TÜRKİYE VAKIFLAR BANKASI T.A.O.

Quarterly Report • May 8, 2025

TÜRKİYE VAKIFLAR BANKASI TÜRK ANONİM ORTAKLIĞI AND ITS FINANCIAL SUBSIDIARIES CONSOLIDATED BALANCE SHEET (STATEMENT OF FINANCIAL POSITION) AS AT MARCH 31, 2025 (Amounts expressed in thousands of Turkish Lira ("TL") unless otherwise stated.)

March 31, 2025 December 31, 2024 ASSETS Notes TL FC Total TL FC I. FINANCIAL ASSETS (Net) 732,456,475 718,549,433 1,451,005,908 854,432,758 688,420,609 1.1 Cash and cash equivalents V-I-1 377,945,130 410,582,752 788,527,882 566,838,671 402,731,154 1.1.1 Cash and balances at Central Bank V-I-1 322,420,819 323,339,814 645,760,633 436,903,262 331,592,662 1.1.2 Banks V-I-3 129,600 87,658,847 87,788,447 277,797 71,489,842 1.1.3 Receivables from Money Markets 55,399,417 - 55,399,417 129,664,820 - 1.1.4 Allowance for expected credit losses (-) V-I-16 4,706 415,909 420,615 7,208 351,350 1.2 Financial assets at fair value through profit or loss V-I-2 4,263,316 1,308,823 5,572,139 1,513,122 1,098,050 1.2.1 Public debt securities 7,062 - 7,062 6,047 - 1.2.2 Equity instruments 331,172 1,308,823 1,639,995 300,178 1,098,050	Total 1,542,853,367 969,569,825 768,495,924 71,767,639 129,664,820 358,558
	2,611,172
	6,047
	1,398,228
1.2.3 Other financial assets 3,925,082 - 3,925,082 1,206,897 -	1,206,897
1.3 Financial assets at fair value through other comprehensive
income V-I-4 324,227,543 298,294,114 622,521,657 262,962,483 281,262,406	544,224,889
1.3.1 Public debt securities 320,887,302 292,192,558 613,079,860 261,058,218 276,131,108	537,189,326
1.3.2 Equity instruments 253,044 53,563 306,607 253,044 48,675	301,719
1.3.3 Other financial assets 3,087,197 6,047,993 9,135,190 1,651,221 5,082,623	6,733,844
1.4 Derivative financial assets V-I-2 26,020,486 8,363,744 34,384,230 23,118,482 3,328,999	26,447,481
1.4.1 Derivative financial assets at fair value through profit or loss 26,020,486 8,363,744 34,384,230 23,118,482 3,328,999	26,447,481
1.4.2 Derivative financial assets at fair value through other
comprehensive income - - - - -	-
II. FINANCIAL ASSETS MEASURED AT AMORTISED
COST (Net) 1,763,591,303 900,183,241 2,663,774,544 1,633,962,923 775,014,947	2,408,977,870
2.1 Loans V-I-5 1,427,813,952 871,704,544 2,299,518,496 1,293,519,702 745,737,955	2,039,257,657
2.2 Receivables from leasing transactions V-I-10 12,735,880 11,399,317 24,135,197 13,716,351 10,758,937	24,475,288
2.3 Factoring receivables 15,769,596 5,189,614 20,959,210 27,560,321 4,961,620	32,521,941
2.4 Financial assets measured at amortised cost V-I-6 364,675,658 30,997,876 395,673,534 352,246,247 30,350,848	382,597,095
2.4.1 Public debt securities 364,675,658 30,578,311 395,253,969 352,246,247 29,640,950	381,887,197
2.4.2 Other financial assets - 419,565 419,565 - 709,898	709,898
2.5 Allowance for expected credit losses (-) 57,403,783 19,108,110 76,511,893 53,079,698 16,794,413	69,874,111
III. NON-CURRENTS ASSETS OR DISPOSAL GROUPS
"HELD FOR SALE" AND "FROM DISCONTINUED
OPERATIONS (Net) V-I-14 882,324 - 882,324 1,076,195 -	1,076,195
3.1 Held for sale purpose 882,324 - 882,324 1,076,195 -	1,076,195
3.2 Related to discontinued operations - - - - -	-
IV. INVESTMENTS IN ASSOCIATES, SUBSIDIARIES AND JOINT VENTURES 12,004,147 3 12,004,150 11,230,607 3	11,230,610
4.1 Investments in associates (Net) V-I-7 8,668,757 3 8,668,760 8,388,762 3	8,388,765
4.1.1 Associates accounted by using equity method 3,316,815 - 3,316,815 3,036,820 -	3,036,820
4.1.2 Unconsolidated associates 5,351,942 3 5,351,945 5,351,942 3	5,351,945
4.2 Investments in subsidiaries (Net) V-I-8 3,335,390 - 3,335,390 2,841,845 -	2,841,845
4.2.1 Unconsolidated financial subsidiaries - - - - -	-
4.2.2 Unconsolidated non-financial subsidiaries 3,335,390 - 3,335,390 2,841,845 -	2,841,845
4.3 Jointly Controlled Partnerships (Joint Ventures) (Net) V-I-9 - - - - -	-
4.3.1 Jointly controlled partnerships accounted by using equity
method - - - - -	-
4.3.2 Unconsolidated jointly controlled partnerships - - - - -	-
V. PROPERTY AND EQUIPMENT (Net) 41,707,357 135,975 41,843,332 40,055,430 135,233	40,190,663
VI. INTANGIBLE ASSETS AND GOODWILL (Net) 1,343,737 16,563 1,360,300 1,334,027 15,468	1,349,495
6.1 Goodwill 3,288 - 3,288 3,288 -	3,288
6.2 Other 1,340,449 16,563 1,357,012 1,330,739 15,468	1,346,207
VII. INVESTMENT PROPERTIES (Net) V-I-12 18,888,800 - 18,888,800 18,803,793 -	18,803,793
VIII. CURRENT TAX ASSETS 3,893 - 3,893 884,331 -	884,331
IX. DEFERRED TAX ASSETS V-I-13 7,738,476 126,645 7,865,121 4,776,043 122,618	4,898,661
X. OTHER ASSETS (Net) V-I-15 63,242,799 9,989,495 73,232,294 55,629,009 7,681,487	63,310,496
TOTAL ASSETS 2,641,859,311 1,629,001,355 4,270,860,666 2,622,185,116 1,471,390,365	4,093,575,481

TÜRKİYE VAKIFLAR BANKASI TÜRK ANONİM ORTAKLIĞI AND ITS FINANCIAL SUBSIDIARIES CONSOLIDATED BALANCE SHEET (STATEMENT OF FINANCIAL POSITION) AS AT MARCH 31, 2025 (Amounts expressed in thousands of Turkish Lira ("TL") unless otherwise stated.)

				Current Period Prior Period March 31, 2025 December 31, 2024
	LIABILITIES AND EQUITY	Notes	TL	FC	Total	TL	FC	Total
I.	DEPOSITS	V-II-1	1,908,441,814	748,677,150	2,657,118,964	1,861,033,430	698,677,101	2,559,710,531
II.	BORROWINGS	V-II-3	54,121,501	306,662,513	360,784,014	54,499,820	241,653,371	296,153,191
III.	MONEY MARKET FUNDS		183,746,987	310,679,618	494,426,605	278,255,815	230,302,498	508,558,313
IV.	MARKETABLE SECURITIES ISSUED (Net)	V-II-3	3,069,220	205,854,635	208,923,855	5,784,837	207,916,445	213,701,282
4.1	Bills		3,069,220	4,443,279	7,512,499	5,784,837	6,085,568	11,870,405
4.2	Asset backed securities		-	-	-	-	-	-
4.3.	Bonds		-	201,411,356	201,411,356	-	201,830,877	201,830,877
V.	FUNDS		3,005	-	3,005	3,005	-	3,005
5.1	Borrower funds		-	-	-	-	-	-
5.2	Other		3,005	-	3,005	3,005	-	3,005
VI.	FINANCIAL LIABILITIES AT FAIR VALUE
	THROUGH PROFIT OR LOSS		-	-	-	-	-	-
VII.	DERIVATIVE FINANCIAL LIABILITIES	V-II-2	1,048,184	3,656,806	4,704,990	1,901,202	4,908,968	6,810,170
7.1	Derivative financial liabilities at fair value through profit
	or loss		1,048,184	3,656,806	4,704,990	1,901,202	4,908,968	6,810,170
7.2	Derivative financial liabilities at fair value through other
	comprehensive income		-	-	-	-	-	-
VIII.	FACTORING PAYABLES		8	10,241	10,249	368	8	376
IX.	LEASE PAYABLES (Net)	V-II-5	6,092,730	864	6,093,594	5,430,447	1,602	5,432,049
X.	PROVISIONS	V-II-7	18,657,808	564,135	19,221,943	27,840,818	608,023	28,448,841
10.1	Provision for restructuring		-	-	-	-	-	-
10.2	Reserves for employee benefits		12,204,213	39,356	12,243,569	10,785,006	24,842	10,809,848
10.3	Insurance technical reserves (Net)		-	-	-	-	-	-
10.4	Other provisions		6,453,595	524,779	6,978,374	17,055,812	583,181	17,638,993
XI.	CURRENT TAX LIABILITIES	V-II-8	14,981,895	24,047	15,005,942	10,980,772	33,558	11,014,330
XII.	DEFERRED TAX LIABILITIES	V-II-8	2,168,851	-	2,168,851	2,165,638	-	2,165,638
XIII.	LIABILITIES RELATED TO NON-CURRENT ASSETS "HELD FOR SALE" AND
	"DISCONTINUED OPERATIONS" (Net)	V-II-9	-	-	-	-	-	-
13.1	Held for sale		-	-	-	-	-	-
13.2	Related to discontinued operations		-	-	-	-	-	-
XIV.	SUBORDINATED DEBT	V-II-10	12,371,423	80,016,811	92,388,234	12,211,950	72,709,156	84,921,106
14.1	Loans		-	-	-	-	-	-
14.2	Other debt instruments		12,371,423	80,016,811	92,388,234	12,211,950	72,709,156	84,921,106
XV.	OTHER LIABILITIES	V-II-4	118,343,883	40,019,234	158,363,117	114,920,128	25,537,794	140,457,922
XVI.	SHAREHOLDERS` EQUITY	V-II-11	243,358,341	8,288,962	251,647,303	227,284,331	8,914,396	236,198,727
16.1	Paid-in capital	V-II-11	9,915,922	-	9,915,922	9,915,922	-	9,915,922
16.2	Capital reserves		46,121,381	-	46,121,381	46,120,305	-	46,120,305
16.2.1	Equity share premiums		45,601,513	-	45,601,513	45,601,513	-	45,601,513
16.2.2	Share cancellation profits		-	-	-	-	-	-
16.2.3	Other capital reserves		519,868	-	519,868	518,792	-	518,792
16.3	Other accumulated comprehensive income that will not be
	reclassified in profit or loss		21,544,276	-	21,544,276	21,373,077	-	21,373,077
16.4	Other accumulated comprehensive income that will be
	reclassified in profit or loss		(11,074,287)	7,616,003	(3,458,284)	(5,282,410)	8,166,615	2,884,205
16.5	Profit reserves		90,255,430	46,684	90,302,114	89,407,456	46,684	89,454,140
16.5.1	Legal reserves		9,623,578	46,684	9,670,262	9,623,799	46,684	9,670,483
16.5.2	Statutory reserves		6,337	-	6,337	6,337	-	6,337
16.5.3	Extraordinary reserves		78,882,682	-	78,882,682	78,033,601	-	78,033,601
16.5.4	Other profit reserves		1,742,833	-	1,742,833	1,743,719	-	1,743,719
16.6	Profit or loss		76,262,432	626,275	76,888,707	55,653,066	701,097	56,354,163
16.6.1	Prior years' profits or losses		54,757,186	386,480	55,143,666	6,595,570	565,749	7,161,319
16.6.2	Current period net profit or loss		21,505,246	239,795	21,745,041	49,057,496	135,348	49,192,844
16.7	Minority interests		10,333,187	-	10,333,187	10,096,915	-	10,096,915
	TOTAL LIABILITIES AND EQUITY		2,566,405,650	1,704,455,016	4,270,860,666	2,602,312,561	1,491,262,920	4,093,575,481

TÜRKİYE VAKIFLAR BANKASI TÜRK ANONİM ORTAKLIĞI AND ITS FINANCIAL SUBSIDIARIES CONSOLIDATED OFF-BALANCE SHEET ITEMS AS AT MARCH 31, 2025

(Amounts expressed in thousands of Turkish Lira ("TL") unless otherwise stated.)

Notes TL FC Total TL FC Total A. OFF-BALANCE SHEET COMMITMENTS AND CONTINGENCIES (I+II+III) 1,848,889,013 1,957,834,370 3,806,723,383 1,394,597,011 1,775,084,875 3,169,681,886 I. GUARANTEES AND SURETIES V-III-2 384,458,193 375,924,423 760,382,616 353,636,576 333,012,897 686,649,473 1.1. Letters of guarantee V-III-1 380,386,346 234,398,356 614,784,702 349,306,327 210,557,012 559,863,339 1.1.1. Guarantees subject to state tender law 8,037,196 - 8,037,196 7,534,694 0 7,534,694 1.1.2. Guarantees given for foreign trade operations 23,234,196 122,759,848 145,994,044 21,073,866 113,852,683 134,926,549 1.1.3. Other letters of guarantee 349,114,954 111,638,508 460,753,462 320,697,767 96,704,329 417,402,096 1.2. Bank acceptances 4,258 7,564,296 7,568,554 4,258 6,963,856 6,968,114 1.2.1. Import letter of acceptance - 2,349,226 2,349,226 - 1,730,604 1,730,604 1.2.2. Other bank acceptances V-III-4 4,258 5,215,070 5,219,328 4,258 5,233,252 5,237,510 1.3. Letters of credit V-III-4 167,028 125,155,374 125,322,402 187,484 107,498,532 107,686,016 1.3.1. Documentary letters of credit 167,028 125,155,374 125,322,402 187,484 107,498,532 107,686,016 1.3.2. Other letters of credit - - - - - - 1.4. Pre-financings given as guarantee - 30,228 30,228 - 28,122 28,122 1.5. Endorsements - - - - - - 1.5.1. Endorsements to the Central Bank of the Republic of Turkey - - - - - - 1.5.2. Other endorsements - - - - - - 1.6. Purchase guarantees for securities issued - - - - - - 1.7. Factoring guarantees 3,696,440 5,237,734 8,934,174 3,234,386 4,838,895 8,073,281 1.8. Other guarantees 204,121 658,972 863,093 204,121 556,188 760,309 1.9. Other warrantees - 2,879,463 2,879,463 700,000 2,570,292 3,270,292 II. COMMITMENTS 1,339,421,772 556,177,191 1,895,598,963 899,051,857 429,351,840 1,328,403,697 2.1. Irrevocable commitments V-III-1 1,298,892,935 236,038,991 1,534,931,926 858,003,176 180,938,951 1,038,942,127 2.1.1. Asset purchase and sales commitments V-III-1 175,502,302 228,354,473 403,856,775 53,876,600 175,132,731 229,009,331 2.1.2. Deposit purchase and sales commitments - - - - - - 2.1.3. Share capital commitments to associates and subsidiaries - - - 0 - - 2.1.4. Loan granting commitments V-III-1 369,089,954 968,307 370,058,261 296,760,473 279,906 297,040,379 2.1.5. Securities issuance brokerage commitments - - - - - - 2.1.6. Commitments for reserve deposit requirements - - - - - - 2.1.7. Commitments for cheque payments V-III-1 20,476,644 - 20,476,644 14,787,396 - 14,787,396 2.1.8. Tax and fund liabilities from export commitments - - - - - - 2.1.9. Commitments for credit card expenditure limits V-III-1 699,636,239 - 699,636,239 458,300,096 - 458,300,096 2.1.10. Commitments for credit cards and banking services promotions 1,441,756 - 1,441,756 3,455,059 - 3,455,059 2.1.11. Receivables from short sale commitments on marketable securities - - - - - - 2.1.12. Payables for short sale commitments on marketable securities - - - - - - 2.1.13. Other irrevocable commitments 32,746,040 6,716,211 39,462,251 30,823,552 5,526,314 36,349,866 2.2. Revocable commitments 40,528,837 320,138,200 360,667,037 41,048,681 248,412,889 289,461,570 2.2.1. Revocable loan granting commitments 40,528,837 320,138,200 360,667,037 41,048,681 248,412,889 289,461,570 2.2.2. Other revocable commitments - - - - - - III. DERIVATIVE FINANCIAL INSTRUMENTS 125,009,048 1,025,732,756 1,150,741,804 141,908,578 1,012,720,138 1,154,628,716 3.1. Derivative financial instruments held for hedging - - - - - - 3.1.1. Fair value hedges - - - - - - 3.1.2. Cash flow hedges - - - - - - 3.1.3. Hedging for investments made in foreign countries - - - - - - 3.2. Trading transactions 125,009,048 1,025,732,756 1,150,741,804 141,908,578 1,012,720,138 1,154,628,716 3.2.1. Forward foreign currency purchase and sale transactions 50,843,703 61,984,541 112,828,244 54,500,915 56,200,803 110,701,718 3.2.1.1. Forward foreign currency purchase transactions 25,463,177 31,002,470 56,465,647 27,309,819 28,108,306 55,418,125 3.2.1.2. Forward foreign currency sales 25,380,526 30,982,071 56,362,597 27,191,096 28,092,497 55,283,593 3.2.2. Currency and interest rate swaps 63,336,087 654,231,326 717,567,413 81,503,023 662,116,720 743,619,743 3.2.2.1. Currency swap purchase transactions - 179,171,991 179,171,991 41,682,349 190,068,463 231,750,812 3.2.2.2. Currency swap sale transactions 61,946,087 231,447,641 293,393,728 38,390,674 233,274,669 271,665,343 3.2.2.3. Interest rate swap purchase transactions 695,000 121,805,847 122,500,847 715,000 119,386,794 120,101,794 3.2.2.4. Interest rate swap sale transactions 695,000 121,805,847 122,500,847 715,000 119,386,794 120,101,794 3.2.3. Currency, interest rate and security options 9,800,804 11,106,161 20,906,965 4,876,186 6,355,836 11,232,022 3.2.3.1 Currency purchase options 3,676,376 6,811,819 10,488,195 4,162,656 1,566,034 5,728,690 3.2.3.2 Currency sale options 6,124,428 4,294,342 10,418,770 713,530 4,789,802 5,503,332 3.2.3.3 Interest rate purchase options - - - - - - 3.2.3.4 Interest rate sale options - - - - - - 3.2.3.5 Security purchase options - - - - - - 3.2.3.6 Security sale options - - - - - - 3.2.4. Currency futures - - - - - - 3.2.4.1. Currency purchase futures - - - - - - 3.2.4.2. Currency sales futures - - - - - - 3.2.5. Interest rate futures - - - - - - 3.2.5.1. Interest rate purchases futures - - - - - - 3.2.5.2. Interest rate sales futures - - - - - - 3.2.6. Other 1,028,454 298,410,728 299,439,182 1,028,454 288,046,779 289,075,233 B. CUSTODY AND PLEDGED ITEMS (IV+V+VI) 43,764,861,485 35,302,903,501 79,067,764,986 39,712,831,240 29,360,361,286 69,073,192,526 IV. ITEMS HELD IN CUSTODY 483,075,955 346,948,846 830,024,801 455,709,983 291,075,144 746,785,127 4.1. Customer fund and portfolio balances 18,370,521 - 18,370,521 17,397,844 - 17,397,844 4.2. Securities held in custody 126,054,562 167,571,082 293,625,644 148,688,118 144,902,368 293,590,486 4.3. Checks received for collection 130,183,534 11,338,813 141,522,347 121,410,786 4,650,966 126,061,752 4.4. Commercial notes received for collection 76,751,778 20,281,102 97,032,880 73,092,148 17,325,045 90,417,193 4.5. Other assets received for collection 2,152 1,520 3,672 2,152 1,414 3,566 4.6. Securities received for public offering - - - - - - 4.7. Other items under custody 727,759 127,330,384 128,058,143 901,574 106,209,613 107,111,187 4.8. Custodians 130,985,649 20,425,945 151,411,594 94,217,361 17,985,738 112,203,099 V. PLEDGED ITEMS 6,032,840,987 1,639,451,986 7,672,292,973 5,305,516,594 1,536,545,807 6,842,062,401 5.1. Marketable securities 1,949,423 2,652,719 4,602,142 505,505 2,881,224 3,386,729 5.2. Guarantee notes 31,567,427 15,090,337 46,657,764 32,367,671 14,727,029 47,094,700 5.3. Commodity 495,789,205 43,218,433 539,007,638 454,804,823 37,092,119 491,896,942 5.4. Warrant - - - - - - 5.5. Immovables 4,856,012,053 1,332,503,449 6,188,515,502 4,260,887,706 1,256,874,005 5,517,761,711 5.6. Other pledged items 647,089,312 245,875,742 892,965,054 556,585,004 224,858,827 781,443,831 5.7. Depositories receiving pledged items 433,567 111,306 544,873 365,885 112,603 478,488 VI. ACCEPTED GUARANTEES AND WARRANTEES 37,248,944,543 33,316,502,669 70,565,447,212 33,951,604,663 27,532,740,335 61,484,344,998 TOTAL OFF-BALANCE SHEET COMMITMENTS (A+B) 45,613,750,498 37,260,737,871 82,874,488,369 41,107,428,251 31,135,446,161 72,242,874,412			Current Period		Prior Period
			March 31, 2025		December 31, 2024

TÜRKİYE VAKIFLAR BANKASI TÜRK ANONİM ORTAKLIĞI AND ITS FINANCIAL SUBSIDIARIES CONSOLIDATED STATEMENT OF PROFIT OR LOSS FOR THE THREE-MONTH PERIOD ENDED MARCH 31, 2025

(Amounts expressed in thousands of Turkish Lira ("TL") unless otherwise stated.)

			Current Period	Prior Period
			January 1, 2025-	January 1, 2024-
	INCOME AND EXPENSE ITEMS	Notes	March 31, 2025	March 31, 2024
I.	INTEREST INCOME	V-IV-1	226,214,956	141,102,220
1.1	Interest on loans	V-IV-1	147,462,140	98,793,948
1.2	Interest received from reserve deposits		20,059,089	3,691,947
1.3	Interest received from banks	V-IV-1	428,009	414,660
1.4	Interest received from money market transactions		7,968,447	3,551,505
1.5	Interest received from marketable securities portfolio	V-IV-1	48,109,655	32,732,358
1.5.1	Financial assets at fair value through profit or loss		3,329	149,494
1.5.2	Financial assets at fair value through other comprehensive income		29,206,037	13,645,653
1.5.3	Financial assets measured at amortised cost		18,900,289	18,937,211
1.6	Finance lease interest income		1,449,296	1,588,467
1.7	Other interest income		738,320	329,335
II.	INTEREST EXPENSES (-)	V-IV-2	203,006,457	121,706,095
2.1	Interest on deposits	V-IV-2	171,457,016	108,054,991
2.2	Interest on funds borrowed	V-IV-2	6,301,133	5,523,767
2.3	Interest on money market transactions		18,772,609	3,759,914
2.4	Interest on securities issued	V-IV-2	6,088,250	3,499,669
2.5	Leasing interest income		246,443	140,631
2.6	Other interest expenses		141,006	727,123
III.	NET INTEREST INCOME/EXPENSE (I - II)		23,208,499	19,396,125
IV.	NET FEES AND COMMISSIONS INCOME/EXPENSES		15,193,903	10,167,812
4.1	Fees and commissions received		20,902,523	13,661,590
4.1.1	Non-cash loans		1,499,045	1,193,910
4.1.2	Other		19,403,478	12,467,680
4.2	Fees and commissions paid (-)		5,708,620	3,493,778
4.2.1	Non-cash loans		9,909	33,165
4.2.2	Other		5,698,711	3,460,613
V.	DIVIDEND INCOME		1,912	1,490
VI.	TRADING PROFIT/LOSS (Net)	V-IV-3	6,231,228	(3,433,983)
6.1	Profit/losses from capital market transactions	V-IV-3	465,619	1,315,270
6.2	Profit/losses from derivative financial transactions	V-IV-3	2,173,678	(10,422,532)
6.3	Foreign exchange profit/losses	V-IV-3	3,591,931	5,673,279
VII.	OTHER OPERATING INCOME	V-IV-4	34,204,674	24,600,491
VIII.	GROSS PROFIT FROM OPERATING ACTIVITIES (III+IV+V+VI+VII)		78,840,216	50,731,935
IX.	ALLOWANCES FOR EXPECTED CREDIT LOSSES (-)	V-IV-5	28,686,684	17,669,712
X.	OTHER PROVISION EXPENSES (-)	V-IV-5	148,188	157,824
XI.	PERSONNEL EXPENSES (-)		9,534,051	5,910,425
XII.	OTHER OPERATING EXPENSES (-)	V-IV-6	15,450,733	9,844,749
XIII.	NET OPERATING PROFIT/LOSS (VIII-IX-X-XI-XII)		25,020,560	17,149,225
XIV.	SURPLUS WRITTEN AS GAIN AFTER MERGER		-	-
XV.	PROFIT/LOSS FROM EQUITY METHOD APPLIED SUBSIDIARIES		283,529	176,368
XVI. XVII.	NET MONETORY POSITION GAIN/LOSS PROFIT/LOSS BEFORE TAXES FROM CONTINUING OPERATIONS (XIII++XVI)	V-IV-7	- 25,304,089	- 17,325,593
XVIII.	PROVISION FOR TAXES ON INCOME FROM CONTINUING OPERATIONS (±)	V-IV-8	(3,324,309)	(4,008,506)
18.1	Current tax provision	V-IV-10	(3,342,844)	(2,355,153)
18.2	Expense effect of deferred tax (+)	V-IV-10	(8,747,941)	(1,899,807)
18.3	Income effect of deferred tax (-)	V-IV-10	8,766,476	246,454
XIX.	NET PROFIT/LOSS FROM CONTINUING OPERATIONS (XVII±XVIII)	V-IV-9	21,979,780	13,317,087
XX.	INCOME FROM DISCONTINUED OPERATIONS		-	-
20.1	Income from assets held for sale		-	-
20.2	Profit from sale of associates, subsidiaries and joint ventures		-	-
20.3	Other income from discontinued operations		-	-
XXI.	EXPENSES FROM DISCONTINUED OPERATIONS (-)		-	-
21.1	Expenses on assets held for sale		-	-
21.2	Losses from sale of associates, subsidiaries and joint ventures		-	-
21.3	Other expenses from discontinued operations		-	-
XXII.	PROFIT/LOSS BEFORE TAXES FROM DISCONTINUED OPERATIONS (XX-XXI)		-	-
XXIII.	TAX PROVISION FOR DISCONTINUED OPERATIONS (±)		-	-
23.1	Current tax provision		-	-
23.2	Expense effect of deferred tax (+)		-	-
23.3	Income effect of deferred tax (-)		-	-
XXIV.	NET PROFIT/LOSS FROM DISCONTINUED OPERATIONS (XXII±XXIII)		-	-
XXV.	NET PROFIT/LOSSES (XIX+XXIV)	V-IV-11	21,979,780	13,317,087
25.1	Group's profit/(loss)		21,745,041	13,172,228
25.2	Profit /(Loss) from Minority shares (-)		234,739	144,859
	Profit/Loss per 100 shares (full TL)	III-XXIV	2.2242	1.3430

TÜRKİYE VAKIFLAR BANKASI TÜRK ANONİM ORTAKLIĞI AND ITS FINANCIAL SUBSIDIARIES CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME AS OF THE THREE-MONTH PERIOD ENDED MARCH 31, 2025

(Amounts expressed in thousands of Turkish Lira ("TL") unless otherwise stated.)

	PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME	Current Period January 1, 2025- March 31, 2025	Prior Period January 1, 2024- March 31, 2024
I.	PROFIT (LOSS)	21,979,780	13,317,087
II.	OTHER COMPREHENSIVE INCOME	(6,169,231)	1,144,866
2.1.	Other comprehensive income that will not be reclassified to profit or loss	173,258	197,789
2.1.1.	Gains (Losses) on Revaluation of Property, Plant and Equipment	(4,067)	(4,531)
2.1.2.	Gains (losses) on revaluation of Intangible Assets	-	-
2.1.3.	Gains (losses) on remeasurements of defined benefit plans	9,891	(5,028)
2.1.4.	Other Components of Other Comprehensive Income That Will Not Be Reclassified to Profit or Loss	(5,167)	542
2.1.5.	Taxes Relating to Components of Other Comprehensive Income That Will Not Be Reclassified to Profit or Loss	172,601	206,806
2.2.	Other Comprehensive Income That Will Be Reclassified to Profit or Loss	(6,342,489)	947,077
2.2.1.	Exchange Differences on Translation	423,864	505,563
2.2.2.	Valuation and/or Reclassification Profit or Loss from financial assets at fair value through other comprehensive income	(9,626,859)	(178,390)
2.2.3.	Income (Loss) Related with Cash Flow Hedges	-	-
2.2.4.	Income (Loss) Related with Hedges of Net Investments in Foreign Operations	(121,773)	505,352
2.2.5.	Other Components of Other Comprehensive Income that will be Reclassified to Other Profit or Loss	-	-
2.2.6.	Taxes Relating to Components of Other Comprehensive Income That Will Be Reclassified to Profit or Loss	2,982,279	114,552
III.	TOTAL COMPREHENSIVE INCOME (I+II)	15,810,549	14,461,953

TÜRKİYE VAKIFLAR BANKASI TÜRK ANONİM ORTAKLIĞI AND ITS FINANCIAL SUBSIDIARIES CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY AS OF THE THREE-MONTH PERIOD ENDED MARCH 31, 2025

(Amounts expressed in thousands of Turkish Lira ("TL") unless otherwise stated.)

STATEMENT OF CHANGES IN SHAREHOLDERS EQUITY								Accumulated Other Comprehensive Income or Expense Not Reclassified through Profit or Loss		Accumulated Other Comprehensive Income or Expense Reclassified through Profit or Loss
		Notes	Paid in Capital	Share Premium	Share Cancellation Profits	Other Capital Reserves	1	2	3	4	5	6	Profit Reserves	Prior Period Profit or (Loss)	Current Period Profit or (Loss)	Total SE Except minority share	Minority interest	Total Shareholders' Equity
	Current Period March 31, 2025
I. II.	Prior Period End Balance Corrections and Accounting Policy Changes Made			9,915,922 45,601,513	-		518,792 17,464,708	(2,616,757)	6,525,126	2,915,620	181,260		(212,675) 89,454,140	56,354,163		- 226,101,812	10,096,915	236,198,727
2.1. 2.2.	According to TAS 8 Effects of Corrections Effects of the Changes in		- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
III.	Accounting Policies Adjusted Beginning Balance (I+II)		-	- 9,915,922 45,601,513	- -	-	- 518,792 17,464,708	- (2,616,757)	- 6,525,126	- 2,915,620	- 181,260	-	- (212,675) 89,454,140	- 56,354,163	-	- - 226,101,812	- 10,096,915	- 236,198,727
IV.	Total Comprehensive Income		-	-	-	-	170,099	6,266	(5,166)	423,864	(6,744,914)	(21,439)	-		- 21,745,041	15,573,751	236,798	15,810,549
V. VI.	Capital Increase by Cash Capital Increase by Internal Resources		- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
VII.	Paid-in capital inflation adjustment difference		-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
IX.	VIII. Convertible Bonds Subordinated Debt Instruments		- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
X.	Increase/Decrease by Other Changes		-	-	-	246	-	-	-	-	-	-	(885)	(360,808)	-	(361,447)	(438)	(361,885)
XI.	Profit Distribution 11.1. Dividends paid 11.2. Transfers to Reserves		- - -	- - -	- - -	830 - -	- - -	- - -	- - -	- - -	- - -	- - -	848,859 - 739,149	(849,689) - (739,149)	- - -	- - -	(88) (88) -	(88) (88) -
	11.3. Other Ending Balance		-	- 9,915,922 45,601,513	- -	830	- 519,868 17,634,807	- (2,610,491)	- 6,519,960	- 3,339,484	- (6,563,654)	-	109,710 (234,114) 90,302,114	(110,540)	-	- 55,143,666 21,745,041 241,314,116	- 10,333,187	- 251,647,303

1. Property & Equipment Revaluation Increase/Decrease

2. Defined Benefit Pension Plan Remeasurement Gain/Loss

3. Other (Accumulated Amount of the Shares Stated as Other Comprehensive Income Not Reclassified Through Profit or Loss and Components Not Reclassified as Other Profit or Loss of the Investments Valued by Equity Method)

4. Translation Differences from Foreign Currency Transactions

5. Accumulated Revaluation and/or Remeasurement Gain/Loss of the Financial Assets at Fair Value Through Other Comprehensive Income

6. Other (Cash Flow Hedge Income/Loss, Accumulated Amount of the Shares Stated as Other Comprehensive Income Reclassified Through Profit or Loss and Components Reclassified as Other Profit or Loss of the Investments Valued by Equity Method.

TÜRKİYE VAKIFLAR BANKASI TÜRK ANONİM ORTAKLIĞI AND ITS FINANCIAL SUBSIDIARIES CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY AS OF THE THREE-MONTH PERIOD ENDED MARCH 31, 2025

(Amounts expressed in thousands of Turkish Lira ("TL") unless otherwise stated.)

	STATEMENT OF CHANGES IN SHAREHOLDERS EQUITY						Accumulated Other Comprehensive Income or Expense Not Reclassified through Profit or Loss			Accumulated Other Comprehensive Income or Expense Reclassified through Profit or Loss
		Notes	Paid in Capital	Share Premium	Share Cancellation Profits	Other Capital Reserves	1	2	3	4	5	6	Profit Reserves	Prior Period Profit or (Loss)	Current Period Profit or (Loss)	Total SE Except minority share	Minority interest	Total Shareholders' Equity
	Prior Period March 31, 2024
I. II.	Prior Period End Balance Corrections and Accounting Policy Changes Made			9,915,922 45,589,989	-		(427,009) 11,966,716	(1,955,463)	5,220,355	2,644,546	5,671,208		(675,052) 62,087,804	35,229,085		- 175,268,101	5,607,597	180,875,698
2.1. 2.2.	According to TAS 8 Effects of Corrections Effects of the Changes in		- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
III.	Accounting Policies Adjusted Beginning Balance (I+II)		-	- 9,915,922 45,589,989	- -	-	- (427,009) 11,966,716	- (1,955,463)	- 5,220,355	- 2,644,546	- 5,671,208	-	- (675,052) 62,087,804	- 35,229,085	-	- - 175,268,101	- 5,607,597	- 180,875,698
IV. V. VI.	Total Comprehensive Income Capital Increase by Cash Capital Increase by Internal Resources		- - -	- - -	- - -	- - -	198,643 - -	(4,740) - -	2,924 - -	505,563 - -	(114,748) - -	556,262 - -	- - -	- -	- 13,172,228 - -	14,316,132 - -	145,821 - -	14,461,953 - -
VII.	Paid-in capital inflation adjustment difference		-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
IX.	VIII. Convertible Bonds Subordinated Debt Instruments		- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
X. XI.	Increase/Decrease by Other Changes Profit Distribution		- -	- -	- -	- 8,359	- -	- -	- (86)	- -	- -	- -	(396,784) 590,492	(392,197) (590,492)	- -	(788,981) 8,273	(97,562) -	(886,543) 8,273
	11.1. Dividends paid 11.2. Transfers to Reserves 11.3. Other		- - -	- - -	- - -	- - 8,359	- - -	- - -	- - (86)	- - -	- - -	- - -	- 506,969 83,523	- (506,969) (83,523)	- - -	- - 8,273	- - -	- - 8,273
	Ending Balance			9,915,922 45,589,989	-		(418,650) 12,165,359	(1,960,203)	5,223,193	3,150,109	5,556,460		(118,790) 62,281,512		34,246,396 13,172,228 188,803,525		5,655,856	194,459,381

1. Property & Equipment Revaluation Increase/Decrease

2. Defined Benefit Pension Plan Remeasurement Gain/Loss

3. Other (Accumulated Amount of the Shares Stated as Other Comprehensive Income Not Reclassified Through Profit or Loss and Components Not Reclassified as Other Profit or Loss of the Investments Valued by Equity Method)

4. Translation Differences from Foreign Currency Transactions

5. Accumulated Revaluation and/or Remeasurement Gain/Loss of the Financial Assets at Fair Value Through Other Comprehensive Income

6. Other (Cash Flow Hedge Income/Loss, Accumulated Amount of the Shares Stated as Other Comprehensive Income Reclassified Through Profit or Loss and Components Reclassified as Other Profit or Loss of the Investments Valued by Equity Method.

TÜRKİYE VAKIFLAR BANKASI TÜRK ANONİM ORTAKLIĞI AND ITS FINANCIAL SUBSIDIARIES CONSOLIDATED STATEMENT OF CASH FLOW FOR THE THREE-MONTH PERIOD ENDED MARCH 31, 2025

(Amounts expressed in thousands of Turkish Lira ("TL") unless otherwise stated.)

		Current Period	Prior Period
	Notes	March 31, 2025	March 31, 2024
A.	CASH FLOWS FROM BANKING OPERATIONS
1.1	Operating profit before changes in operating assets and liabilities	36,381,059	6,015,567
1.1.1	Interest received	213,383,994	119,498,838
1.1.2	Interest paid	(201,239,976)	(120,367,866)
1.1.3	Dividends received	1,912	1,490
1.1.4	Fee and commissions received	9,087,890	4,595,608
1.1.5	Other income	9,865,094	7,994,486
1.1.6	Collections from previously written off loans and other receivables	3,527,449	1,507,324
1.1.7	Cash payments to personnel and service suppliers	(10,479,573)	(6,491,423)
1.1.8	Taxes paid	(2,361,534)	(865,310)
1.1.9	Other	14,595,803	142,420
1.2	Changes in operating assets and liabilities subject to banking operations	(268,831,315)	(78,899,929)
1.2.1	Net (Increase) Decrease in Financial Assets at Fair Value through Profit or Loss	(2,757,649)	18,557,095
1.2.2	Net increase (decrease) in due from banks	(19,084,737)	(69,203,187)
1.2.3	Net increase (decrease) in loans	(248,279,413)	(82,614,619)
1.2.4	Net increase (decrease) in other assets	(79,306,933)	(70,985,146)
1.2.5	Net increase (decrease) in bank deposits	(21,562,450)	11,647,384
1.2.6	Net increase (decrease) in other deposits	110,518,138	15,417,240
1.2.7	Net increase (decrease) in financial liabilities at fair value through profit or loss	-	-
1.2.8	Net increase (decrease) in funds borrowed	38,193,932	2,003,171
1.2.9	Net increase (decrease) in matured payables	-	-
1.2.10	Net increase (decrease) in other liabilities	(46,552,203)	96,278,133
I.	Net cash flow provided from banking operations	(232,450,256)	(72,884,362)
B.	CASH FLOWS FROM INVESTING ACTIVITIES
II.	Net cash provided from investing activities	30,027,014	(14,643,948)
2.1	Cash paid for the purchase of associates, subsidiaries and joint ventures	(493,545)	-
2.2	Cash obtained from the sale of associates, subsidiaries and joint ventures	-	-
2.3	Cash paid for the purchase of tangible and intangible asset	(2,096,450)	(1,670,731)
2.4	Cash obtained from the sale of tangible and intangible asset	762,555	306,858
2.5	Cash paid for the purchase of financial assets at fair value through other comprehensive
	income	(48,167,006)	(33,835,813)
2.6	Cash obtained from the sale of financial assets at fair value through other comprehensive
	income	78,308,628	17,488,171
2.7	Cash paid for the purchase of financial assets at amortized cost	(2,041,737)	(421,004)
2.8	Cash obtained from sale of financial assets at amortized cost	3,814,508	3,572,998
2.9	Other	(59,939)	(84,427)
C.	CASH FLOWS FROM FINANCING ACTIVITIES
III.	Net cash flows from financing activities	1,554,450	69,024,235
3.1	Cash obtained from funds borrowed and securities issued	8,183,452	73,032,706
3.2	Cash outflow from funds borrowed and securities issued	(6,017,811)	(3,660,382)
3.3	Equity instruments issued	-	-
3.4	Dividends paid	-	-
3.5	Payments for finance lease liabilities	(611,191)	(348,089)
3.6	Other	-	-
IV.	Effect of change in foreign exchange rate on cash and cash equivalents	191,615	913,980
V.	Net increase/decrease in cash and cash equivalents	(200,677,177)	(17,590,095)
VI.	Cash and cash equivalents at beginning of the period	705,025,225	336,682,989
VII.	Cash and cash equivalents at end of the period	504,348,048	319,092,894