MESSAGE FROM THE GENERAL MANAGER

Dear Shareholders, Customers, Employees and Business Partners of Nurolbank,

The year 2021, which we left behind, has been a year of radical changes and formations that will make their effects felt all over the world for a long time. The Covid-19 pandemic process, which has affected the whole world in macro and micro fields, the extraordinary struggle of Governments and Central Banks with the pandemic, and the positive developments in the field of health for all humanity have formed the main theme of 2021. The global contraction process in 2020 enabled strong growth performances in 2021 with the effect of expansionary monetary and fiscal policies. The promising developments in the field of vaccination combined with the contribution of the FED to the low interest rate environment enabled us to close 2021 as the best of the worst for the world. In 2021, Nurolbank continued to grow by taking innovative steps towards digitalization by preserving its strong balance sheet structure and profitability.

Despite the fluctuations in the markets, our bank continued to strengthen its solid liquidity structure and maintained its strong balance sheet structure. Nurolbank increased its loan size to 3.457 million TL, of which 4.488 million TL was in cash, and our profit before tax increased by 76% compared to the previous year and reached 191 million 143 thousand TL. According to the data of our bank as of Friday, December 31, 2021, the Capital Adequacy Ratio was 17.93 percent and the return on equity ratio was 34,51 percent. In addition, our Bank issued debt instruments amounting to a total of 3,265 million TL during the year at competitive prices.

Our bank is very pleased with the successful acceleration of Nurol Portföy Yönetimi A.Ş., which has 100 percent stake in the capital markets and has a paid-in capital of 6 million TL, which has started to make a difference with its corporate identity and experience. Our company, which established its entire organizational structure and issued operating licenses in 2021, 5 Securities Investment Funds open to TEFAS, 10 Real Estate Investment Funds and 1 Venture Capital Investment Fund, also manages the takeover process of 4 Venture Capital Investment Funds. As of December 31, 2021, the total portfolio size managed is approximately TL 297 million. We aim to complete the year 2022 among the top 20 Portfolio Management Companies by continuing our sustainable growth steps in the rapidly developing Portfolio Management sector.

Ortak Varlık Yönetim AŞ was registered with the Istanbul Chamber of Commerce on January 22, 2021, by obtaining the establishment permission with the BRSA’s decision dated 23.10.2020 and numbered 9221 and took the operating license decision based on the BRSA’s board decision dated 05 March 2021 and numbered 9447, and started its activities after this decision was published in the official gazette on 10 March 2021. Ortak Varlık Yönetim A.Ş. is established as a 100% subsidiary of Yatırım Bankası A.Ş. in 2021. As of the end of 2021, the year of its establishment, the principal size of the overdue receivables portfolios purchased by Ortak Varlık Yönetim A.Ş. from financial institutions has exceeded 850 million TL, and the number of real and legal persons served to solve the debt has exceeded 100 thousand. In the first year of its activities, Ortak Varlık Yönetim A.Ş. became one of the leading companies of the sector in terms of both asset size and number of customers.

With its strong performance in 2021, Nurolbank has taken firm steps towards its targets in the coming years. It will continue to grow with its strong shareholder support, competent management team that provides the most important added value, and dynamic and expert employees. We will continue to meet their expectations at the highest level by offering the right products to our customers in the coming year, with our strong liquidity and capital structure, and our flexible structure that can generate instant solutions with our new strategic plans. We will take our service quality one step further with solid, reliable steps by keeping up with the digitalizing age.

We would like to thank our investors, our well-equipped employees and our stakeholders who trust and support us, and in the upcoming period, we will continue to create value by providing the right support at the right time, leaving a positive impact with our strong corporate governance approach, in line with our strategies and works.

Kindly regards,

Özgür ALTUNTAŞ
Board Member and General Manager