TÜRKİYE VAKIFLAR BANKASI T.A.O.

Annual / Quarterly Financial Statement • Aug 7, 2025

TÜRKİYE VAKIFLAR BANKASI TÜRK ANONİM ORTAKLIĞI

UNCONSOLIDATED BALANCE SHEET (STATEMENT OF FINANCIAL POSITION) AS OF JUNE 30, 2025

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

				Current Period June 30, 2025		Prior Period
	ASSETS	Notes	TL	FC	Total	TL	December 31, 2024 FC	Total
I.	FINANCIAL ASSETS (Net)		710,199,893	762,263,254	1,472,463,147	853,260,452	674,291,022	1,527,551,474
1.1	Cash and cash equivalents	V-I-1	353,481,604	522,104,766	875,586,370	565,869,819	402,445,620	968,315,439
1.1.1	Cash and balances at Central Bank	V-I-1	351,161,931	442,900,096	794,062,027	436,902,824	331,552,944	768,455,768
1.1.2	Banks	V-I-3	91	79,480,926	79,481,017	85	71,239,075	71,239,160
1.1.3	Receivables from Money Markets		2,323,443	-	2,323,443	128,971,733	-	128,971,733
1.1.4	Allowance for expected credit losses (-)	V-I-16	3,861	276,256	280,117	4,823	346,399	351,222
1.2	Financial assets at fair value through profit or loss	V-I-2	6,845,617	1,388,278	8,233,895	1,324,402	1,098,050	2,422,452
1.2.1	Public debt securities		-	-	-	-	-	-
1.2.2	Equity instruments		230,352	1,388,278	1,618,630	242,830	1,098,050	1,340,880
1.2.3	Other financial assets		6,615,265	-	6,615,265	1,081,572	-	1,081,572
1.3	Financial assets at fair value through other comprehensive
	income	V-I-4	324,430,675	234,455,658	558,886,333	262,947,749	267,418,353	530,366,102
1.3.1	Public debt securities		324,096,585	234,376,865	558,473,450	261,058,218	267,351,934	528,410,152
1.3.2	Equity instruments		334,090	58,805	392,895	238,310	48,675	286,985
1.3.3	Other financial assets		-	19,988	19,988	1,651,221	17,744	1,668,965
1.4	Derivative financial assets		25,441,997	4,314,552	29,756,549	23,118,482	3,328,999	26,447,481
1.4.1	Derivative financial assets at fair value through profit or loss	V-I-2	25,441,997	4,314,552	29,756,549	23,118,482	3,328,999	26,447,481
1.4.2	Derivative financial assets at fair value through other
	comprehensive income	V-I-11	-	-	-	-	-	-
II.	FINANCIAL ASSETS MEASURED AT AMORTISED
	COST		1,905,541,005	1,019,523,586	2,925,064,591	1,615,683,954	744,981,268	2,360,665,222
2.1	Loans	V-I-5	1,564,507,949	938,528,215	2,503,036,164	1,315,678,783	730,390,412	2,046,069,195
2.2	Receivables from leasing transactions	V-I-10	-	-	-	-	-	-
2.3	Factoring receivables		-	-	-	-	-	-
2.4	Financial assets measured at amortised cost	V-I-6	406,749,991	98,627,765	505,377,756	352,246,247	30,350,848	382,597,095
2.4.1	Public debt securities		406,749,991	98,186,984	504,936,975	352,246,247	29,640,950	381,887,197
2.4.2	Other financial assets		-	440,781	440,781	-	709,898	709,898
2.5	Allowance for expected credit losses (-)		65,716,935	17,632,394	83,349,329	52,241,076	15,759,992	68,001,068
III.	NON-CURRENTS ASSETS OR DISPOSAL GROUPS
	"HELD FOR SALE" AND "FROM DISCONTINUED
	OPERATIONS (Net)	V-I-14	2,776,883	-	2,776,883	1,075,975	-	1,075,975
3.1	Held for sale purpose		2,776,883	-	2,776,883	1,075,975	-	1,075,975
3.2	Held from discontinued operations		-	-	-	-	-	-
IV.	INVESTMENTS IN ASSOCIATES, SUBSIDIARIES
	AND JOINT VENTURES		28,364,281	3,724,589	32,088,870	27,145,854	2,927,024	30,072,878
4.1	Investments in associates (Net)	V-I-7	8,302,519	-	8,302,519	8,357,945	-	8,357,945
4.1.1	Associates accounted by using equity method		-	-	-	-	-	-
4.1.2	Unconsolidated associates		8,302,519	-	8,302,519	8,357,945	-	8,357,945
4.2	Investments in subsidiaries (Net)	V-I-8	20,061,762	3,724,589	23,786,351	18,787,909	2,927,024	21,714,933
4.2.1	Unconsolidated financial subsidiaries		16,807,488	3,724,589	20,532,077	16,026,072	2,927,024	18,953,096
4.2.2	Unconsolidated non-financial subsidiaries		3,254,274	-	3,254,274	2,761,837	-	2,761,837
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)		42,066,618	128,744	42,195,362	38,800,286	131,191	38,931,477
VI.	INTANGIBLE ASSETS AND GOODWILL (Net)		1,341,762	1,500	1,343,262	1,289,434	1,333	1,290,767
6.1	Goodwill		-	-	-	-	-	-
6.2	Other		1,341,762	1,500	1,343,262	1,289,434	1,333	1,290,767
VII.	INVESTMENT PROPERTIES (Net)	V-I-12	3,845,463	-	3,845,463	3,845,463	-	3,845,463
VIII.	CURRENT TAX ASSETS		2,184,763	-	2,184,763	876,325	-	876,325
IX.	DEFERRED TAX ASSETS	V-I-13	13,661,620	-	13,661,620	4,740,299	-	4,740,299
X.	OTHER ASSETS (Net)	V-I-15	52,068,565	7,531,476	59,600,041	47,279,868	5,155,949	52,435,817
	TOTAL ASSETS		2,762,050,853	1,793,173,149	4,555,224,002	2,593,997,910	1,427,487,787	4,021,485,697

TÜRKİYE VAKIFLAR BANKASI TÜRK ANONİM ORTAKLIĞI

UNCONSOLIDATED BALANCE SHEET (STATEMENT OF FINANCIAL POSITION) AS OF JUNE 30, 2025

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

				Current Period June 30, 2025	Prior Period December 31, 2024
	LIABILITIES AND EQUITY	Notes	TL	FC	Total	TL	FC	Total
I.	DEPOSITS	V-II-1	2,093,979,312	830,579,189	2,924,558,501	1,864,267,378	673,520,604	2,537,787,982
II.	BORROWINGS	V-II-3	53,951,721	332,777,875	386,729,596	47,255,568	226,824,867	274,080,435
III.	MONEY MARKET FUNDS		147,852,952	285,410,109	433,263,061	278,255,815	229,293,399	507,549,214
IV.	MARKETABLE SECURITIES (Net)	V-II-3	842,160	244,350,374	245,192,534	5,784,837	207,916,445	213,701,282
4.1	Bills		842,160	978,479	1,820,639	5,784,837	6,085,568	11,870,405
4.2	Asset backed securities		-	-	-	-	-	-
4.3.	Bonds		-	243,371,895	243,371,895	-	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		568,309	9,496,196	10,064,505	1,901,202	4,888,366	6,789,568
7.1	Derivative financial liabilities at fair value through profit or
	loss	V-II-2	568,309	9,496,196	10,064,505	1,901,202	4,888,366	6,789,568
7.2	Derivative financial liabilities at fair value through other
	comprehensive income	V-II-6	-	-	-	-	-	-
VIII.	FACTORING PAYABLES		-	-	-	-	-	-
IX.	LEASE PAYABLES (Net)	V-II-5	7,041,518	-	7,041,518	5,411,784	1,602	5,413,386
X.	PROVISIONS	V-II-7	18,056,798	283,204	18,340,002	27,682,400	353,337	28,035,737
10.1	Provision for restructuring		-	-	-	-	-	-
10.2	Reserves for employee benefits		11,558,114	-	11,558,114	10,701,716	-	10,701,716
10.3	Insurance technical reserves (Net)		-	-	-	-	-	-
10.4	Other provisions		6,498,684	283,204	6,781,888	16,980,684	353,337	17,334,021
XI.	CURRENT TAX LIABILITIES	V-II-8	26,620,492	25,225	26,645,717	10,169,597	33,558	10,203,155
XII.	DEFERRED TAX LIABILITIES	V-II-8	-	-	-	-	-	-
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	12,761,118	84,510,350	97,271,468	12,211,950	72,709,156	84,921,106
14.1	Loans		-	-	-	-	-	-
14.2	Other debt instruments		12,761,118	84,510,350	97,271,468	12,211,950	72,709,156	84,921,106
XV.	OTHER LIABILITIES	V-II-4	135,350,772	24,306,852	159,657,624	109,109,158	24,697,220	133,806,378
XVI.	SHAREHOLDERS` EQUITY	V-II-11	243,060,946	3,395,525	246,456,471	213,379,826	5,814,623	219,194,449
16.1	Paid-in capital	V-II-11	9,915,922	-	9,915,922	9,915,922	-	9,915,922
16.2	Capital reserves		51,034,107	1,262,097	52,296,204	50,123,391	991,838	51,115,229
16.2.1	Equity shares premiums		45,589,048	-	45,589,048	45,589,048	-	45,589,048
16.2.2	Share cancellation profits		-	-	-	-	-	-
16.2.3	Other capital reserves		5,445,059	1,262,097	6,707,156	4,534,343	991,838	5,526,181
16.3	Other accumulated comprehensive income that will not be
	reclassified in profit or loss		32,625,666	(1,075,563)	31,550,103	32,495,181	(845,247)	31,649,934
16.4	Other accumulated comprehensive income that will be
	reclassified in profit or loss		(6,657,330)	3,208,991	(3,448,339)	(5,234,121)	5,668,032	433,911
16.5	Profit reserves		126,079,453	-	126,079,453	85,704,152	-	85,704,152
16.5.1	Legal reserves		13,411,743	-	13,411,743	9,197,197	-	9,197,197
16.5.2	Statutory reserves		-	-	-	-	-	-
16.5.3	Extraordinary reserves		110,911,524	-	110,911,524	74,771,302	-	74,771,302
16.5.4	Other profit reserves		1,756,186	-	1,756,186	1,735,653	-	1,735,653
16.6	Profit or loss		30,063,128	-	30,063,128	40,375,301	-	40,375,301
16.6.1	Prior years' profits or losses		-	-	-	-	-	-
16.6.2	Current period net profit or loss		30,063,128	-	30,063,128	40,375,301	-	40,375,301
16.7	Minority interests		-	-	-	-	-	-
	TOTAL LIABILITIES AND EQUITY		2,740,089,103	1,815,134,899	4,555,224,002	2,575,432,520	1,446,053,177	4,021,485,697

TÜRKİYE VAKIFLAR BANKASI TÜRK ANONİM ORTAKLIĞI

UNCONSOLIDATED OFF-BALANCE SHEET ITEMS AS OF JUNE 30, 2025 (Amounts expressed in thousands of Turkish Lira ("TL") unless otherwise stated.)

Current Period June 30, 2025 Prior Period December 31, 2024 Notes TL FC Total TL FC Total A. OFF-BALANCE SHEET COMMITMENTS AND CONTINGENCIES (I+II+III) 1,866,240,570 2,172,322,352 4,038,562,922 1,375,804,554 1,762,773,414 3,138,577,968 I. GUARANTEES AND SURETIES V-III-2 384,432,814 363,620,907 748,053,721 348,898,069 328,170,155 677,068,224 1.1. Letters of guarantee V-III-1 384,279,699 251,765,341 636,045,040 348,706,327 210,553,165 559,259,492 1.1.1. Guarantees subject to State Tender Law 8,252,866 - 8,252,866 7,534,694 - 7,534,694 1.1.2. Guarantees given for foreign trade operations 23,753,797 130,936,964 154,690,761 21,073,866 113,852,683 134,926,549 1.1.3. Other letters of guarantee 352,273,036 120,828,377 473,101,413 320,097,767 96,700,482 416,798,249 1.2. Bank acceptances 4,258 9,186,611 9,190,869 4,258 6,963,856 6,968,114 1.2.1. Import letter of acceptance - 2,033,505 2,033,505 - 1,730,604 1,730,604 1.2.2. Other bank acceptances V-III-4 4,258 7,153,106 7,157,364 4,258 5,233,252 5,237,510 1.3. Letters of credit V-III-4 148,857 98,890,483 99,039,340 187,484 107,498,532 107,686,016 1.3.1. Documentary letters of credit 148,857 98,890,483 99,039,340 187,484 107,498,532 107,686,016 1.3.2. Other letters of credit - - - - - - 1.4. Pre-financing given as guarantee - 31,649 31,649 - 28,122 28,122 1.5. Endorsements - - - - - - 1.5.1. Endorsements to the Central Bank of Republic of Türkiye - - - - - - 1.5.2. Other endorsements - - - - - - 1.6. Purchase guarantees for Securities issued - - - - - - 1.7. Factoring guarantees - - - - - - 1.8. Other guarantees - 715,166 715,166 - 556,188 556,188 1.9. Other warrantees - 3,031,657 3,031,657 - 2,570,292 2,570,292 II. COMMITMENTS 1,376,759,399 649,044,470 2,025,803,869 884,997,907 423,545,620 1,308,543,527 2.1. Irrevocable commitments V-III-1 1,335,805,580 315,563,635 1,651,369,215 843,949,226 175,132,731 1,019,081,957 2.1.1. Asset purchase and sales commitments V-III-1 143,753,693 315,563,635 459,317,328 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 - - - - - - 2.1.4. Loan granting commitments V-III-1 372,028,554 - 372,028,554 296,760,473 - 296,760,473 2.1.5. Securities issuance brokerage commitments - - - - - - 2.1.6. Commitments for reserve deposit requirements - - - - - - 2.1.7. Commitments for checks payments V-III-1 19,839,451 - 19,839,451 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-1 775,307,722 - 775,307,722 458,300,096 - 458,300,096 2.1.10. Commitments for credit cards and banking services promotions 762,532 - 762,532 3,455,059 - 3,455,059 2.1.11. Receivables from short sale commitments of marketable securities - - - - - - 2.1.12. Payables for short sale commitments of marketable securities - - - - - - 2.1.12. Other irrevocable commitments 24,113,628 - 24,113,628 16,769,602 - 16,769,602 2.2. Revocable commitments 40,953,819 333,480,835 374,434,654 41,048,681 248,412,889 289,461,570 2.2.1. Revocable loan granting commitments 40,953,819 333,480,835 374,434,654 41,048,681 248,412,889 289,461,570 2.2.2. Other revocable commitments - - - - - - III. DERIVATIVE FINANCIAL INSTRUMENTS 105,048,357 1,159,656,975 1,264,705,332 141,908,578 1,011,057,639 1,152,966,217 3.1. Derivative financial instruments held for hedging - - - - - - 3.1.1. Fair value hedges - - - - - - 3.1.2. Cash flow hedges - - - - - - 3.1.3. Hedges for investments made in foreign countries - - - - - - 3.2. Trading transactions 105,048,357 1,159,656,975 1,264,705,332 141,908,578 1,011,057,639 1,152,966,217 3.2.1. Forward foreign currency purchase and sale transactions 18,415,524 36,976,508 55,392,032 54,500,915 56,200,803 110,701,718 3.2.1.1. Forward foreign currency purchase transactions 9,233,864 18,493,702 27,727,566 27,309,819 28,108,306 55,418,125 3.2.2.2. Forward foreign currency sales 9,181,660 18,482,806 27,664,466 27,191,096 28,092,497 55,283,593 3.2.2. Currency and interest rate swaps 71,514,194 754,542,328 826,056,522 81,503,023 660,454,221 741,957,244 3.2.2.1. Currency swap purchase transactions 20,276,507 201,777,155 222,053,662 41,682,349 189,247,514 230,929,863 3.2.2.2. Currency swap sale transactions 49,847,687 304,181,785 354,029,472 38,390,674 232,433,119 270,823,793 3.2.2.3. Interest rate swap purchase transactions 695,000 124,291,694 124,986,694 715,000 119,386,794 120,101,794 3.2.2.4. Interest rate swap sale transactions 695,000 124,291,694 124,986,694 715,000 119,386,794 120,101,794 3.2.3. Currency, interest rate and security options 14,090,185 14,530,118 28,620,303 4,876,186 6,355,836 11,232,022 3.2.3.1 Currency purchase options 4,168,178 9,969,064 14,137,242 4,162,656 1,566,034 5,728,690 3.2.3.2 Currency sale options 9,922,007 4,561,054 14,483,061 713,530 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 purchases 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 1,028,454 353,608,021 354,636,475 1,028,454 288,046,779 289,075,233 B. CUSTODY AND PLEDGED ITEMS (IV+V+VI) 46,659,037,290 39,215,300,941 85,874,338,231 39,572,332,570 29,289,352,635 68,861,685,205 IV. ITEMS HELD IN CUSTODY 361,724,625 319,251,380 680,976,005 315,219,713 220,066,493 535,286,206 4.1. Assets under management - - - - - - 4.2. Securities held in custody 92,867,281 206,064,424 298,931,705 96,652,693 144,902,368 241,555,061 4.3. Checks received for collection 118,195,202 15,197,834 133,393,036 112,612,950 4,293,997 116,906,947 4.4. Commercial notes received for collection 16,197,946 16,341,871 32,539,817 11,747,134 14,577,374 26,324,508 4.5. Other assets received for collection 2,152 1,592 3,744 2,152 1,414 3,566 4.6. Securities received for public offering - - - - - - 4.7. Other items under custody 309 60,671,609 60,671,918 309 38,305,602 38,305,911 4.8. Custodians 134,461,735 20,974,050 155,435,785 94,204,475 17,985,738 112,190,213 V. PLEDGED ITEMS 6,724,650,872 1,899,005,445 8,623,656,317 5,305,508,194 1,536,545,807 6,842,054,001 5.1. Marketable securities 3,027,531 2,619,710 5,647,241 505,505 2,881,224 3,386,729 5.2. Guarantee notes 36,042,229 17,161,286 53,203,515 32,359,271 14,727,029 47,086,300 5.3. Commodity 529,441,779 50,988,257 580,430,036 454,804,823 37,092,119 491,896,942 5.4. Warrant - - - - - - 5.5. Immovables 5,491,606,223 1,564,569,658 7,056,175,881 4,260,887,706 1,256,874,005 5,517,761,711 5.6. Other pledged items 664,167,245 263,554,251 927,721,496 556,585,004 224,858,827 781,443,831 5.7. Depositories receiving pledged items 365,865 112,283 478,148 365,885 112,603 478,488 VI. ACCEPTED GUARANTEES AND WARRANTEES 39,572,661,793 36,997,044,116 76,569,705,909 33,951,604,663 27,532,740,335 61,484,344,998 TOTAL OFF BALANCE SHEET COMMITMENTS (A+B) 48,525,277,860 41,387,623,293 89,912,901,153 40,948,137,124 31,052,126,049 72,000,263,173

TÜRKİYE VAKIFLAR BANKASI TÜRK ANONİM ORTAKLIĞI UNCONSOLIDATED STATEMENT OF PROFIT OR LOSS FOR THE SIX-MONTH PERIOD ENDED JUNE 30, 2025

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

INCOME AND EXPENSE ITEMS Notes June 30, 2025 June 30, 2025 June 30, 2024 I. INTEREST INCOME V-IV-1 467,940,806 244,552,948 305,210,711 1.1 Interest on loans V-IV-1 305,659,993 159,222,117 211,798,023 1.2 Interest received from reserve deposits 43,756,009 23,696,920 12,746,897 1.3 Interest received from banks V-IV-1 657,571 350,882 605,376 1.4 Interest received from money market transactions 9,121,391 1,245,890 8,459,559 1.5 Interest received from marketable securities portfolio V-IV-1 107,051,540 59,050,444 71,086,663 1.5.1 Financial assets at fair value through profit or loss - - 199,041 1.5.2 Financial assets at fair value through other comprehensive income 62,989,627 33,888,820 31,526,833 1.5.3 Financial assets measured at amortised cost 44,061,913 25,161,624 39,360,789 1.6 Finance lease interest income - - 1.7 Other interest income 1,694,302 986,695 514,193 II. INTEREST EXPENSES V-IV-2 418,962,225 216,591,528 268,883,081 2.1 Interest on deposits V-IV-2 349,892,386 178,284,361 240,425,977 2.2 Interest on funds borrowed V-IV-2 11,631,955 6,177,260 9,737,894	June 30, 2024 166,893,965 113,947,098 9,054,950 331,246 4,911,495 38,434,260 56,757 17,953,925 20,423,578 - - 214,916 148,268,228 132,321,492 5,157,242 6,076,795
2.3 Interest on money market transactions 44,075,087 25,343,017 9,732,355
2.4 Interest on securities issued V-IV-2 12,407,665 6,334,318 7,195,717	3,853,814
2.5 Leasing interest income 786,949 418,184 452,174	246,190
2.6 Other interest expenses 168,183 34,388 1,338,964	612,695
III. NET INTEREST INCOME/EXPENSE (I - II) 48,978,581 27,961,420 36,327,630	18,625,737
IV. NET FEES AND COMMISSIONS INCOME/EXPENSES 32,716,148 17,345,666 21,134,778	10,505,748
4.1 Fees and commissions received 45,503,524 24,445,509 29,388,435	15,308,774
4.1.1 Non-cash loans 3,216,091 1,715,440 2,523,043	1,327,360
4.1.2 Other 42,287,433 22,730,069 26,865,392	13,981,414
4.2 Fees and commissions paid 12,787,376 7,099,843 8,253,657	4,803,026
4.2.1 Non-cash loans 142 71 161	70
4.2.2 Other 12,787,234 7,099,772 8,253,496	4,802,956
V. DIVIDEND INCOME 516,116 514,439 114,202	112,929
VI. TRADING PROFIT/LOSS (Net) V-IV-3 10,189,834 4,213,579 (10,597,975)	(7,061,956)
6.1 Profit/losses from capital market transactions V-IV-3 4,897,517 4,463,650 2,148,245	849,024
6.2 Profit/losses from derivative financial transactions V-IV-3 (1,122,566) (3,283,870) (20,992,850)	(10,570,318)
6.3 Foreign exchange profit/losses V-IV-3 6,414,883 3,033,799 8,246,630	2,659,338
VII. OTHER OPERATING INCOME V-IV-4 44,823,482 11,496,557 34,739,371	11,394,892
VIII. GROSS PROFIT FROM OPERATING ACTIVITIES (III+IV+V+VI+VII) 137,224,161 61,531,661 81,718,006	33,577,350
IX. ALLOWANCES FOR EXPECTED CREDIT LOSSES (-) V-IV-5 46,894,710 18,673,189 24,465,695	6,899,390
X. OTHER PROVISION EXPENSES (-) V-IV-5 327,999 179,964 1,529,401	1,371,803
XI. PERSONNEL EXPENSES (-) 20,779,151 11,505,035 12,724,636	7,008,873
XII. OTHER OPERATING EXPENSES (-) V-IV-6 31,817,352 16,711,325 19,747,792	10,634,303
XIII. NET OPERATING PROFIT/LOSS (VIII-IX-X-XI-XII) 37,404,949 14,462,148 23,250,482	7,662,981
XIV. SURPLUS WRITTEN AS GAIN AFTER MERGER - -	- -
XV. PROFIT/LOSS FROM EQUITY METHOD APPLIED SUBSIDIARIES - -	- -
XVI. NET MONETORY POSITION GAIN/LOSS - -	- -
XVII. PROFIT/LOSS BEFORE TAXES FROM CONTINUING OPERATIONS
(XII++XV) V-IV-7 37,404,949 14,462,148 23,250,482	7,662,981
XVIII. PROVISION FOR TAXES ON INCOME FROM CONTINUING OPERATIONS
(±) V-IV-8 (7,341,821) (4,432,674) (4,058,773)	(494,241)
18.1 Current tax provision V-IV-10 (14,262,398) (11,408,981) (8,769,778)	(6,850,399)
18.2 Expense effect of deferred tax (+) V-IV-10 (13,628,529) (4,827,836) (3,950,087)	(2,098,241)
18.3 Income effect of deferred tax (-) V-IV-10 20,549,106 11,804,143 8,661,092	8,454,399
XIX. NET PROFIT/LOSS FROM CONTINUING OPERATIONS (XVII±XVIII) V-IV-9 30,063,128 10,029,474 19,191,709	7,168,740
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 30,063,128 10,029,474 19,191,709	7,168,740
25.1 Equity holders of the Bank - -	- -
25.2 Non-controlling interest (-) - -	- -
Profit/Loss per 100 shares (full TL) III-XXIV 3.0318 1.0114 1.9354

TÜRKİYE VAKIFLAR BANKASI TÜRK ANONİM ORTAKLIĞI

UNCONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME AS OF THE SIX-MONTH PERIOD ENDED JUNE 30, 2025

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

		Current Period January 1, 2025-	Prior Period January 1, 2024-
	PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME	June 30, 2025	June 30, 2024
I.	PROFIT (LOSS)	30,063,128	19,191,709
II.	OTHER COMPREHENSIVE INCOME	(3,982,081)	532,540
2.1.	Other comprehensive income that will not be reclassified to profit or loss	(99,831)	2,824,202
2.1.1.	Gains (Losses) on Revaluation of Property, Plant and Equipment	(7,186)	(39,421)
2.1.2.	Gains (losses) on revaluation of Intangible Assets	-	-
2.1.3.	Gains (losses) on remeasurements of defined benefit plans	-	-
2.1.4.	Other Components of Other Comprehensive Income That Will Not Be Reclassified to Profit or Loss	(475,039)	2,499,390
2.1.5.	Taxes Relating to Components of Other Comprehensive Income That Will Not Be Reclassified to Profit or Loss	382,394	364,233
2.2.	Other Comprehensive Income That Will Be Reclassified to Profit or Loss	(3,882,250)	(2,291,662)
2.1.1.	Exchange Differences on Translation	-	-
2.2.2.	Valuation and/or Reclassification Profit or Loss from financial assets at fair value through other comprehensive
	income	(5,546,403)	(3,284,643)
2.2.3.	Income (Loss) Related with Cash Flow Hedges	-	-
2.2.4.	Income (Loss) Related with Hedges of Net Investments in Foreign Operations	-	-
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	1,664,153	992,981
III.	TOTAL COMPREHENSIVE INCOME (LOSS) (I+II)	26,081,047	19,724,249

TÜRKİYE VAKIFLAR BANKASI TÜRK ANONİM ORTAKLIĞI UNCONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY AS OF SIX-MONTH PERIOD ENDED JUNE 30, 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 Premiums	Share Cancellation Profits	Other Capital Reserves	1	2	3	4	5	6	Profit Reserves	Prior Period Net Income (Loss))	Current Period Net Income (Loss)	Total Shareholders' Equity
	Current Period June 30, 2025
I. II.	Prior Period End Balance Corrections and Accounting Policy Changes Made		9,915,922	45,589,048	-	5,526,181	16,770,112	(2,598,344)	17,478,166	80,727	353,184	-	85,704,152	40,375,301	-	219,194,449
2.1. 2.2.	According to TAS 8 Effects of Corrections Effects of the Changes in		- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
III. IV.	Accounting Policies Adjusted Beginning Balance (I+II) Total Comprehensive		- 9,915,922	- 45,589,048	- -	- 5,526,181	- 16,770,112	- (2,598,344)	- 17,478,166	- 80,727	- 353,184	- -	- 85,704,152	- 40,375,301	- -	- 219,194,449
V. VI.	Income Capital Increase by Cash Capital Increase by		- -	- -	- -	- -	375,208 -	- -	(475,039) -	- -	(3,882,250) -	- -	- -	- -	30,063,128 -	26,081,047 -
VII.	Internal Resources Paid-in capital inflation adjustment difference		- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
IV.	VIII. Convertible Bonds Subordinated Debt Instruments		- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
X. XI.	Increase/Decrease by Other Changes Profit Distribution		- -	- -	- -	1,180,975 -	- -	- -	- -	- -	- -	- -	15,323 40,359,978	(15,323) (40,359,978)	- -	1,180,975 -
	11.1. Dividends paid 11.2. Transfers to Reserves 11.3. Other Ending Balance		- - - 9,915,922	- - - 45,589,048	- - - -	- - - 6,707,156	- - - 17,145,320	- - - (2,598,344)	- - - 17,003,127	- - - 80,727	- - - (3,529,066)	- - - -	- 40,359,978 - 126,079,453	- (40,359,978) - -	- - - 30,063,128	- - - 246,456,471

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 UNCONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY AS OF SIX-MONTH PERIOD ENDED JUNE 30, 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 Premiums	Share Cancellation Profits	Other Capital Reserves	1	2	3	4	5	6	Profit Reserves	Prior Period Net Income (Loss))	Current Period Net Income (Loss)	Total Shareholders' Equity
	Prior Period June 30, 2024
I.	Prior Period End Balance		9,915,922	45,589,048	-	2,732,327	11,461,320	(1,942,825)	11,649,930	80,727	6,237,015	-	59,858,743	25,845,407	-	171,427,614
II.	Corrections and Accounting Policy Changes Made According to TAS 8		-	-	-	-	-	-	-	-	-	-	-	-	-	-
2.1.	Effects of Corrections		-	-	-	-	-	-	-	-	-	-	-	-	-	-
2.2.	Effects of the Changes in Accounting
III.	Policies Adjusted Beginning Balance (I+II)		- 9,915,922	- 45,589,048	- -	- 2,732,327	- 11,461,320	- (1,942,825)	- 11,649,930	- 80,727	- 6,237,015	- -	- 59,858,743	- 25,845,407	- -	- 171,427,614
IV.	Total Comprehensive Income		-	-	-	-	324,811	-	2,499,391	-	(2,291,662)	-	-	-	19,191,709	19,724,249
V.	Capital Increase by Cash		-	-	-	-	-	-	-	-	-	-	-	-	-	-
VI. VII.	Capital Increase by Internal Resources Paid-in capital inflation adjustment		-	-	-	-	-	-	-	-	-	-	-	-	-	-
	difference		-	-	-	-	-	-	-	-	-	-	-	-	-	-
	VIII. Convertible Bonds		-	-	-	-	-	-	-	-	-	-	-	-	-	-
IV.	Subordinated Debt Instruments		-	-	-	-	-	-	-	-	-	-	-	-	-	-
X.	Increase/Decrease by Other Changes		-	-	-	107,339	-	-	-	-	-	-	98,685	(98,683)	-	107,341
XI.	Profit Distribution		-	-	-	-	-	-	-	-	-	-	25,746,724	(25,746,724)	-	-
11.1.	Dividends paid		-	-	-	-	-	-	-	-	-	-	-	-	-	-
11.2. 11.3.	Transfers to Reserves Other		- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	25,746,724 -	(25,746,724) -	- -	- -
	Ending Balance		9,915,922	45,589,048	-	2,839,666	11,786,131	(1,942,825)	14,149,321	80,727	3,945,353	-	85,704,152	-	19,191,709	191,259,204

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 UNCONSOLIDATED FINANCIAL REPORT AS OF JUNE 30, 2025

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

			Current Period	Prior Period
		Notes	June 30, 2025	June 30, 2024
A.	CASH FLOWS FROM BANKING OPERATIONS
1.1	Operating profit before changes in operating assets and liabilities		97,852,776	12,746,586
1.1.1	Interests received		436,078,770	273,997,566
1.1.2	Interests paid		(417,667,095)	(267,732,281)
1.1.3	Dividends received		516,116	114,202
1.1.4	Fee and commissions received		31,582,415	20,215,610
1.1.5	Other income		45,132,044	9,424,068
1.1.6	Collections from previously written-off loans and other receivables		8,664,855	3,124,335
1.1.7	Cash payments to personnel and service suppliers		(23,005,081)	(14,069,723)
1.1.8	Taxes paid		(7,413,815)	(3,806,619)
1.1.9	Other		23,964,567	(8,520,572)
1.2	Changes in operating assets and liabilities		(255,249,363)	57,330,433
1.2.1	Net (Increase) Decrease in Financial Assets at Fair Value through Profit or
	Loss		(5,533,693)	28,676,135
1.2.2	Net increase (decrease) in due from banks		(91,855,663)	(56,321,286)
1.2.3	Net increase (decrease) in loans		(456,318,746)	(146,506,315)
1.2.4	Net increase (decrease) in other assets		(131,593,562)	(71,013,545)
1.2.5	Net increase (decrease) in bank deposits		67,593,894	(7,125,510)
1.2.6	Net increase (decrease) in other deposits		327,341,451	162,319,440
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		103,394,453	34,192,935
1.2.9	Net increase (decrease) in matured payables		-	-
1.2.10	Net increase (decrease) in other liabilities		(68,277,497)	113,108,579
I.	Net cash flow provided from banking operations		(157,396,587)	70,077,019
B.	CASH FLOWS FROM INVESTING ACTIVITIES
II.	Net cash provided from investing activities		(70,707,324)	(25,180,441)
2.1	Cash paid for the purchase of associates, subsidiaries and joint ventures		(493,545)	(624,941)
2.2	Cash obtained from the sale of associates, subsidiaries and joint ventures		25,395	-
2.3	Cash paid for the purchase of tangible and intangible asset		(5,490,814)	(4,568,404)
2.4	Cash obtained from the sale of tangible and intangible asset		1,132,547	703,758
2.5	Cash paid for the purchase of financial assets at fair value through other
	comprehensive income		(53,718,863)	(67,330,638)
2.6	Cash obtained from the sale of financial assets at fair value through other
	comprehensive income		77,748,655	17,714,366
2.7	Cash paid for the purchase of financial assets at amortized cost		(96,756,654)	(1,298,353)
2.8	Cash obtained from sale of financial assets at amortized cost		6,987,149	30,468,235
2.9	Other		(141,194)	(244,464)
C.	CASH FLOWS FROM FINANCING ACTIVITIES
III.	Net cash flow from financing activities		43,059,678	43,553,383
3.1	Cash obtained from funds borrowed and securities issued		52,549,242	47,644,459
3.2	Cash outflow from funds borrowed and securities issued		(8,231,492)	(3,357,143)
3.3	Equity instruments issued		-	-
3.4	Dividends paid		-	-
3.5	Payments for finance lease liabilities		(1,258,072)	(733,933)
3.6	Other		-	-
IV.	Effect of change in foreign exchange rate on cash and cash equivalents		746,201	(601,790)
V.	Net increase/decrease in cash and cash equivalents		(184,298,032)	87,848,171
VI.	Cash and cash equivalents at beginning of the period		703,848,195	334,068,851
VII.	Cash and cash equivalents at end of the period		519,550,163	421,917,022

The accompanying explanations and notes form an integral part of these financial statements.