TÜRKİYE VAKIFLAR BANKASI T.A.O.

Annual / Quarterly Financial Statement • May 9, 2024

TÜRKİYE VAKIFLAR BANKASI TÜRK ANONİM ORTAKLIĞI AND ITS FINANCIAL SUBSIDIARIES CONSOLIDATED BALANCE SHEET (STATEMENT OF FINANCIAL POSITION) AS AT MARCH 31, 2024 (Amounts expressed in thousands of Turkish Lira ("TL") unless otherwise stated.)

				Current Period
	ASSETS	Notes	TL	March 31, 2024 FC	Total	TL	December 31, 2023 FC	Total
I.	FINANCIAL ASSETS (Net)		367,893,879	621,040,590	988,934,469	379,570,024	497,592,316	877,162,340
1.1	Cash and cash equivalents	V-I-1	196,819,095	374,057,554	570,876,649	238,275,236	281,731,970	520,007,206
1.1.1	Cash and balances at Central Bank	V-I-1	190,669,690	311,571,777	502,241,467	156,310,313	229,425,451	385,735,764
1.1.2	Banks	V-I-3	1,125,477	62,982,976	64,108,453	566,548	52,585,045	53,151,593
1.1.3	Receivables from Money Markets		5,044,755	-	5,044,755	81,420,621	-	81,420,621
1.1.4	Allowance for expected credit losses (-)	V-I-16	20,827	497,199	518,026	22,246	278,526	300,772
1.2	Financial assets at fair value through profit or loss	V-I-2	2,888,751	13,788,835	16,677,586	3,128,128	31,899,099	35,027,227
1.2.1	Public debt securities		7,998	12,899,105	12,907,103	7,126	31,141,330	31,148,456
1.2.2	Equity instruments		297,264	889,730	1,186,994	204,322	757,769	962,091
1.2.3	Other financial assets		2,583,489	-	2,583,489	2,916,680	-	2,916,680
1.3	Financial assets at fair value through other comprehensive
	income	V-I-4	143,666,586	222,864,253	366,530,839	114,440,625	178,428,660	292,869,285
1.3.1	Public debt securities		141,866,152	217,927,056	359,793,208	112,640,191	173,896,831	286,537,022
1.3.2	Equity instruments		168,362	19,517	187,879	168,362	17,818	186,180
1.3.3	Other financial assets		1,632,072	4,917,680	6,549,752	1,632,072	4,514,011	6,146,083
1.4	Derivative financial assets	V-I-2	24,519,447	10,329,948	34,849,395	23,726,035	5,532,587	29,258,622
1.4.1	Derivative financial assets at fair value through profit or loss		24,519,447	10,329,948	34,849,395	23,726,035	5,532,587	29,258,622
1.4.2	Derivative financial assets at fair value through other
	comprehensive income		-	-	-	-	-	-
II.	FINANCIAL ASSETS MEASURED AT AMORTISED
	COST (Net)		1,364,775,080	598,455,426	1,963,230,506	1,317,406,419	525,981,240	1,843,387,659
2.1	Loans	V-I-5	1,069,735,205	544,891,413	1,614,626,618	1,025,330,731	479,141,155	1,504,471,886
2.2	Receivables from leasing transactions	V-I-10	13,065,179	7,042,623	20,107,802	13,489,614	6,264,053	19,753,667
2.3	Factoring receivables		30,719,651	2,696,143	33,415,794	34,876,011	2,678,189	37,554,200
2.4	Financial assets measured at amortised cost	V-I-6	293,523,886	59,039,865	352,563,751	289,285,980	55,087,022	344,373,002
2.4.1	Public debt securities		293,523,886	58,614,840	352,138,726	289,285,980	54,698,887	343,984,867
2.4.2	Other financial assets		-	425,025	425,025	-	388,135	388,135
2.5	Allowance for expected credit losses (-)		42,268,841	15,214,618	57,483,459	45,575,917	17,189,179	62,765,096
III.	NON-CURRENTS ASSETS OR DISPOSAL GROUPS
	"HELD FOR SALE" AND "FROM DISCONTINUED
	OPERATIONS (Net)	V-I-14	276,343	-	276,343	262,727	-	262,727
3.1	Held for sale purpose		276,343	-	276,343	262,727	-	262,727
3.2	Related to discontinued operations		-	-	-	-	-	-
IV.	INVESTMENTS IN ASSOCIATES, SUBSIDIARIES AND
	JOINT VENTURES		8,194,078	3	8,194,081	8,027,095	3	8,027,098
4.1	Investments in associates (Net)	V-I-7	6,256,040	3	6,256,043	6,089,057	3	6,089,060
4.1.1	Associates accounted by using equity method		2,159,045	-	2,159,045	1,992,061	-	1,992,061
4.1.2	Unconsolidated associates		4,096,995	3	4,096,998	4,096,996	3	4,096,999
4.2	Investments in subsidiaries (Net)	V-I-8	1,938,038	-	1,938,038	1,938,038	-	1,938,038
4.2.1	Unconsolidated financial subsidiaries		-	-	-	-	-	-
4.2.2	Unconsolidated non-financial subsidiaries		1,938,038	-	1,938,038	1,938,038	-	1,938,038
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)		27,229,458	165,926	27,395,384	26,443,986	130,818	26,574,804
VI.	INTANGIBLE ASSETS AND GOODWILL (Net)		958,603	17,033	975,636	905,389	15,280	920,669
6.1	Goodwill		3,996	-	3,996	9,739	-	9,739
6.2	Other		954,607	17,033	971,640	895,650	15,280	910,930
VII.	INVESTMENT PROPERTIES (Net)	V-I-12	8,900,648	-	8,900,648	8,871,051	-	8,871,051
VIII.	CURRENT TAX ASSETS		-	-	-	6,141	-	6,141
IX.	DEFERRED TAX ASSETS	V-I-13	9,480,339	257,848	9,738,187	10,907,444	217,282	11,124,726
X.	OTHER ASSETS (Net)	V-I-15	74,632,824	4,799,757	79,432,581	66,611,632	16,297,386	82,909,018
	TOTAL ASSETS		1,862,341,252	1,224,736,583	3,087,077,835	1,819,011,908	1,040,234,325	2,859,246,233

TÜRKİYE VAKIFLAR BANKASI TÜRK ANONİM ORTAKLIĞI AND ITS FINANCIAL SUBSIDIARIES CONSOLIDATED BALANCE SHEET (STATEMENT OF FINANCIAL POSITION) AS AT MARCH 31, 2024 (Amounts expressed in thousands of Turkish Lira ("TL") unless otherwise stated.)

				Current Period March 31, 2024
	LIABILITIES AND EQUITY	Notes	TL	FC	Total	TL	December 31, 2023 FC	Total
I.	DEPOSITS	V-II-1	1,223,329,898	799,040,278	2,022,370,176	1,251,483,436	727,982,218	1,979,465,654
II.	BORROWINGS	V-II-3	47,495,653	238,271,111	285,766,764	45,244,603	194,896,818	240,141,421
III.	MONEY MARKET FUNDS		133,056,219	99,441,155	232,497,374	59,566,183	77,795,929	137,362,112
IV.	MARKETABLE SECURITIES ISSUED (Net)	V-II-3	2,542,848	127,681,073	130,223,921	4,122,574	117,165,636	121,288,210
4.1	Bills		2,542,848	3,806,130	6,348,978	4,122,574	-	4,122,574
4.2	Asset backed securities		-	-	-	-	-	-
4.3.	Bonds		-	123,874,943	123,874,943	-	117,165,636	117,165,636
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	669,771	6,094,603	6,764,374	81,679	5,684,718	5,766,397
7.1	Derivative financial liabilities at fair value through profit or
	loss		669,771	6,094,603	6,764,374	81,679	5,684,718	5,766,397
7.2	Derivative financial liabilities at fair value through other
	comprehensive income		-	-	-	-	-	-
VIII.	FACTORING PAYABLES		5,929	-	5,929	90	-	90
IX. X.	LEASE PAYABLES (Net) PROVISIONS	V-II-5 V-II-7	3,580,299 21,216,136	3,618 2,458,193	3,583,917 23,674,329	2,868,611 20,724,690	3,947 1,740,669	2,872,558 22,465,359
10.1	Provision for restructuring		-	-	-	-	-	-
10.2	Reserves for employee benefits		8,375,834	23,901	8,399,735	7,204,372	18,899	7,223,271
10.3	Insurance technical reserves (Net)		-	-	-	-	-	-
10.4	Other provisions		12,840,302	2,434,292	15,274,594	13,520,318	1,721,770	15,242,088
XI.	CURRENT TAX LIABILITIES	V-II-8	14,984,204	21,451	15,005,655	12,068,704	27,923	12,096,627
XII.	DEFERRED TAX LIABILITIES	V-II-8	90,970	-	90,970	118,171	-	118,171
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	10,909,831	25,641,343	36,551,174	10,730,094	23,707,184	34,437,278
14.1	Loans		-	-	-	-	-	-
14.2	Other debt instruments		10,909,831	25,641,343	36,551,174	10,730,094	23,707,184	34,437,278
XV.	OTHER LIABILITIES	V-II-4	100,842,028	35,238,838	136,080,866	90,653,894	31,699,759	122,353,653
XVI.	SHAREHOLDERS` EQUITY	V-II-11	186,911,465	7,547,916	194,459,381	173,154,668	7,721,030	180,875,698
16.1	Paid-in capital	V-II-11	9,915,922	-	9,915,922	9,915,922	-	9,915,922
16.2	Capital reserves		45,171,339	-	45,171,339	45,162,980	-	45,162,980
16.2.1	Equity share premiums		45,589,989	-	45,589,989	45,589,989	-	45,589,989
16.2.2	Share cancellation profits		-	-	-	-	-	-
16.2.3	Other capital reserves		(418,650)	-	(418,650)	(427,009)	-	(427,009)
16.3	Other accumulated comprehensive income that will not be
	reclassified in profit or loss		15,428,349	-	15,428,349	15,231,608	-	15,231,608
16.4	Other accumulated comprehensive income that will be
	reclassified in profit or loss		1,817,129	6,770,650	8,587,779	1,764,237	5,876,465	7,640,702
16.5	Profit reserves		62,253,215	28,297	62,281,512	61,639,907	447,897	62,087,804
16.5.1	Legal reserves		6,894,308	28,297	6,922,605	6,893,519	28,297	6,921,816
16.5.2	Statutory reserves		6,337	-	6,337	6,337	-	6,337
16.5.3	Extraordinary reserves		53,613,047	-	53,613,047	53,024,454	415,985	53,440,439
16.5.4	Other profit reserves		1,739,523	-	1,739,523	1,715,597	3,615	1,719,212
16.6	Profit or loss		46,669,655	748,969	47,418,624	33,837,087	1,391,998	35,229,085
16.6.1	Prior years' profits or losses		33,662,260	584,136	34,246,396	3,596,715	(23,561)	3,573,154
16.6.2	Current period net profit or loss		13,007,395	164,833	13,172,228	30,240,372	1,415,559	31,655,931
16.7	Minority interests		5,655,856	-	5,655,856	5,602,927	4,670	5,607,597
	TOTAL LIABILITIES AND EQUITY		1,745,638,256	1,341,439,579	3,087,077,835	1,670,820,402	1,188,425,831	2,859,246,233

TÜRKİYE VAKIFLAR BANKASI TÜRK ANONİM ORTAKLIĞI AND ITS FINANCIAL SUBSIDIARIES CONSOLIDATED OFF-BALANCE SHEET ITEMS AS AT MARCH 31, 2024

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

				Current Period			Prior Period
		Notes	TL	March 31, 2024 FC	Total	TL	December 31, 2023 FC	Total
A.	OFF-BALANCE SHEET COMMITMENTS AND CONTINGENCIES
I. 1.1.	(I+II+III) GUARANTEES AND SURETIES Letters of guarantee	V-III-2 V-III-1	1,043,542,105 281,987,920 276,173,517	1,427,386,337 258,011,862 158,229,738	2,470,928,442 539,999,782 434,403,255	875,990,279 247,348,813 241,501,004	1,340,534,602 250,160,120 157,394,223	2,216,524,881 497,508,933 398,895,227
1.1.1.	Guarantees subject to State Tender Law		7,108,916	-	7,108,916	6,831,439	-	6,831,439
1.1.2.	Guarantees given for foreign trade operations		15,134,421	89,025,089	104,159,510	12,911,007	85,112,714	98,023,721
1.1.3.	Other letters of guarantee		253,930,180	69,204,649	323,134,829	221,758,558	72,281,509	294,040,067
1.2.	Bank acceptances		4,258	6,010,451	6,014,709	4,258	4,398,076	4,402,334
1.2.1.	Import letter of acceptance		-	1,601,257	1,601,257	-	1,091,455	1,091,455
1.2.2. 1.3.	Other bank acceptances Letters of credit	V-III-4 V-III-4	4,258 2,234,536	4,409,194 87,546,246	4,413,452 89,780,782	4,258 2,121,916	3,306,621 82,572,374	3,310,879 84,694,290
1.3.1.	Documentary letters of credit		2,234,536	87,546,246	89,780,782	2,121,916	82,572,374	84,694,290
1.3.2.	Other letters of credit		-	-	-	-	-	-
1.4. 1.5.	Pre-financing given as guarantee Endorsements		- -	25,757 -	25,757 -	- -	23,515 -	23,515 -
1.5.1.	Endorsements to the Central Bank of Republic of Türkiye		-	-	-	-	-	-
1.5.2. 1.6.	Other endorsements Purchase guarantees for Securities issued		- -	- -	- -	- -	- -	- -
1.7.	Factoring guarantees		1,788,704	2,857,752	4,646,456	1,689,731	2,662,052	4,351,783
1.8.	Other guarantees		356,904	580,566	937,470	356,904	526,329	883,233
1.9.	Other warrantees		1,430,001	2,761,352	4,191,353	1,675,000	2,583,551	4,258,551
II.	COMMITMENTS		601,621,236	285,961,390	887,582,626	459,239,924	289,433,226	748,673,150
2.1.	Irrevocable commitments	V-III-1	564,214,150	71,584,725	635,798,875	423,985,790	108,832,675	532,818,465
2.1.1.	Asset purchase and sales commitments	V-III-1	46,142,277	67,516,438	113,658,715	35,193,004	106,591,474	141,784,478
2.1.2. 2.1.3.	Deposit purchase and sales commitments Share capital commitments to associates and subsidiaries		- -	- -	- -	- -	- -	- -
2.1.4.	Loan granting commitments	V-III-1	150,451,319	3,827	150,455,146	119,165,714	4,256	119,169,970
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	15,111,896	-	15,111,896	10,121,928	-	10,121,928
2.1.8.	Tax and fund liabilities from export commitments		-	-	-	-	-	-
2.1.9.	Commitments for credit card expenditure limits	V-III-1	321,245,763	-	321,245,763	239,679,180	-	239,679,180
2.1.10.	Commitments for credit cards and banking services promotions		7,364,451	-	7,364,451	2,274,392	-	2,274,392
2.1.11.	Receivables from short sale commitments of marketable securities		-	-	-	-	-	-
2.1.12. 2.1.12.	Payables for short sale commitments of marketable securities Other irrevocable commitments		- 23,898,444	- 4,064,460	- 27,962,904	- 17,551,572	- 2,236,945	- 19,788,517
2.2.	Revocable commitments		37,407,086	214,376,665	251,783,751	35,254,134	180,600,551	215,854,685
2.2.1.	Revocable loan granting commitments		37,407,086	214,376,665	251,783,751	35,254,134	180,600,551	215,854,685
2.2.2.	Other revocable commitments		-	-	-	-	-	-
III.	DERIVATIVE FINANCIAL INSTRUMENTS		159,932,949	883,413,085	1,043,346,034	169,401,542	800,941,256	970,342,798
3.1.	Derivative financial instruments held for hedging		-	-	-	-	-	-
3.1.1.	Fair value hedges		-	-	-	-	-	-
3.1.2. 3.1.3.	Cash flow hedges Hedges for investments made in foreign countries		- -	- -	- -	- -	- -	- -
3.2.	Trading transactions		159,932,949	883,413,085	1,043,346,034	169,401,542	800,941,256	970,342,798
3.2.1.	Forward foreign currency purchase and sale transactions		31,666,908	38,382,137	70,049,045	13,437,023	18,270,450	31,707,473
3.2.1.1.	Forward foreign currency purchase transactions		15,847,737	19,192,313	35,040,050	6,731,972	9,136,245	15,868,217
3.2.2.2.	Forward foreign currency sales		15,819,171	19,189,824	35,008,995	6,705,051	9,134,205	15,839,256
3.2.2.	Currency and interest rate swaps		123,388,358	604,172,789	727,561,147	146,286,235	587,973,637	734,259,872
3.2.2.1.	Currency swap purchase transactions		2,132,694	217,573,356	219,706,050	3,312,843	231,294,703	234,607,546
3.2.2.2.	Currency swap sale transactions		119,425,664	145,261,891	264,687,555	141,123,392	122,833,151	263,956,543
3.2.2.3. 3.2.2.4.	Interest rate swap purchase transactions Interest rate swap sale transactions		915,000 915,000	120,668,771 120,668,771	121,583,771 121,583,771	925,000 925,000	116,922,891 116,922,892	117,847,891 117,847,892
3.2.3.	Currency, interest rate and security options		3,707,929	5,665,978	9,373,907	8,508,530	8,647,024	17,155,554
3.2.3.1	Currency purchase options		3,366,929	1,380,558	4,747,487	8,508,530	304,758	8,813,288
3.2.3.2	Currency sale options		341,000	4,285,420	4,626,420	-	8,342,266	8,342,266
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. 3.2.4.1.	Currency futures 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		1,169,754	235,192,181	236,361,935	1,169,754	186,050,145	187,219,899
B.	CUSTODY AND PLEDGED ITEMS (IV+V+VI)		29,007,957,565	23,593,740,496	52,601,698,061	26,581,415,298	21,432,985,703	48,014,401,001
IV.	ITEMS HELD IN CUSTODY		341,899,656	216,010,854	557,910,510	297,240,399	169,766,420	467,006,819
4.1.	Assets under management		14,357,759	-	14,357,759	13,774,891	-	13,774,891
4.2. 4.3.	Securities held in custody Checks received for collection		85,111,004 99,617,356	106,681,278 6,383,350	191,792,282 106,000,706	63,816,139 86,170,197	79,267,030 3,367,156	143,083,169 89,537,353
4.4.	Commercial notes received for collection		55,006,197	10,209,112	65,215,309	47,371,511	7,928,256	55,299,767
4.5.	Other assets received for collection		2,152	1,295	3,447	2,152	1,183	3,335
4.6.	Securities received for public offering		-	-	-	-	-	-
4.7.	Other items under custody		1,080,432	80,705,602	81,786,034	953,336	69,753,186	70,706,522
4.8.	Custodians		86,724,756	12,030,217	98,754,973	85,152,173	9,449,609	94,601,782
V.	PLEDGED ITEMS		4,462,867,116	1,123,368,071	5,586,235,187	4,329,713,990	1,033,151,407	5,362,865,397
5.1.	Marketable securities		530,650	4,401,027	4,931,677	398,290	4,906,082	5,304,372
5.2. 5.3.	Guarantee notes Commodity		23,707,982 355,820,967	13,622,209 13,806,171	37,330,191 369,627,138	19,610,795 320,451,642	10,297,268 12,699,256	29,908,063 333,150,898
5.4.	Warrant		-	-	-	-	-	-
5.5.	Immovables		3,572,603,566	908,164,959	4,480,768,525	3,497,221,552	841,937,410	4,339,158,962
5.6.	Other pledged items		509,710,924	183,174,616	692,885,540	491,647,668	163,143,400	654,791,068
5.7.	Depositories receiving pledged items		493,027	199,089	692,116	384,043	167,991	552,034
VI.	ACCEPTED GUARANTEES AND WARRANTEES		24,203,190,793	22,254,361,571	46,457,552,364	21,954,460,909	20,230,067,876	42,184,528,785
	TOTAL OFF BALANCE SHEET COMMITMENTS (A+B)		30,051,499,670	25,021,126,833	55,072,626,503	27,457,405,577	22,773,520,305	50,230,925,882

TÜRKİYE VAKIFLAR BANKASI TÜRK ANONİM ORTAKLIĞI AND ITS FINANCIAL SUBSIDIARIES CONSOLIDATED STATEMENT OF PROFIT OR LOSS FOR THE THREE-MONTH PERIOD ENDED MARCH 31, 2024

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

			Current Period January 1, 2024-	Prior Period January 1, 2023-
		Notes	March 31, 2024	March 31, 2023
I.	INTEREST INCOME	V-IV-1	141,102,220	44,513,274
1.1	Interest on loans	V-IV-1	98,793,948	28,964,258
1.2	Interest received from reserve deposits		3,691,947	324,409
1.3 1.4	Interest received from banks Interest received from money market transactions	V-IV-1	414,660	443,851
1.5	Interest received from marketable securities portfolio	V-IV-1	3,551,505 32,732,358	54,707 14,076,918
1.5.1	Financial assets at fair value through profit or loss		149,494	115,299
1.5.2	Financial assets at fair value through other comprehensive income		13,645,653	5,143,916
1.5.3	Financial assets measured at amortised cost		18,937,211	8,817,703
1.6	Finance lease interest income		1,588,467	493,449
1.7	Other interest income		329,335	155,682
II.	INTEREST EXPENSES (-)	V-IV-2	121,706,095	36,979,619
2.1 2.2	Interest on deposits Interest on funds borrowed	V-IV-2 V-IV-2	108,054,991 5,523,767	30,140,622 2,452,892
2.3	Interest on money market transactions		3,759,914	1,803,195
2.4	Interest on securities issued	V-IV-2	3,499,669	1,855,943
2.5	Leasing interest income		140,631	118,690
2.6	Other interest expenses		727,123	608,277
III.	NET INTEREST INCOME/EXPENSE (I - II)		19,396,125	7,533,655
IV.	NET FEES AND COMMISSIONS INCOME/EXPENSES		10,167,812	3,802,317
4.1	Fees and commissions received		13,661,590	4,766,317
4.1.1 4.1.2	Non-cash loans Other		1,193,910	620,595
4.2	Fees and commissions paid (-)		12,467,680 3,493,778	4,145,722 964,000
4.2.1	Non-cash loans		33,165	11,355
4.2.2	Other		3,460,613	952,645
V.	DIVIDEND INCOME		1,490	2,281
VI.	TRADING PROFIT/LOSS (Net)	V-IV-3	(3,433,983)	2,334,125
6.1	Profit/losses from capital market transactions	V-IV-3	1,315,270	1,056,176
6.2	Profit/losses from derivative financial transactions	V-IV-3	(10,422,532)	(79,539)
6.3	Foreign exchange profit/losses	V-IV-3	5,673,279	1,357,488
VII. VIII.	OTHER OPERATING INCOME GROSS PROFIT FROM OPERATING ACTIVITIES (III+IV+V+VI+VII)	V-IV-4	24,600,491 50,731,935	25,082,211 38,754,589
IX.	ALLOWANCES FOR EXPECTED CREDIT LOSSES (-)	V-IV-5	17,669,712	13,423,846
X.	OTHER PROVISION EXPENSES (-)	V-IV-5	157,824	93,089
XI.	PERSONNEL EXPENSES (-)		5,910,425	3,030,378
XII.	OTHER OPERATING EXPENSES (-)	V-IV-6	9,844,749	17,086,448
XIII.	NET OPERATING PROFIT/LOSS (VIII-IX-X-XI-XII)		17,149,225	5,120,828
XIV.	SURPLUS WRITTEN AS GAIN AFTER MERGER		-	-
XV.	PROFIT/LOSS FROM EQUITY METHOD APPLIED SUBSIDIARIES		176,368	126,731
XVI. XVII.	NET MONETORY POSITION GAIN/LOSS PROFIT/LOSS BEFORE TAXES FROM CONTINUING OPERATIONS (XIII++XVI)	V-IV-7	- 17,325,593	- 5,247,559
XVIII.	PROVISION FOR TAXES ON INCOME FROM CONTINUING OPERATIONS (±)	V-IV-8	(4,008,506)	237,383
18.1	Current tax provision	V-IV-10	(2,355,153)	(1,293,520)
18.2	Expense effect of deferred tax (+)	V-IV-10	(1,899,807)	(507,363)
18.3	Income effect of deferred tax (-)	V-IV-10	246,454	2,038,266
XIX.	NET PROFIT/LOSS FROM CONTINUING OPERATIONS (XVII±XVIII)	V-IV-9	13,317,087	5,484,942
XX.	INCOME FROM DISCONTINUED OPERATIONS		-	-
20.1	Income from assets held for sale		-	-
20.2 20.3	Profit from sale of associates, subsidiaries and joint ventures 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 23.3	Expense effect of deferred tax (+) Income effect of deferred tax (-)		- -	- -
XXIV.	NET PROFIT/LOSS FROM DISCONTINUED OPERATIONS (XXII±XXIII)		-	-
XXV.	NET PROFIT/LOSSES (XIX+XXIV)	V-IV-11	13,317,087	5,484,942
25.1	Group's profit/(loss)		13,172,228	5,339,591
25.2	Profit /(Loss) from Minority shares (-)		144,859	145,351
	Profit/Loss per 100 shares (full TL)	III-XXIV	1.3430	0.6344

TÜRKİYE VAKIFLAR BANKASI TÜRK ANONİM ORTAKLIĞI AND ITS FINANCIAL SUBSIDIARIES CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME FOR THE THREE-MONTH PERIOD ENDED MARCH 31, 2024

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

	PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME	Current Period January 1, 2024- March 31, 2024	Prior Period January 1, 2023- March 31, 2023
I. II.	PROFIT (LOSS) OTHER COMPREHENSIVE INCOME	13,317,087 1,144,866	5,484,942 550,753
2.1.	Other comprehensive income that will not be reclassified to profit or loss	197,789	271,696
2.1.1.	Gains (Losses) on Revaluation of Property, Plant and Equipment	(4,531)	(1,470)
2.1.2.	Gains (losses) on revaluation of Intangible Assets	-	-
2.1.3.	Gains (losses) on remeasurements of defined benefit plans	(5,028)	4,540
2.1.4.	Other Components of Other Comprehensive Income That Will Not Be Reclassified to Profit or Loss	542	27,098
2.1.5.	Taxes Relating to Components of Other Comprehensive Income That Will Not Be Reclassified to Profit or Loss	206,806	241,528
2.2.	Other Comprehensive Income That Will Be Reclassified to Profit or Loss	947,077	279,057
2.2.1.	Exchange Differences on Translation	505,563	10,731
2.2.2.	Valuation and/or Reclassification Profit or Loss from financial assets at fair value through other comprehensive
	income	(178,390)	13,313
2.2.3.	Income (Loss) Related with Cash Flow Hedges	-	-
2.2.4.	Income (Loss) Related with Hedges of Net Investments in Foreign Operations	505,352	260,304
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	114,552	(5,291)
III.	TOTAL COMPREHENSIVE INCOME (I+II)	14,461,953	6,035,695

TÜRKİYE VAKIFLAR BANKASI TÜRK ANONİM ORTAKLIĞI AND ITS FINANCIAL SUBSIDIARIES CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY FOR THE THREE-MONTH PERIOD ENDED MARCH 31, 2024 (Amounts expressed in thousands of Turkish Lira ("TL") unless otherwise stated.)

							Accumulated Other Comprehensive Income or Expense Not Reclassified through Profit or				Accumulated Other Comprehensive Income or Expense Reclassified through Profit or
				STATEMENT OF CHANGES IN SHAREHOLDERS				Loss			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, 2024 Prior Period End
I.	Balance		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
	Corrections and
II.	Accounting Policy
	Changes Made
	According to TAS 8		-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
2.1.	Effects of Corrections		-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
2.2.	Effects of the Changes in
	Accounting Policies		-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
III.	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
	Total Comprehensive
IV.	Income		-	-	-	-	198,643	(4,740)	2,924	505,563	(114,748)	556,262	-	-	13,172,228	14,316,132	145,821	14,461,953
V.	Capital Increase by Cash		-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
	Capital Increase by
VI.	Internal Resources		-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
VII.	Paid-in capital inflation
	adjustment difference		-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
VIII.	Convertible Bonds		-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
IX.	Subordinated Debt
	Instruments		-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
X.	Increase/Decrease by
	Other Changes		-	-	-	-	-	-	-	-	-	-	(396,784)	(392,197)	-	(788,981)	(97,562)	(886,543)
XI.	Profit Distribution		-	-	-	8,359	-	-	(86)	-	-	-	590,492	(590,492)	-	8,273	-	8,273
11.1.	Dividends paid		-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
11.2.	Transfers to Reserves		-	-	-	-	-	-	-	-	-	-	506,969	(506,969)	-	-	-	-
11.3.	Other		-	-	-	8,359	-	-	(86)	-	-	-	83,523	(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 CHANGES IN SHAREHOLDERS' EQUITY FOR THE THREE-MONTH PERIOD ENDED MARCH 31, 2023 (Amounts expressed in thousands of Turkish Lira ("TL") unless otherwise stated.)

STATEMENT OF CHANGES IN SHAREHOLDERS						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, 2023
I.	Prior Period End Balance			7,111,364 16,469,500	-	(63,177)	3,381,054	(800,579)	2,924,446	1,490,653	10,802,217		(328,089) 37,480,709 26,250,691			- 104,718,789	1,806,739	106,525,528
	Corrections and
II.	Accounting Policy Changes
	Made According to TAS 8		-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
2.1.	Effects of Corrections		-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
2.2.	Effects of the Changes in
	Accounting Policies		-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
III.	Adjusted Beginning
	Balance (I+II)			7,111,364 16,469,500	-	(63,177)	3,381,054	(800,579)	2,924,446	1,490,653	10,802,217		(328,089) 37,480,709 26,250,691			- 104,718,789	1,806,739	106,525,528
IV.	Total Comprehensive
V.	Income Capital Increase by Cash		-	- 2,804,558 29,131,443	- -	- -	240,783 -	3,578 -	27,098 -	10,731 -	8,022 -	260,304 -	- -	- -	5,339,591 -	5,890,107 31,936,001	145,588 -	6,035,695 31,936,001
	Capital Increase by
VI.	Internal Resources		-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
	Paid-in capital inflation
VII.	adjustment difference		-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
	VIII. Convertible Bonds		-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
IX.	Subordinated Debt
	Instruments		-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
X.	Increase/Decrease by
	Other Changes		-	-	-	(220,290)	-	-	-	-	-	-	10,134	(89,748)	-	(299,904)	7,208	(292,696)
XI.	Profit Distribution		-	-	-	-	-	-	1,197	-	-	-	338,651	(339,853)	-	(5)	-	(5)
	11.1. Dividends paid		-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
	11.2. Transfers to Reserves		-	-	-	-	-	-	-	-	-	-	326,480	(326,485)	-	(5)	-	(5)
	11.3. Other		-	-	-	-	-	-	1,197	-	-	-	12,171	(13,368)	-	-	-	-
	Ending Balance			9,915,922 45,600,943	-	(283,467)	3,621,837	(797,001)	2,952,741	1,501,384	10,810,239		(67,785) 37,829,494 25,821,090			5,339,591 142,244,988	1,959,535	144,204,523

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, 2024

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

			Current Period	Prior Period
		Notes	March 31, 2024	March 31, 2023
A.	CASH FLOWS FROM BANKING OPERATIONS
1.1	Operating profit before changes in operating assets and liabilities		5,999,814	25,121,334
1.1.1	Interest received		119,498,838	43,720,997
1.1.2	Interest paid		(120,367,866)	(36,360,633)
1.1.3	Dividends received		1,490	2,281
1.1.4	Fee and commissions received		4,595,608	4,016,313
1.1.5	Other income		7,994,486	1,294,308
1.1.6	Collections from previously written off loans and other receivables		1,507,324	1,057,598
1.1.7	Cash payments to personnel and service suppliers		(6,491,423)	(3,240,964)
1.1.8	Taxes paid		(865,310)	(54,788)
1.1.9	Other		126,667	14,686,222
1.2	Changes in operating assets and liabilities subject to banking operations		(80,733,385)	17,927,070
1.2.1	Net (Increase) Decrease in Financial Assets at Fair Value through Profit or Loss		18,557,095	(5,852,091)
1.2.2	Net increase (decrease) in due from banks		(69,203,187)	73,270,562
1.2.3	Net increase (decrease) in loans		(84,448,075)	(156,741,864)
1.2.4	Net increase (decrease) in other assets		(70,985,146)	(1,462,270)
1.2.5	Net increase (decrease) in bank deposits		11,647,384	(38,193,010)
1.2.6	Net increase (decrease) in other deposits		15,417,240	159,872,196
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		2,003,171	30,606,451
1.2.9	Net increase (decrease) in matured payables		-	-
1.2.10	Net increase (decrease) in other liabilities		96,278,133	(43,572,904)
I.	Net cash flow provided from banking operations		(74,733,571)	43,048,404
B.	CASH FLOWS FROM INVESTING ACTIVITIES
II.	Net cash provided from investing activities		(14,643,948)	(49,678,377)
2.1	Cash paid for the purchase of associates, subsidiaries and joint ventures		-	(119,285)
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		(1,670,731)	(1,158,976)
2.4	Cash obtained from the sale of tangible and intangible asset		306,858	349,009
2.5	Cash paid for the purchase of financial assets at fair value through other comprehensive
	income		(33,835,813)	(7,561,594)
2.6	Cash obtained from the sale of financial assets at fair value through other
	comprehensive income		17,488,171	1,240,783
2.7	Cash paid for the purchase of financial assets at amortized cost		(421,004)	(45,951,311)
2.8	Cash obtained from sale of financial assets at amortized cost		3,572,998	3,575,213
2.9	Other		(84,427)	(52,216)
C.	CASH FLOWS FROM FINANCING ACTIVITIES
III.	Net cash flows from financing activities		70,873,444	29,146,455
3.1	Cash obtained from funds borrowed and securities issued		73,032,706	3,086,296
3.2	Cash outflow from funds borrowed and securities issued		(3,660,382)	(6,482,719)
3.3	Equity instruments issued		-	32,706,660
3.4	Dividends paid		-	-
3.5	Payments for finance lease liabilities		1,501,120	(163,782)
3.6	Other		-	-
IV.	Effect of change in foreign exchange rate on cash and cash equivalents		913,980	623,521
V.	Net increase/decrease in cash and cash equivalents		(17,590,095)	23,140,003
VI.	Cash and cash equivalents at beginning of the period		336,682,989	129,683,048
VII.	Cash and cash equivalents at end of the period		319,092,894	152,823,051