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Dear Shareholders,
In the first half of 2026, the global economy continued to face a challenging environment, shaped by ongoing geopolitical developments in the Middle East and the increasing protectionist stance in international trade policies. Although energy prices declined significantly following the sharp increases observed earlier in the year, uncertainties surrounding the global economic outlook remained elevated. As inflationary risks persisted, the European Central Bank (ECB) raised its policy rate in June, while expectations of a potential interest rate increase by the U.S. Federal Reserve (Fed) later this year strengthened. Meanwhile, investment demand supported by artificial intelligence investments in the technology sector partially offset the effects of the slowdown in global growth. Reflecting these developments, the International Monetary Fund (IMF) revised its global growth forecast for 2026 downward from 3.1% to 3.0% in July.
In Türkiye, economic growth moderated to 2.5% year-on-year in the first quarter of 2026, while rising production costs and tight financial conditions continued to weigh on economic activity. After declining to 30.9% at the end of 2025, annual consumer inflation increased to 32.1% as of June, partly reflecting the impact of global developments. While monetary and fiscal policies, together with macroprudential measures, contributed to containing risks to the inflation outlook, we expect inflation to resume its downward trend in the second half of the year.
Against this macroeconomic environment, QNB Türkiye maintained its stable performance in the second quarter of 2026, supported by its strong balance sheet, effective risk management, and diversified funding structure. The Bank continued its efforts to diversify its international funding sources while maintaining its investments in digitalization and its activities in sustainable finance. Through the financing it provides to the real sector, the Bank remained committed to its long-term value creation approach.
As of June 30, 2026, the Bank’s total assets increased by 16% compared to year-end 2025, reaching TL 2,136.3 billion. Over the same period, net loans grew by 17% to TL 1,263.0 billion, while customer deposits rose by 13% to TL 1,077.2 billion. The Bank reported a net profit of TL 29.3 billion for the first six months of 2026.
QNB Türkiye will continue to create value for its customers, investors, and all stakeholders through its strong institutional foundation, sustainable growth strategy, and long-term perspective. I would like to extend my sincere thanks to all employees, management, and stakeholders who contributed to the Bank’s success during this period.
Sincerely,
Abdulla Mubarak N. Al Khalifa
Chairperson of the Board
QNB Türkiye
