33-$M$64=0.05162261359823905 AF33-$M$64=0
.04879989237337601
AG33-$M$64=0.04597717114851296 AH33-$M$64=0.04315444992364989 A133-$M$64=0
.040331728698786845
AJ33-$M$64=0.03750900747392377
ROE (new)
M31/M$56=0.14227070975751668
N31/1456=0.15379565842592643
031/O$56=0.133239279
64267931
P31/P$56=0.13031433781764779
Q31/0$56=0.14460043618259225
R31/R$56=0.102203593
17283423
231/S$56=0.1347398172027409
-0.10
(=TABLE(T27,T46))=0.18860605091930763
(=TA
BLE(T27,T46))=0.18711628138396325
(=TABLE(T27,T46))=0.18562651184861884
(=TABLE(T27,T46))=0.
18413674231327445
(=TABLE(T27,T46))=0.18264697277793007
(=TABLE(T27,T46))=0.1811572032425856
6
(=TABLE(T27,T46))=0.1781776641718969
(=TABLE(T27,T46))=0.1751981251012081
(=TABLE(T27,
T46))=0.17221858603051932
(=TABLE(T27,T46))=0.16923904695983055
(=TABLE(T27,T46))=0.16625950
788914176
-0.10
(Z34-$AC$32)*10000=228.8298283736062
(AA34-$AC$32)*10000=213.932133020162
38
(AB34-$AC$32)*10000=199.0344376667183
(AC34-$AC$32)*10000=184.13674231327448 (AD34-$AC$32
)*10000=169.23904695983066
(AE34-$AC$32)*10000=154.34135160638658 (AF34-$AC$32)*10000=124.5459
6089949894
(AG34-$AC$32)*10000=94.75057019261102
(AH34-$AC$32)*10000=64.95517948572311
(A13
4-$AC$32)*10000=35.15978877883546
(AJ34-$AC$32)*10000=5.3643980719475515 -0.10
Z34-$M$64=0.
06860605091930763
AA34-$M$64=0.06711628138396325 AB34-$M$64=0.06562651184861884 AC34-$M$64=0
.06413674231327446
AD34-$M$64=0.06264697277793008 AE34-$M$64=0.06115720324258567 AF34-$M$64=0
.0581776641718969
AG34-$M$64=0.05519812510120811 AH34-$M$64=0.05221858603051932 A134-$M$64=0
.04923904695983056
AJ34-$M$64=0.046259507889141765
Change in ROE from base (M34-M33)=0
(N34-N33)=0
(034-033)=0
(P34-P33)=0
(034-033)=0
(R34-R33)=0
(S34-S33)=0
-0.15
(=TABLE(T27,T46))=0.19970052450279632
(=TABLE(T27,T46))=0.
19812312146537284
(=TABLE(T27,T46))=0.19654571842794935
(=TABLE(T27,T46))=0.1949683153905259
(=TABLE(T27,T46))=0.19339091235310243
(=TABLE(T27,T46))=0.19181350931567895
(=TABLE(T27,T46))=0.
18865870324083203
(=TABLE(T27,T46))=0.18550389716598506
(=TABLE(T27,T46))=0.1823490910911381
2
(=TABLE(T27,T46))=0.1791942850162912
(=TABLE(T27,T46))=0.17603947894144423
-0.15
(Z35
-$AC$32)*10000=339.7745642084932
(AA35-$AC$32)*10000=324.0005338342583
(AB35-$AC$32)*10000=
308.2265034600234
(AC35-$AC$32)*10000=292.4524730857889
(AD35-$AC$32)*10000=276.678442711554
3
(AE35-$AC$32)*10000=260.9044123373194
(AF35-$AC$32)*10000=229.35635158885026 (AG35-$AC$32
)*10000=197.80829084038055
(AH35-$AC$32)*10000=166.2602300919111
(A135-$AC$32)*10000=134.7121
6934344193
(AJ35-$AC$32)*10000=103.16410859497222 -0.15
Z35-$M$64=0.07970052450279633
AA35
-$M$64=0.07812312146537284
AB35-$M$64=0.07654571842794936 AC35-$M$64=0.0749683153905259
AD35
-$M$64=0.07339091235310244
AE35-$M$64=0.07181350931567895 AF35-$M$64=0.06865870324083204 AG35
-$M$64=0.06550389716598506
AH35-$M$64=0.06234909109113812 A135-$M$64=0.059194285016291204 AJ35
-$M$64=0.05603947894144423
-0.20
(=TABLE(T27,T46))=0.21218180728422106
(=TABLE(T27,T46))=0.21050581655695863
(=TABLE(T27,
T46))=0.20882982582969617
(=TABLE(T27,T46))=0.20715383510243374
(=TABLE(T27,T46))=0.20547784
43751713
(=TABLE(T27,T46))=0.20380185364790887
(=TABLE(T27,T46))=0.200449872193384
(=TA
BLE(T27,T46))=0.1970978907388591
(=TABLE(T27,T46))=0.19374590928433422
(=TABLE(T27,T46))=0.
19039392782980938
(=TABLE(T27,T46))=0.18704194637528448
-0.20
(Z36-$AC$32)*10000=464.58739
20227406
(AA36-$AC$32)*10000=447.82748475011624 (AB36-$AC$32)*10000=431.0675774774916
(AC3
6-$AC$32)*10000=414.3076702048673
(AD36-$AC$32)*10000=397.54776293224296 (AE36-$AC$32)*10000=
380.78785565961863
(AF36-$AC$32)*10000=347.26804111436996 (AG36-$AC$32)*10000=313.748226569121
1
(AH36-$AC$32)*10000=280.2284120238721
(A136-$AC$32)*10000=246.70859747862372 (AJ36-$AC$32
)*10000=213.1887829333748
-0.20
Z36-$M$64=0.09218180728422107
AA36-$M$64=0.090505816556958
63
AB36-$M$64=0.08882982582969617 AC36-$M$64=0.08715383510243374 AD36-$M$64=0.085477844375171
31
AE36-$M$64=0.08380185364790887 AF36-$M$64=0.08044987219338401 AG36-$M$64=0.077097890738859
12
AH36-$M$64=0.07374590928433422 A136-$M$64=0.07039392782980938 AJ36-$M$64=0.067041946375284
49
Stage 1 53.916 379.957 96.532 7.40
167.354 153.12 SUM(C37:H37)=858.279
COR impact
Akba
nk
Garanti Halkbank
Isbank Vakifbank
Yapi Kredi
Total
-0.25
(=TABLE(T27,
T46))=0.22632726110316914
(=TABLE(T27,T46))=0.22453953766075588
(=TABLE(T27,T46))=0.22275181
42183426
(=TABLE(T27,T46))=0.22096409077592932
(=TABLE(T27,T46))=0.2191763673335161
(=TA
BLE(T27,T46))=0.2173886438911028
(=TABLE(T27,T46))=0.21381319700627627
(=TABLE(T27,T46))=0.
21023775012144974
(=TABLE(T27,T46))=0.20666230323662318
(=TABLE(T27,T46))=0.2030868563517966
6
(=TABLE(T27,T46))=0.19951140946697013
-0.25
(Z37-$AC$32)*10000=606.0419302122214
(AA3
7-$AC$32)*10000=588.1646957880887
(AB37-$AC$32)*10000=570.2874613639558
(AC37-$AC$32)*10000=
552.4102269398231
(AD37-$AC$32)*10000=534.5329925156908
(AE37-$AC$32)*10000=516.655758091557
9
(AF37-$AC$32)*10000=480.90128924329264 (AG37-$AC$32)*10000=445.14682039502736 (AH37-$AC$32
)*10000=409.3923515467618
(A137-$AC$32)*10000=373.6378826984965
(AJ37-$AC$32)*10000=337.8834
EFTA01437465
1385023125
-0.25
Z37-$M$64=0.10632726110316915
AA37-$M$64=0.10453953766075588 AB37-$M$64=0
.10275181421834259
AC37-$M$64=0.10096409077592933 AD37-$M$64=0.09917636733351609 AE37-$M$64=0
.0973886438911028
AF37-$M$64=0.09381319700627627 AG37-$M$64=0.09023775012144974 AH37-$M$64=0
.08666230323662319
A137-$M$64=0.08308685635179666 AJ37-$M$64=0.07951140946697013
Stage 2 246.51 748.876 19.004 588.762 78.11
70.684 SUM(C38:H38)=1751.946
Stage 2 loans % in 1
oans (base)
M20=0.07133662843524677 N20=0.14735534330719807 020=0.03192368365437227 P20=0.073769
12685352839
Q20=0.026227301668108462
R20=0.03727821168956142 520=0.06569703294666697
Stage 3 397.74 488.162 276.835 531.50 1037.65 589.523 SUM(C39:H39)=3321.4100000000003 Stage 3 loan
s % in loans (base)
M21=0.019902480089475486
N21=0.025255693882762956
021=0.028200
61603322851
P21=0.022987099868194798
Q21=0.03907207566378646 R21=0.04173465306698942 S21=
0.029227683046851582
Total
SUM(C37:C39)=698.1659999999999 SUM(D37:039)=1616.995
SUM(E37:E39)=392.371
SUM(F37:F39)
=1127.6619999999998
SUM(G37:G39)=1283.114
SUM(H37:H39)=813.327
SUM(C40:H40)=5931.635
Stag
e 2 loans % in loans (new)
(M6-M27)/M$8=0.07133662843524677
(N6-N27)/N$8=0.1473553433071
9807
(06-027)/0$8=0.03192368365437227
(P6-P27)/P$8=0.07376912685352839
(Q6-Q27)/Q$8
=0.026227301668108462
(R6-R27)/R$8=0.03727821168956142
(56-527)/S$8=0.06569703294666697
Average gross loans
'R:\Bank models\Turkish Bank Model with 2020 Estimates\Higher RFR\[AKBANK MO
DEL- Higher RFR and Lower NIM.xlsx]COR'!$AH$13/1000=199098.746 'R:\Bank models\Turkish Bank Model w
ith 2020 Estimates\Higher RFR\[GARANTI MODEL- Higher RFR and Lower NIM.xlsx]COR'!$AH$13/1000=219928.
43
'R:\Bank models\Turkish Bank Model with 2020 Estimates\Higher RFR\[HALKBANK MODEL- Higher RF
R and Lower NIM.xlsx]COR'!$AH$13/1000=215448.166
'R:\Bank models\Turkish Bank Model with 2020
Estimates\Higher RFR\(ISBANK MODEL- Higher RFR and Lower NIM.xlsx]COR'!$AH$13/1000=249443.2855 'R:\
Bank models\Turkish Bank Model with 2020 Estimates\Higher RFR\[VAKIFBANK MODEL- Higher RFR and Lower
NIM.xlsx]COR'!$AH$13/1000=197091.47
111:\Bank models\Turkish Bank Model with 2020 Estimates\Highe
r RFR\[YAPI KREDI MODEL- Higher RFR and Lower NIM.xlsx]COR'!$AH$13/1000=204895.8715
SUM(C41:H41)
=1285905.969
Stage 3 loans % in loans (new) (M7+M27)/M$8=0.019902480089475486
(N7+N27)/N$8
=0.025255693882762956
(07+027)/0$8=0.02820061603322851
(P7+P27)/P$8=0.022987099868194798
(Q7+Q27)/Q$8=0.03907207566378646
(R7+R27)/R$8=0.04173465306698942
(57+527)/S$8=0.02922
7683046851582
GARANTI GARANTI GARANTI
Stage 1 credit impairments
C37=53.916
D37=379.957
E37=96.532
F37=7.40
G37=
167.354 H37=153.12
137=858.279
Y26=CAR % of Stage 2 loans transferred to Stage 3 loans AM26
=CAR: change from base (bps)
% of Stage 2 loans transferred to Stage 3 loans BA26=Headroom above
threshold
% of Stage 2 loans transferred to Stage 3 loans
COR (gross)
Stage 2 credit impairments
C38=246.51
D38=748.876
E38=19.004
F38=
588.762 G38=78.11
H38=70.684
138=1751.946
Loan growth (ppt change from base)
$N$7
2=0.18070482140335967
AA43-0.05=-0.15000000000000002 AB43-0.05=-0.10 -0.05
0
0.05
AD43
+0.05=0.10
0.20
0.30
0.40
0.50
0.60
Y43=0.18070482140335967 A043-0.05=-0.1500000
0000000002
AP43-0.05=-0.10 -0.05
0
0.05
AR43+0.05=0.10 0.20
0.30
0.40
0.50
0.60
AM43=0.18070482140335967
-0.05
-0.03
-0.01
0
0.05
BF43+0.05=0.10 0.20
0.30
0.40
0.50
0.60
TRYm
Akbank Garanti Halkbank
Isbank Vakifbank
Yapi Kredi
Average Stage 3 cred
it impairments (new)
M28+C39=397.74 N28+D39=488.162 028+E39=276.835 P28+F39=531.50 Q28+G39=1037
.65
R28+H39=589.523 S28+139=3321.4100000000003
0.20
(=TABLE(T27,T46))=0.1584736953701614
(=TABLE(T27,246))=0.15584491396992972
(=TABLE(T27,T46))=0.15321613256969807
(=TABLE(T27,T46))=0.
1505873511694664
(=TABLE(T27,T46))=0.14795856976923472
(=TABLE(T27,T46))=0.1453297883690030
4
(=TABLE(T27,T46))=0.1400722255685397
(=TABLE(T27,T46))=0.13481466276807638
(=TABLE(T27,
T46))=0.12955709996761303
(=TABLE(T27,T46))=0.1242995371671497
(=TABLE(T27,T46))=0.11904197
436668637
0.20
(Z44-$AC$48)*10000=-222.31126033198268 (AA44-$AC$48)*10000=-248.59907433429
944
(AB44-$AC$48)*10000=-274.8868883366159 (AC44-$AC$48)*10000=-301.1747023389327 (AD44-$AC$48
)*10000=-327.4625163412495
(AE44-$AC$48)*10000=-353.7503303435663 (AF44-$AC$48)*10000=-406.325
95834819955
(AG44-$AC$48)*10000=-458.90158635283285 (AH44-$AC$48)*10000=-511.4772143574664 (AI4
4-$AC$48)*10000=-564.0528423620997
(AJ44-$AC$48)*10000=-616.6284703667329 0.20
Z44-$N$64=0.
038473695370161404
AA44-$N$64=0.035844913969929726 AB44-$N$64=0.033216132569698076 AC44-$N$64=0
.030587351169466398
AD44-$N$64=0.02795856976923472 AE44-$N$64=0.025329788369003042 AF44-$N$64=0
.020072225568539714
AG44-$N$64=0.014814662768076386 AH44-$N$64=0.00955709996761303 A144-$N$64=0
.004299537167149703
AJ44-$N$64=-9.58025633313625E-4
Stage 1 C37/C$41*4=0.0010832011970582677
037/D$41*4=0.006910557220819518 E37/E$41*4=0.0017922
083402650082
F37/F$41*4=1.1866424843093242E-4
G37/G$41*4=0.0033964737286702467
H37/
H$41*4=0.0029892256760283235
137/1$41*4=0.002669803300368691 Recoveries
C49=253 D49=860 E49=
188
F49=432 G49=446 H49=330 149=2509
0.15
(=TABLE(T27,T46))=0.1653638560384293
(=TA
BLE(T27,T46))=0.1626207797947093
(=TABLE(T27,T46))=0.1598777035509893
(=TABLE(T27,T46))=0.
1571346273072693
(=TABLE(T27,T46))=0.1543915510635493
(=TABLE(T27,T46))=0.1516484748198293
(=TABLE(T27,T46))=0.1461623223323893
(=TABLE(T27,T46))=0.1406761698449493
(=TABLE(T27,T46))=0.
13519001735750927
(=TABLE(T27,T46))=0.12970386487006927
(=TABLE(T27,T46))=0.1242177123826292
7
0.15
(245-$AC$48)*10000=-153.40965364930375 (AA45-$AC$48)*10000=-180.84041608650375 (AB4
5-$AC$48)*10000=-208.27117852370375
(AC45-$AC$48)*10000=-235.70194096090376 (AD45-$AC$48)*10000=
-263.13270339810373
(AE45-$AC$48)*10000=-290.56346583530376 (AF45-$AC$48)*10000=-345.42499070970
37
(AG45-$AC$48)*10000=-400.2865155841037 (AH45-$AC$48)*10000=-455.148040458504
(A145-$AC$48
)*10000=-510.009565332904
(AJ45-$AC$48)*10000=-564.871090207304
0.15
Z45-$N$64=0.04536385
6038429295
AA45-$N$64=0.042620779794709296 AB45-$N$64=0.039877703550989296 AC45-$N$64=0.0371346
273072693
AD45-$N$64=0.0343915510635493
AE45-$N$64=0.0316484748198293
AF45-$N$64=0.0261623
223323893
AG45-$N$64=0.0206761698449493
AH45-$N$64=0.015190017357509272 A145-$N$64=0.0097038
64870069273
AJ45-$N$64=0.004217712382629274
Stage 2 C38/C$41*4=0.004952517380496208 D38/D$41*4=0.013620358222900059 E38/E$41*4=3.528273246011294
E-4
F38/F$41*4=0.009441216247931435 G38/G$41*4=0.0015852537910443307
H38/H$41*4=0.0013799
009122543496
138/I$41*4=0.005449686189301761 Gross loans (base)
C41=199098.746 D41=219928.4
3
E41=215448.166 F41=249443.2855 G41=197091.47
H41=204895.8715 141=1285905.969 0
0.10
(=TABLE(T27,T46))=0.17288039494926696
(=TABLE(T27,T46))=0.1700126334217415
(=TABLE(T27,T46))=0.
16714487189421606
(=TABLE(T27,246))=0.1642771103666906
(=TABLE(T27,T46))=0.1614093488391651
EFTA01437466
3
(=TABLE(T27,T46))=0.15854158731163967
(=TABLE(T27,T46))=0.15280606425658877
(=TABLE(T27,
T46))=0.14707054120153787
(=TABLE(T27,T46))=0.14133501814648694
(=TABLE(T27,T46))=0.13559949
5091436 (=TABLE(T27,T46))=0.1298639720363851
0.10
(Z46-$AC$48)*10000=-78.24426454092703
(AA4
6-$ACS48)*10000=-106.92187981618167
(AB46-$AC$48)*10000=-135.59949509143604 (AC46-$AC$48)*10000=
-164.2771103666907
(AD46-$AC$48)*10000=-192.95472564194532 (AE46-SAC$48)*10000=-221.63234091719
997
(AF46-$AC$48)*10000=-278.98757146770896 (AG46-$AC$48)*10000=-336.342802018218
(AH46-SAC$48
)*10000=-393.6980325687273
(A146-$AC$48)*10000=-451.05326311923653 (AJ46-$AC$48)*10000=-508.408
49366974555
0.10
Z46-$N$64=0.05288039494926697
AA46-$N$64=0.050012633421741504 AB46-$N$64=0
.04714487189421607
AC46-$N$64=0.0442771103666906
AD46-$N$64=0.04140934883916514 AE46-$N$64=0
.038541587311639675
AF46-$N$64=0.032806064256588774 AG46-SN$64=0.027070541201537873 AH46-$N$64=0
.021335018146486945
A146-$N$64=0.015599495091436016 AJ46-$N$64=0.009863972036385116
Stage 3 C39/C$41*4=0.007990808741708499 D39/D$41*4=0.008878561084621938 E39/E$41*4=0.005139704925592
172
F39/F$41*4=0.008522979465005484 G39/G$41*4=0.021059257409770195 H39/H$41*4=0.011508733595932
899
139/I$41*4=0.010331735228145598 Change in loan growth
$T$46=0 $T$46=0 $T$46=0 $T$46=0 $T$4
6=0
$T$46=0 $T$46=0 0.05
(=TABLE(T27,T46))=0.18111279470875588
(=TABLE(T27,T46))=0.17810847
310849112
(=TABLE(T27,T46))=0.17510415150822636
(=TABLE(T27,T46))=0.1720998299079616
(=TA
BLE(T27,T46))=0.16909550830769682
(=TABLE(T27,T46))=0.16609118670743206
(=TABLE(T27,T46) 1=0.
16008254350690254
(=TABLE(T27,T46))=0.15407390030637302
(=TABLE(T27,T46))=0.1480652571058434
8
(=TABLE(T27,T46))=0.14205661390531396
(=TABLE(T27,T46))=0.13604797070478442
0.05
(Z47
-$AC$48)*10000=4.079733053962142
(AA47-SAC$48)*10000=-25.963482948685446 (AB47-$AC$48)*10000=
-56.006698951333036
(AC47-$AC$48)*10000=-86.04991495398062 (AD47-$AC$48)*10000=-116.09313095662
849
(AE47-$AC$48)*10000=-146.13634695927607 (AF47-$AC$48)*10000=-206.22277896457126 (AG47-$AC$48
)*10000=-266.30921096986646
(AH47-$AC$48)*10000=-326.3956429751619 (AI47-$ACS48)*10000=-386.482
07498045707
(AJ47-SAC$48)*10000=-446.5685069857525 0.05
Z47-$N$64=0.061112794708755885 AA47
-$N$64=0.05810847310849113
AB47-$N$64=0.05510415150822637 AC47-$N$64=0.05209982990796161 AD47
-$N$64=0.04909550830769682
AE47-$N$64=0.046091186707432064 AF47-$N$64=0.040082543506902546 AG47
-$N$64=0.03407390030637303
AH47-$N$64=0.028065257105843483 A147-$N$64=0.022056613905313965 AJ47
-$N$64=0.01604797070478442
Total
SUM(C45:C47)=0.014026527319262974
SUM(D45:D47)=0.029409476528341517
SUM(E45:E47)
=0.0072847405904583095 SUM(F45:F47)=0.018082859961367853
SUM(G45:G47)=0.02604098492948477
SUM(H45:H47)=0.015877860184215574
SUM(145:I47)=0.018451224717816052
Gross loans (new)
M46*(1+M47)=199098.746 N46*(1+N47)=219928.43
046*(1+047)=215448.166 P46*(1+P47)=249443.2855 Q46*
(1+Q47)=197091.47
R46*(1+R47)=204895.8715 S46*(1+547)=1285905.969 0
(=TABLE(T27,T46) 1=0.
19016843444419368
(=TABLE(T27,T46))=0.18701389676391567
(=TABLE(T27,T46))=0.1838593590836376
8
(=TABLE(T27,T46))=0.18070482140335967
(=TABLE(T27,T46))=0.17755028372308165
(=TABLE(T27,
T46))=0.17439574604280367
(=TABLE(T27,T46))=0.16808667068224767
(=TABLE(T27,T46))=0.16177759
532169167
(=TABLE(T27,T46))=0.15546851996113564
(=TABLE(T27,T46) 1=0.14915944460057964
(=TA
BLE(T27,T46))=0.14285036924002364
0
(Z48-SAC$48)*10000=94.63613040834012
(AA48-$AC$48
)*10000=63.09075360555999
(AB48-$AC$48)*10000=31.545376802780133 (AC48-$AC$48)*10000=0
(AD4
8-$AC$48)*10000=-31.545376802780133
(AE48-$AC$48)*10000=-63.09075360555999 (AF48-$AC$48)*10000=
-126.18150721111998
(AG48-$AC$48)*10000=-189.27226081667996 (AH48-SAC$48)*10000=-252.36301442224
024
(A148-$AC$48)*10000=-315.4537680278002 (AJ48-$AC$48)*10000=-378.5445216333602 0
248-
$N$64=0.07016843444419368
AA48-$N$64=0.06701389676391567 AB48-$N$64=0.06385935908363768 AC48
-$N$64=0.06070482140335967
AD48-$N$64=0.05755028372308166 AE48-$N$64=0.05439574604280367 AF48
-$N$64=0.04808667068224767
AG48-$N$64=0.041777595321691674 AH48-$N$64=0.03546851996113565 A148
-$N$64=0.029159444600579648
AJ48-$N$64=0.02285036924002365
Recoveries
253
860
188
432
446
330
SUM(C49:H49)=2509
COR (net), B
ase
C57=0.008943622377209748
D57=0.013768024443224555
E57=0.0037943418836064724
F57=0.011155433566480983
G57=0.01698935017329771 H57=0.009435563468637288
157=0.010646
610506557188
-0.05
(=TABLE(T27,T46))=0.2001772994149407
(=TABLE(T27,T46))=0.1968567334357007
(=TABLE(T27,T46))=0.1935361674564607
(=TABLE(T27,T46))=0.1902156014772207
(=TABLE(T27,T46))=0.
18689503549798067
(=TABLE(T27,T46))=0.18357446951874068
(=TABLE(T27,T46))=0.1769333375602607
(=TABLE(T27,T46))=0.17029220560178068
(=TABLE(T27,T46))=0.16365107364330067
(=TABLE(T27,T46))=0.
15700994168482066
(=TABLE(T27,T46))=0.15036880972634067
-0.05
(Z49-$AC$48)*10000=194.72478
01158103
(AA49-SAC$48)*10000=161.51912032341036 (AB49-$AC$48)*10000=128.31346053101043 (AC4
9-$AC$48)*10000=95.10780073861025
(AD49-$AC$48)*10000=61.90214094621005
(AE49-$AC$48)*10000=
28.696481153810126
(AF49-$AC$48)*10000=-37.714838430989715 (AG49-$AC$48)*10000=-104.12615801578
984
(AH49-$AC$48)*10000=-170.53747760058997 (AI49-$ACS48)*10000=-236.94879718539008 (AJ49-$AC$48
)*10000=-303.3601167701899
-0.05
Z49-$N$64=0.0801772994149407
AA49-$N$64=0.076856733435700
71
AB49-$N$64=0.07353616745646072 AC49-$N$64=0.0702156014772207
AD49-$N$64=0.066895035497980
68
AE49-$N$64=0.06357446951874068 AF49-$N$64=0.0569333375602607
AG49-$N$64=0.050292205601780
69
AH49-$N$64=0.043651073643300675 A149-$N$64=0.03700994168482066 AJ49-$N$64=0.030368809726340
68
COR (net), New (M42+M43+M44-M45)/M48*4=0.008943622377209748
(N42+N43+N44-N45)/N48*4=0.0137680244
43224555
(042+043+044-045)/048*4=0.0037943418836064724
(P42+P43+P44-P45)/P48*4=0.0111554335
66480983
(Q42+043+044-045)/048*4=0.01698935017329771
(R42+R43+R44-R45)/R48*4=0.0094355634
68637288
(S42+543+544-S45)/S48*4=0.010646610506557188
-0.10
(=TABLE(T27,T46))=0.21129826
049354852
(=TABLE(T27,T46))=0.20779321862657293
(=TABLE(T27,T46))=0.2042881767595974
(=TA
BLE(T27,T46))=0.20078313489262184
(=TABLE(T27,T46))=0.19727809302564625
(=TABLE(T27,T46) 1=0.
19377305115867072
(=TABLE(T27,T46))=0.18676296742471962
(=TABLE(T27,T46))=0.1797528836907685
(=TABLE(T27,T46))=0.17274279995681738
(=TABLE(T27,T46))=0.16573271622286626
(=TABLE(T27,T46))=0.
15872263248891513
-0.10
(Z50-$AC$48)*10000=305.93439090188855
(AA50-$AC$48)*10000=270.8839
722321327
(AB50-$AC$48)*10000=235.83355356237735 (AC50-$AC$48)*10000=200.78313489262172 (AD5
0-$AC$48)*10000=165.73271622286583
(AE50-$AC$48)*10000=130.68229755311052 (AF50-$AC$48)*10000=
60.581460213599556
(AG50-$AC$48)*10000=-9.519377125911666 (AH5O-SAC$48)*10000=-79.620214465422
89
(A150-$AC$48)*10000=-149.72105180493412 (AJ50-$AC$48)*10000=-219.82188914444535 -0.10
Z50-
SN$64=0.09129826049354853
AA50-$N$64=0.08779321862657294 AB50-$N$64=0.0842881767595974
AC50
-$N$64=0.08078313489262184
AD50-$N$64=0.07727809302564626 AE50-$N$64=0.07377305115867072 AF50
-$N$64=0.06676296742471963
AG50-$N$64=0.059752883690768505 AH50-$N$64=0.05274279995681738 A150
EFTA01437467
-$N$64=0.04573271622286626
AJ50-$8$64=0.03872263248891514
COR (net)
Change in COR from base (bps)
(850-849)*100=0 (850-849)*100=0 (050-049)*100=0 (P50
-P49)*100=0
(Q50-Q49)*100=0 (R5O-R49)*100=0 (S50-S49)*100=0 -0.15
(=TABLE(T27,T46))=0.22372756
99343455
(=TABLE(T27,T46))=0.22001634913401844
(=TABLE(T27,T46))=0.2163051283336914
(=TA
BLE(T27,T46))=0.2125939075333643
(=TABLE(T27,T46))=0.20888268673303723
(=TABLE(T27,T46))=0.
20517146593271018
(=TABLE(T27,T46))=0.19774902433205607
(=TABLE(T27,T46))=0.1903265827314019
6
(=TABLE(T27,T46))=0.18290414113074782
(=TABLE(T27,T46))=0.17548169953009368
(=TABLE(T27,
T46))=0.16805925792943957
-0.15
(251-$AC$48)*10000=430.22748530985837
(AA51-$AC$48)*10000=
393.1152773065877
(AB51-$AC$48)*10000=356.00306930331726 (AC51-$AC$48)*10000=318.890861300046
3
(AD51-$AC$48)*10000=281.7786532967756
(AE51-$AC$48)*10000=244.66644529350518 (AF51-$AC$48
)*10000=170.44202928696407
(AG51-$AC$48)*10000=96.21761328042294
(AH51-$AC$48)*10000=21.99319
727388155
(A151-$AC$48)*10000=-52.23121873265985 (AJ51-$AC$48)*10000=-126.45563473920096 -0.1
5
Z51-$N$64=0.10372756993434551
AA51-$N$64=0.10001634913401844 AB51-$N$64=0.096305128333691
4
AC51-$8$64=0.0925939075333643
AD51-$8$64=0.08888268673303723 AE51-$N$64=0.085171465932710
19
AF51-$8$64=0.07774902433205608 AG51-$N$64=0.07032658273140197 AH51-$8$64=0.062904141130747
83
A151-$N$64=0.05548169953009369 AJ51-$N$64=0.048059257929439575
-0.20
(=TABLE(T27,T46))=0.23771054305524209
(=TABLE(T27,T46))=0.23376737095489455
(=TABLE(T27,
T46))=0.22982419885454708
(=TABLE(T27,T46))=0.22588102675419958
(=TABLE(T27,T46))=0.22193785
465385205
(=TABLE(T27,T46))=0.21799468255350457
(=TABLE(T27,T46))=0.21010833835280956
(=TA
BLE(T27,T46))=0.20222199415211456
(=TABLE(T27,T46))=0.19433564995141953
(=TABLE(T27,T46))=0.
18644930575072455
(=TABLE(T27,T46))=0.17856296155002954
-0.20
(Z52-$AC$48)*10000=570.05721
65188241
(AA52-$AC$48)*10000=530.6254955153489
(AB52-$AC$48)*10000=491.19377451187415 (AC5
2-$AC$48)*10000=451.7620535083991
(AD52-$AC$48)*10000=412.3303325049238
(AE52-$AC$48)*10000=
372.89861150144907
(AF52-$AC$48)*10000=294.035169494499
(AG52-$AC$48)*10000=215.171727487548
94
(A852-$AC$48)*10000=136.30828548059858 (A152-$AC$48)*10000=57.44484347364881
(AJ52-$AC$48
)*10000=-21.418598533301246
-0.20
Z52-$N$64=0.11771054305524209
AA52-$8$64=0.113767370954894
56
AB52-$N$64=0.10982419885454708 AC52-$8$64=0.10588102675419958 AD52-$N$64=0.101937854653852
05
AE52-$8$64=0.09799468255350458 AF52-$8$64=0.09010833835280957 AG52-$8$64=0.082221994152114
56
AH52-$8$64=0.07433564995141953 A152-$N$64=0.06644930575072455 AJ52-$8$64=0.058562961550029
546
TRYm
Akbank Garanti Halkbank
Isbank Vakifbank
Yapi Kredi
Average Tier 1 d CAR
impact Akbank Garanti Halkbank
Isbank Vakifbank
Yapi Kredi
Total
-0.25
(=TA
BLE(T27,T46))=0.25355791259225824
(=TABLE(T27,T46))=0.24935186235188755
(=TABLE(T27,T46))=0.
2451458121115169
(=TABLE(T27,246))=0.2409397618711462
(=TABLE(T27,T46))=0.2367337116307755
3
(=TABLE(T27,T46))=0.2325276613904049
(=TABLE(T27,T46)]=0.22411556090966356
(=TABLE(T27,
T46))=0.21570346042892222
(=TABLE(T27,T46))=0.20729135994818085
(=TABLE(T27,T46)]=0.19887925
946743953
(=TABLE(T27,T46))=0.1904671589866982
-0.25
(253-$AC$48)*10000=728.5309118889858
(AA53-$AC$48)*10000=686.4704094852789
(AB53-$AC$48)*10000=644.4099070815723
(AC53-$AC$48)*10000=
602.3494046778654
(AD53-$AC$48)*10000=560.2889022741587
(AE53-$AC$48)*10000=518.228399870452
3
(AF53-$AC$48)*10000=434.1073950630389
(AG53-$AC$48)*10000=349.9863902556255
(AH53-$AC$48
)*10000=265.8653854482118
(A153-$AC$48)*10000=181.74438064079868 (AJ53-$AC$48)*10000=97.62337
583338527
-0.25
Z53-$N$64=0.13355791259225824
AA53-$8$64=0.12935186235188756 AB53-$N$64=0
.1251458121115169
AC53-$8$64=0.12093976187114622 AD53-$8$64=0.11673371163077553 AE53-$N$64=0
.1125276613904049
AF53-$8$64=0.10411556090966356 AG53-$8$64=0.09570346042892222 AH53-$N$64=0
.08729135994818085
A153-$8$64=0.07887925946743954 AJ53-$8$64=0.0704671589866982
Stage 1 Base Case (2018E)
Stage 2 Total RWAs
'R:\Bank models\Turkish Bank Model with 2020 Estimates\Higher RFR\[AKBANK MO
DEL- Higher RFR and Lower NIM.xlsxjForecast (TRY)°!$BK$585=302875.679288
'R:\Bank models\Turk
ish Bank Model with 2020 Estimates\Higher RFR\(GARANTI MODEL- Higher RFR and Lower NIM.xlsx] Forecast
(TRY)'!$BK$585=291738.2124657 'R:\Bank models\Turkish Bank Model with 2020 Estimates\Higher RFR\[H
ALKBANK MODEL- Higher RFR and Lower NIM.xlsx]Forecast (TRY)'!$BK$585=234881.86808775
'R:\Bank mod
els\Turkish Bank Model with 2020 Estimates\Higher RFR\[ISBANK MODEL- Higher RFR and Lower NIM.xlsx]F
orecast (TRY)°!$BK$585=344418.17760000005
'R:\Bank models\Turkish Bank Model with 2020 Estimat
es\Higher RFR\[VAKIFBANK MODEL- Higher RFR and Lower NIM.xlsx]Forecast (TRY)'!$BK$585=218144.9068410
0002
'R:\Bank models\Turkish Bank Model with 2020 Estimates\Higher RFR\CYAPI KREDI MODEL- Higher
RFR and Lower NIM.xlsxjForecast (TRY)'!$BK$590=282617.49027600006
SUM(855:R55)=1674676.3345584
502
Stage 3 (C39-C49)/C41*4=0.0029079037996552724
(D39-D49)/D41*4=-0.006762891000495025
(E39-E49)/E4
1*4=0.0016493062187403346
(F39-F49)/F41*4=0.0015955530701186181
(G39-G49)/G41*4=0.0120076226
53583133
(839-H49)/H41*4=0.005066436880354615
(139-149)/141*4=0.002527121016886734
Shar
eholders equity 111:\Bank models\Turkish Bank Model with 2020 Estimates\Higher RFR\(AKBANK MODEL- Hig
her RFR and Lower NIM.xlsx]Forecast (TRY)'!$BK$112=45023.093839641784
'R:\Bank models\Turkish Bank
Model with 2020 Estimates\Higher RFR\[GARANTI MODEL- Higher RFR and Lower NIM.xlsx]Forecast (TRY)'!
$BK$112=46285.562756758685
'R:\Bank models\Turkish Bank Model with 2020 Estimates\Higher RFR\[H
ALKBANK MODEL- Higher RFR and Lower NIM.xlsx]Forecast (TRY)'!$BK$112=28589.813364406662 111:\Bank mod
els\Turkish Bank Model with 2020 Estimates\Higher RFR\[ISBANK MODEL- Higher RFR and Lower NIM.xlsx]F
orecast (TRY)'!$BK$112=47900.06103707109
'R:\Bank models\Turkish Bank Model with 2020 Estimat
es\Higher RFR\[VAKIFBANK MODEL- Higher RFR and Lower NIM.xlsx]Forecast (TRY)'!$BK$112=26437.01735411
7375
'R:\Bank models\Turkish Bank Model with 2020 Estimates\Higher RFR\CYAPI KREDI MODEL- Higher
RFR and Lower NIM.xlsxjForecast (TRY)'!$BK$112=37708.092663756914
SUM(M56:R56)=231943.64101575
254
Total
(C40-C49)/C41*4=0.008943622377209748
(D4O-D49)/D41*4=0.013768024443224555
(E40-E49)/E4
1*4=0.0037943418836064724
(F40-F49)/F41*4=0.011155433566480983
(G40-G49)/G41*4=0.0169893501
7329771 (H40-849)/H41*4=0.009435563468637288
(140-149)/141*4=0.010646610506557188
Tier 1 Capit
al
'R:\Bank models\Turkish Bank Model with 2020 Estimates\Higher RFR\[AKBANK MODEL- Higher RFR
and Lower NIM.xlsx]Forecast (TRY)'!$BK$574=44122.63196284895
'R:\Bank models\Turkish Bank Model w
ith 2020 Estimates\Higher RFR\[GARANTI MODEL- Higher RFR and Lower NIM.xlsx]Forecast (TRY)'!$BK$574=
45591.27931540731
'R:\Bank models\Turkish Bank Model with 2020 Estimates\Higher RFR\[HALKBANK
MODEL- Higher RFR and Lower NIM.xlsxjForecast (TRY)'!$BK$574=28018.01709711853 'R:\Bank models\Turk
EFTA01437468
ish Bank Model with 2020 Estimates\Higher RFR\(ISBANK MODEL- Higher RFR and Lower NIM.xlsx]Forecast
(TRY)'!$BK$574=46942.05981632967
111:\Bank models\Turkish Bank Model with 2020 Estimates\Highe
RFR\[VAKIFBANK MODEL- Higher RFR and Lower NIM.xlsx)Forecast (TRY)'!$BK$574=25908.277007035027
'R:\Bank models\Turkish Bank Model with 2020 Estimates\Higher RFR\[YAPI KREDI MODEL- Higher RFR and
Lower NIM.xlsx]Forecast (TRY)'!$BK$557=33560.20247074365
SUM(M57:R57)=224142.46766948313 BALK
BANK
HALKBANK
HALKBANK
Tier 2 Capital 'R:\Bank models\Turkish Bank Model with 2020 Estimates\Higher RFR\(AKBANK MODEL- Hig
her RFR and Lower NIM.xlsx]Forecast (TRY)'!$BK$575=6078.117668351641
'R:\Bank models\Turkish Bank
Model with 2020 Estimates\Higher RFR\[GARANTI MODEL- Higher RFR and Lower NIM.xlsx]Forecast (TRY)'!
$BK$575=7161.802715988953
'R:\Bank models\Turkish Bank Model with 2020 Estimates\Higher RFR\[H
ALKBANK MODEL- Higher RFR and Lower NIM.xlsx]Forecast (TRY)'!$BK$575=3144.879470084733 111:\Bank mod
els\Turkish Bank Model with 2020 Estimates\Higher RFR\[ISBANK MODEL- Higher RFR and Lower NIM.xlsx]F
orecast (TRY)'!$BK$575=8622.010986672796
'R:\Bank models\Turkish Bank Model with 2020 Estimat
es\Higher RFR\[VAKIFBANK MODEL- Higher RFR and Lower NIM.xlsx]Forecast (TRY)'!$BK$575=6212.699078217
583
'R:\Bank models\Turkish Bank Model with 2020 Estimates\Higher RFR\CLAPI KREDI MODEL- Higher
RFR and Lower NIM.xlsxjForecast (TRY)'!$BK$565=9992.644555895582
SUM(M58:R58)=41212.154475211
28
Y42=CAR % of Stage 2 loans transferred to Stage 3 loans AM42=CAR: change from base (bps)
of Stage 2 loans transferred to Stage 3 loans BA42=Headroom above threshold
% of Stage 2 loans t
ransferred to Stage 3 loans
Deductions
'R:\Bank models\Turkish Bank Model with 2020 Estimates\Higher RFR\(AKBANK MODEL- Hig
her RFR and Lower NIM.xlsx]Forecast (TRY)'!$BK$577=7.262812189425495
'R:\Bank models\Turkish Bank
Model with 2020 Estimates\Higher RFR\[GARANTI MODEL- Higher RFR and Lower NIM.xlsx]Forecast (TRY)'!
$BK$577=34.580451246550766
'R:\Bank models\Turkish Bank Model with 2020 Estimates\Higher RFR\[H
ALKBANK MODEL- Higher RFR and Lower NIM.xlsx]Forecast (TRY)'!$BK$577=20.012869355084664 111:\Bank mod
els\Turkish Bank Model with 2020 Estimates\Higher RFR\[ISBANK MODEL- Higher RFR and Lower NIM.xlsx]F
orecast (TRY)'!$BK$577=47.9000610370711 'R:\Bank models\Turkish Bank Model with 2020 Estimates\Highe
RFR\[VAKIFBANK MODEL- Higher RFR and Lower NIM.xlsx)Forecast (TRY)'!$BK$577=2.643701735411738 'R:\
Bank models\Turkish Bank Model with 2020 Estimates\Higher RFRWIAPI KREDI MODEL- Higher RFR and Lowe
NIM.xlsxjForecast (TRY)'!$BK$572=301.6647413100553
SUM(M59:R59)=414.06463687359906 Loan growth
(ppt change from base) $O$72=0.13258956066465483
AA59-0.05=-0.15000000000000002 AB59-0.05=-0
.10
-0.05
0
0.05
AD59+0.05=0.10 0.20
0.30
0.40
0.50
0.60
Y59=0.132589
56066465483
A059-0.05=-0.15000000000000002 AP59-0.05=-0.10 -0.05
0
0.05
AR59+0.05=0.
10
0.20
0.30
0.40
0.50
0.60
AM59=0.13258956066465483
-0.05
-0.03
-0.0
1
0
0.05
BF59+0.05=0.10 0.20
0.30
0.40
0.50
0.60
Capital base
M57+M58-M59=50193.48681901117
N57+N58-N59=52718.501580149714 057+058-059=31142.88
3697848178
P57+P58-P59=55516.17074196539
Q57+Q58-Q59=32118.332383517198 R57+R58-R59=43251.18
2285329174
257+558-S59=264940.55750782083 0.20
(=TABLE(T27,T46))=0.11260483432318016
(=TA
BLE(T27,T46))=0.11190032306674645
(=TABLE(T27,T46))=0.11119581181031274
(=TABLE(T27,T46) 1=0.
11049130055387901
(=TABLE(T27,T46))=0.10978678929744529
(=TABLE(T27,T46))=0.1090822780410115
7
(=TABLE(T27,T46))=0.10767325552814414
(=TABLE(T27,T46))=0.1062642330152767
(=TABLE(T27,
T46))=0.10485521050240924
(=TABLE(T27,T46))=0.1034461879895418
(=TABLE(T27,T46))=0.10203716
547667438
0.20
(Z60-$AC$64)*10000=-199.84726341474664 (AA60-$AC$64)*10000=-206.89237597908
374
(AB60-$AC$64)*10000=-213.93748854342087 (AC60-$AC$64)*10000=-220.98260110775814 (AD60-$AC$64
)*10000=-228.0277136720954
(AE60-$AC$64)*10000=-235.07282623643252 (AF60-$AC$64)*10000=-249.163
05136510692
(AG60-$AC$64)*10000=-263.2532764937813 (AH60-$AC$64)*10000=-277.34350162245585 (A16
0-$AC$64)*10000=-291.4337267511302
(AJ60-$AC$64)*10000=-305.5239518798045 0.20
Z60-$O$64=-0
.0073951656768198315
AA60-$O$64=-0.008099676933253544
AB60-$O$64=-0.008804188189687256
AC60-$O$64=-0.009508699446120983
AD60-$O$64=-0.01021321070255471 AE60-$O$64=-0.01091772195898
8422
AF60-$0$64=-0.01232674447185586 AG60-$O$64=-0.0137357669847233 AH60-$O$64=-0.01514478949759
0752
A160-$0$64=-0.01655381201045819 AJ60-$O$64=-0.017962834523325616
Tier 1 capital ratio (base)
M57/M55=0.1456790194134188
N57/N55=0.15627462350605692
057/
055=0.11928556821019161 P57/P55=0.13629379303797134
Q57/Q55=0.11876636214990284
R57/R55=0.11
874779030119209 S57/555=0.13384226136364502
0.15
(=TABLE(T27,T46))=0.11750069668505758
(=TA
BLE(T27,T46))=0.11676555450443109
(=TABLE(T27,T46))=0.11603041232380461
(=TABLE(T27,T46))=0.
11529527014317811
(=TABLE(T27,T46))=0.11456012796255162
(=TABLE(T27,T46))=0.1138249857819251
4
(=TABLE(T27,T46))=0.11235470142067215
(=TABLE(T27,T46))=0.11088441705941918
(=TABLE(T27,
T46))=0.10941413269816617
(=TABLE(T27,T46))=0.1079438483369132
(=TABLE(T27,T46))=0.10647356
397566023
0.15
(Z61-$AC$64)*10000=-150.88863979597244 (AA61-$AC$64)*10000=-158.24006160223
738
(AB61-$AC$64)*10000=-165.5914834085022 (AC61-$AC$64)*10000=-172.94290521476714 (AD61-$AC$64
)*10000=-180.29432702103207
(AE61-$AC$64)*10000=-187.64574882729687 (AF61-$AC$64)*10000=-202.348
59243982675
(AG61-$AC$64)*10000=-217.0514360523565 (AH61-$AC$64)*10000=-231.75427966488652 (A16
1-$AC$64)*10000=-246.45712327741626
(AJ61-$AC$64)*10000=-261.159966889946
0.15
Z61-$O$64=-0
.0024993033149424138
AA61-$O$64=-0.003234445495568908
AB61-$O$64=-0.003969587676195388
AC61-$O$64=-0.004704729856821882
AD61-$O$64=-0.005439872037448376
AE61-$O$64=-0.006175
014218074856
AF61-$O$64=-0.007645298579327844
AG61-$0$64=-0.009115582940580819
AH61
-$0$64=-0.01058586730183382
A161-$O$64=-0.012056151663086795
AJ61-$O$64=-0.01352643602433
9769
CAR (base)
M60/M55=0.165723068081947
N60/N55=0.18070482140335967
060/055=0.1325895606
6465483 P60/P55=0.16118827156225388
Q60/055=0.1472339320162418
R60/R55=0.15303788255670486
S60/555=0.15820403742534273
0.10
(=TABLE(T27,T46))=0.12284163744346926
(=TABLE(T27,T46))=0.
12207307970917793
(=TABLE(T27,T46))=0.12130452197488661
(=TABLE(T27,T46))=0.1205359642405952
8
(=TABLE(T27,T46))=0.11976740650630394
(=TABLE(T27,T46))=0.11899884877201261
(=TABLE(T27,
T46))=0.11746173330342995
(=TABLE(T27,T46))=0.1159246178348473
(=TABLE(T27,T46))=0.11438750
236626462
(=TABLE(T27,T46))=0.11285038689768197
(=TABLE(T27,T46))=0.1113132714290993
0.10
(Z62-$AC$64)*10000=-97.47923221185562
(AA62-$AC$64)*10000=-105.16480955476901 (AB62-$AC$64)*10000=
-112.85038689768211
(AC62-$AC$64)*10000=-120.5359642405955 (AD62-$AC$64)*10000=-128.22154158350
89
(AE62-$AC$64)*10000=-135.90711892642216 (AF62-$AC$64)*10000=-151.2782736122488 (AG62-$AC$64
)*10000=-166.6494282980753
(AH62-$AC$64)*10000=-182.02058298390207 (A162-$AC$64)*10000=-197.391
7376697286
(AJ62-$AC$64)*10000=-212.76289235555524 0.10
Z62-$O$64=0.0028416374434692693 AA62
EFTA01437469
-$0$64=0.00207307970917793
AB62-$O$64=0.0013045219748866188
AC62-$0$64=5.359642405952797
E-4
AD62-$0$64=-2.3259349369605942E-4
AE62-$0$64=-0.0010011512279873847
AF62-$0$64=-
0.002538266696570049
AG62-$0$64=-0.0040753821651526995
AH62-$0$64=-0.005612497633735378
A162-$0$64=-0.007149613102318028
AJ62-$0$64=-0.008686728570900693
Tier 1 capital threshold (2018) 0.09375 0.09375 0.08875000000000001
0.09375 0.08875000000000001
0.09125 AVERAGE(M63:R63)=0.09166666666666667
0.05
(=TABLE(T27,T46))=0.12869123922649162
(=TA
BLE(T27,T46))=0.1278860835048531
(=TABLE(T27,T46))=0.12708092778321456
(=TABLE(T27,T46))=0.
12627577206157603
(=TABLE(T27,T46))=0.12547061633993747
(=TABLE(T27,T46))=0.1246654606182989
5
(=TABLE(T27,T46))=0.12305514917502186
(=TABLE(T27,T46))=0.12144483773174479
(=TABLE(T27,
T46))=0.11983452628846772
(=TABLE(T27,T46))=0.11822421484519065
(=TABLE(T27,T46))=0.11661390
340191358
0.05
(Z63-$AC$64)*10000=-38.9832143816321
(AA63-$AC$64)*10000=-47.034771598017
386
(AB63-$AC$64)*10000=-55.08632881440268 (AC63-$AC$64)*10000=-63.13788603078796 (AD63-$AC$64
)*10000=-71.18944324717353
(AE63-$AC$64)*10000=-79.2410004635588
(AF63-$AC$64)*10000=-95.3441
1489632966
(AG63-$AC$64)*10000=-111.44722932910037 (AH63-$AC$64)*10000=-127.55034376187108 (A16
3-$AC$64)*10000=-143.6534581946418
(AJ63-$AC$64)*10000=-159.7565726274125 0.05
Z63-$0$64=0.
00869123922649162
AA63-$0$64=0.007886083504853092 AB63-$0$64=0.007080927783214563 AC63-$0$64=0
.006275772061576035
AD63-$0$64=0.0054706163399374785
AE63-$0$64=0.00466546061829895 AF63
-$0$64=0.003055149175021865
AG63-$0$64=0.0014448377317447941
AH63-$0$64=-1.65473711532276
86E-4
A163-$0$64=-0.0017757851548093478
AJ63-$0$64=-0.003386096598086419
CAR threshold (2018)
0.12
0.12
0.12
0.12
0.12
0.12
AVERAGE(M64:R64)=0.12
0
(=TABLE(T27,T46))=0.1351258011878162
(=TABLE(T27,T46))=0.13428038768009573
(=TABLE(T27,T46))=0.
1334349741723753
(=TABLE(T27,T46))=0.13258956066465483
(=TABLE(T27,T46))=0.1317441471569343
6
(=TABLE(T27,T46))=0.1308987336492139
(=TABLE(T27,T46))=0.12920790663377296
(=TABLE(T27,
T46))=0.12751707961833203
(=TABLE(T27,T46))=0.1258262526028911
(=TABLE(T27,T46))=0.12413542
558745018
(=TABLE(T27,T46))=0.12244459857200926
0
(264-$AC$64)*10000=25.36240523161370
7
(AA64-$AC$64)*10000=16.908270154409045 (AB64-$AC$64)*10000=8.454135077204661
(AC64-$AC$64
)*10000=0
(AD64-$AC$64)*10000=-8.454135077204661 (AE64-$AC$64)*10000=-16.908270154409323 (AF6
4-$AC$64)*10000=-33.816540308818645
(AG64-$AC$64)*10000=-50.72481046322797 (AH64-$AC$64)*10000=
-67.63308061763729
(A164-$AC$64)*10000=-84.54135077204647 (AJ64-$AC$64)*10000=-101.44962092645
565
0
Z64-$0$64=0.015125801187816201 AA64-$0$64=0.014280387680095735 AB64-$0$64=0.0134349
74172375297
AC64-$0$64=0.01258956066465483 AD64-$0$64=0.011744147156934365 AE64-$0$64=0.0108987
33649213899
AF64-$0$64=0.009207906633772966 AG64-$0$64=0.007517079618332034 AH64-$0$64=0.0058262
52602891102
A164-$0$64=0.004135425587450184 AJ64-$0$64=0.0024445985720092656
Tier 1 capital headroom M61-M63=0.05192901941341879
N61-N63=0.06252462350605692
061-063=0.03
05355682101916 P61-P63=0.042543793037971345
Q61-Q63=0.03001636214990283
R61-R63=0.0274977903
01192093
S61-563=0.04217559469697835
-0.05
(=TABLE(T27,T46))=0.14223768546085916
(=TA
BLE(T27,T46))=0.14134777650536395
(=TABLE(T27,T46))=0.14045786754986872
(=TABLE(T27,T46))=0.
1395679585943735
(=TABLE(T27,T46))=0.13867804963887825
(=TABLE(T27,T46))=0.1377881406833830
5
(=TABLE(T27,T46))=0.13600832277239258
(=TABLE(T27,T46))=0.13422850486140214
(=TABLE(T27,
T46))=0.13244868695041168
(=TABLE(T27,T46))=0.13066886903942124
(=TABLE(T27,T46))=0.12888905
11284308
-0.05
(Z65-$AC$64)*10000=96.48124796204333
(AA65-$AC$64)*10000=87.5821584070912
7
(AB65-$AC$64)*10000=78.68306885213894
(AC65-$AC$64)*10000=69.7839792971866
(AD65-$AC$64
)*10000=60.88488974223427
(AE65-$AC$64)*10000=51.985800187282216 (AF65-$AC$64)*10000=34.18762
107737755
(AG65-$AC$64)*10000=16.38944196747316
(AH65-$AC$64)*10000=-1.4087371424315043 (A16
5-$AC$64)*10000=-19.206916252335894
(AJ65-$AC$64)*10000=-37.00509536224028 -0.05
Z65-$0$64=0.
022237685460859163
AA65-$0$64=0.021347776505363958 AB65-$0$64=0.020457867549868725 AC65-$0$64=0
.01956795859437349
AD65-$0$64=0.018678049638878258 AE65-$0$64=0.017788140683383052 AF65-$0$64=0
.016008322772392586
AG65-$0$64=0.014228504861402147 AH65-$0$64=0.01244868695041168 A165-$0$64=0
.010668869039421242
AJ65-$0$64=0.008889051128430803
CAR headroom
M62-M64=0.04572306808194701
N62-N64=0.06070482140335967
062-064=0.0125895606
6465483 P62-P64=0.04118827156225388
Q62-064=0.027233932016241802
R62-R64=0.03303788255670487
S62-S64=0.03820403742534273
-0.10
(=TABLE(T27,T46))=0.15013977909757356
(=TABLE(T27,T46))=0.
14920043075566194
(=TABLE(T27,T46))=0.14826108241375033
(=TABLE(T27,T46))=0.1473217340718386
8
(=TABLE(T27,T46))=0.14638238572992707
(=TABLE(T27,T46))=0.14544303738801545
(=TABLE(T27,
T46))=0.1435643407041922
(=TABLE(T27,T46))=0.14168564402036893
(=TABLE(T27,T46))=0.13980694
733654567
(=TABLE(T27,T46))=0.13792825065272243
(=TABLE(T27,T46))=0.13604955396889917
-0.1
0
(Z66-$AC$64)*10000=175.50218432918734
(AA66-$AC$64)*10000=166.10870091007118 (AB66-$AC$64
)*10000=156.715217490955
(AC66-$AC$64)*10000=147.32173407183856 (1066-$AC$64)*10000=137.9282
506527224
(AE66-$AC$64)*10000=128.53476723360623 (AF66-$AC$64)*10000=109.74780039537363 (AG6
6-$AC$64)*10000=90.96083355714102
(AH66-$AC$64)*10000=72.17386671890841
(A166-$AC$64)*10000=
53.386899880676076
(AJ66-$AC$64)*10000=34.59993304244347
-0.10
266-$0$64=0.0301397790975735
66
AA66-$0$64=0.02920043075566195 AB66-$0$64=0.028261082413750332 AC66-$0$64=0.027321734071838
688
AD66-$0$64=0.02638238572992707 AE66-$0$64=0.025443037388015455 AF66-$0$64=0.023564340704192
194
AG66-$0$64=0.021685644020368933 AH66-$0$64=0.01980694733654567 A166-$0$64=0.017928250652722
44
AJ66-$0$64=0.016049553968899177
Stage 1 Impact of weaker asset quality (2018E) -0.15
(=TABLE(T27,T46))=0.15897153080919554
(=TA
BLE(T27,T46))=0.15797692668246557
(=TABLE(T27,T46))=0.15698232255573563
(=TABLE(T27,T46))=0.
1559877184290057
(=TABLE(T27,T46))=0.15499311430227572
(=TABLE(T27,T46))=0.1539985101755457
8
(=TABLE(T27,T46))=0.15200930192208584
(=TABLE(T27,T46))=0.15002009366862593
(=TABLE(T27,
T46))=0.148030885415166 (=TABLE(T27,T46))=0.1460416771617061
(=TABLE(T27,T46))=0.1440524689082462
-0.15
(Z67-$AC$64)*10000=263.8197014454072
(AA67-$AC$64)*10000=253.87366017810749 (AB67-$AC$64
)*10000=243.92761891080806
(AC67-$AC$64)*10000=233.98157764350864 (1067-$AC$64)*10000=224.0355
3637620894
(AE67-$AC$64)*10000=214.08949510890952 (AF67-$AC$64)*10000=194.1974125743101
(AG6
7-$AC$64)*10000=174.30533003971098
(AH67-$AC$64)*10000=154.41324750511188 (A167-$AC$64)*10000=
134.52116497051276
(AJ67-$AC$64)*10000=114.62908243591363 -0.15
267-$0$64=0.0389715308091955
5
AA67-$0$64=0.03797692668246558 AB67-$0$64=0.036982322555735636 AC67-$0$64=0.035987718429005
694
AD67-$0$64=0.034993114302275724 AE67-$0$64=0.03399851017554578 AF67-$0$64=0.032009301922085
84
AG67-$0$64=0.03002009366862593 AH67-$0$64=0.028030885415166018 A167-$0$64=0.026041677161706
106
AJ67-$0$64=0.024052468908246194
EFTA01437470
Total RWAs (new)
M55*(1+$T$46)=302875.679288
N55*(1+$T$46)=291738.2124657
055*(1+$T$46
)=234881.86808775
P55*(1+$T$46)=344418.17760000005
Q55*(1+$T$46)=218144.90684100002
R55*(1+$T$46)=282617.49027600006
SUM(M68:R68)=1674676.3345584502 -0.20
(=TABLE(T27,T46))=0.
16890725148477026
(=TABLE(T27,246))=0.16785048460011967
(=TABLE(T27,T46))=0.1667937177154690
8
(=TABLE(T27,T46))=0.16573695083081852
(=TABLE(T27,T46))=0.16468018394616793
(=TABLE(T27,
T46))=0.16362341706151737
(=TABLE(T27,T46))=0.1615098832922162
(=TABLE(T27,T46))=0.15939634
952291504
(=TABLE(T27,T46))=0.15728281575361386
(=TABLE(T27,T46))=0.1551692819843127
(=TA
BLE(T27,T46))=0.15305574821501156
-0.20
(Z68-$AC$64)*10000=363.17690820115433
(AA68-$AC$64
)*10000=352.6092393546484
(AB68-$AC$64)*10000=342.04157050814257 (AC68-$AC$64)*10000=331.4739
0166163694
(AD68-$AC$64)*10000=320.90623281513103 (AE68-$AC$64)*10000=310.3385639686254
(AF6
8-$AC$64)*10000=289.20322627561364
(AG68-$AC$64)*10000=268.0678885826021
(AH68-$AC$64)*10000=
246.93255088959032
(A168-$AC$64)*10000=225.7972131965788
(AJ68-$AC$64)*10000=204.661875503567
3
-0.20
Z68-$O$64=0.048907251484770264 AA68-$0$64=0.047850484600119675 AB68-$0$64=0.0467937
17715469085
AC68-$0$64=0.045736950830818524 AD68-$O$64=0.044680183946167934 AE68-$0$64=0.0436234
1706151737
AF68-$O$64=0.04150988329221619 AG68-$0$64=0.03939634952291504 AH68-$0$64=0.0372828
1575361386
A168-$0$64=0.03516928198431271 AJ68-$0$64=0.03305574821501156
Tier 1 capital (TRYm)
M57-(M$28*0.8)=44122.63196284895
N57-(N$28*0.8)=45591.27931540731
057-(0$28*0.8)=28018.01709711853
P57-(P$28*0.8)=46942.05981632967
Q57-(Q$28*0.8)=25908
.277007035027
R57-(R$28*0.8)=33560.20247074365
S57-(S$28*0.8)=224142.46766948313
-0.2
5
(=TABLE(T27,T46))=0.18016773491708826
(=TABLE(T27,T46))=0.17904051690679432
(=TABLE(T27,
T46))=0.17791329889650037
(=TABLE(T27,T46))=0.1767860808862064
(=TABLE(T27,T46))=0.17565886
287591245
(=TABLE(T27,T46))=0.1745316448656185
(=TABLE(T27,T46))=0.1722772088450306
(=TA
BLE(T27,T46))=0.1700227728244427
(=TABLE(T27,T46))=0.16776833680385478
(=TABLE(T27,T46))=0.
1655139007832669
(=TABLE(T27,T46))=0.163259464762679
-0.25
(Z69-$AC$64)*10000=475.78174
252433433
(AA69-$AC$64)*10000=464.5095624213949
(AB69-$AC$64)*10000=453.23738231845545 (AC6
9-$AC$64)*10000=441.9652022155157
(AD69-$AC$64)*10000=430.6930221125763
(AE69-$AC$64)*10000=
419.42084200963683
(AF69-$AC$64)*10000=396.8764818037576
(AG69-$AC$64)*10000=374.332121597878
7
(AH69-$AC$64)*10000=351.78776139199954 (A169-$AC$64)*10000=329.2434011861206
(AJ69-$AC$64
)*10000=306.6990409802417
-0.25
Z69-$O$64=0.06016773491708827
AA69-$0$64=0.059040516906794
32
AB69-$0$64=0.057913298896500376 AC69-$0$64=0.0567860808862064
AD69-$O$64=0.055658862875912
46
AE69-$0$64=0.05453164486561851 AF69-$0$64=0.05227720884503059 AG69-$O$64=0.050022772824442
7
AH69-$0$64=0.04776833680385478 A169-$O$64=0.04551390078326689 AJ69-$0$64=0.043259464762679
Capital base (TRYm)
M60-(M$28*0.8)=50193.48681901117
N60-(N$28*0.8)=52718.501580149714
060-(0$28*0.8)=31142.883697848178
P60-(P$28*0.8)=55516.17074196539
Q60-(Q$28*0.8)=32118
.332383517198
R60-(R$28*0.8)=43251.182285329174
S60-(S$28*0.8)=264940.55750782083
Tier 1 capital ratio (new)
M69/(M68*(1+$T$46))=0.1456790194134188 N69/(N68*(1+$T$46))=0.156274
62350605692
069/(068*(1+$T$46))=0.11928556821019161 P69/(P68*(1+$T$46))=0.13629379303797134 Q69/
(Q68*(1+$T$46))=0.11876636214990284
R69/(R68*(1+$T$46))=0.11874779030119209 S69/S55=0.1338422613
6364502
CAR (new)
M70/M68=0.165723068081947
N70/N68=0.18070482140335967
070/068=0.1325895606
6465483 P70/P68=0.16118827156225388
Q70/Q68=0.1472339320162418
R70/R68=0.15303788255670486
S70/555=0.15820403742534273
COR (net)
Tier 1 capital ratio - chg. from base (bps)
(M71-M61)*100=0 (N71-N61)*100=0 (071
-061)*100=0
(P71-P61) *100=0 (Q71-Q61) *100=0 (R71-R61) *100=0 (S71-561) *100=0 ISBANK ISBANK ISBA
NK
CAR - chg. from base (bps)
(M72-M62)*100=0 (N72-N62)*100=0 (072-062) *100=0 (P72-P62)*100=0 (Q72
-Q62)*100=0
(R72-R62)*100=0 (S72-562)*100=0 Y58=CAR t of Stage 2 loans transferred to Stage 3 lo
ans
AM58=CAR: change from base (bps)
t of Stage 2 loans transferred to Stage 3 loans BA58
=Headroom above threshold
t of Stage 2 loans transferred to Stage 3 loans
Tier 1 capital headroom M71-M63=0.05192901941341879
N71-N63=0.06252462350605692
071-063=0.03
05355682101916 P71-P63=0.042543793037971345
Q71-Q63=0.03001636214990283
R71-R63=0.0274977903
01192093
S71-563=0.04217559469697835
Loan growth (ppt change from base)
$P$72=0.1611
8827156225388
AA75-0.05=-0.15000000000000002 AB75-0.05=-0.10 -0.05
0
0.05
AD75+0.05=0.
10
0.20
0.30
0.40
0.50
0.60
Y75=0.16118827156225388 A075-0.05=-0.150000000000000
02
AP75-0.05=-0.10 -0.05
0
0.05
AR75+0.05=0.10 0.20
0.30
0.40
0.50
0.60
AM75=0.16118827156225388
-0.05
-0.03
-0.01
0
0.05
BF75+0.05=0.10 0.20
0.30
0.40
0.50
0.60
CAR headroom
M72-M64=0.04572306808194701
N72-N64=0.06070482140335967
072-064=0.0125895606
6465483 P72-P64=0.04118827156225388
Q72-064=0.027233932016241802
R72-R64=0.03303788255670487
S72-S64=0.03820403742534273
0.20
(=TABLE(T27,T46))=0.1381060091826712
(=TABLE(T27,T46))=0.
13684519266685133
(=TABLE(T27,T46))=0.13558437615103144
(=TABLE(T27,T46))=0.1343235596352115
6
(=TABLE(T27,T46))=0.13306274311939167
(=TABLE(T27,T46))=0.1318019266035718
(=TABLE(T27,
T46))=0.12928029357193202
(=TABLE(T27,T46))=0.12675866054029225
(=TABLE(T27,T46))=0.12423702
750865248
(=TABLE(T27,T46))=0.1217153944770127
(=TABLE(T27,T46))=0.11919376144537294
0.20
(Z76-$AC$80)*10000=-230.82262379582664 (AA76-$AC$80)*10000=-243.43078895402547 (AB76-$AC$80)*10000=
-256.0389541122243
(AC76-$AC$80)*10000=-268.64711927042316 (AD76-$AC$80)*10000=-281.25528442862
2
(AE76-$AC$80)*10000=-293.8634495868209 (AF76-$AC$80)*10000=-319.07977990321854 (AG76-$AC$80
)*10000=-344.29611021961625
(AH76-$AC$80)*10000=-369.51244053601397 (A176-$AC$80)*10000=-394.728
7708524118
(AJ76-$AC$80)*10000=-419.94510116880934 0.20
Z76-$P$64=0.018106009182671218 AA76
-$P$64=0.016845192666851333
AB76-$P$64=0.015584376151031448 AC76-$P$64=0.014323559635211564 AD76
-$P$64=0.013062743119391679
AE76-$P$64=0.011801926603571794 AF76-$P$64=0.009280293571932025 AG76
-$P$64=0.006758660540292255
AH76-$P$64=0.0042370275086524856
A176-$P$64=0.001715394477012
7022
AJ76-$P$64=-8.062385546270534E-4
TRYm
Akbank Garanti Halkbank
Isbank Vakifbank
Yapi Kredi
Average 0.15
(=TA
BLE(T27,T46))=0.14411061827756996
(=TABLE(T27,T46))=0.14279498365236662
(=TABLE(T27,T46))=0.
14147934902716328
(=TABLE(T27,T46))=0.1401637144019599
(=TABLE(T27,T46))=0.1388480797767565
3
(=TABLE(T27,T46))=0.1375324451515532
(=TABLE(T27,246))=0.13490117590114648
(=TABLE(T27,
T46))=0.13226990665073973
(=TABLE(T27,T46))=0.12963863740033305
(=TABLE(T27,246))=0.12700736
81499263
(=TABLE(T27,T46))=0.1243760988995196
0.15
(277-$AC$80)*10000=-170.776532846839
EFTA01437471
13
(AA77-$AC$80)*10000=-183.93287909887258 (AB77-$AC$80)*10000=-197.08922535090602 (AC77-$AC$80
)*10000=-210.24557160293972
(AD77-$AC$80)*10000=-223.40191785497342 (AE77-$AC$80)*10000=-236.558
26410700686
(AF77-$AC$80)*10000=-262.870956611074
(AG77-$AC$80)*10000=-289.18364911514146 (AH7
7-$AC$80)*10000=-315.4963416192083
(A177-$AC$80)*10000=-341.80903412327575 (AJ77-$AC$80)*10000=
-368.12172662734275
0.15
Z77-$P$64=0.024110618277569967 AA77-$P$64=0.022794983652366624 AB77
-$P$64=0.02147934902716328
AC77-$P$64=0.02016371440195991 AD77-$P$64=0.018848079776756538 AE77
-$P$64=0.017532445151553194
AF77-$P$64=0.01490117590114648 AG77-$P$64=0.012269906650739737 AH77
-$P$64=0.00963863740033305
A177-$P$64=0.007007368149926307 AJ77-$P$64=0.0043760988995196065
Valuation
Akbank Garanti Halkbank
Isbank Vakifbank
Yapi Kredi
Total
0.10
(=TABLE(T27,T46))=0.15066110092655038
(=TABLE(T27,T46))=0.14928566472747415
(=TABLE(T27,T46))=0.
1479102285283979
(=TABLE(T27,T46))=0.14653479232932168
(=TABLE(T27,T46))=0.1451593561302454
4
(=TABLE(T27,T46))=0.14378391993116918
(=TABLE(T27,T46))=0.14103304753301674
(=TABLE(T27,
T46))=0.13828217513486424
(=TABLE(T27,T46))=0.13553130273671177
(=TABLE(T27,T46))=0.13278043
03385593
(=TABLE(T27,T46))=0.13002955794040683
0.10
(278-$AC$80)*10000=-105.271706357034
92
(AA78-$AC$80)*10000=-119.02606834779728 (AB78-$AC$80)*10000=-132.78043033855963 (AC78-$AC$80
)*10000=-146.534792329322
(AD78-$AC$80)*10000=-160.28915432008435 (AE78-$AC$80)*10000=-174.043
51631084697
(AF78-$AC$80)*10000=-201.5522402923714 (AG78-$AC$80)*10000=-229.0609642738964 (AH7
8-$AC$80)*10000=-256.5696882554211
(A178-$AC$80)*10000=-284.0784122369458 (AJ78-$AC$80)*10000=
-311.5871362184705
0.10
Z78-$P$64=0.03066110092655039
AA78-$P$64=0.029285664727474153 AB78
-$P$64=0.027910228528397918
AC78-$P$64=0.026534792329321683 AD78-$P$64=0.025159356130245447 AE78
-$P$64=0.023783919931169184
AF78-$P$64=0.02103304753301674 AG78-$P$64=0.018282175134864243 AH78
-$P$64=0.015531302736711772
A178-$P$64=0.012780430338559301 AJ78-$P$64=0.01002955794040683
Net profit (base)
M30=6405.467516045113
N30=7118.518599790241
030=3809.28613779219
P30=
6242.064735470831
Q30=3822.804240772133
R30=3853.9025619301465 S30=31252.043791800654 0.05
(=TABLE(T27,T46))=0.15783543906590994
(=TABLE(T27,T46))=0.15639450590497295
(=TABLE(T27,T46))=0.
15495357274403593
(=TABLE(T27,T46))=0.1535126395830989
(=TABLE(T27,T46))=0.1520717064221619
2
(=TABLE(T27,T46))=0.1506307732612249
(=TABLE(T27,T46))=0.1477489069393509
(=TABLE(T27,
T46))=0.14486704061747685
(=TABLE(T27,T46))=0.14198517429560284
(=TABLE(T27,T46))=0.13910330
79737288
(=TABLE(T27,T46))=0.1362214416518548
0.05
(279-$AC$80)*10000=-33.5283249634393
8
(AA79-$AC$80)*10000=-47.937656572809296 (AB79-$AC$80)*10000=-62.34698818217949 (AC79-$AC$80
)*10000=-76.75631979154967
(AD79-$AC$80)*10000=-91.16565140091959 (AE79-$AC$80)*10000=-105.574
98301028978
(AF79-$AC$80)*10000=-134.39364622902988 (AG79-$AC$80)*10000=-163.21230944777025 (AH7
9-$AC$80)*10000=-192.03097266651037
(A179-$AC$80)*10000=-220.84963588525076 (AJ79-$AC$80)*10000=
-249.66829910399085
0.05
Z79-$P$64=0.03783543906590994
AA79-$P$64=0.03639450590497295 AB79
-$P$64=0.03495357274403593
AC79-$P$64=0.03351263958309891 AD79-$P$64=0.03207170642216192 AE79
-$P$64=0.030630773261224903
AF79-$P$64=0.027748906939350892 AG79-$P$64=0.024867040617476854 AH79
-$P$64=0.021985174295602844
A179-$P$64=0.019103307973728806 AJ79-$P$64=0.016221441651854795
Net profit (new)
M31=6405.467516045113
N31=7118.518599790241
031=3809.28613779219
P31=
6242.064735470831
Q31=3822.804240772133
R31=3853.9025619301465 S31=31252.043791800654 0
(=TABLE(T27,T46))=0.16572721101920546
(=TABLE(T27,T46))=0.1642142312002216
(=TABLE(T27,T46))=0.
16270125138123773
(=TABLE(T27,T46))=0.16118827156225388
(=TABLE(T27,T46))=0.15967529174327
(=TABLE(T27,T46))=0.15816231192428612
(=TABLE(T27,T46))=0.15513635228631842
(=TABLE(T27,T46))=0.
1521103926483507
(=TABLE(T27,T46))=0.14908443301038296
(=TABLE(T27,T46))=0.1460584733724152
3
(=TABLE(T27,T46))=0.14303251373444753
0
(Z80-$AC$80)*10000=45.389394569515794
(AAB
0-$AC$80)*10000=30.25959637967729
(AB80-$AC$80)*10000=15.129798189838507 (AC80-$AC$80)*10000=
0
(AD80-$AC$80)*10000=-15.129798189838784 (AE80-$AC$80)*10000=-30.259596379677568 (AF80-$AC$80
)*10000=-60.51919275935458
(AG80-$AC$80)*10000=-90.77878913903187 (AH80-$AC$80)*10000=-121.038
38551870916
(A180-$AC$80)*10000=-151.29798189838644 (AJ80-$AC$80)*10000=-181.55757827806346 0
Z80-$P$64=0.04572721101920546
AA80-$P$64=0.04421423120022161 AB80-$P$64=0.04270125138123773 AC80
-$P$64=0.04118827156225388
AD80-$P$64=0.03967529174327
AE80-$P$64=0.038162311924286124 AF80
-$P$64=0.03513635228631842
AG80-$P$64=0.032110392648350694 AH80-$P$64=0.029084433010382965 A180
-$P$64=0.026058473372415236
AJ80-$P$64=0.023032513734447535
Book value (base)
M56=45023.093839641784 N56=46285.562756758685 056=28589.813364406662 P56=
47900.06103707109
Q56=26437.017354117375 R56=37708.092663756914 S56=231943.64101575254 -0.0
5
(=TABLE(T27,T46))=0.17444969580968994
(=TABLE(T27,T46))=0.17285708547391748
(=TABLE(T27,
T46))=0.171264475138145 (=TABLE(T27,T46))=0.16967186480237248
(=TABLE(T27,T46))=0.1680792544666
(=TABLE(T27,T46))=0.1664866441308275
(=TABLE(T27,T46))=0.16330142345928256
(=TABLE(T27,T46))=0.
16011620278773755
(=TABLE(T27,T46))=0.1569309821161926
(=TABLE(T27,T46))=0.1537457614446476
(=TABLE(T27,T46))=0.15056054077310266
-0.05
(Z81-$AC$80)*10000=132.61424247436065
(AA81-$AC$80
)*10000=116.68813911663605
(AB81-$AC$80)*10000=100.76203575891118 (AC81-$AC$80)*10000=84.83593
240118603
(AD81-$AC$80)*10000=68.90982904346116
(AE81-$AC$80)*10000=52.98372568573628
(AFB
1-$AC$80)*10000=21.131518970286812
(AG81-$AC$80)*10000=-10.720687745163215 (AH81-$AC$80)*10000=
-42.57289446061269
(A181-$AC$80)*10000=-74.42510117606271 (AJ81-$AC$80)*10000=-106.27730789151
218
-0.05
Z81-$P$64=0.054449695809689946 AA81-$P$64=0.05285708547391749 AB81-$P$64=0.0512644
75138145
AC81-$P$64=0.049671864802372484 AD81-$P$64=0.0480792544666
AE81-$P$64=0.0464866
4413082751
AF81-$P$64=0.04330142345928256 AG81-$P$64=0.04011620278773756 AH81-$P$64=0.0369309
8211619261
A181-$P$64=0.03374576144464761 AJ81-$P$64=0.030560540773102662
Book value (new)
M56-(M28*0.8)=45023.093839641784
N56-(N28*0.8)=46285.562756758685
056-(028*0.8)=28589.813364406662
P56-(P28*0.8)=47900.06103707109 Q56-(Q28*0.8)=26437.01735411
7375
R56-(R2B*0.8)=37708.092663756914
S56-(S28*0.8)=231943.64101575254
-0.10
(=TA
BLE(T27,T46))=0.18414134557689493
(=TABLE(T27,T46))=0.18246025688913511
(=TABLE(T27,T46))=0.
18077916820137527
(=TABLE(T27,T46))=0.1790980795136154
(=TABLE(T27,T46))=0.1774169908258555
5
(=TABLE(T27,T46))=0.1757359021380957
(=TABLE(T27,T46))=0.172373724762576
(=TABLE(T27,
T46))=0.16901154738705632
(=TABLE(T27,T46))=0.16564937001153662
(=TABLE(T27,T46))=0.16228719
263601693
(=TABLE(T27,T46))=0.15892501526049724
-0.10
(282-$AC$80)*10000=229.5307401464105
5
(AA82-$AC$80)*10000=212.7198532688124
(AB82-$AC$80)*10000=195.9089663912139
(AC82-$AC$80
)*10000=179.09807951361518
(AD82-$AC$80)*10000=162.2871926360167
(AE82-$AC$80)*10000=145.4763
0575841825
(AF82-$AC$80)*10000=111.85453200322132 (AG82-$AC$80)*10000=78.2327582480244
(AH8
2-$AC$80)*10000=44.61098449282746
(A182-$AC$80)*10000=10.98921073763054
(AJ82-$AC$80)*10000=
EFTA01437472
-22.632563017566387
-0.10
Z82-$P$64=0.06414134557689494
AA82-$P$64=0.06246025688913512 AB82
-$P$64=0.06077916820137527
AC82-$P$64=0.0590980795136154
AD82-$P$64=0.05741699082585555 AE82
-$P$64=0.055735902138095705
AF82-$P$64=0.05237372476257601 AG82-$P$64=0.04901154738705632 AH82
-$P$64=0.04564937001153663
A182-$P$64=0.042287192636016935 AJ82-$P$64=0.03892501526049724
Price (TRY/shr) 6.60
7
6.40
4.94
4.06
2.2
-0.15
(=TABLE(T27,T46))=0.19497318
943435935
(=TABLE(T27,T46))=0.1931932131767313
(=TABLE(T27,T46))=0.19141323691910322
(=TA
BLE(T27,T46))=0.18963326066147515
(=TABLE(T27,T46))=0.18785328440384705
(=TABLE(T27,T46))=0.
18607330814621897
(=TABLE(T27,T46))=0.18251335563096285
(=TABLE(T27,T46))=0.1789534031157066
8
(=TABLE(T27,T46))=0.17539345060045056
(=TABLE(T27,T46))=0.1718334980851944
(=TABLE(T27,
T46))=0.16827354556993826
-0.15
(283-$AC580)*10000=337.84917872105467
(AA83-$AC580)*10000=
320.0494161447742
(AB83-$AC$80)*10000=302.2496535684935
(AC83-5AC$80)*10000=284.449890992212
7
(AD83-$AC$80)*10000=266.6501284159317
(AE83-$AC$80)*10000=248.85036583965098 (AF83-$AC$80
)*10000=213.25084068708978
(AG83-$AC580)*10000=177.651315534528
(AH83-$AC$80)*10000=142.0517
903819668
(A183-5AC$80)*10000=106.45226522940531 (AJ83-$AC580)*10000=70.85274007684383
-0.1
5
Z83-$P$64=0.07497318943435935
AA83-$P$64=0.0731932131767313
AB83-$P$64=0.071413236919103
23
AC83-$P$64=0.06963326066147515 AD83-$P$64=0.06785328440384705 AE83-$P$64=0.066073308146218
98
AF83-$P$64=0.06251335563096286 AG83-$P$64=0.05895340311570668 AH83-$P$64=0.055393450600450
56
A183-$P$64=0.05183349808519441 AJ83-$P$64=0.048273545569938264
Paid-in cap (TRYm)
'R:\Bank models\Turkish Bank Model with 2020 Estimates\Higher RFR\[AKBANK MO
DEL- Higher RFR and Lower NIM.xlsx]Forecast (TRY)'!$BK$113=4000 'R:\Bank models\Turkish Bank Model w
ith 2020 Estimates\Higher RFR\[GARANTI MODEL- Higher RFR and Lower NIM.xlsx]Forecast (TRY)'!$BK$113=
4200
'R:\Bank models\Turkish Bank Model with 2020 Estimates\Higher RFR\[HALKBANK MODEL- Higher RF
R and Lower NIM.xlsx]Forecast (TRY)'!$BK$113=1250
'R:\Bank models\Turkish Bank Model with 2020
Estimates\Higher RFR\(ISBANK MODEL- Higher RFR and Lower NIM.xlsx]Forecast (TRY)°!$BK$113=4500 'R:\
Bank models\Turkish Bank Model with 2020 Estimates\Higher RFR\[VAKIFBANK MODEL- Higher RFR and Lower
NIM.xlsx]Forecast (TRY)'!$BK$113=2500 'R:\Bank models\Turkish Bank Model with 2020 Estimates\Highe
r RFR\[YAPI KREDI MODEL- Higher RFR and Lower NIM.xlsx]Forecast (TRY)'!$BK$113=8447.051 -0.20
(=TA
BLE(T27,T46))=0.2071590137740068
(=TABLE(T27,T46))=0.205267789000277
(=TABLE(T27,T46))=0.
20337656422654718
(=TABLE(T27,T46))=0.20148533945281732
(=TABLE(T27,T46))=0.1995941146790875
(=TABLE(T27,246))=0.19770288990535767
(=TABLE(T27,T46))=0.19392044035789802
(=TABLE(T27,T46))=0.
19013799081043836
(=TABLE(T27,T46))=0.1863555412629787
(=TABLE(T27,T46))=0.1825730917155190
5
(=TABLE(T27,T46))=0.1787906421680594
-0.20
(Z84-$AC$80)*10000=459.7074221175293
(AAB
4-$AC580)*10000=440.7951743802313
(AB84-5AC$80)*10000=421.88292664293306 (AC84-$AC580)*10000=
402.9706789056345
(AD84-$AC$80)*10000=384.0584311683362
(AE84-5AC$80)*10000=365.146183431037
97
(AF84-$AC580)*10000=327.3216879564414
(AG84-$AC$80)*10000=289.4971924818449
(AH84-$AC$80
)*10000=251.6726970072483
(A184-$AC580)*10000=213.84820153265179 (AJ84-$AC$80)*10000=176.0237
0605805524
-0.20
Z84-$P$64=0.08715901377400681
AA84-$P$64=0.08526778900027701 AB84-$P$64=0
.08337656422654718
AC84-$P$64=0.08148533945281733 AD84-$P$64=0.0795941146790875
AE84-$P$64=0
.07770288990535767
AF84-$P$64=0.07392044035789802 AG84-$P$64=0.07013799081043837 AH84-$P$64=0
.06635554126297871
A184-$P$64=0.06257309171551906 AJ84-$P$64=0.058790642168059404
m.cap (TRYm)
M83*M84=26400
N83*N84=29400
083*084=8000
P83*P84=22230
Q83*Q84=10149.999999
999998 R83*R84=18583.5122
-0.25
(=TABLE(T27,T46))=0.22096961469227394
(=TABLE(T27,T46))=0.
21895230826696213
(=TABLE(T27,T46))=0.21693500184165032
(=TABLE(T27,T46))=0.2149176954163384
8
(=TABLE(T27,T46))=0.21290038899102667
(=TABLE(T27,T46))=0.21088308256571484
(=TABLE(T27,
T46))=0.20684846971509122
(=TABLE(T27,T46))=0.20281385686446757
(=TABLE(T27,T46))=0.19877924
401384398
(=TABLE(T27,T46))=0.19474463116322033
(=TABLE(T27,T46))=0.1907100183125967
-0.2
5
(Z85-$AC$80)*10000=597.8134313002007
(AA85-$AC$80)*10000=577.6403670470826
(AB85-5AC$80
)*10000=557.4673027939644
(AC85-$AC580)*10000=537.2942385408461
(AD85-$AC$80)*10000=517.1211
74287728
(AE85-$AC$80)*10000=496.9481100346096
(AF85-$AC580)*10000=456.6019815283734
(AGB
5-$AC580)*10000=416.25585302213693
(AH85-5AC$80)*10000=375.90972451590096 (A185-$AC$80)*10000=
335.56359600966454
(AJ85-$AC$80)*10000=295.21746750342834 -0.25
Z85-$P$64=0.1009696146922739
5
AA85-$P$64=0.09895230826696214 AB85-$P$64=0.09693500184165033 AC85-$P$64=0.094917695416338
49
AD85-$P$64=0.09290038899102668 AE85-$P$64=0.09088308256571484 AF85-$P$64=0.086848469715091
22
AG85-$P$64=0.08281385686446757 AH85-$P$64=0.07877924401384398 A185-$P$64=0.074744631163220
33
AJ85-$P$64=0.07071001831259671
P/E (2018E), base (x)
M$85/M79=4.121479023017509
N$85/N79=4.130072793638036
0585/079=2.1
00131024716534 P585/P79=3.5613216046410034
Q$85/Q79=2.6551189547571217
R$85/R79=4.821998455
169255 AVERAGE(M87:R87)=3.565020309323243
P/E (2018E), implied (x)
M$85/M80=4.121479023017509
N$85/N80=4.130072793638036
O$85
/080=2.100131024716534 P$85/P80=3.5613216046410034
Q$85/080=2.6551189547571217
R$85/R80=4.8
21998455169255 AVERAGE(M88:R88)=3.565020309323243
Change from base
M88/M87-1=0
N88/N87-1=0
088/087-1=0
P88/P87-1=0
Q88/Q87-1=0
R88/R87-1=0
S88/587-1=0
VAKIFBANK
VAKIFBANK
VAKIFBANK
Y74=CAR (t of Stage 2 loans transferred to Stage 3 loans AM74=CAR: change from base (bps)
fk of
Stage 2 loans transferred to Stage 3 loans
BA74=Headroom above threshold
(t of Stage 2 loans t
ransferred to Stage 3 loans
P/BV (2018E), base (x) M$85/M81=0.5863657458554173
N$85/N81=0.6351872646445671
0585/081=0.2
7981994488847295
P$85/P81=0.4640912666644752
Q$85/Q81=0.38393135897454816
R$85/R81=0.4
928255683921537 AVERAGE(M91:R91)=0.47370352490327244
Loan growth (ppt change from base)
$Q$7
2=0.1472339320162418
AA91-0.05=-0.15000000000000002 AB91-0.05=-0.10 -0.05
0
0.05
AD91
+0.05=0.10
0.20
0.30
0.40
0.50
0.60
Y91=0.1472339320162418 A091-0.05=-0.1500000
0000000002
AP91-0.05=-0.10 -0.05
0
0.05
AR91+0.05=0.10 0.20
0.30
0.40
0.50
0.60
AM91=0.1472339320162418 -0.05
-0.03
-0.01
0
0.05
BF91+0.05=0.10 0.20
0.30
0.40
0.50
0.60
P/BV (2018E), implied (x)
M$85/M82=0.5863657458554173
N$85/N82=0.6351872646445671
0$85
/082=0.27981994488847295
P$85/P82=0.4640912666644752
Q$85/Q82=0.38393135897454816
R$85
/R82=0.4928255683921537 AVERAGE(M92:R92)=0.47370352490327244
0.20
(=TABLE(T27,T46))=0.12440630
569497978
(=TABLE(T27,T46))=0.12383585157894259
(=TABLE(T27,T46))=0.12326539746290538
(=TA
BLE(T27,T46))=0.12269494334686817
(=TABLE(T27,T46))=0.12212448923083098
(=TABLE(T27,T46))=0.
EFTA01437473
12155403511479378
(=TABLE(127,146))=0.12041312688271938
(=TABLE(T27,T46))=0.1192722186506449
7
(=TABLE(T27,T46))=0.11813131041857058
(=TABLE(127,146))=0.11699040218649617
(=TABLE(T27,
T46))=0.11584949395442178
0.20
(292-$AC$96)*10000=-228.2762632126202
(AA92-$AC$96)*10000=
-233.9808043729921
(AB92-$AC$96)*10000=-239.68534553336417 (AC92-$AC$96)*10000=-245.38988669373
623
(AD92-$AC$96)*10000=-251.09442785410815 (AE92-$AC$96)*10000=-256.79896901448024 (AF92-$AC$96
)*10000=-268.2080513352242
(AG92-$AC$96)*10000=-279.6171336559683 (AH92-$AC$96)*10000=-291.026
21597671214
(A192-$AC$96)*10000=-302.43529829745626 (AJ92-$AC$96)*10000=-313.8443806182002 0.20
Z92-$Q$64=0.004406305694979781 AA92-$Q$64=0.0038358515789425895
AB92-$Q$64=0.003265397462905
384
AC92-$Q$64=0.0026949433468681783
AD92-$Q$64=0.0021244892308309865
AE92-$Q$64=0
.0015540351147937809
AF92-$Q$64=4.1312688271938347E-4
AG92-$Q$64=-7.277813493550278E-4
AH92-$Q$64=-0.0018686895814294113
A192-$Q$64=-0.0030095978135038226
AJ92-$Q$64=-0.004150
50604557822
Stage 1 Change from base
M92/M91-1=0
N92/N91-1=0
092/091-1=0
P92/P91-1=0
Q92/
Q91-1=0 R92/R91-1=0
S92/S91-1=0
0.15
(=TABLE(127,146))=0.129815275507805
(=TABLE(T27,
T46))=0.12922001903889663
(=TABLE(T27,146))=0.12862476256998823
(=TABLE(T27,146))=0.12802950
610107985
(=TABLE(T27,T46))=0.12743424963217145
(=TABLE(T27,146))=0.12683899316326308
(=TA
BLE(T27,T46))=0.1256484802254463
(=TABLE(T27,T46))=0.12445796728762955
(=TABLE(T27,T46))=0.
12326745434981279
(=TABLE(T27,146))=0.12207694141199602
(=TABLE(T27,T46))=0.1208864284741792
6
0.15
(293-$AC$96)*10000=-174.18656508436797 (AA93-$AC$96)*10000=-180.1391297734517 (AB9
3-$AC$96)*10000=-186.0916944625357
(AC93-$AC$96)*10000=-192.04425915161943 (AD93-$AC$96)*10000=
-197.99682384070343
(AE93-$AC$96)*10000=-203.94938852978717 (AF93-$AC$96)*10000=-215.85451790795
491
(AG93-$AC$96)*10000=-227.7596472861225 (AH93-$AC$96)*10000=-239.6647766642901 (A193-$AC$96
)*10000=-251.56990604245783
(AJ93-$AC$96)*10000=-263.47503542062543 0.15
Z93-$Q$64=0.00981527
5507805005
AA93-$Q$64=0.009220019038896632 AB93-$Q$64=0.008624762569988231 AC93-$Q$64=0.0080295
06101079859
AD93-$Q$64=0.007434249632171458 AE93-$Q$64=0.006838993163263085 AF93-$Q$64=0.0056484
80225446312
AG93-$Q$64=0.004457967287629552 AH93-$Q$64=0.003267454349812793 A193-$Q$64=0.0020769
414119960194
AJ93-$Q$64=8.8642847417926E-4
Discount to MSCI EM Banks
0.10
(=TABLE(T27,T46))=0.13571596984906883
(=TABLE(T27,146))=0.
13509365626793735
(=TABLE(127,146))=0.13447134268680583
(=TABLE(T27,T46))=0.1338490291056743
7
(=TABLE(T27,146))=0.13322671552454288
(=TABLE(127,146))=0.13260440194341136
(=TABLE(T27,
T46))=0.13135977478114838
(=TABLE(T27,T46))=0.1301151476188854
(=TABLE(127,146))=0.12887052
045662242
(=TABLE(T27,T46))=0.12762589329435944
(=TABLE(T27,146))=0.12638126613209646
0.10
(Z94-$AC$96)*10000=-115.17962167172962 (AA94-$AC$96)*10000=-121.40275748304452 (AB94-$AC$96)*10000=
-127.6258932943597
(AC94-$AC$96)*10000=-133.8490291056743 (AD94-$AC$96)*10000=-140.07216491698
92
(AE94-$AC$96)*10000=-146.29530072830437 (AF94-$AC$96)*10000=-158.74157235093418 (AG94-$AC$96
)*10000=-171.18784397356396
(AH94-$AC$96)*10000=-183.63411559619374 (A194-$AC$96)*10000=-196.080
38721882355
(AJ94-$AC$96)*10000=-208.52665884145333 0.10
Z94-$Q$64=0.01571596984906884
AA94
-$Q$64=0.01509365626793735
AB94-$Q$64=0.014471342686805833 AC94-$Q$64=0.01384902910567437 AD94
-$Q$64=0.013226715524542881
AE94-$Q$64=0.012604401943411364 AF94-$Q$64=0.011359774781148385 AG94
-$Q$64=0.010115147618885406
AH94-$Q$64=0.008870520456622427 A194-$Q$64=0.007625893294359448 AJ94
-$Q$64=0.006381266132096469
P/E (2018E), base (x)
M87/$M$110-1=-0.45555098771235025
N87/$M$110-1=-0.4544157472076571
0871$M$110-1=-0.7225718593505239
P87/$M$110-1=-0.5295480046709375
Q87/$M$110-1=-0.6492
577338497858
R87/$M$110-1=-0.36301209310842075
AVERAGE(M95:R95)=-0.5290594043166126
0.05
(=TABLE(T27,T46))=0.14217863507997688
(=TABLE(T27,T46))=0.14152668751879152
(=TABLE(T27,146))=0.
14087473995760613
(=TABLE(127,146))=0.14022279239642077
(=TABLE(T27,T46))=0.1395708448352353
8
(=TABLE(T27,T46))=0.13891889727405002
(=TABLE(127,146))=0.13761500215167927
(=TABLE(T27,
T46))=0.13631110702930851
(=TABLE(T27,T46))=0.1350072119069378
(=TABLE(T27,146))=0.13370331
678456704
(=TABLE(T27,T46))=0.13239942166219631
0.05
(Z95-$AC$96)*10000=-50.5529693626491
4
(AA95-$AC$96)*10000=-57.07244497450276 (AB95-$AC$96)*10000=-63.59192058635665 (AC95-$AC$96
)*10000=-70.11139619821027
(AD95-$AC$96)*10000=-76.63087181006418 (AE95-$AC$96)*10000=-83.1503
4742191779
(AF95-$AC$96)*10000=-96.18929864562531 (AG95-$AC$96)*10000=-109.22824986933283 (AH9
5-$AC$96)*10000=-122.26720109304007
(A195-$AC$96)*10000=-135.30615231674759 (AJ95-$AC$96)*10000=
-148.34510354045483
0.05
Z95-$Q$64=0.02217863507997689
AA95-$Q$64=0.021526687518791526 AB95
-$Q$64=0.020874739957606137
AC95-$Q$64=0.020222792396420775 AD95-$Q$64=0.019570844835235385 AE95
-$Q$64=0.018918897274050023
AF95-$Q$64=0.01761500215167927 AG95-$Q$64=0.01631110702930852 AH95
-$Q$64=0.015007211906937795
A195-$Q$64=0.013703316784567043 AJ95-$Q$64=0.01239942166219632
P/E (2018E), implied (x)
M88/$M$110-1=-0.45555098771235025
N88/$M$110-1=-0.454415747207
6571
088/$M$110-1=-0.7225718593505239
P88/$M$110-1=-0.5295480046709375
Q88/$M$110-1
=-0.6492577338497858
R88/$M$110-1=-0.36301209310842075
AVERAGE(M96:R96)=-0.5290594043166126
0
(=TABLE(T27,T46))=0.14928756683397573
(=TABLE(127,146))=0.1486030218947311
(=TABLE(T27,
T46))=0.14791847695548643
(=TABLE(T27,T46))=0.1472339320162418
(=TABLE(127,146))=0.14654938
707699716
(=TABLE(T27,T46))=0.14586484213775253
(=TABLE(T27,T46))=0.14449575225926325
(=TA
BLE(T27,T46))=0.14312666238077396
(=TABLE(T27,T46))=0.14175757250228468
(=TABLE(T27,146))=0.
14038848262379539
(=TABLE(127,146))=0.13901939274530611
0
(Z96-$AC$96)*10000=20.536348
17733935
(AA96-$AC$96)*10000=13.69089878489299
(AB96-$AC$96)*10000=6.845449392446357
(AC9
6-$AC$96)*10000=0
(AD96-$AC$96)*10000=-6.845449392446357 (AE96-$AC$96)*10000=-13.690898784892
713
(AF96-$AC$96)*10000=-27.381797569785427 (AG96-$AC$96)*10000=-41.07269635467842 (AH96-$AC$96
)*10000=-54.76359513957113
(A196-$AC$96)*10000=-68.45449392446412 (AJ96-$AC$96)*10000=-82.1453
9270935684
0
Z96-$Q$64=0.029287566833975737 AA96-$Q$64=0.0286030218947311
AB96-$Q$64=0
.027918476955486438
AC96-$Q$64=0.027233932016241802 AD96-$Q$64=0.026549387076997166 AE96-$Q$64=0
.02586484213775253
AF96-$Q$64=0.02449575225926326 AG96-$Q$64=0.02312666238077396 AH96-$Q$64=0
.02175757250228469
A196-$Q$64=0.02038848262379539 AJ96-$Q$64=0.01901939274530612
3Y average discount
M122/$M$114-1=-0.11901840490797555
N122/$M$114-1=-0.14723926380368102
0122/$M$114-1=-0.46871165644171786
P122/$M$114-1=-0.2601226993865031
Q122/$M$114-1=-0.354
6012269938651
R122/$M$114-1=-0.2834355828220859
AVERAGE(M97:R97)=-0.2721881390593048
-0.0
5
(=TABLE(T27,146))=0.15714480719365867
(=TABLE(127,146))=0.15642423357340116
(=TABLE(T27,
T46))=0.1557036599531436
(=TABLE(T27,T46))=0.1549830863328861
(=TABLE(T27,146))=0.15426251
27126286
(=TABLE(T27,T46))=0.15354193909237107
(=TABLE(T27,146))=0.15210079185185604
(=TA
EFTA01437474
BLE(T27,T46))=0.15065964461134101
(=TABLE(T27,T46))=0.149218497370826
(=TABLE(T27,T46))=0.
14777735013031096
(=TABLE(T27,T46))=0.14633620288979593
-0.05
(Z97-$AC$96)*10000=99.108751
77416872
(AA97-$AC$96)*10000=91.90301557159358
(AB97-$AC$96)*10000=84.69727936901816
(AC9
7-$AC$96)*10000=77.49154316644302
(AD97-$AC$96)*10000=70.28580696386815
(AE97-$AC$96)*10000=
63.08007076129274
(AF97-$AC$96)*10000=48.668598356142454 (AG97-$AC$96)*10000=34.2571259509921
76
(AH97-$AC$96)*10000=19.84565354584189
(A197-$AC$96)*10000=5.434181140691607
(AJ97-$AC$96
)*10000=-8.977291264458675
-0.05
Z97-$Q$64=0.037144807193658674 AA97-$Q$64=0.036424233573401
16
AB97-$Q$64=0.03570365995314362 AC97-$Q$64=0.034983086332886104 AD97-$Q$64=0.034262512712628
62
AE97-$Q$64=0.033541939092371076 AF97-$Q$64=0.03210079185185605 AG97-$Q$64=0.030659644611341
02
AH97-$Q$64=0.02921849737082599 A197-$Q$64=0.027777350130310963 AJ97-$Q$64=0.026336202889795
934
-0.10
(=TABLE(T27,T46))=0.16587507425997303
(=TABLE(T27,T46))=0.16511446877192343
(=TABLE(T27,
T46))=0.1643538632838738
(=TABLE(T27,T46))=0.1635932577958242
(=TABLE(T27,T46))=0.16283265
23077746
(=TABLE(T27,T46))=0.162072046819725
(=TABLE(T27,T46))=0.1605508358436258
(=TA
BLE(T27,T46))=0.15902962486752661
(=TABLE(T27,T46))=0.15750841389142742
(=TABLE(T27,T46))=0.
15598720291532822
(=TABLE(T27,T46))=0.15446599193922902
-0.10
(Z98-$AC$96)*10000=186.41142
24373123
(AA98-$AC$96)*10000=178.80536755681632 (AB98-$AC$96)*10000=171.19931267632006 (AC9
8-$AC$96)*10000=163.59325779582406
(AD98-$AC$96)*10000=155.98720291532808 (AE98-$AC$96)*10000=
148.3811480348321
(AF98-$AC$96)*10000=133.16903827384013 (AG98-$AC$96)*10000=117.956928512848
17
(AH98-$AC$96)*10000=102.7448187518562
(A198-$AC$96)*10000=87.53270899086424
(AJ98-$AC$96
)*10000=72.32059922987227
-0.10
Z98-$Q$64=0.04587507425997303
AA98-$Q$64=0.045114468771923
43
AB98-$Q$64=0.04435386328387381 AC98-$Q$64=0.04359325779582421 AD98-$Q$64=0.042832652307774
61
AE98-$Q$64=0.04207204681972501 AF98-$Q$64=0.040550835843625815 AG98-$Q$64=0.039029624867526
62
AH98-$Q$64=0.03750841389142742 A198-$Q$64=0.035987202915328226 AJ98-$Q$64=0.034465991939229
03
P/BV (2018E), base (x) M91/$M$111-1=-0.4415564325186502
N91/$M$111-1=-0.39505974795755516
091/$M$111-1=-0.7335048143919305
P91/$M$111-1=-0.5580083174624046
Q91/$M$111-1=-0.6343
510866909066
R91/$M$111-1=-0.5306423158169965
AVERAGE(M99:R99)=-0.5488537858064072
-0.1
5
(=TABLE(T27,T46))=0.1756324315693832
(=TABLE(T27,T46))=0.17482708458203658
(=TABLE(T27,
T46))=0.17402173759468992
(=TABLE(T27,T46))=0.17321639060734328
(=TABLE(T27,T46))=0.17241104
361999665
(=TABLE(T27,T46))=0.17160569663265002
(=TABLE(T27,T46))=0.16999500265795675
(=TA
BLE(T27,T46))=0.16838430868326348
(=TABLE(T27,T46))=0.16677361470857022
(=TABLE(T27,T46))=0.
16516292073387692
(=TABLE(T27,T46))=0.16355222675918368
-0.15
(Z99-$AC$96)*10000=283.98499
553141414
(AA99-$AC$96)*10000=275.9315256579478
(AB99-$AC$96)*10000=267.8780557844812
(AC9
9-$AC$96)*10000=259.8245859110149
(AD99-$AC$96)*10000=251.77111603754852 (AE99-$AC$96)*10000=
243.7176461640822
(AF99-$AC$96)*10000=227.61070641714954 (AG99-$AC$96)*10000=211.503766670216
86
(AH99-$AC$96)*10000=195.3968269232842
(A199-$AC$96)*10000=179.28988717635124 (AJ99-$AC$96
)*10000=163.18294742941885
-0.15
Z99-$Q$64=0.05563243156938322
AA99-$Q$64=0.054827084582036
584
AB99-$Q$64=0.05402173759468992 AC99-$Q$64=0.05321639060734329 AD99-$Q$64=0.052411043619996
656
AE99-$Q$64=0.05160569663265002 AF99-$Q$64=0.049995002657956755 AG99-$Q$64=0.048384308683263
49
AH99-$Q$64=0.04677361470857022 A199-$Q$64=0.04516292073387693 AJ99-$Q$64=0.043552226759183
69
P/BV (2018E), implied (x)
M92/$M$111-1=-0.4415564325186502
N92/$M$111-1=-0.395059747957
55516
092/$M$111-1=-0.7335048143919305
P92/$M$111-1=-0.5580083174624046
Q92/$M$111-1
=-0.6343510866909066
R92/$M$111-1=-0.5306423158169965
AVERAGE(M100:R100)=-0.54885378580640
72
-0.20
(=TABLE(T27,T46))=0.18660945854246963
(=TABLE(T27,T46))=0.18575377736841384
(=TA
BLE(T27,T46))=0.184898096194358 (=TABLE(T27,T46))=0.18404241502030222
(=TABLE(T27,T46))=0.18318673
384624642
(=TABLE(T27,T46))=0.18233105267219063
(=TABLE(T27,T46))=0.18061969032407904
(=TA
BLE(T27,T46))=0.17890832797596742
(=TABLE(T27,T46))=0.17719696562785583
(=TABLE(T27,T46))=0.
17548560327974422
(=TABLE(T27,T46))=0.17377424093163263
-0.20
(Z100-$AC$96)*10000=393.7552
6526227833
(AA100-$AC$96)*10000=385.1984535217204 (AB100-$AC$96)*10000=376.64164178116215 (AC1
00-$AC$96)*10000=368.08483004060423
(AD100-$AC$96)*10000=359.52801830004626 (AE100-$AC$96)*10000
=350.97120655948834
(AF100-$AC$96)*10000=333.85758307837244 (AG100-$AC$96)*10000=316.74395959725
626
(AH100-$AC$96)*10000=299.63033611614037 (AI100-$AC$96)*10000=282.5167126350242 (AJ100-$AC$9
6)*10000=265.4030891539083
-0.20
Z100-$Q$64=0.06660945854246964 AA100-$Q$64=0.06575377736841
384
AB100-$Q$64=0.06489809619435802 AC100-$Q$64=0.06404241502030222 AD100-$Q$64=0.06318673384624
643
AE100-$Q$64=0.062331052672190634
AF100-$Q$64=0.060619690324079045
AG100-$Q$64=
0.05890832797596743
AH100-$Q$64=0.05719696562785584 AI100-$Q$64=0.05548560327974422 AJ100-$Q$64=
0.05377424093163263
Stage 1 3Y average discount
M123/$M$115-1=-0.010204081632653073
N123/$M$115-1=-0.01020408163
2653073 0123/$M$115-1=-0.41836734693877553
P123/$M$115-1=-0.29591836734693877
Q123/$M$115-
1=-0.3571428571428571
R123/$M$115-1=-0.3571428571428571
AVERAGE(M101:R101)=-0.24149659863945
58
-0.25
(=TABLE(T27,T46))=0.19905008911196764
(=TABLE(T27,T46))=0.19813736252630815
(=TA
BLE(T27,T46))=0.1972246359406486
(=TABLE(T27,T46))=0.19631190935498907
(=TABLE(T27,T46))=0.
19539918276932958
(=TABLE(T27,T46))=0.19448645618367003
(=TABLE(T27,T46))=0.192661003012351
(=TABLE(T27,T46))=0.19083554984103196
(=TABLE(T27,T46))=0.18901009666971294
(=TABLE(T27,T46))=0.
18718464349839387
(=TABLE(T27,246))=0.18535919032707485
-0.25
(Z101-$AC$96)*10000=518.1615
709572585
(AA101-$AC$96)*10000=509.0343051006635 (AB101-$AC$96)*10000=499.90703924406796 (AC1
01-$AC$96)*10000=490.77977338747274
(AD101-$AC$96)*10000=481.6525075308778 (AE101-$AC$96)*10000
=472.52524167428226
(AF101-$AC$96)*10000=454.2707099610921 (AG101-$AC$96)*10000=436.01617824790
16
(AH101-$AC$96)*10000=417.7616465347114 (AI101-$AC$96)*10000=399.5071148215207 (AJ101-$AC$9
6)*10000=381.2525831083305
-0.25
Z101-$Q$64=0.07905008911196765 AA101-$Q$64=0.07813736252630
815
AB101-$Q$64=0.0772246359406486 AC101-$Q$64=0.07631190935498908 AD101-$Q$64=0.07539918276932
958
AE101-$Q$64=0.07448645618367003 AF101-$Q$64=0.07266100301235101 AG101-$Q$64=0.07083554984103
196
AH101-$Q$64=0.06901009666971294 AI101-$Q$64=0.06718464349839387 AJ101-$Q$64=0.06535919032707
485
Discount to own historical average
P/E (2018E), base (x)
M87/$M$118-1=-0.3426668224852458
N87/$M$118-1=-0.3412962051613977
087/$M$118-1=-0.6650508732509515
P87/$M$118-1=-0.43200612366172186
Q87/$M$118-1=-0.5765
EFTA01437475
360518728673
R87/$M$118-1=-0.23094123522021448
AVERAGE(M103:R103)=-0.4314162186087331
P/E (2018E), implied (x)
M88/$M$118-1=-0.3426668224852458
N88/$M$118-1=-0.341296205161
3977
088/$M$118-1=-0.6650508732509515
P88/$M$118-1=-0.43200612366172186
Q88/$M$118-1
=-0.5765360518728673
R88/$M$118-1=-0.23094123522021448
AVERAGE(M104:R104)=-0.43141621860873
31
YAPI KREDI
YAPI KREDI
YAPI KREDI
P/BV (2018E), base (x) M91/$M$119-1=-0.2760916717834354
N91/$M$119-1=-0.21581819179683082
091/$M$119-1=-0.6545432779154655
P91/$M$119-1=-0.4270478189327467
091/$M$119-1=-0.5260
106679326566
R91/$M$119-1=-0.3915733723553658
AVERAGE(M106:R106)=-0.4151808334527502 Y90=
CAR
t of Stage 2 loans transferred to Stage 3 loans AM90=CAR: change from base (bps)
t of
Stage 2 loans transferred to Stage 3 loans
BA90=Headroom above threshold
t of Stage 2 loans t
ransferred to Stage 3 loans
P/BV (2018E), implied (x)
M92/$M$119-1=-0.2760916717834354
N92/$M$119-1=-0.215818191796
83082
0921$M$119-1=-0.6545432779154655
P92/$M$119-1=-0.4270478189327467
Q92/$M$119-1
=-0.5260106679326566
R92/$M$119-1=-0.3915733723553658
AVERAGE(M107:R107)=-0.41518083345275
02
Loan growth (ppt change from base)
$R$72=0.15303788255670486
AA107-0.05=-0.150000
00000000002
AB107-0.05=-0.10
-0.05
0
0.05
AD107+0.05=0.10 0.20
0.30
0.40
0.50
0.60
Y107=0.15303788255670486
A0107-0.05=-0.15000000000000002 AP107-0.05=-0.10
-0.05
0
0.05
AR107+0.05=0.10 0.20
0.30
0.40
0.50
0.60
AM107=0.153037882556
70486
-0.05
-0.03
-0.01
0
0.05
BF107+0.05=0.10 0.20
0.30
0.40
0.50
0.60
0.20
(=TABLE(T27,146))=0.12943815568072606
(=TABLE(127,146))=0.12880262671956874
(=TABLE(T27,
146))=0.1281670977584114
(=TABLE(T27,T46))=0.12753156879725405
(=TABLE(127,146))=0.12689603
98360967
(=TABLE(127,T46))=0.1262605108749394
(=TABLE(T27,146))=0.12498945295262472
(=TA
BLE(T27,146))=0.12371839503031004
(=TABLE(127,T46))=0.12244733710799538
(=TABLE(T27,T46) 1=0.
12117627918568069
(=TABLE(127,146))=0.11990522126336603
0.20
(Z108-$AC$112)*10000=-235.99
726875978806
(AA108-$AC$112)*10000=-242.35255837136123
(AB108-$AC$112)*10000=-248.707847982
93465
(AC108-$AC$112)*10000=-255.0631375945081
(AD108-$AC$112)*10000=-261.41842720608156
(AE108-$AC$112)*10000=-267.7737168176547
(AF108-$AC$112)*10000=-280.48429604080144
(AG1
08-$AC$112)*10000=-293.19487526394823
(AH108-$AC$112)*10000=-305.90545448709486
(AI108-$AC$1
12)*10000=-318.6160337102417
(AJ108-$AC$112)*10000=-331.32661293338833
0.20
Z108-$R$64=0
.009438155680726062
AA108-$R$64=0.008802626719568746
AB108-$R$64=0.008167097758411401
AC108-$R$64=0.007531568797254057
AD108-$R$64=0.006896039836096712
AE108-$R$64=0.006260
510874939396
AF108-$R$64=0.0049894529526247205
AG108-$R$64=0.0037183950303100455
AH10
8-$R$64=0.0024473371079953843
AI108-$R$64=0.0011762791856806953
AJ108-$R$64=-9.4778736633965
85E-5
MSCI EM Banks
2018E
0.15
(=TABLE(T27,T46))=0.13506590157988804
(=TABLE(127,146))=0.13440274
092476737
(=TABLE(127,T46))=0.13373958026964666
(=TABLE(T27,T46) 1=0.13307641961452596
(=TA
BLE(T27,146))=0.13241325895940526
(=TABLE(127,T46))=0.13175009830428455
(=TABLE(T27,146))=0.
13042377699404317
(=TABLE(127,146))=0.12909745568380177
(=TABLE(T27,T46))=0.1277711343735603
9
(=TABLE(T27,T46) 1=0.12644481306331898
(=TABLE(127,146))=0.12511849175307757
0.15
(Z10
9-$AC$112)*10000=-179.7198097681682
(AA109-$AC$112)*10000=-186.35141631937498
(AB109-$AC$1
12)*10000=-192.983022870582
(AC109-$AC$112)*10000=-199.61462942178903
(AD109-$AC$112)*1000
0=-206.24623597299606
(AE109-$AC$112)*10000=-212.87784252420312
(AF109-$AC$112)*10000=-226.1
4105562661692
(AG109-$AC$112)*10000=-239.40426872903097
(AH109-$AC$112)*10000=-252.667481831
44477
(AI109-$AC$112)*10000=-265.93069493385883
(AJ109-$AC$112)*10000=-279.19390803627294
0.15
Z109-$R$64=0.015065901579888047 AA109-$R$64=0.014402740924767371
AB109-$R$64=0.013739
580269646667
AC109-$R$64=0.013076419614525964
AD109-$R$64=0.01241325895940526 AE109-$R$64=
0.011750098304284556
AF109-$R$64=0.010423776994043177
AG109-$R$64=0.00909745568380177 AH10
9-$R$64=0.00777113437356039
AI109-$R$64=0.006444813063318983
AJ109-$R$64=0.00511849175307
7575
P/E (x) 7.57
0.10
(=TABLE(127,146))=0.14120526074261022
(=TABLE(T27,T46))=0.1405119564213477
(=TABLE(127,146))=0.13981865210008512
(=TABLE(T27,T46))=0.13912534777882257
(=TABLE(T27,146))=0.
13843204345756002
(=TABLE(127,146))=0.13773873913629747
(=TABLE(T27,T46))=0.1363521304937724
(=TABLE(127,146))=0.13496552185124727
(=TABLE(T27,T46))=0.1335789132087222
(=TABLE(T27,146))=0.
13219230456619707
(=TABLE(127,146))=0.130805695923672
0.10
(Z110-$AC$112)*10000=-118.32
621814094641
(AA110-$AC$112)*10000=-125.25926135357163
(AB110-$AC$112)*10000=-132.192304566
1974
(AC110-$AC$112)*10000=-139.1253477788229
(AD110-$AC$112)*10000=-146.05839099144842
(AE110-$AC$112)*10000=-152.9914342040739
(AF110-$AC$112)*10000=-166.85752062932463
(AG1
10-$AC$112)*10000=-180.7236070545759
(AH110-$AC$112)*10000=-194.58969347982662
(AI110-$AC$1
12)*10000=-208.45577990507792
(AJ110-$AC$112)*10000=-222.32186633032865
0.10
Z110-$R$64=0
.021205260742610227
AA110-$R$64=0.020511956421347705
AB110-$R$64=0.019818652100085127
AC110-$R$64=0.019125347778822577
AD110-$R$64=0.018432043457560027
AE110-$R$64=0.017738
739136297477
AF110-$R$64=0.016352130493772404
AG110-$R$64=0.014965521851247277
AH11
0-$R$64=0.013578913208722204
AI110-$R$64=0.012192304566197076
AJ110-$R$64=0.01080569592367
2004
P/BV (x)
1.05
0.05
(=TABLE(T27,T46))=0.14792932077797263
(=TABLE(127,146))=0.14720300
19652214
(=TABLE(127,T46))=0.14647668315247014
(=TABLE(T27,T46) 1=0.1457503643397189
(=TA
BLE(T27,146))=0.14502404552696765
(=TABLE(127,T46))=0.1442977267142164
(=TABLE(T27,146))=0.
14284508908871393
(=TABLE(127,146))=0.14139245146321144
(=TABLE(T27,T46))=0.1399398138377089
8
(=TABLE(T27,T46) 1=0.1384871762122065
(=TABLE(127,146))=0.137034538586704
0.05
(Z11
1-$AC$112)*10000=-51.08561778732229
(AA111-$AC$112)*10000=-58.3488059148346 (AB111-$AC$112)*1000
0=-65.61199404234719
(AC111-$AC$112)*10000=-72.8751821698595 (AD111-$AC$112)*10000=-80.1383702973
7209
(AE111-$AC$112)*10000=-87.40155842488467
(AF111-$AC$112)*10000=-101.9279346799093
(AG111-$AC$112)*10000=-116.45431093493418
(AH111-$AC$112)*10000=-130.98068718995881
(AI].
11-$AC$112)*10000=-145.50706344498371
(AJ111-$AC$112)*10000=-160.0334397000086
0.05
2111
-$R$64=0.027929320777972638
AA111-$R$64=0.027203001965221407
AB111-$R$64=0.02647668315247
015
AC111-$R$64=0.025750364339718917
AD111-$R$64=0.02502404552696766 AE111-$R$64=0.024297
7267142164
AF111-$R$64=0.022845089088713938
AG111-$R$64=0.021392451463211448
AH11
1-$R$64=0.019939813837708986
AI111-$R$64=0.018487176212206496
AJ111-$R$64=0.01703453858670
EFTA01437476
4007
0
(=TABLE(T27,T46))=0.15532578681687126
(=TABLE(T27,T46))=0.15456315206348248
(=TABLE(T27,
T46))=0.15380051731009367
(=TABLE(T27,T46))=0.15303788255670486
(=TABLE(T27,T46))=0.15227524
780331606
(=TABLE(T27,T46))=0.15151261304992725
(=TABLE(T27,T46))=0.14998734354314966
(=TA
BLE(T27,T46))=0.14846207403637202
(=TABLE(T27,T46))=0.14693680452959443
(=TABLE(T27,T46))=0.
1454115350228168
(=TABLE(T27,T46))=0.14388626551603922
0
(Z112-$AC$112)*10000=22.8790
42601663958
(AA112-$AC$112)*10000=15.252695067776155
(AB112-$AC$112)*10000=7.626347533888
078
(AC112-$AC$112)*10000=0 (AD112-$AC$112)*10000=-7.626347533888078
(AE112-$AC$112)*1000
0=-15.252695067776155
(AF112-$AC$112)*10000=-30.505390135552034
(AG112-$AC$112)*10000=-45.75
808520332847
(AH112-$AC$112)*10000=-61.010780271104345
(AI112-$AC$112)*10000=-76.2634753388
8051
(AJ112-$AC$112)*10000=-91.51617040665639
0
Z112-$R$64=0.03532578681687126 AA11
2-$R$64=0.03456315206348248
AB112-$R$64=0.033800517310093675
AC112-$R$64=0.03303788255670
487
AD112-$R$64=0.03227524780331606 AE112-$R$64=0.03151261304992725 AF112-$R$64=0.02998734354314
9664
AG112-$R$64=0.02846207403637202 AH112-$R$64=0.026936804529594433
AI112-$R$64=0.025411
535022816817
AJ112-$R$64=0.02388626551603923
MSCI EM Banks
3Y average
-0.05
(=TABLE(T27,T46))=0.16350082822828554
(=TABLE(T27,T46))=0.
16269805480366578
(=TABLE(T27,T46))=0.161895281379046
(=TABLE(T27,T46))=0.1610925079544261
7
(=TABLE(T27,T46))=0.16028973452980638
(=TABLE(T27,T46))=0.1594869611051866
(=TABLE(T27,
T46))=0.157881414255947 (=TABLE(T27,T46))=0.1562758674067074
(=TABLE(T27,T46))=0.1546703205574678
2
(=TABLE(T27,T46))=0.15306477370822824
(=TABLE(T27,T46))=0.15145922685898866
-0.05
(Z11
3-$AC$112)*10000=104.62945671580681
(AA113-$AC$112)*10000=96.60172246960919 (AB113-$AC$112)*1000
0=88.57398822341128
(AC113-$AC$112)*10000=80.5462539772131 (AD113-$AC$112)*10000=72.51851973101
52
(AE113-$AC$112)*10000=64.4907854848173 (AF113-$AC$112)*10000=48.435316992421484
(AG1
13-$AC$112)*10000=32.379848500025396
(AH113-$AC$112)*10000=16.324380007629593
(A1113-$AC$1
12)*10000=0.26891151523378287
(AJ113-$AC$112)*10000=-15.786556977162025
-0.05
Z113-$R$64=0
.04350082822828555
AA113-$R$64=0.042698054803665786
AB113-$R$64=0.041895281379045995
AC113-$R$64=0.04109250795442618 AD113-$R$64=0.04028973452980639 AE113-$R$64=0.039486961105186597
AF113-$R$64=0.037881414255947016
AG113-$R$64=0.03627586740670741 AH113-$R$64=0.03467032055746
7826
AI113-$R$64=0.033064773708228246
AJ113-$R$64=0.031459226858988665
P/E (x) 8.15
-0.10
(=TABLE(T27,T46))=0.1725842075743014
(=TABLE(T27,T46))=0.1717368356260916
3
(=TABLE(T27,T46))=0.17088946367788185
(=TABLE(T27,T46))=0.17004209172967205
(=TABLE(T27,
T46))=0.16919471978146228
(=TABLE(T27,T46))=0.16834734783325248
(=TABLE(T27,T46))=0.16665260
393683293
(=TABLE(T27,T46))=0.16495
[truncated]
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