Türkiye’s Is Bank’s net profit surpasses $1.25B in 2024

Türkiye’s Is Bank achieved a net profit of ₺45.5 billion ($1.25 billion) in 2024, increasing its total assets by 35.5% from the previous year-end to reach ₺3.3 trillion, maintaining its position as Türkiye’s largest private bank.

According to the statement from Is Bank released on Thursday, the bank’s equity grew by 18.9% year-over-year, reaching ₺318.3 billion, while its capital adequacy ratio stood at 19.7%, reflecting a strong capital structure.

By the end of 2024, Is Bank’s total loans to the economy reached ₺2.3 trillion, including ₺1.7 trillion in cash loans and ₺582.7 billion in non-cash loans.

With an extensive distribution network, digital service points, and diverse product offerings, the bank increased its total deposit volume to ₺2.1 trillion.

Strengthened global presence

In early 2025, Is Bank completed its first international bond issuance of the year, raising $500 million from investors. The bond had a coupon rate of 9.125%, meaning investors would receive an annual interest payment of 9.125% on the bond’s value. This bond was classified as an additional Tier 1 (AT1) Eurobond, a type of a perpetual bond that helps strengthen the bank’s capital base.

The issuance was notable for having the lowest coupon rate and premium recorded among similar AT1 bonds issued by Turkish banks to date. Despite the relatively low rate, it attracted significant interest from investors, with demand reaching $1.5 billion, three times the bond’s value.

This high level of demand indicates strong confidence from international markets in Is Bank’s financial strength and reputation.

In November 2024, Is Bank secured a $1.1 billion syndicated loan, meaning multiple international banks collectively provided the loan. This loan was sustainability-linked, meaning the interest rate and terms were tied to the bank’s performance in meeting specific environmental or social targets. The loan had a 371-day maturity, meaning the bank must repay the principal and interest within approximately one year.

A significant aspect of this loan was that Is Bank renewed its 2023 loan by 124%, meaning it borrowed an amount 24% higher than the previous year’s loan. This increase and the successful renewal highlight the bank’s ability to secure funding at favorable terms, demonstrating continued trust from international financial institutions.

Focusing on decarbonization and supporting green transformation, Is Bank announced 2030 emission reduction targets across all carbon-intensive sectors as part of the Net-Zero Banking Alliance.

Is Bank’s General Manager Hakan Aran highlighted the bank’s accomplishments during its centennial year, emphasizing achievements in climate action, artificial intelligence (AI), culture, arts, education, sports, and science.

“As we enter our second century with excitement and enthusiasm, we will continue to serve our country, proving that we are more than just a financial institution,” Aran said. “With our inaugural $500 million additional Tier 1 Eurobond issuance, we have made a powerful start to our new century in international markets,” Aran concluded.