TÜRKİYE VAKIFLAR BANKASI T.A.O.

Annual Report • May 8, 2025

TÜRKİYE VAKIFLAR BANKASI TÜRK ANONİM ORTAKLIĞI

UNCONSOLIDATED BALANCE SHEET (STATEMENT OF FINANCIAL POSITION) AS OF MARCH 31, 2025

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

December 31, 2024 ASSETS Notes TL FC Total TL FC Total I. FINANCIAL ASSETS (Net) 730,678,667 702,841,041 1,433,519,708 853,260,452 674,291,022 1,527,551,474 1.1 Cash and cash equivalents V-I-1 376,368,862 410,691,031 787,059,893 565,869,819 402,445,620 968,315,439 1.1.1 Cash and balances at Central Bank V-I-1 322,417,884 323,311,475 645,729,359 436,902,824 331,552,944 768,455,768 1.1.2 Banks V-I-3 75 87,789,429 87,789,504 85 71,239,075 71,239,160 1.1.3 Receivables from Money Markets 53,954,430 - 53,954,430 128,971,733 - 128,971,733 1.1.4 Allowance for expected credit losses (-) V-I-16 3,527 409,873 413,400 4,823 346,399 351,222 1.2 Financial assets at fair value through profit or loss V-I-2 4,076,510 1,308,823 5,385,333 1,324,402 1,098,050 2,422,452 1.2.1 Public debt securities - - - - - - 1.2.2 Equity instruments 242,225 1,308,823 1,551,048 242,830 1,098,050 1,340,880 1.2.3 Other financial assets 3,834,285 - 3,834,285 1,081,572 - 1,081,572 1.3 Financial assets at fair value through other comprehensive 324,212,809 282,506,706 606,719,515 262,947,749 267,418,353 530,366,102 income V-I-4 1.3.1 Public debt securities 320,887,302 282,434,017 603,321,319 261,058,218 267,351,934 528,410,152 1.3.2 Equity instruments 238,310 53,563 291,873 238,310 48,675 286,985 1.3.3 Other financial assets 3,087,197 19,126 3,106,323 1,651,221 17,744 1,668,965 1.4 Derivative financial assets V-I-2 26,020,486 8,334,481 34,354,967 23,118,482 3,328,999 26,447,481 1.4.1 Derivative financial assets at fair value through profit or loss 26,020,486 8,334,481 34,354,967 23,118,482 3,328,999 26,447,481 1.4.2 Derivative financial assets at fair value through other - - - - - - comprehensive income II. FINANCIAL ASSETS MEASURED AT AMORTISED 1,746,275,911 863,140,694 2,609,416,605 1,615,683,954 744,981,268 2,360,665,222 COST 2.1 Loans V-I-5 1,437,858,994 850,038,005 2,287,896,999 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-6 364,675,658 30,997,876 395,673,534 352,246,247 30,350,848 382,597,095 2.4.1 Public debt securities 364,675,658 30,578,311 395,253,969 352,246,247 29,640,950 381,887,197 2.4.2 Other financial assets - 419,565 419,565 - 709,898 709,898 2.5 Allowance for expected credit losses (-) 56,258,741 17,895,187 74,153,928 52,241,076 15,759,992 68,001,068 III. NON-CURRENTS ASSETS OR DISPOSAL GROUPS 882,104 - 882,104 1,075,975 - 1,075,975 "HELD FOR SALE" AND "FROM DISCONTINUED OPERATIONS (Net) V-I-14 3.1 Held for sale purpose 882,104 - 882,104 1,075,975 - 1,075,975 3.2 Held from discontinued operations - - - - - - IV. INVESTMENTS IN ASSOCIATES, SUBSIDIARIES 27,896,442 3,279,105 31,175,547 27,145,854 2,927,024 30,072,878 AND JOINT VENTURES 4.1 Investments in associates (Net) V-I-7 8,019,696 - 8,019,696 8,357,945 - 8,357,945 4.1.1 Associates accounted by using equity method - - - - - - 4.1.2 Unconsolidated associates 8,019,696 - 8,019,696 8,357,945 - 8,357,945 4.2 Investments in subsidiaries (Net) V-I-8 19,876,746 3,279,105 23,155,851 18,787,909 2,927,024 21,714,933 4.2.1 Unconsolidated financial subsidiaries 16,621,364 3,279,105 19,900,469 16,026,072 2,927,024 18,953,096 4.2.2 Unconsolidated non-financial subsidiaries 3,255,382 - 3,255,382 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 40,458,402 131,543 40,589,945 38,800,286 131,191 38,931,477 VI. INTANGIBLE ASSETS AND GOODWILL (Net) 1,302,669 1,432 1,304,101 1,289,434 1,333 1,290,767 6.1 Goodwill - - - - - - 6.2 Other 1,302,669 1,432 1,304,101 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 - - - 876,325 - 876,325 IX. DEFERRED TAX ASSETS V-I-13 7,702,647 - 7,702,647 4,740,299 - 4,740,299 X. OTHER ASSETS V-I-15 55,106,006 6,223,546 61,329,552 47,279,868 5,155,949 52,435,817			Current Period March 31, 2025		Prior Period
	TOTAL ASSETS	2,614,148,311	1,575,617,361	4,189,765,672	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 MARCH 31, 2025

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

				Current Period March 31, 2025	Prior Period December 31, 2024
	LIABILITIES AND EQUITY	Notes	TL	FC	Total	TL	FC	Total
I.	DEPOSITS	V-II-1	1,911,725,639	720,923,643	2,632,649,282	1,864,267,378	673,520,604	2,537,787,982
II.	BORROWINGS	V-II-3	50,045,450	287,698,359	337,743,809	47,255,568	226,824,867	274,080,435
III.	MONEY MARKET FUNDS		183,746,987	306,805,472	490,552,459	278,255,815	229,293,399	507,549,214
IV.	MARKETABLE SECURITIES (Net)	V-II-3	2,813,100	205,854,635	208,667,735	5,784,837	207,916,445	213,701,282
4.1	Bills		2,813,100	4,443,279	7,256,379	5,784,837	6,085,568	11,870,405
4.2	Asset backed securities		-	-	-	-	-	-
4.3.	Bonds		-	201,411,356	201,411,356	-	201,830,877	201,830,877
V.	FUNDS		3,005	-	3,005	3,005	-	3,005
5.1	Borrower funds		-	-	-	-	-	-
5.2	Other		3,005	-	3,005	3,005	-	3,005
VI.	FINANCIAL LIABILITIES AT FAIR VALUE		-	-	-	-	-	-
	THROUGH PROFIT OR LOSS
VII.	DERIVATIVE FINANCIAL LIABILITIES	V-II-2	1,057,488	3,640,233	4,697,721	1,901,202	4,888,366	6,789,568
7.1	Derivative financial liabilities at fair value through profit or		1,057,488	3,640,233	4,697,721	1,901,202	4,888,366	6,789,568
	loss
7.2	Derivative financial liabilities at fair value through other		-	-	-	-	-	-
	comprehensive income
VIII.	FACTORING PAYABLES		-	-	-	-	-	-
IX.	LEASE PAYABLES	V-II-5	6,074,468	864	6,075,332	5,411,784	1,602	5,413,386
X.	PROVISIONS	V-II-7	18,500,241	279,418	18,779,659	27,682,400	353,337	28,035,737
10.1	Provision for restructuring		-	-	-	-	-	-
10.2	Reserves for employee benefits		12,120,563	-	12,120,563	10,701,716	-	10,701,716
10.3	Insurance technical reserves (Net)		-	-	-	-	-	-
10.4	Other provisions		6,379,678	279,418	6,659,096	16,980,684	353,337	17,334,021
XI.	CURRENT TAX LIABILITIES	V-II-8	13,575,638	24,047	13,599,685	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	V-II-9
	OPERATIONS" (Net)
13.1	Held for sale		-	-	-	-	-	-
13.2	Related to discontinued operations		-	-	-	-	-	-
XIV.	SUBORDINATED DEBT	V-II-10	12,371,423	80,016,811	92,388,234	12,211,950	72,709,156	84,921,106
14.1	Loans		-	-	-	-	-	-
14.2	Other debt instruments		12,371,423	80,016,811	92,388,234	12,211,950	72,709,156	84,921,106
XV.	OTHER LIABILITIES	V-II-4	112,893,034	38,725,832	151,618,866	109,109,158	24,697,220	133,806,378
XVI.	SHAREHOLDERS` EQUITY	V-II-11	228,077,120	4,912,765	232,989,885	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 16.2.1	Capital reserves Equity shares premiums		50,123,391 45,589,048	1,111,142 -	51,234,533 45,589,048	50,123,391 45,589,048	991,838 -	51,115,229 45,589,048
16.2.2	Share cancellation profits		-	-	-	-	-	-
16.2.3	Other capital reserves		4,534,343	1,111,142	5,645,485	4,534,343	991,838	5,526,181
16.3	Other accumulated comprehensive income that will not be		32,920,554	(946,918)	31,973,636	32,495,181	(845,247)	31,649,934
	reclassified in profit or loss
16.4	Other accumulated comprehensive income that will be		(10,995,854)	4,748,541	(6,247,313)	-5,234,121	5,668,032	433,911
	reclassified in profit or loss
16.5	Profit reserves		85,704,152	-	85,704,152	85,704,152	-	85,704,152
16.5.1	Legal reserves		9,197,197	-	9,197,197	9,197,197	-	9,197,197
16.5.2	Statutory reserves		-	-	-	-	-	-
16.5.3	Extraordinary reserves		74,771,302	-	74,771,302	74,771,302	-	74,771,302
16.5.4	Other profit reserves		1,735,653	-	1,735,653	1,735,653	-	1,735,653
16.6	Profit or loss		60,408,955	-	60,408,955	40,375,301	-	40,375,301
16.6.1	Prior years' profits or losses		40,375,301	-	40,375,301	-	-	-
16.6.2	Current period net profit or loss		20,033,654	-	20,033,654	40,375,301	-	40,375,301
16.7	Minority interests		-	-	-	-	-	-
	TOTAL LIABILITIES AND EQUITY		2,540,883,593	1,648,882,079	4,189,765,672	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 MARCH 31, 2025

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

				Current Period March 31, 2025			Prior Period December 31, 2024
		Notes	TL	FC	Total	TL	FC	Total
A.	OFF-BALANCE SHEET COMMITMENTS AND CONTINGENCIES (I+II+III)		1,835,358,203	1,940,299,515	3,775,657,718	1,375,804,554	1,762,773,414	3,138,577,968
I.	GUARANTEES AND SURETIES	V-III-2	380,007,632	370,683,079	750,690,711	348,898,069	328,170,155	677,068,224
1.1.	Letters of guarantee	V-III-1	379,836,346	234,394,746	614,231,092	348,706,327	210,553,165	559,259,492
1.1.1. 1.1.2.	Guarantees subject to State Tender Law Guarantees given for foreign trade operations		8,037,196 23,234,196	- 122,759,848	8,037,196 145,994,044	7,534,694 21,073,866	- 113,852,683	7,534,694 134,926,549
1.1.3.	Other letters of guarantee		348,564,954	111,634,898	460,199,852	320,097,767	96,700,482	416,798,249
1.2.	Bank acceptances		4,258	7,564,296	7,568,554	4,258	6,963,856	6,968,114
1.2.1. 1.2.2.	Import letter of acceptance Other bank acceptances	V-III-4	- 4,258	2,349,226 5,215,070	2,349,226 5,219,328	- 4,258	1,730,604 5,233,252	1,730,604 5,237,510
1.3.	Letters of credit	V-III-4	167,028	125,155,374	125,322,402	187,484	107,498,532	107,686,016
1.3.1.	Documentary letters of credit		167,028	125,155,374	125,322,402	187,484	107,498,532	107,686,016
1.3.2.	Other letters of credit		-	-	-	-	-	-
1.4. 1.5.	Pre-financing given as guarantee Endorsements		- -	30,228 -	30,228 -	- -	28,122 -	28,122 -
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		-	658,972	658,972	-	556,188	556,188
1.9.	Other warrantees		-	2,879,463	2,879,463	-	2,570,292	2,570,292
II. 2.1.	COMMITMENTS Irrevocable commitments	V-III-1	1,329,267,853 1,288,739,016	548,492,673 228,354,473	1,877,760,526 1,517,093,489	884,997,907 843,949,226	423,545,620 175,132,731	1,308,543,527 1,019,081,957
2.1.1.	Asset purchase and sales commitments	V-III-1	175,502,302	228,354,473	403,856,775	53,876,600	175,132,731	229,009,331
2.1.2.	Deposit purchase and sales commitments		-	-	-	-	-	-
2.1.3.	Share capital commitments to associates and subsidiaries		-	-	-	-	-	-
2.1.4. 2.1.5.	Loan granting commitments	V-III-1	369,089,954 -	- -	369,089,954 -	296,760,473	-	296,760,473
2.1.6.	Securities issuance brokerage commitments Commitments for reserve deposit requirements		-	-	-	- -	- -	- -
2.1.7.	Commitments for checks payments	V-III-1	20,476,644	-	20,476,644	14,787,396	-	14,787,396
2.1.8.	Tax and fund liabilities from export commitments		-	-	-	-	-	-
2.1.9.	Commitments for credit card expenditure limits	V-III-1	699,636,239	-	699,636,239	458,300,096	-	458,300,096
2.1.10. 2.1.11.	Commitments for credit cards and banking services promotions		1,441,756 -	- -	1,441,756 -	3,455,059	-	3,455,059
2.1.12.	Receivables from short sale commitments of marketable securities Payables for short sale commitments of marketable securities		-	-	-	- -	- -	- -
2.1.12.	Other irrevocable commitments		22,592,121	-	22,592,121	16,769,602	-	16,769,602
2.2.	Revocable commitments		40,528,837	320,138,200	360,667,037	41,048,681	248,412,889	289,461,570
2.2.1.	Revocable loan granting commitments		40,528,837	320,138,200	360,667,037	41,048,681	248,412,889	289,461,570
2.2.2. III.	Other revocable commitments DERIVATIVE FINANCIAL INSTRUMENTS		- 126,082,718	- 1,021,123,763	- 1,147,206,481	- 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. 3.1.3.	Cash flow hedges Hedges for investments made in foreign countries		- -	- -	- -	- -	- -	- -
3.2.	Trading transactions		126,082,718	1,021,123,763	1,147,206,481	141,908,578	1,011,057,639	1,152,966,217
3.2.1.	Forward foreign currency purchase and sale transactions		50,843,703	61,984,541	112,828,244	54,500,915	56,200,803	110,701,718
3.2.1.1. 3.2.2.2.	Forward foreign currency purchase transactions Forward foreign currency sales		25,463,177 25,380,526	31,002,470 30,982,071	56,465,647 56,362,597	27,309,819 27,191,096	28,108,306 28,092,497	55,418,125 55,283,593
3.2.2.	Currency and interest rate swaps		64,409,757	649,622,333	714,032,090	81,503,023	660,454,221	741,957,244
3.2.2.1.	Currency swap purchase transactions		1,073,670	176,332,025	177,405,695	41,682,349	189,247,514	230,929,863
3.2.2.2. 3.2.2.3.	Currency swap sale transactions Interest rate swap purchase transactions		61,946,087 695,000	229,678,614 121,805,847	291,624,701 122,500,847	38,390,674 715,000	232,433,119 119,386,794	270,823,793 120,101,794
3.2.2.4.	Interest rate swap sale transactions		695,000	121,805,847	122,500,847	715,000	119,386,794	120,101,794
3.2.3.	Currency, interest rate and security options		9,800,804	11,106,161	20,906,965	4,876,186	6,355,836	11,232,022
3.2.3.1	Currency purchase options		3,676,376	6,811,819	10,488,195	4,162,656	1,566,034	5,728,690
3.2.3.2 3.2.3.3	Currency sale options Interest rate purchase options		6,124,428 -	4,294,342 -	10,418,770 -	713,530 -	4,789,802 -	5,503,332 -
3.2.3.4	Interest rate sale options		-	-	-	-	-	-
3.2.3.5	Security purchase options		-	-	-	-	-	-
3.2.3.6 3.2.4.	Security sale options Currency futures		- -	- -	- -	- -	- -	- -
3.2.4.1.	Currency purchases futures		-	-	-	-	-	-
3.2.4.2.	Currency sales futures		-	-	-	-	-	-
3.2.5. 3.2.5.1.	Interest rate futures Interest rate purchases futures		- -	- -	- -	- -	- -	- -
3.2.5.2.	Interest rate sales futures		-	-	-	-	-	-
3.2.6.	Other		1,028,454	298,410,728	299,439,182	1,028,454	288,046,779	289,075,233
B. IV.	CUSTODY AND PLEDGED ITEMS (IV+V+VI) ITEMS HELD IN CUSTODY		43,633,059,019 351,281,889	35,223,331,772 267,377,117	78,856,390,791 618,659,006	39,572,332,570 315,219,713	29,289,352,635 220,066,493	68,861,685,205 535,286,206
4.1.	Assets under management		-	-	-	-	-	-
4.2.	Securities held in custody		84,555,707	167,571,082	252,126,789	96,652,693	144,902,368	241,555,061
4.3. 4.4.	Checks received for collection Commercial notes received for collection		121,469,897 14,274,587	10,963,264 17,322,037	132,433,161 31,596,624	112,612,950 11,747,134	4,293,997 14,577,374	116,906,947 26,324,508
4.5.	Other assets received for collection		2,152	1,520	3,672	2,152	1,414	3,566
4.6.	Securities received for public offering		-	-	-	-	-	-
4.7.	Other items under custody		309	51,093,269	51,093,578	309	38,305,602	38,305,911
4.8. V.	Custodians PLEDGED ITEMS		130,979,237 6,032,832,587	20,425,945 1,639,451,986	151,405,182 7,672,284,573	94,204,475 5,305,508,194	17,985,738 1,536,545,807	112,190,213 6,842,054,001
5.1.	Marketable securities		1,949,423	2,652,719	4,602,142	505,505	2,881,224	3,386,729
5.2.	Guarantee notes		31,559,027	15,090,337	46,649,364	32,359,271	14,727,029	47,086,300
5.3. 5.4.	Commodity Warrant		495,789,205 -	43,218,433 -	539,007,638 -	454,804,823 -	37,092,119 -	491,896,942 -
5.5.	Immovables		4,856,012,053	1,332,503,449	6,188,515,502	4,260,887,706	1,256,874,005	5,517,761,711
5.6.	Other pledged items		647,089,312	245,875,742	892,965,054	556,585,004	224,858,827	781,443,831
5.7. VI.	Depositories receiving pledged items ACCEPTED GUARANTEES AND WARRANTEES		433,567 37,248,944,543	111,306 33,316,502,669	544,873 70,565,447,212	365,885 33,951,604,663	112,603 27,532,740,335	478,488 61,484,344,998
	TOTAL OFF BALANCE SHEET COMMITMENTS (A+B)		45,468,417,222	37,163,631,287	82,632,048,509	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 THREE-MONTH PERIOD ENDED MARCH 31, 2025

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

	INCOME AND EXPENSE ITEMS	Notes	Current Period January 1, 2025- March 31, 2025	Prior Period January 1, 2024- March 31, 2024
I.	INTEREST INCOME
		V-IV-1	223,387,858	138,316,746
1.1	Interest on loans	V-IV-1	146,437,876	97,850,925
1.2	Interest received from reserve deposits		20,059,089	3,691,947
1.3	Interest received from banks	V-IV-1	306,689	274,130
1.4	Interest received from money market transactions		7,875,501	3,548,064
1.5	Interest received from marketable securities portfolio	V-IV-1	48,001,096	32,652,403
1.5.1	Financial assets at fair value through profit or loss		-	142,284
1.5.2	Financial assets at fair value through other comprehensive income		29,100,807	13,572,908
1.5.3	Financial assets measured at amortised cost		18,900,289	18,937,211
1.6	Finance lease interest income		-	-
1.7	Other interest income		707,607	299,277
II.	INTEREST EXPENSES	V-IV-2	202,370,697	120,614,853
2.1	Interest on deposits	V-IV-2	171,608,025	108,104,485
2.2	Interest on funds borrowed	V-IV-2	5,454,695	4,580,652
2.3	Interest on money market transactions		18,732,070	3,655,560
2.4	Interest on securities issued	V-IV-2	6,073,347	3,341,903
2.5	Leasing interest income		368,765	205,984
2.6	Other interest expenses		133,795	726,269
III.	NET INTEREST INCOME/EXPENSE (I - II)		21,017,161	17,701,893
IV.	NET FEES AND COMMISSIONS INCOME/EXPENSES		15,370,482	10,629,030
4.1	Fees and commissions received		21,058,015	14,079,661
4.1.1	Non-cash loans		1,500,651	1,195,683
4.1.2	Other		19,557,364	12,883,978
4.2	Fees and commissions paid		5,687,533	3,450,631
4.2.1	Non-cash loans		71	91
4.2.2	Other		5,687,462	3,450,540
V.	DIVIDEND INCOME		1,677	1,273
VI.	TRADING PROFIT/LOSS (Net)	V-IV-3	5,976,255	(3,536,019)
6.1	Profit/losses from capital market transactions	V-IV-3	433,867	1,299,221
6.2	Profit/losses from derivative financial transactions
6.3	Foreign exchange profit/losses	V-IV-3	2,161,304	(10,422,532)
		V-IV-3	3,381,084	5,587,292
VII. VIII.	OTHER OPERATING INCOME GROSS PROFIT FROM OPERATING ACTIVITIES	V-IV-4	33,326,925	23,344,479
	(III+IV+V+VI+VII)		75,692,500	48,140,656
IX.	ALLOWANCES FOR EXPECTED CREDIT LOSSES (-)	V-IV-5	28,221,521	17,566,305
X.	OTHER PROVISION EXPENSES (-)	V-IV-5	148,035	157,598
XI.	PERSONNEL EXPENSES (-)		9,274,116	5,715,763
XII.	OTHER OPERATING EXPENSES (-)	V-IV-6	15,106,027	9,113,489
XIII.	NET OPERATING PROFIT/LOSS (VIII-IX-X-XI-XII)		22,942,801	15,587,501
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	22,942,801	15,587,501
XVIII.	PROVISION FOR TAXES ON INCOME FROM CONTINUING
	OPERATIONS (±)	V-IV-8	(2,909,147)	(3,564,532)
18.1	Current tax provision	V-IV-10	(2,853,417)	(1,919,379)
18.2	Expense effect of deferred tax (+)	V-IV-10	(8,800,693)	(1,851,846)
18.3	Income effect of deferred tax (-)	V-IV-10	8,744,963	206,693
XIX.	NET PROFIT/LOSS FROM CONTINUING OPERATIONS
	(XVII±XVIII)	V-IV-9	20,033,654	12,022,969
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	20,033,654	12,022,969
25.1	Equity holders of the Bank		-	-
25.2	Non-controlling interest (-)		-	-
	Profit/Loss per 100 shares (full TL)
		III-XXIV	2.0204	1.2125

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

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

	PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME	Current Period January 1, 2025- March 31, 2025	Prior Period January 1, 2024- March 31, 2024
I.	PROFIT (LOSS)	20,033,654	12,022,969
II.	OTHER COMPREHENSIVE INCOME	(6,357,522)	968,521
2.1.	Other comprehensive income that will not be reclassified to profit or loss	323,702	1,040,313
2.1.1.	Gains (Losses) on Revaluation of Property, Plant and Equipment	(7,187)	(5,100)
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	155,370	841,873
2.1.5.	Taxes Relating to Components of Other Comprehensive Income That Will Not Be Reclassified to Profit or Loss	175,519	203,540
2.2.	Other Comprehensive Income That Will Be Reclassified to Profit or Loss	(6,681,224)	(71,792)
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	(9,551,005)	(106,582)
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	2,869,781	34,790
III.	TOTAL COMPREHENSIVE INCOME (LOSS) (I+II)	13,676,132	12,991,490

TÜRKİYE VAKIFLAR BANKASI TÜRK ANONİM ORTAKLIĞI UNCONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY AS OF THREE-MONTH PERIOD ENDED MARCH 31, 2025

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

STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY			Accumulated Other Comprehensive Income or Expense Not Reclassified through Profit or Loss			Accumulated Other Comprehensive Income or Expense Reclassified through Profit or Loss
					Share									Prior Period	Current	Total
			Paid in	Share	Cancellation	Other Capital							Profit	Net Income	Period Net	Shareholders'
		Notes	Capital	Premiums	Profits	Reserves	1	2	3	4	5	6	Reserves	(Loss))	Income (Loss)	Equity
	Current Period March 31, 2025
I.	Prior Period End Balance		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
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)		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
IV.	Total Comprehensive
	Income		-	-	-	-	168,332	-	155,370	-	(6,681,224)	-	-	-	20,033,654	13,676,132
V.	Capital Increase by Cash		-	-	-	-	-	-	-	-	-	-	-	-	-	-
VI.	Capital Increase by
	Internal Resources		-	-	-	-	-	-	-	-	-	-	-	-	-	-
VII.	Paid-in capital inflation adjustment difference		-	-	-	-	-	-	-	-	-	-	-	-	-	-
	VIII. Convertible Bonds		-	-	-	-	-	-	-	-	-	-	-	-	-	-
	Subordinated Debt
IV.	Instruments		-	-	-	-	-	-	-	-	-	-	-	-	-	-
	Increase/Decrease by Other
X.	Changes		-	-	-	119,304	-	-	-	-	-	-	-	-	-	119,304
XI.	Profit Distribution		-	-	-	-	-	-	-	-	-	-	-	-	-	-
	11.1. Dividends paid		-	-	-	-	-	-	-	-	-	-	-	-	-	-
	11.2. Transfers to Reserves		-	-	-	-	-	-	-	-	-	-	-	-	-	-
	11.3. Other		-	-	-	-	-	-	-	-	-	-	-	-	-	-
	Ending Balance		9,915,922	45,589,048	-	5,645,485	16,938,444	(2,598,344)	17,633,536	80,727	(6,328,040)	-	85,704,152	40,375,301	20,033,654	232,989,885

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 THREE-MONTH PERIOD ENDED MARCH 31, 2025

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

		STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY					Accumulated Other Comprehensive Income or Expense Not Reclassified through Profit or Loss			Accumulated Other Comprehensive Income or Expense Reclassified through Profit or Loss
		Paid in Notes 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
	March 31, 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
	Policies	-	-	-	-	-	-	-	-	-	-	-	-	-	-
III.	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	-	-	-	-	198,440	-	841,873	-	(71,792)	-	-	-	12,022,969	12,991,490
V.	Capital Increase by Cash	-	-	-	-	-	-	-	-	-	-	-	-	-	-
VI.	Capital Increase by Internal Resources	-	-	-	-	-	-	-	-	-	-	-	-	-	-
VII.	Paid-in capital inflation adjustment
	difference	-	-	-	-	-	-	-	-	-	-	-	-	-	-
	VIII. Convertible Bonds	-	-	-	-	-	-	-	-	-	-	-	-	-	-
IV.	Subordinated Debt Instruments	-	-	-	-	-	-	-	-	-	-	-	-	-	-
X. XI.	Increase/Decrease by Other Changes Profit Distribution	- -	- -	- -	60,535 -	- -	- -	- -	- -	- -	- -	- -	- -	- -	60,535 -
11.1.	Dividends paid	-	-	-	-	-	-	-	-	-	-	-	-	-	-
11.2.	Transfers to Reserves	-	-	-	-	-	-	-	-	-	-	-	-	-	-
11.3.	Other	-	-	-	-	-	-	-	-	-	-	-	-	-	-
	Ending Balance	9,915,922	45,589,048	-	2,792,862	11,659,760	(1,942,825)	12,491,803	80,727	6,165,223	-	59,858,743	25,845,407	12,022,969	184,479,639

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.

CONVENIENCE TRANSLATION OF PUBLICLY ANNOUNCED UNCONSOLIDATED FINANCIAL STATEMENTS ORIGINALLY ISSUED IN TURKISH, SEE NOTE I. OF SECTION THREE

TÜRKİYE VAKIFLAR BANKASI TÜRK ANONİM ORTAKLIĞI UNCONSOLIDATED STATAMENT OF PROFIT DISTRIBUTION AS OF THREE-MONTH PERIOD ENDED MARCH 31, 2025

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

		Notes	Current Period March 31, 2025	Prior Period March 31, 2024
A.	CASH FLOWS FROM BANKING OPERATIONS
1.1	Operating profit before changes in operating assets and liabilities		34,695,181	3,870,039
1.1.1	Interests received		210,681,388	116,780,122
1.1.2	Interests paid		(200,604,216)	(119,439,699)
1.1.3	Dividends received		1,677	1,273
1.1.4	Fee and commissions received		9,243,382	5,013,679
1.1.5	Other income		9,177,242	6,870,938
1.1.6	Collections from previously written-off loans and other receivables		3,483,282	1,501,475
1.1.7	Cash payments to personnel and service suppliers		(10,212,609)	(6,291,968)
1.1.8	Taxes paid		(2,261,248)	(843,052)
1.1.9	Other		15,186,283	277,271
1.2	Changes in operating assets and liabilities		(267,260,371)	(78,477,876)
1.2.1	Net (Increase) Decrease in Financial Assets at Fair Value through Profit or
	Loss		(2,752,713)	17,957,458
1.2.2	Net increase (decrease) in due from banks		(19,084,737)	(69,203,187)
1.2.3	Net increase (decrease) in loans		(248,181,898)	(86,752,051)
1.2.4	Net increase (decrease) in other assets		(78,296,240)	(68,690,666)
1.2.5	Net increase (decrease) in bank deposits		(21,629,339)	11,644,119
1.2.6	Net increase (decrease) in other deposits		110,684,243	14,511,383
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		39,518,555	3,491,508
1.2.9	Net increase (decrease) in matured payables		-	-
1.2.10	Net increase (decrease) in other liabilities		(47,518,242)	98,563,560
I.	Net cash flow provided from banking operations		(232,565,190)	(74,607,837)
B.	CASH FLOWS FROM INVESTING ACTIVITIES
II.	Net cash provided from investing activities		30,360,492	(14,416,995)
2.1	Cash paid for the purchase of associates, subsidiaries and joint ventures		(493,545)	-
2.2	Cash obtained from the sale of associates, subsidiaries and joint ventures		-	-
2.3	Cash paid for the purchase of tangible and intangible asset		(1,995,462)	(1,619,816)
2.4	Cash obtained from the sale of tangible and intangible asset		762,555	306,548
2.5	Cash paid for the purchase of financial assets at fair value through other
	comprehensive income		(47,162,787)	(33,473,177)
2.6	Cash obtained from the sale of financial assets at fair value through other
	comprehensive income		77,533,612	17,300,596
2.7	Cash paid for the purchase of financial assets at amortized cost		(2,041,737)	(421,004)
2.8	Cash obtained from sale of financial assets at amortized cost		3,814,508	3,572,998
2.9	Other		(56,652)	(83,140)
C.	CASH FLOWS FROM FINANCING ACTIVITIES
III.	Net cash flow from financing activities		1,250,256	71,519,461
3.1	Cash obtained from funds borrowed and securities issued		7,859,592	73,032,706
3.2	Cash outflow from funds borrowed and securities issued		(6,017,811)	(1,180,486)
3.3	Equity instruments issued		-	-
3.4	Dividends paid		-	-
3.5	Payments for finance lease liabilities		(591,525)	(332,759)
3.6	Other		-	-
IV.	Effect of change in foreign exchange rate on cash and cash equivalents		106,893	839,183
V.	Net increase/decrease in cash and cash equivalents		(200,847,549)	(16,666,188)
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		503,000,646	317,402,663

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