TÜRKİYE VAKIFLAR BANKASI T.A.O.

Annual Report • Feb 17, 2025

TÜRKİYE VAKIFLAR BANKASI TÜRK ANONİM ORTAKLIĞI

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

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

Notes TL FC Total TL FC Total ASSETS I. FINANCIAL ASSETS (Net) 854,432,758 688,420,609 1,542,853,367 379,570,024 497,592,316 877,162,340 1.1 Cash and cash equivalents V-I-1 566,838,671 402,731,154 969,569,825 238,275,236 281,731,970 520,007,206 1.1.1 Cash and balances at Central Bank V-I-1 436,903,262 331,592,662 768,495,924 156,310,313 229,425,451 385,735,764 1.1.2 Banks V-I-3 277,797 71,489,842 71,767,639 566,548 52,585,045 53,151,593 1.1.3 Receivables from Money Markets 129,664,820 - 129,664,820 81,420,621 - 81,420,621 1.1.4 Allowance for expected credit losses (-) V-I-18 7,208 351,350 358,558 22,246 278,526 300,772 1.2 Financial assets at fair value through profit or loss V-I-2 1,513,122 1,098,050 2,611,172 3,128,128 31,899,099 35,027,227 1.2.1 Public debt securities 6,047 - 6,047 7,126 31,141,330 31,148,456 1.2.2 Equity instruments 300,178 1,098,050 1,398,228 204,322 757,769 962,091 1.2.3 Other financial assets 1,206,897 - 1,206,897 2,916,680 - 2,916,680 1.3 Financial assets at fair value through other comprehensive income V-I-4 262,962,483 281,262,406 544,224,889 114,440,625 178,428,660 292,869,285 1.3.1 Public debt securities 261,058,218 276,131,108 537,189,326 112,640,191 173,896,831 286,537,022 1.3.2 Equity instruments 253,044 48,675 301,719 168,362 17,818 186,180 1.3.3 Other financial assets 1,651,221 5,082,623 6,733,844 1,632,072 4,514,011 6,146,083 1.4 Derivative financial assets V-I-2 23,118,482 3,328,999 26,447,481 23,726,035 5,532,587 29,258,622 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 5,532,587 29,258,622 1.4.2 Derivative financial assets at fair value through other comprehensive income - - - - - - II. FINANCIAL ASSETS MEASURED AT AMORTISED COST (Net) 1,633,962,923 775,014,947 2,408,977,870 1,317,406,419 525,981,240 1,843,387,659 2.1 Loans V-I-5 1,293,519,702 745,737,955 2,039,257,657 1,025,330,731 479,141,155 1,504,471,886 2.2 Receivables from leasing transactions V-I-10 13,716,351 10,758,937 24,475,288 13,489,614 6,264,053 19,753,667 2.3 Factoring receivables 27,560,321 4,961,620 32,521,941 34,876,011 2,678,189 37,554,200 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 (-) 53,079,698 16,794,413 69,874,111 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-16 1,076,195 - 1,076,195 262,727 - 262,727 3.1 Held for sale purpose 1,076,195 - 1,076,195 262,727 - 262,727 3.2 Related to discontinued operations - - - - - - IV. INVESTMENTS IN ASSOCIATES, SUBSIDIARIES AND JOINT VENTURES 11,230,607 3 11,230,610 8,027,095 3 8,027,098 4.1 Investments in associates (Net) V-I-7 8,388,762 3 8,388,765 6,089,057 3 6,089,060 4.1.1 Associates accounted by using equity method 3,036,820 - 3,036,820 1,992,061 - 1,992,061 4.1.2 Unconsolidated associates 5,351,942 3 5,351,945 4,096,996 3 4,096,999 4.2 Investments in subsidiaries (Net) V-I-8 2,841,845 - 2,841,845 1,938,038 - 1,938,038 4.2.1 Unconsolidated financial subsidiaries - - - - - - 4.2.2 Unconsolidated non-financial subsidiaries 2,841,845 - 2,841,845 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) V-I-12 40,055,430 135,233 40,190,663 26,443,986 130,818 26,574,804 VI. INTANGIBLE ASSETS AND GOODWILL (Net) V-I-13 1,334,027 15,468 1,349,495 905,389 15,280 920,669 6.1 Goodwill 3,288 - 3,288 9,739 - 9,739 6.2 Other 1,330,739 15,468 1,346,207 895,650 15,280 910,930 VII. INVESTMENT PROPERTIES (Net) V-I-14 18,803,793 - 18,803,793 8,871,051 - 8,871,051 VIII. CURRENT TAX ASSETS V-I-15 884,331 - 884,331 6,141 - 6,141 IX. DEFERRED TAX ASSETS V-I-15 4,776,043 122,618 4,898,661 10,907,444 217,282 11,124,726 X. OTHER ASSETS (Net) V-I-17 55,629,009 7,681,487 63,310,496 66,611,632 16,297,386 82,909,018 TOTAL ASSETS 2,622,185,116 1,471,390,365 4,093,575,481 1,819,011,908 1,040,234,325 2,859,246,233			Current Period December 31, 2024	Prior Period December 31, 2023

TÜRKİYE VAKIFLAR BANKASI TÜRK ANONİM ORTAKLIĞI

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

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

				Current Period December 31, 2024		Prior Period December 31, 2023
	LIABILITIES AND EQUITY	Notes	TL	FC	Total	TL	FC	Total
I. II. III.	DEPOSITS BORROWINGS MONEY MARKET FUNDS	V-II-1 V-II-3	1,861,033,430 54,499,820 278,255,815	698,677,101 241,653,371 230,302,498	2,559,710,531 296,153,191 508,558,313	1,251,483,436 45,244,603 59,566,183	727,982,218 194,896,818 77,795,929	1,979,465,654 240,141,421 137,362,112
IV. 4.1	MARKETABLE SECURITIES ISSUED (Net) Bills	V-II-3	5,784,837 5,784,837	207,916,445 6,085,568	213,701,282 11,870,405	4,122,574 4,122,574	117,165,636 -	121,288,210 4,122,574
4.2 4.3. V.	Asset backed securities Bonds FUNDS		- - 3,005	- 201,830,877 -	- 201,830,877 3,005	- - 3,005	- 117,165,636 -	- 117,165,636 3,005
5.1 5.2 VI.	Borrower funds Other FINANCIAL LIABILITIES AT FAIR VALUE		- 3,005	- -	- 3,005	- 3,005	- -	- 3,005
VII.	THROUGH PROFIT OR LOSS DERIVATIVE FINANCIAL LIABILITIES	V-II-2	- 1,901,202	- 4,908,968	- 6,810,170	- 81,679	- 5,684,718	- 5,766,397
7.1 7.2	Derivative financial liabilities at fair value through profit or loss Derivative financial liabilities at fair value through other		1,901,202	4,908,968	6,810,170	81,679	5,684,718	5,766,397
VIII.	comprehensive income FACTORING PAYABLES	V-II-6	- 368	- 8	- 376	- 90	- -	- 90
IX. X. 10.1	LEASE PAYABLES (Net) PROVISIONS Provision for restructuring	V-II-5 V-II-7	5,430,447 27,840,818 -	1,602 608,023 -	5,432,049 28,448,841 -	2,868,611 20,724,690 -	3,947 1,740,669 -	2,872,558 22,465,359 -
10.2 10.3	Reserves for employee benefits Insurance technical reserves (Net)		10,785,006 -	24,842 -	10,809,848 -	7,204,372 -	18,899 -	7,223,271 -
10.4 XI. XII.	Other provisions CURRENT TAX LIABILITIES DEFERRED TAX LIABILITIES	V-II-8 V-II-8	17,055,812 10,980,772 2,165,638	583,181 33,558 -	17,638,993 11,014,330 2,165,638	13,520,318 12,068,704 118,171	1,721,770 27,923 -	15,242,088 12,096,627 118,171
XIII.	LIABILITIES RELATED TO NON-CURRENT ASSETS "HELD FOR SALE" AND
13.1 13.2	"DISCONTINUED OPERATIONS" (Net) Held for sale Related to discontinued operations	V-II-9	- - -	- - -	- - -	- - -	- - -	- - -
XIV. 14.1	SUBORDINATED DEBT Loans	V-II-10	12,211,950 -	72,709,156 -	84,921,106 -	10,730,094 -	23,707,184 -	34,437,278 -
14.2 XV. XVI.	Other debt instruments OTHER LIABILITIES SHAREHOLDERS` EQUITY	V-II-4 V-II-11	12,211,950 114,920,128 227,284,331	72,709,156 25,537,794 8,914,396	84,921,106 140,457,922 236,198,727	10,730,094 90,653,894 173,154,668	23,707,184 31,699,759 7,721,030	34,437,278 122,353,653 180,875,698
16.1 16.2	Paid-in capital Capital reserves	V-II-11	9,915,922 46,120,305	- -	9,915,922 46,120,305	9,915,922 45,162,980	- -	9,915,922 45,162,980
16.2.1 16.2.2 16.2.3	Equity share premiums Share cancellation profits Other capital reserves		45,601,513 - 518,792	- - -	45,601,513 - 518,792	45,589,989 - (427,009)	- - -	45,589,989 - (427,009)
16.3	Other accumulated comprehensive income that will not be reclassified in profit or loss		21,373,077	-	21,373,077	15,231,608	-	15,231,608
16.4	Other accumulated comprehensive income that will be reclassified in profit or loss		(5,282,410)	8,166,615	2,884,205	1,764,237	5,876,465	7,640,702
16.5 16.5.1 16.5.2	Profit reserves Legal reserves Statutory reserves		89,407,456 9,623,799 6,337	46,684 46,684 -	89,454,140 9,670,483 6,337	61,639,907 6,893,519 6,337	447,897 28,297 -	62,087,804 6,921,816 6,337
16.5.3 16.5.4	Extraordinary reserves Other profit reserves		78,033,601 1,743,719	- -	78,033,601 1,743,719	53,024,454 1,715,597	415,985 3,615	53,440,439 1,719,212
16.6 16.6.1	Profit or loss Prior years' profits or losses		55,653,066 6,595,570	701,097 565,749	56,354,163 7,161,319	33,837,087 3,596,715	1,391,998 (23,561)	35,229,085 3,573,154
16.6.2 16.7	Current period net profit or loss Minority interests TOTAL LIABILITIES AND EQUITY		49,057,496 10,096,915 2,602,312,561	135,348 - 1,491,262,920	49,192,844 10,096,915 4,093,575,481	30,240,372 5,602,927 1,670,820,402	1,415,559 4,670 1,188,425,831	31,655,931 5,607,597 2,859,246,233

TÜRKİYE VAKIFLAR BANKASI TÜRK ANONİM ORTAKLIĞI CONSOLIDATED OFF-BALANCE SHEET ITEMS AS AT 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)		1,394,597,011	1,775,084,875	3,169,681,886	875,990,279	1,340,534,602	2,216,524,881
I.	GUARANTEES AND SURETIES	V-III-2	353,636,576	333,012,897	686,649,473	247,348,813	250,160,120	497,508,933
1.1. 1.1.1.	Letters of guarantee Guarantees subject to State Tender Law	V-III-1	349,306,327 7,534,694	210,557,012 -	559,863,339 7,534,694	241,501,004 6,831,439	157,394,223 -	398,895,227 6,831,439
1.1.2.	Guarantees given for foreign trade operations		21,073,866	113,852,683	134,926,549	12,911,007	85,112,714	98,023,721
1.1.3.	Other letters of guarantee		320,697,767	96,704,329	417,402,096	221,758,558	72,281,509	294,040,067
1.2.	Bank acceptances		4,258	6,963,856	6,968,114	4,258	4,398,076	4,402,334
1.2.1. 1.2.2.	Import letter of acceptance Other bank acceptances	V-III-4	- 4,258	1,730,604 5,233,252	1,730,604 5,237,510	- 4,258	1,091,455 3,306,621	1,091,455 3,310,879
1.3.	Letters of credit	V-III-4	187,484	107,498,532	107,686,016	2,121,916	82,572,374	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.	Purchase guarantees for Securities issued		-	-	-	-	-	-
1.7. 1.8.	Factoring guarantees Other guarantees		3,234,386 204,121	4,838,895 556,188	8,073,281 760,309	1,689,731 356,904	2,662,052 526,329	4,351,783 883,233
1.9.	Other warrantees		700,000	2,570,292	3,270,292	1,675,000	2,583,551	4,258,551
II.	COMMITMENTS		899,051,857	429,351,840	1,328,403,697	459,239,924	289,433,226	748,673,150
2.1.	Irrevocable commitments	V-III-1	858,003,176	180,938,951	1,038,942,127	423,985,790	108,832,675	532,818,465
2.1.1. 2.1.2.	Asset purchase and sales commitments Deposit 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 -
2.1.3.	Share capital commitments to associates and subsidiaries		-	-	-	-	-	-
2.1.4.	Loan granting commitments	V-III-1	296,760,473	279,906	297,040,379	119,165,714	4,256	119,169,970
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.	Commitments for credit cards and banking services promotions		3,455,059	-	3,455,059	2,274,392	-	2,274,392
2.1.11. 2.1.12.	Receivables from short sale commitments of marketable securities Payables for short sale commitments of marketable securities		- -	- -	- -	- -	- -	- -
2.1.13.	Other irrevocable commitments		30,823,552	5,526,314	36,349,866	17,551,572	2,236,945	19,788,517
2.2.	Revocable commitments		41,048,681	248,412,889	289,461,570	35,254,134	180,600,551	215,854,685
2.2.1.	Revocable loan granting commitments		41,048,681	248,412,889	289,461,570	35,254,134	180,600,551	215,854,685
2.2.2. III.	Other revocable commitments DERIVATIVE FINANCIAL INSTRUMENTS	V-III-5	- 141,908,578	- 1,012,720,138	- 1,154,628,716	- 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.	Cash flow hedges		-	-	-	-	-	-
3.1.3. 3.2.	Hedges for investments made in foreign countries Trading transactions		- 141,908,578	- 1,012,720,138	- 1,154,628,716	- 169,401,542	- 800,941,256	- 970,342,798
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
3.2.1.2.	Forward foreign currency sales		27,191,096	28,092,497	55,283,593	6,705,051	9,134,205	15,839,256
3.2.2. 3.2.2.1.	Currency and interest rate swaps Currency swap purchase transactions		81,503,023 41,682,349	662,116,720 190,068,463	743,619,743 231,750,812	146,286,235 3,312,843	587,973,637 231,294,703	734,259,872 234,607,546
3.2.2.2.	Currency swap sale transactions		38,390,674	233,274,669	271,665,343	141,123,392	122,833,151	263,956,543
3.2.2.3.	Interest rate swap purchase transactions		715,000	119,386,794	120,101,794	925,000	116,922,891	117,847,891
3.2.2.4.	Interest rate swap sale transactions		715,000	119,386,794	120,101,794	925,000	116,922,892	117,847,892
3.2.3. 3.2.3.1	Currency, interest rate and security options Currency purchase options		4,876,186 4,162,656	6,355,836 1,566,034	11,232,022 5,728,690	8,508,530 8,508,530	8,647,024 304,758	17,155,554 8,813,288
3.2.3.2	Currency sale options		713,530	4,789,802	5,503,332	-	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 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.	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	288,046,779	289,075,233	1,169,754	186,050,145	187,219,899
B.	CUSTODY AND PLEDGED ITEMS (IV+V+VI)		39,712,831,240	29,360,361,286	69,073,192,526	26,581,415,298	21,432,985,703	48,014,401,001
IV. 4.1.	ITEMS HELD IN CUSTODY Assets under management		455,709,983	291,075,144	746,785,127	297,240,399	169,766,420	467,006,819
4.2.	Securities held in custody		17,397,844 148,688,118	- 144,902,368	17,397,844 293,590,486	13,774,891 63,816,139	- 79,267,030	13,774,891 143,083,169
4.3.	Checks received for collection		121,410,786	4,650,966	126,061,752	86,170,197	3,367,156	89,537,353
4.4.	Commercial notes received for collection		73,092,148	17,325,045	90,417,193	47,371,511	7,928,256	55,299,767
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		901,574	106,209,613	107,111,187	953,336	69,753,186	70,706,522
4.8.	Custodians		94,217,361	17,985,738	112,203,099	85,152,173	9,449,609	94,601,782
V.	PLEDGED ITEMS		5,305,516,594	1,536,545,807	6,842,062,401	4,329,713,990	1,033,151,407	5,362,865,397
5.1. 5.2.	Marketable securities Guarantee notes		505,505	2,881,224	3,386,729	398,290	4,906,082	5,304,372
5.3.	Commodity		32,367,671 454,804,823	14,727,029 37,092,119	47,094,700 491,896,942	19,610,795 320,451,642	10,297,268 12,699,256	29,908,063 333,150,898
5.4.	Warrant		-	-	-	-	-	-
5.5.	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. 5.7.	Other pledged items Depositories receiving pledged items		556,585,004 365,885	224,858,827 112,603	781,443,831 478,488	491,647,668 384,043	163,143,400 167,991	654,791,068 552,034
VI.	ACCEPTED GUARANTEES AND WARRANTEES		33,951,604,663	27,532,740,335	61,484,344,998	21,954,460,909	20,230,067,876	42,184,528,785
	TOTAL OFF BALANCE SHEET COMMITMENTS (A+B)		41,107,428,251	31,135,446,161	72,242,874,412	27,457,405,577	22,773,520,305	50,230,925,882

TÜRKİYE VAKIFLAR BANKASI TÜRK ANONİM ORTAKLIĞI CONSOLIDATED STATEMENT OF PROFIT OR LOSS AS OF 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	V-IV-1	745,346,819	321,154,393
1.1	Interest on loans	V-IV-1	481,363,855	202,589,341
1.2	Interest received from reserve deposits		47,282,353	1,151,837
1.3	Interest received from banks	V-IV-1	1,848,214	1,366,123
1.4	Interest received from money market transactions		18,947,985	1,292,458
1.5	Interest received from marketable securities portfolio	V-IV-1	188,025,455	109,458,412
1.5.1	Financial assets at fair value through profit or loss		212,988	619,658
1.5.2	Financial assets at fair value through other comprehensive income		84,981,226	35,301,824
1.5.3	Financial assets measured at amortised cost		102,831,241	73,536,930
1.6	Finance lease interest income		6,631,373	3,809,538
1.7	Other interest income		1,247,584	1,486,684
II.	INTEREST EXPENSES (-)	V-IV-2	637,991,017	263,683,851
2.1	Interest on deposits	V-IV-2	555,572,727	224,311,077
2.2	Interest on funds borrowed	V-IV-2	25,089,393	16,376,028
2.3	Interest on money market transactions		36,442,472	10,866,932
2.4	Interest on securities issued	V-IV-2	18,650,766	10,226,368
2.5 2.6	Leasing interest income Other interest expenses		739,527 1,496,132	626,595 1,276,851
III.	NET INTEREST INCOME/EXPENSE (I - II)		107,355,802	57,470,542
IV.	NET FEES AND COMMISSIONS INCOME/EXPENSES		45,290,191	24,905,624
4.1	Fees and commissions received		64,002,997	32,018,051
4.1.1	Non-cash loans		5,230,184	3,409,979
4.1.2	Other		58,772,813	28,608,072
4.2	Fees and commissions paid (-)		18,712,806	7,112,427
4.2.1	Non-cash loans		99,256	102,944
4.2.2	Other		18,613,550	7,009,483
V.	DIVIDEND INCOME	V-IV-3	132,869	56,384
VI.	TRADING PROFIT/LOSS (Net)	V-IV-4	(8,887,983)	15,418,574
6.1	Profit/losses from capital market transactions	V-IV-4	3,125,112	4,837,357
6.2	Profit/losses from derivative financial transactions	V-IV-4	(26,072,229)	(3,970,742)
6.3	Foreign exchange profit/losses	V-IV-4	14,059,134	14,551,959
VII.	OTHER OPERATING INCOME	V-IV-5	60,070,182	45,918,359
VIII.	GROSS PROFIT FROM OPERATING ACTIVITIES (III+IV+V+VI+VII)		203,961,061	143,769,483
IX.	ALLOWANCES FOR EXPECTED CREDIT LOSSES (-)	V-IV-6	45,915,789	50,288,105
X.	OTHER PROVISION EXPENSES (-)	V-IV-6	7,200,041	4,354,274
XI. XII.	PERSONNEL EXPENSES (-) OTHER OPERATING EXPENSES (-)	V-IV-7	30,915,150 46,990,306	15,664,962 37,759,262
XIII.	NET OPERATING PROFIT/LOSS (VIII-IX-X-XI-XII)		72,939,775	35,702,880
XIV.	SURPLUS WRITTEN AS GAIN AFTER MERGER		-	-
XV.	PROFIT/LOSS FROM EQUITY METHOD APPLIED SUBSIDIARIES		917,635	615,200
XVI.	NET MONETORY POSITION GAIN/LOSS		-	-
XVII.	PROFIT/LOSS BEFORE TAXES FROM CONTINUING OPERATIONS (XIII++XVI)	V-IV-8	73,857,410	36,318,080
XVIII.	PROVISION FOR TAXES ON INCOME FROM CONTINUING OPERATIONS (±)	V-IV-9	(20,540,609)	(2,231,235)
18.1	Current tax provision	V-IV-11	(10,550,627)	(10,384,245)
18.2	Expense effect of deferred tax (+)	V-IV-11	(30,449,345)	(12,874,775)
18.3	Income effect of deferred tax (-)	V-IV-11	20,459,363	21,027,785
XIX.	NET PROFIT/LOSS FROM CONTINUING OPERATIONS (XVII±XVIII)	V-IV-10	53,316,801	34,086,845
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 21.3	Losses from sale of associates, subsidiaries and joint ventures 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	53,316,801	34,086,845
25.1	Group's profit/(loss)		49,192,844	31,655,931
25.2	Profit /(Loss) from Minority shares (-)		4,123,957	2,430,914
	Profit/Loss per 100 shares (full TL)	III-XXIV	5.3769	3.5189

TÜRKİYE VAKIFLAR BANKASI TÜRK ANONİM ORTAKLIĞI CONSOLIDATED 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)	53,316,801	34,086,845
II.	OTHER COMPREHENSIVE INCOME	1,430,260	5,432,023
2.1.	Other comprehensive income that will not be reclassified to profit or loss	6,186,757	9,756,102
2.1.1.	Gains (Losses) on Revaluation of Property, Plant and Equipment	6,688,771	10,885,606
2.1.2.	Gains (losses) on revaluation of Intangible Assets	-	-
2.1.3.	Gains (losses) on remeasurements of defined benefit plans	(944,560)	(1,727,019)
2.1.4.	Other Components of Other Comprehensive Income That Will Not Be Reclassified to Profit or Loss	1,307,785	2,109,608
2.1.5.	Taxes Relating to Components of Other Comprehensive Income That Will Not Be Reclassified to Profit or Loss	(865,239)	(1,512,093)
2.2.	Other Comprehensive Income That Will Be Reclassified to Profit or Loss	(4,756,497)	(4,324,079)
2.2.1.	Exchange Differences on Translation	271,074	1,153,893
2.2.2.	Valuation and/or Reclassification Profit or Loss from financial assets at fair value through other comprehensive
	income	(7,896,935)	(6,245,278)
2.2.3.	Income (Loss) Related with Cash Flow Hedges	-	-
2.2.4.	Income (Loss) Related with Hedges of Net Investments in Foreign Operations	371,231	(636,271)
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	2,498,133	1,403,577
III.	TOTAL COMPREHENSIVE INCOME (I+II)	54,747,061	39,518,868

TÜRKİYE VAKIFLAR BANKASI TÜRK ANONİM ORTAKLIĞI CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY AS OF THE 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 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 December 31, 2024
I. II.	Prior Period End Balance Corrections and Accounting Policy Changes Made			9,915,922 45,589,989	-		(427,009) 11,966,716	(1,955,463)	5,220,355	2,644,546	5,671,208		(675,052) 62,087,804	35,229,085		- 175,268,101	5,607,597	180,875,698
2.1. 2.2.	According to TAS 8 Effects of Corrections Effects of the Changes in		- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
III.	Accounting Policies Adjusted Beginning Balance (I+II)		-	- 9,915,922 45,589,989	- -	-	- (427,009) 11,966,716	- (1,955,463)	- 5,220,355	- 2,644,546	- 5,671,208	-	- (675,052) 62,087,804	- 35,229,085	-	- - 175,268,101	- 5,607,597	- 180,875,698
IV.	Total Comprehensive Income		-	-	-	-	5,497,992	(661,294)	1,304,771	271,074	(5,489,948)	462,377	-		- 49,192,844	50,577,816	4,169,245	54,747,061
V. VI.	Capital Increase by Cash Capital Increase by Internal Resources		- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
VII.	Paid-in capital inflation
IX.	adjustment difference VIII. Convertible Bonds Subordinated Debt		- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
X.	Instruments Increase/Decrease by Other		-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
XI.	Changes Profit Distribution		- -	11,524 -	- -	937,442 8,359	- -	- -	- -	- -	- -	-	(423,887) - 27,790,223	(269,184) (27,798,582)	- -	255,895 -	320,144 (71)	576,039 (71)
	11.1. Dividends paid 11.2. Transfers to Reserves		- -	- -	- -	- -	- -	- -	- -	- -	- -	-	- - 27,706,700	- (27,706,700)	- -	- -	(71) -	(71) -
	11.3. Other		-	-	-	8,359	-	-	-	-	-	-	83,523	(91,882)	-	-	-	-
	Ending Balance			9,915,922 45,601,513	-		518,792 17,464,708	(2,616,757)	6,525,126	2,915,620	181,260		(212,675) 89,454,140			7,161,319 49,192,844 226,101,812	10,096,915	236,198,727

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 CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY AS OF THE YEAR ENDED DECEMBER 31, 2023

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

STATEMENT OF CHANGES IN SHAREHOLDERS EQUITY							Accumulated Other Comprehensive Income or Expense Not Reclassified through Profit or Loss			Accumulated Other Comprehensive Income or Expense Reclassified through Profit or Loss
		Notes	Paid in Capital	Share Premium	Share Cancellation Profits	Other Capital Reserves	1	2	3	4	5	6	Profit Reserves	Prior Period Profit or (Loss)	Current Period Profit or (Loss)	Total SE Except minority share	Minority interest	Total Shareholders' Equity
	Prior Period December 31, 2023
I. II.	Prior Period End Balance Corrections and Accounting Policy Changes Made			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	27,311,639		- 105,779,737	2,882,654	108,662,391
2.1. 2.2.	According to TAS 8 Effects of Corrections Effects of the Changes in		- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
III.	Accounting Policies Adjusted Beginning		-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
IV.	Balance (I+II) Total Comprehensive Income		-	7,111,364 16,469,500 -	- -	(63,177) -	3,381,054 8,585,662	(800,579) (1,154,884)	2,924,446 2,295,909	1,490,653 1,153,893	10,802,217 (5,131,009)	(346,963)	(328,089) 37,480,709 -	27,311,639	- 31,655,931	- 105,779,737 37,058,539	2,882,654 2,460,329	108,662,391 39,518,868
V. VI.	Capital Increase by Cash Capital Increase by Internal			2,804,558 29,120,489	-	-	-	-	-	-	-	-	-	-	-	31,925,047	-	31,925,047
VII.	Resources Paid-in capital inflation adjustment difference		- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
IX.	VIII. Convertible Bonds Subordinated Debt		-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
X.	Instruments Increase/Decrease by Other		-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
XI.	Changes Profit Distribution		- -	- -	- -	(365,029) 1,197	- -	- -	- -	- -	- -	-	132,586 - 24,474,509	738,129 (24,476,614)	- -	505,686 (908)	266,428 (1,814)	772,114 (2,722)
	11.1. Dividends paid 11.2. Transfers to Reserves 11.3. Other		- - -	- - -	- - -	- - 1,197	- - -	- - -	- - -	- - -	- - -	- -	- - 24,462,338 12,171	(908) (24,462,338) (13,368)	- - -	(908) - -	(1,814) - -	(2,722) - -
	Ending 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		3,573,154 31,655,931 175,268,101		5,607,597	180,875,698

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 CONSOLIDATED 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		80,340,582	83,451,393
1.1.1	Interest received		675,187,204	294,265,749
1.1.2	Interest paid		(631,463,683)	(260,015,871)
1.1.3	Dividends received		132,869	56,384
1.1.4	Fee and commissions received		53,074,127	23,965,739
1.1.5	Other income		18,485,359	11,762,999
1.1.6	Collections from previously written off loans and other receivables		13,545,384	5,816,557
1.1.7	Cash payments to personnel and service suppliers		(34,189,789)	(17,383,463)
1.1.8	Taxes paid		(13,764,039)	(2,304,297)
1.1.9	Other	V-VI-1	(666,850)	27,287,596
1.2	Changes in operating assets and liabilities subject to banking operations		230,857,159	283,208,493
1.2.1	Net (Increase) Decrease in Financial Assets at Fair Value through Profit or Loss		32,848,286	(17,235,798)
1.2.2	Net increase (decrease) in due from banks		(81,031,255)	(2,925,592)
1.2.3	Net increase (decrease) in loans		(621,410,173)	(439,805,423)
1.2.4	Net increase (decrease) in other assets		54,027,663	(23,341,070)
1.2.5	Net increase (decrease) in bank deposits		16,836,815	(18,040,526)
1.2.6	Net increase (decrease) in other deposits		538,185,650	710,578,109
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		21,560,400	30,064,308
1.2.9	Net increase (decrease) in matured payables		-	-
1.2.10	Net increase (decrease) in other liabilities	V-VI-1	269,839,773	43,914,485
I.	Net cash flow provided from banking operations		311,197,741	366,659,886
B.	CASH FLOWS FROM INVESTING ACTIVITIES
II.	Net cash provided from investing activities		(77,890,416)	(218,406,200)
2.1	Cash paid for the purchase of associates, subsidiaries and joint ventures		-	(351,608)
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		(9,936,281)	(30,598,017)
2.4	Cash obtained from the sale of tangible and intangible asset		2,496,649	9,651,296
2.5	Cash paid for the purchase of financial assets at fair value through other comprehensive income		(121,869,700)	(99,479,143)
2.6	Cash obtained from the sale of financial assets at fair value through other comprehensive income		21,365,026	14,135,013
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	(567,000)	(548,055)
C.	CASH FLOWS FROM FINANCING ACTIVITIES
III.	Net cash flows from financing activities		136,000,858	57,781,778
3.1	Cash obtained from funds borrowed and securities issued		146,873,348	66,532,156
3.2	Cash outflow from funds borrowed and securities issued		(9,012,085)	(10,927,591)
3.3	Equity instruments issued		-	3,010,866
3.4	Dividends paid		-	-
3.5	Payments for finance lease liabilities		(1,860,405)	(833,653)
3.6	Other		-	-
IV.	Effect of change in foreign exchange rate on cash and cash equivalents	V-VI-1	(965,947)	968,372
V.	Net increase/decrease in cash and cash equivalents		368,342,236	207,003,836
VI.	Cash and cash equivalents at beginning of the period	V-VI-4	336,682,989	129,679,153
VII.	Cash and cash equivalents at end of the period	V-VI-4	705,025,225	336,682,989

TÜRKİYE VAKIFLAR BANKASI TÜRK ANONİM ORTAKLIĞI CONSOLIDATED 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.