TÜRKİYE VAKIFLAR BANKASI T.A.O.

Annual / Quarterly Financial Statement • Feb 6, 2025

TÜRKİYE VAKIFLAR BANKASI TÜRK ANONIM ORTAKLIĞI

UNCONSOLIDATED BALANCE SHEET (STATEMENT OF FINANCIAL POSITION) AS OF DECEMBER 31,2024

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

ASSETS Notes TL FC Total TL FC Total I. FINANCIAL ASSETS (Net) 853,260,452 674,291,022 1,527,551,474 378,873,910 483,722,105 862,596,015 1.1 Cash and cash equivalents V-I-1 565,869,819 402,445,620 968,315,439 237,724,945 280,218,253 517,943,198 1.1.1 Cash and balances at Central Bank V-I-1 436,902,824 331,552,944 768,455,768 156,309,961 229,393,739 385,703,700 1.1.2 Banks V-I-3 85 71,239,075 71,239,160 651 51,099,939 51,100,590 1.1.3 Receivables from Money Markets 128,971,733 - 128,971,733 81,418,249 - 81,418,249 1.1.4 Allowance for expected credit losses (-) V-I-18 4,823 346,399 351,222 3,916 275,425 1.2 Financial assets at fair value through profit or loss V-I-2 1,324,402 1,098,050 2,422,452 2,997,041 31,257,616 1.2.1 Public debt securities - - - - 30,499,847 1.2.2 Equity instruments 242,830 1,098,050 1,340,880 144,926 757,769 1.2.3 Other financial assets 1,081,572 - 1,081,572 2,852,115 - 1.3 Financial assets at fair value through other comprehensive income V-I-4 262,947,749 267,418,353 530,366,102 114,425,889 166,717,480 281,143,369 1.3.1 Public debt securities 261,058,218 267,351,934 528,410,152 112,640,191 166,684,771 279,324,962 1.3.2 Equity instruments 238,310 48,675 286,985 153,626 17,818 171,444 1.3.3 Other financial assets 1,651,221 17,744 1,668,965 1,632,072 14,891 1,646,963 1.4 Derivative financial assets V-I-2 23,118,482 3,328,999 26,447,481 23,726,035 5,528,756 29,254,791 1.4.1 Derivative financial assets at fair value through profit or loss 23,118,482 3,328,999 26,447,481 23,726,035 5,528,756 29,254,791 1.4.2 Derivative financial assets at fair value through other comprehensive income - - - - - - II. FINANCIAL ASSETS MEASURED AT AMORTISED COST 1,615,683,954 744,981,268 2,360,665,222 1,297,089,192 504,800,609 1,801,889,801 2.1 Loans V-I-5 1,315,678,783 730,390,412 2,046,069,195 1,052,862,084 466,249,420 1,519,111,504 2.2 Receivables from leasing transactions V-I-10 - - - - - -		Current Period December 31, 2024			Prior Period December 31, 2023
							279,341
							34,254,657
							30,499,847
							902,695
							2,852,115
2.3 Factoring receivables - - - - -							-
2.4 Financial assets measured at amortised cost V-I-6 352,246,247 30,350,848 382,597,095 289,285,980 55,087,022							344,373,002
2.4.1 Public debt securities 352,246,247 29,640,950 381,887,197 289,285,980 54,698,887							343,984,867
2.4.2 Other financial assets - 709,898 709,898 - 388,135							388,135
2.5 Allowance for expected credit losses (-) 52,241,076 15,759,992 68,001,068 45,058,872 16,535,833 III. NON-CURRENTS ASSETS OR DISPOSAL GROUPS							61,594,705
"HELD FOR SALE" AND "FROM DISCONTINUED
OPERATIONS (Net) V-I-16 1,075,975 - 1,075,975 213,007 -							213,007
3.1 Held for sale purpose 1,075,975 - 1,075,975 213,007 -							213,007
3.2 Held from discontinued operations - - - - -							-
IV. INVESTMENTS IN ASSOCIATES, SUBSIDIARIES AND
JOINT VENTURES 27,145,854 2,927,024 30,072,878 17,662,202 2,702,730							20,364,932
4.1 Investments in associates (Net) V-I-7 8,357,945 - 8,357,945 5,759,620 -							5,759,620
4.1.1 Associates accounted by using equity method - - - - -							-
4.1.2 Unconsolidated associates 8,357,945 - 8,357,945 5,759,620 -							5,759,620
4.2 Investments in subsidiaries (Net) V-I-8 18,787,909 2,927,024 21,714,933 11,902,582 2,702,730							14,605,312
4.2.1 Unconsolidated financial subsidiaries 16,026,072 2,927,024 18,953,096 10,023,741 2,702,730							12,726,471
4.2.2 Unconsolidated non-financial subsidiaries 2,761,837 - 2,761,837 1,878,841 -							1,878,841
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) V-I-12 38,800,286 131,191 38,931,477 25,597,813 125,883							25,723,696
VI. INTANGIBLE ASSETS AND GOODWILL (Net) V-I-13 1,289,434 1,333 1,290,767 878,685 1,634							880,319
6.1 Goodwill - - - - -							-
6.2 Other 1,289,434 1,333 1,290,767 878,685 1,634							880,319
VII. INVESTMENT PROPERTIES (Net) V-I-14 3,845,463 - 3,845,463 2,928,725 -							2,928,725
VIII. CURRENT TAX ASSETS 876,325 - 876,325 - -							-
IX. DEFERRED TAX ASSETS V-I-15 4,740,299 - 4,740,299 10,891,261 -							10,891,261
X. OTHER ASSETS V-I-17 47,279,868 5,155,949 52,435,817 56,583,554 14,562,822							71,146,376
TOTAL ASSETS 2,593,997,910 1,427,487,787 4,021,485,697 1,790,718,349 1,005,915,783							2,796,634,132

TÜRKİYE VAKIFLAR BANKASI TÜRK ANONIM ORTAKLIĞI

UNCONSOLIDATED BALANCE SHEET (STATEMENT OF FINANCIAL POSITION) AS OF DECEMBER 31, 2024

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

				Current Period December 31, 2024		December 31, 2023
	LIABILITIES AND EQUITY	Notes	TL	FC	Total	TL	FC	Total
I.	DEPOSITS	V-II-1	1,864,267,378	673,520,604	2,537,787,982	1,254,133,247	707,627,870	1,961,761,117
II.	BORROWINGS	V-II-3	47,255,568	226,824,867	274,080,435	32,724,113	188,953,477	221,677,590
III.	MONEY MARKET FUNDS		278,255,815	229,293,399	507,549,214	58,858,701	73,504,733	132,363,434
IV.	MARKETABLE SECURITIES (Net)	V-II-3	5,784,837	207,916,445	213,701,282	1,163,579	117,165,636	118,329,215
4.1	Bills		5,784,837	6,085,568	11,870,405	1,163,579	-	1,163,579
4.2	Asset backed securities		-	-	-	-	-	-
4.3.	Bonds		-	201,830,877	201,830,877	-	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	1,901,202	4,888,366	6,789,568	81,679	5,684,709	5,766,388
7.1	Derivative financial liabilities at fair value through profit or
	loss		1,901,202	4,888,366	6,789,568	81,679	5,684,709	5,766,388
7.2	Derivative financial liabilities at fair value through other
	comprehensive income	V-II-6	-	-	-	-	-	-
VIII.	FACTORING PAYABLES		-	-	-	-	-	-
IX.	LEASE PAYABLES	V-II-5	5,411,784	1,602	5,413,386	2,866,665	3,947	2,870,612
X.	PROVISIONS	V-II-7	27,682,400	353,337	28,035,737	20,628,265	1,463,336	22,091,601
10.1	Provision for restructuring		-	-	-	-	-	-
10.2	Reserves for employee benefits		10,701,716	-	10,701,716	7,128,807	-	7,128,807
10.3	Insurance technical reserves (Net)		-	-	-	-	-	-
10.4	Other provisions		16,980,684	353,337	17,334,021	13,499,458	1,463,336	14,962,794
XI.	CURRENT TAX LIABILITIES	V-II-8	10,169,597	33,558	10,203,155	11,522,000	27,923	11,549,923
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	12,211,950	72,709,156	84,921,106	10,730,094	23,707,184	34,437,278
14.1	Loans		-	-	-	-	-	-
14.2 XV.	Other debt instruments OTHER LIABILITIES	V-II-4	12,211,950 109,109,158	72,709,156 24,697,220	84,921,106 133,806,378	10,730,094 83,300,256	23,707,184 31,056,099	34,437,278 114,356,355
XVI.	SHAREHOLDERS` EQUITY	V-II-11	213,379,826	5,814,623	219,194,449	166,695,848	4,731,766	171,427,614
16.1	Paid-in capital	V-II-11	9,915,922	-	9,915,922	9,915,922	-	9,915,922
16.2	Capital reserves		50,123,391	991,838	51,115,229	47,437,916	883,459	48,321,375
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		4,534,343	991,838	5,526,181	1,848,868	883,459	2,732,327
16.3	Other accumulated comprehensive income that will not be
	reclassified in profit or loss		32,495,181	(845,247)	31,649,934	21,825,766	(657,341)	21,168,425
16.4	Other accumulated comprehensive income that will be
	reclassified in profit or loss		(5,234,121)	5,668,032	433,911	1,812,094	4,505,648	6,317,742
16.5	Profit reserves		85,704,152	-	85,704,152	59,858,743	-	59,858,743
16.5.1	Legal reserves		9,197,197	-	9,197,197	6,612,656	-	6,612,656
16.5.2	Statutory reserves		-	-	-	-	-	-
16.5.3	Extraordinary reserves		74,771,302	-	74,771,302	51,613,230	-	51,613,230
16.5.4	Other profit reserves		1,735,653	-	1,735,653	1,632,857	-	1,632,857
16.6	Profit or loss		40,375,301	-	40,375,301	25,845,407	-	25,845,407
16.6.1	Prior years' profits or losses		-	-	-	799,497	-	799,497
16.6.2	Current period net profit or loss		40,375,301	-	40,375,301	25,045,910	-	25,045,910
16.7	Minority interests		-	-	-	-	-	-
	TOTAL LIABILITIES AND EQUITY		2,575,432,520	1,446,053,177	4,021,485,697	1,642,707,452	1,153,926,680	2,796,634,132

TÜRKİYE VAKIFLAR BANKASI TÜRK ANONIM ORTAKLIĞI

UNCONSOLIDATED OFF-BALANCE SHEET ITEMS AS OF DECEMBER 31, 2024

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

				Current Period		Prior Period
		Notes	TL	December 31, 2024 FC	Total	TL	December 31, 2023 FC	Total
A.	OFF-BALANCE SHEET COMMITMENTS AND CONTINGENCIES
	(I+II+III)		1,375,804,554	1,762,773,414	3,138,577,968	863,023,395	1,335,390,171	2,198,413,566
I. 1.1.	GUARANTEES AND SURETIES Letters of guarantee	V-III-2 V-III-1	348,898,069 348,706,327	328,170,155 210,553,165	677,068,224 559,259,492	241,897,179 239,771,005	247,494,642 157,390,797	489,391,821 397,161,802
1.1.1.	Guarantees subject to State Tender Law		7,534,694	-	7,534,694	6,831,439	-	6,831,439
1.1.2. 1.1.3.	Guarantees given for foreign trade operations Other letters of guarantee		21,073,866 320,097,767	113,852,683 96,700,482	134,926,549 416,798,249	12,911,007 220,028,559	85,112,714 72,278,083	98,023,721 292,306,642
1.2.	Bank acceptances		4,258	6,963,856	6,968,114	4,258	4,398,076	4,402,334
1.2.1.	Import letter of acceptance		-	1,730,604	1,730,604	-	1,091,455	1,091,455
1.2.2. 1.3.	Other bank acceptances Letters of credit	V-III-4 V-III-4	4,258 187,484	5,233,252 107,498,532	5,237,510 107,686,016	4,258 2,121,916	3,306,621 82,572,374	3,310,879 84,694,290
1.3.1.	Documentary letters of credit		187,484	107,498,532	107,686,016	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		- -	28,122 -	28,122 -	- -	23,515 -	23,515 -
1.5.1.	Endorsements to the Central Bank of Republic of Türkiye		-	-	-	-	-	-
1.5.2.	Other endorsements		-	-	-	-	-	-
1.6. 1.7.	Purchase guarantees for Securities issued Factoring guarantees		- -	- -	- -	- -	- -	- -
1.8.	Other guarantees		-	556,188	556,188	-	526,329	526,329
1.9.	Other warrantees		-	2,570,292	2,570,292	-	2,583,551	2,583,551
II. 2.1.	COMMITMENTS Irrevocable commitments	V-III-1	884,997,907 843,949,226	423,545,620 175,132,731	1,308,543,527 1,019,081,957	451,724,674 416,470,540	287,192,025 106,591,474	738,916,699 523,062,014
2.1.1.	Asset purchase and sales commitments	V-III-1	53,876,600	175,132,731	229,009,331	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	296,760,473	-	296,760,473	119,165,714	-	119,165,714
2.1.5.	Securities issuance brokerage commitments		-	-	-	-	-	-
2.1.6. 2.1.7.	Commitments for reserve deposit requirements Commitments for checks payments	V-III-1	- 14,787,396	- -	- 14,787,396	- 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	458,300,096	-	458,300,096	239,679,180	-	239,679,180
2.1.10. 2.1.11.	Commitments for credit cards and banking services promotions Receivables from short sale commitments of marketable securities		3,455,059 -	- -	3,455,059 -	2,274,392 -	- -	2,274,392 -
2.1.12.	Payables for short sale commitments of marketable securities		-	-	-	-	-	-
2.1.12.	Other irrevocable commitments		16,769,602	-	16,769,602	10,036,322	-	10,036,322
2.2. 2.2.1.	Revocable commitments Revocable loan granting commitments		41,048,681 41,048,681	248,412,889 248,412,889	289,461,570 289,461,570	35,254,134 35,254,134	180,600,551 180,600,551	215,854,685 215,854,685
2.2.2.	Other revocable commitments		-	-	-	-	-	-
III.	DERIVATIVE FINANCIAL INSTRUMENTS		141,908,578	1,011,057,639	1,152,966,217	169,401,542	800,703,504	970,105,046
3.1. 3.1.1.	Derivative financial instruments held for hedging Fair value hedges		- -	- -	- -	- -	- -	- -
3.1.2.	Cash flow hedges		-	-	-	-	-	-
3.1.3. 3.2.	Hedges for investments made in foreign countries Trading transactions	V-III-V	- 141,908,578	- 1,011,057,639	- 1,152,966,217	- 169,401,542	- 800,703,504	- 970,105,046
3.2.1.	Forward foreign currency purchase and sale transactions		54,500,915	56,200,803	110,701,718	13,437,023	18,270,450	31,707,473
3.2.1.1.	Forward foreign currency purchase transactions		27,309,819	28,108,306	55,418,125	6,731,972	9,136,245	15,868,217
3.2.2.2. 3.2.2.	Forward foreign currency sales Currency and interest rate swaps		27,191,096 81,503,023	28,092,497 660,454,221	55,283,593 741,957,244	6,705,051 146,286,235	9,134,205 587,735,885	15,839,256 734,022,120
3.2.2.1.	Currency swap purchase transactions		41,682,349	189,247,514	230,929,863	3,312,843	231,173,916	234,486,759
3.2.2.2.	Currency swap sale transactions		38,390,674	232,433,119	270,823,793	141,123,392	122,716,186	263,839,578
3.2.2.3. 3.2.2.4.	Interest rate swap purchase transactions Interest rate swap sale transactions		715,000 715,000	119,386,794 119,386,794	120,101,794 120,101,794	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		4,876,186	6,355,836	11,232,022	8,508,530	8,647,024	17,155,554
3.2.3.1	Currency purchase options		4,162,656	1,566,034	5,728,690	8,508,530	304,758	8,813,288
3.2.3.2 3.2.3.3	Currency sale options Interest rate purchase options		713,530 -	4,789,802 -	5,503,332 -	- -	8,342,266 -	8,342,266 -
3.2.3.4	Interest rate sale options		-	-	-	-	-	-
3.2.3.5 3.2.3.6	Security purchase options Security sale options		- -	- -	- -	- -	- -	- -
3.2.4.	Currency futures		-	-	-	-	-	-
3.2.4.1.	Currency purchases futures		-	-	-	-	-	-
3.2.4.2. 3.2.5.	Currency sales futures Interest rate futures		- -	- -	- -	- -	- -	- -
3.2.5.1.	Interest rate purchases futures		-	-	-	-	-	-
3.2.5.2.	Interest rate sales futures		-	-	-	-	-	-
3.2.6. B.	Other CUSTODY AND PLEDGED ITEMS (IV+V+VI)		1,028,454 39,572,332,570	288,046,779 29,289,352,635	289,075,233 68,861,685,205	1,169,754 26,518,716,170	186,050,145 21,382,410,321	187,219,899 47,901,126,491
IV.	ITEMS HELD IN CUSTODY		315,219,713	220,066,493	535,286,206	234,749,671	119,191,038	353,940,709
4.1. 4.2.	Assets under management Securities held in custody		- 96,652,693	- 144,902,368	- 241,555,061	- 61,953,528	- 79,267,030	- 141,220,558
4.3.	Checks received for collection		112,612,950	4,293,997	116,906,947	80,178,405	3,074,417	83,252,822
4.4.	Commercial notes received for collection		11,747,134	14,577,374	26,324,508	7,490,224	5,613,199	13,103,423
4.5. 4.6.	Other assets received for collection Securities received for public offering		2,152 -	1,414 -	3,566 -	2,152 -	1,183 -	3,335 -
4.7.	Other items under custody		309	38,305,602	38,305,911	309	21,785,600	21,785,909
4.8.	Custodians		94,204,475	17,985,738	112,190,213	85,125,053	9,449,609	94,574,662
V. 5.1.	PLEDGED ITEMS Marketable securities		5,305,508,194 505,505	1,536,545,807 2,881,224	6,842,054,001 3,386,729	4,329,505,590 398,290	1,033,151,407 4,906,082	5,362,656,997 5,304,372
5.2.	Guarantee notes		32,359,271	14,727,029	47,086,300	19,402,395	10,297,268	29,699,663
5.3.	Commodity		454,804,823	37,092,119	491,896,942	320,451,642	12,699,256	333,150,898
5.4. 5.5.	Warrant Immovables		- 4,260,887,706	- 1,256,874,005	- 5,517,761,711	- 3,497,221,552	- 841,937,410	- 4,339,158,962
5.6.	Other pledged items		556,585,004	224,858,827	781,443,831	491,647,668	163,143,400	654,791,068
5.7.	Depositories receiving pledged items		365,885	112,603	478,488	384,043	167,991	552,034
VI.	ACCEPTED GUARANTEES AND WARRANTEES TOTAL OFF BALANCE SHEET COMMITMENTS (A+B)		33,951,604,663 40,948,137,124	27,532,740,335 31,052,126,049	61,484,344,998 72,000,263,173	21,954,460,909 27,381,739,565	20,230,067,876 22,717,800,492	42,184,528,785 50,099,540,057

TÜRKİYE VAKIFLAR BANKASI TÜRK ANONIM ORTAKLIĞI UNCONSOLIDATED STATEMENT OF PROFIT OR LOSS FOR THE YEAR ENDED DECEMBER 31, 2024

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

		Notes	Current Period January 1, 2024- December 31, 2024	Prior Period January 1,2023- December 31, 2023
I.	INTEREST INCOME
1.1	Interest on loans	V-IV-1	733,206,946	312,915,975
1.2	Interest received from reserve deposits	V-IV-1	476,968,304 47,282,353	198,542,927 1,151,837
1.3	Interest received from banks	V-IV-1	1,306,246	1,279,748
1.4	Interest received from money market transactions		18,847,059	1,290,774
1.5	Interest received from marketable securities portfolio	V-IV-1	187,682,108	109,219,223
1.5.1	Financial assets at fair value through profit or loss		199,777	590,576
1.5.2	Financial assets at fair value through other comprehensive income		84,651,090	35,091,717
1.5.3	Financial assets measured at amortised cost		102,831,241	73,536,930
1.6	Finance lease interest income		-	-
1.7	Other interest income		1,120,876	1,431,466
II.	INTEREST EXPENSES	V-IV-2	634,230,480	260,960,901
2.1	Interest on deposits	V-IV-2	555,905,776	225,121,690
2.2	Interest on funds borrowed	V-IV-2	21,077,370	13,576,002
2.3	Interest on money market transactions		36,178,667	10,511,907
2.4	Interest on securities issued	V-IV-2	18,484,603	9,866,653
2.5	Leasing interest income		1,094,062	623,989
2.6	Other interest expenses		1,490,002	1,260,660
III.	NET INTEREST INCOME/EXPENSE (I - II)		98,976,466	51,955,074
IV.	NET FEES AND COMMISSIONS INCOME/EXPENSES		46,473,551	25,745,988
4.1	Fees and commissions received		65,051,779	32,727,748
4.1.1	Non-cash loans		5,239,013	3,418,604
4.1.2	Other		59,812,766	29,309,144
4.2	Fees and commissions paid		18,578,228	6,981,760
4.2.1	Non-cash loans		299	260
4.2.2	Other		18,577,929	6,981,500
V.	DIVIDEND INCOME	V-IV-3	124,532	199,740
VI.	TRADING PROFIT/LOSS (Net)	V-IV-4	(9,361,793)	14,030,910
6.1	Profit/losses from capital market transactions	V-IV-4	3,027,824	4,782,827
6.2 6.3	Profit/losses from derivative financial transactions Foreign exchange profit/losses	V-IV-4	(26,074,921)	(3,982,543)
VII.	OTHER OPERATING INCOME	V-IV-4	13,685,304	13,230,626
VIII.	GROSS PROFIT FROM OPERATING ACTIVITIES (III+IV+V+VI+VII)	V-IV-5	46,055,973 182,268,729	40,288,762 132,220,474
IX.	ALLOWANCES FOR EXPECTED CREDIT LOSSES (-)	V-IV-6	45,370,413	49,961,062
X.	OTHER PROVISION EXPENSES (-)	V-IV-6	6,927,703	4,342,780
XI.	PERSONNEL EXPENSES (-)		29,965,941	15,139,340
XII.	OTHER OPERATING EXPENSES (-)	V-IV-7	43,365,347	37,365,614
XIII.	NET OPERATING PROFIT/LOSS (VIII-IX-X-XI-XII)		56,639,325	25,411,678
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-8	56,639,325	25,411,678
XVIII.	PROVISION FOR TAXES ON INCOME FROM CONTINUING
	OPERATIONS (±)	V-IV-9	(16,264,024)	(365,768)
18.1	Current tax provision	V-IV-11	(8,406,334)	(8,781,428)
18.2	Expense effect of deferred tax (+)	V-IV-11	(28,249,514)	(12,586,204)
18.3	Income effect of deferred tax (-)	V-IV-11	20,391,824	21,001,864
XIX.	NET PROFIT/LOSS FROM CONTINUING OPERATIONS (XVII±XVIII)	V-IV-10	40,375,301	25,045,910
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-12	40,375,301	25,045,910
25.1	Equity holders of the Bank		-	-
25.2	Non-controlling interest (-)		-	-
	Profit/Loss per 100 shares (full TL)	III-XXIV	4.0718	2.5839

TÜRKİYE VAKIFLAR BANKASI TÜRK ANONIM ORTAKLIĞI

UNCONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME AS OF THE YEAR ENDED DECEMBER 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- December 31, 2024	Prior Period January 1, 2023- December 31, 2023
I.	PROFIT (LOSS)	40,375,301	25,045,910
II.	OTHER COMPREHENSIVE INCOME	4,597,678	5,206,646
2.1.	Other comprehensive income that will not be reclassified to profit or loss	10,481,509	10,175,458
2.1.1.	Gains (Losses) on Revaluation of Property, Plant and Equipment	6,372,297	10,368,401
2.1.2.	Gains (losses) on revaluation of Intangible Assets	-	-
2.1.3.	Gains (losses) on remeasurements of defined benefit plans	(936,456)	(1,718,889)
2.1.4.	Other Components of Other Comprehensive Income That Will Not Be Reclassified to Profit or Loss	5,828,236	2,534,286
2.1.5.	Taxes Relating to Components of Other Comprehensive Income That Will Not Be Reclassified to Profit or Loss	(782,568)	(1,008,340)
2.2.	Other Comprehensive Income That Will Be Reclassified to Profit or Loss	(5,883,831)	(4,968,812)
2.2.1.	Exchange Differences on Translation	-	-
2.2.2.	Valuation and/or Reclassification Profit or Loss from financial assets at fair value through other comprehensive income	(8,420,632)	(6,038,666)
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	2,536,801	1,069,854
III.	TOTAL COMPREHENSIVE INCOME (LOSS) (I+II)	44,972,979	30,252,556

TÜRKİYE VAKIFLAR BANKASI TÜRK ANONIM ORTAKLIĞI UNCONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY AS OF YEAR ENDED DECEMBER 31, 2024

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

		Accumulated Other Comprehensive Income or Accumulated Other Comprehensive Income or STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY Expense Not Reclassified through Profit or Loss 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 December 31, 2024
I. II.	Prior Period End Balance Corrections and Accounting Policy Changes Made		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
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	- 45,589,048	- -	- 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. V.	Total Comprehensive Income Capital Increase by Cash		- -	- -	- -	- -	5,308,792 -	(655,519) -	5,828,236 -	- -	(5,883,831) -	- -	- -	- -	40,375,301 -	44,972,979 -
VI.	Capital Increase by Internal Resources		-	-	-	-	-	-	-	-	-	-	-	-	-	-
VII.	Paid-in capital inflation adjustment difference		-	-	-	-	-	-	-	-	-	-	-	-	-	-
IX.	VIII. Convertible Bonds Subordinated Debt		-	-	-	-	-	-	-	-	-	-	-	-	-	-
X.	Instruments Increase/Decrease by Other Changes		- -	- -	- -	- 2,793,854	- -	- -	- -	- -	- -	- -	- 98,685	- (98,683)	- -	- 2,793,856
XI.	Profit Distribution 11.1. Dividends paid		- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	25,746,724 -	(25,746,724) -	- -	- -
	11.2. Transfers to Reserves 11.3. Other		- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	25,746,724 -	(25,746,724) -	- -	- -
	Ending Balance (I+II+.X+XI)		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

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 ANONIM ORTAKLIĞI UNCONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY AS OF YEAR ENDED DECEMBER 31, 2024

(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
	December 31, 2023
I.	Prior Period End Balance		7,111,364	16,468,559	-	1,266,702	3,237,996	(792,431)	8,547,402	80,727	11,205,827	-	35,841,511	24,017,232	-	106,984,889
II.	Corrections and 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	16,468,559	-	1,266,702	3,237,996	(792,431)	8,547,402	80,727	11,205,827	-	35,841,511	24,017,232	-	106,984,889
IV.	Total Comprehensive Income		-	-	-	-	8,223,324	(1,150,394)	3,102,528	-	(4,968,812)	-	-	-	25,045,910	30,252,556
V.	Capital Increase by Cash		2,804,558	29,120,489	-	-	-	-	-	-	-	-	-	-	-	31,925,047
VI.	Capital Increase by Internal Resources		-	-	-	-	-	-	-	-	-	-	-	-	-	-
VII.	Paid-in capital inflation adjustment		-	-	-	-	-	-	-	-	-	-	-	-	-	-
	difference
VIII.	Convertible Bonds		-	-	-	-	-	-	-	-	-	-	-	-	-	-
IX.	Subordinated Debt Instruments		-	-	-	-	-	-	-	-	-	-	-	-	-	-
X.	Increase/Decrease by Other Changes		-	-	-	1,465,625	-	-	-	-	-	-	141,515	657,982	-	2,265,122
XI.	Profit Distribution		-	-	-	-	-	-	-	-	-	-	23,875,717	(23,875,717)	-	-
11.1.	Dividends paid		-	-	-	-	-	-	-	-	-	-	-	-	-	-
11.2.	Transfers to Reserves		-	-	-	-	-	-	-	-	-	-	23,875,717	(23,875,717)	-	-
11.3.	Other		-	-	-	-	-	-	-	-	-	-	-	-	-	-
	Ending Balance (I+II+.X+XI)		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	799,497	25,045,910	171,427,614

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 ANONIM ORTAKLIĞI UNCONSOLIDATED STATEMENT OF CASH FLOW AS OF THE YEAR ENDED DECEMBER 31, 2024

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

		Notes	Current Period December 31, 2024	Prior Period December 31, 2023
A.	CASH FLOWS FROM BANKING OPERATIONS
1.1	Operating profit before changes in operating assets and liabilities		75,999,069	74,391,073
1.1.1	Interests received		663,409,275	286,039,442
1.1.2	Interests paid		(627,703,146)	(257,399,952)
1.1.3	Dividends received		124,532	199,740
1.1.4	Fee and commissions received		54,122,909	24,675,436
1.1.5	Other income		13,631,363	6,562,635
1.1.6	Collections from previously written-off loans and other receivables		13,303,509	5,735,956
1.1.7	Cash payments to personnel and service suppliers		(33,219,364)	(16,850,254)
1.1.8	Taxes paid		(13,403,909)	(1,678,577)
1.1.9	Other	V-VI-1	5,733,900	27,106,647
1.2	Changes in operating assets and liabilities		232,538,072	289,343,059
1.2.1	Net (Increase) Decrease in Financial Assets at Fair Value through Profit or Loss		32,270,390	(16,739,460)
1.2.2	Net increase (decrease) in due from banks		(81,398,602)	17,546,409
1.2.3	Net increase (decrease) in loans		(614,627,106)	(385,733,804)
1.2.4	Net increase (decrease) in other assets		53,060,210	(19,029,315)
1.2.5	Net increase (decrease) in bank deposits		16,687,182	(18,074,704)
1.2.6	Net increase (decrease) in other deposits		534,873,590	643,812,271
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		18,682,336	24,636,229
1.2.9	Net increase (decrease) in matured payables		-	-
1.2.10	Net increase (decrease) in other liabilities	V-VI-1	272,990,072	42,925,433
I.	Net cash flow provided from banking operations		308,537,141	363,734,132
B.	CASH FLOWS FROM INVESTING ACTIVITIES
II.	Net cash provided from investing activities		(76,698,713)	(215,161,327)
2.1	Cash paid for the purchase of associates, subsidiaries and joint ventures		(824,941)	(841,608)
2.2	Cash obtained from the sale of associates, subsidiaries and joint ventures	V-VI-3	6,178	-
2.3	Cash paid for the purchase of tangible and intangible asset		(8,486,359)	(27,348,007)
2.4	Cash obtained from the sale of tangible and intangible asset		2,447,149	9,571,476
2.5	Cash paid for the purchase of financial assets at fair value through other comprehensive
	income		(120,617,239)	(98,516,549)
2.6	Cash obtained from the sale of financial assets at fair value through other comprehensive
	income		20,706,840	13,719,971
2.7	Cash paid for the purchase of financial assets at amortized cost	V-I-6	(2,005,545)	(126,283,530)
2.8	Cash obtained from sale of financial assets at amortized cost	V-I-6	32,620,257	15,067,844
2.9	Other	V-VI-1	(545,053)	(530,924)
C.	CASH FLOWS FROM FINANCING ACTIVITIES
III.	Net cash flow from financing activities		138,943,032	55,691,879
3.1	Cash obtained from funds borrowed and securities issued		146,873,348	66,084,341
3.2	Cash outflow from funds borrowed and securities issued		(6,160,604)	(9,413,092)
3.3	Equity instruments issued		-	-
3.4	Dividends paid		-	-
3.5	Payments for finance lease liabilities		(1,769,712)	(979,370)
3.6	Other		-	-
IV.	Effect of change in foreign exchange rate on cash and cash equivalents	V-VI-1	(1,002,116)	367,899
V.	Net increase/decrease in cash and cash equivalents		369,779,344	204,632,583
VI.	Cash and cash equivalents at beginning of the period	V-VI-4	334,068,851	129,436,268
VII.	Cash and cash equivalents at end of the period	V-VI-4	703,848,195	334,068,851

TÜRKİYE VAKIFLAR BANKASI TÜRK ANONIM ORTAKLIĞI UNCONSOLIDATED STATEMENT OF

PROFIT DISTRIBUTION AS OF THE YEAR ENDED DECEMBER 31, 2024 (Amounts expressed in thousands of Turkish Lira ("TL") unless otherwise stated.)

		Notes	Current Period December 31, 2024	Prior Period December 31, 2023
I.	DISTRIBUTION OF CURRENT YEAR PROFIT (**)
1.1	CURRENT YEAR'S PROFIT		56,639,325	25,411,678
1.2	TAXES AND LEGAL DUTIES PAYABLE		(16,264,024)	(365,768)
1.2.1	Corporate tax (income tax)	V-IV-11	(8,406,334)	(8,781,428)
1.2.2	Withholding tax		-	-
1.2.3	Other taxes and duties (*)	V-IV-11	(7,857,690)	8,415,660
A.	NET PROFIT FOR THE YEAR		40,375,301	25,045,910
1.3	DEFERED TAX INCOME TRANSFERRED TO OTHER RESERVES	V-IV-11	-	-
B.	NET PROFIT FOR THE YEAR AFTER DEFERRED TAX INCOME		-	-
1.4	ACCUMULATED LOSSES		-	-
1.5	FIRST LEGAL RESERVES	V-V-5	-	1,252,296
1.6	OTHER STATUTORY RESERVES	V-V-5	-	1,252,295
C.	NET PROFIT AVAILABLE FOR DISTRIBUTION (**)		-	22,541,319
1.7	FIRST DIVIDEND TO SHAREHOLDERS		-	-
1.7.1	To owners of ordinary shares		-	-
1.7.2	To owners of privileged shares		-	-
1.7.3	To owners of redeemed shares		-	-
1.7.4	To profit sharing bonds		-	-
1.7.5	To holders of profit and loss sharing certificates		-	-
1.8	DIVIDENDS TO PERSONNEL		-	-
1.9	DIVIDENDS TO BOARD OF DIRECTORS		-	-
1.10	SECOND DIVIDEND TO SHAREHOLDERS		-	-
1.10.1	To owners of ordinary shares		-	-
1.10.2	To owners of privileged shares		-	-
1.10.3	To owners of redeemed shares		-	-
1.10.4	To profit sharing bonds		-	-
1.10.5	To holders of profit and loss sharing certificates		-	-
1.11	SECOND LEGAL RESERVES		-	-
1.12	STATUS RESERVES		-	-
1.13	EXTRAORDINARY RESERVES	V-V-5	-	22,438,525
1.14	OTHER RESERVES		-	102,794
1.15	SPECIAL FUNDS	V-V-5	-	-
II.	DISTRIBUTION FROM RESERVES
2.1	DISTRIBUTION OF RESERVES		-	-
2.2	SECOND LEGAL RESERVES		-	-
2.3	DIVIDENTS TO SHAREHOLDERS		-	-
2.3.1	To owners of ordinary shares		-	-
2.3.2	To owners of privileged shares		-	-
2.3.3	To owners of redeemed shares		-	-
2.3.4	To profit sharing bonds		-	-
2.3.5	To holders of profit and loss sharing certificates		-	-
2.4	DIVIDENDS TO PERSONNEL		-	-
2.5	DIVIDENDS TO BOARD OF DIRECTORS		-	-
III.	EARNINGS PER SHARE
3.1	TO OWNERS OF ORDINARY SHARES (Earning per 100 shares)		4.0718	2.5839
3.2	TO OWNERS OF ORDINARY SHARES (%)		407.18	258.39
3.3	TO OWNERS OF PRIVILEGED SHARES		-	-
3.4	TO OWNERS OF PRIVILEGED SHARES (%)		-	-
IV.	DIVIDEND PER SHARE
4.1	TO OWNERS OF ORDINARY SHARES		-	-
4.2	TO OWNERS OF ORDINARY SHARES (%)		-	-
4.3	TO OWNERS OF PRIVILEGED SHARES		-	-
4.4	TO OWNERS OF PRIVILEGED SHARES (%)		-	-

(*) The amount shown in other taxes and legal liabilities is deferred income/expense tax, and deferred tax income is not subject to profit distribution.

(**) As of the report date, distributable net profit of the period is not shown as any decision regarding the 2024 profit distribution is not taken.