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Dear Shareholders,
2026 has started with heightened effects from geopolitical developments and uncertainties impacting the global economic outlook. The ongoing conflict in the Middle East has contributed to increased global uncertainty. Additionally, the rise in energy prices, interruptions in international trade, and tighter financial conditions have posed significant challenges to both global growth and inflation. Reflecting these dynamics, the International Monetary Fund (IMF) projected a slowdown in global economic growth, with an expected decrease from 3.4% in 2025 to 3.1% in 2026.
Throughout 2025, Türkiye continued its disinflation efforts, resulting in consumer inflation declining to 30.9% by year-end. Economic activity showed moderate growth, with GDP growth at 3.6% in 2025. However, in the first half of 2026, the downward trend in inflation has temporarily halted, mainly due to increased global energy and input prices, and growth is expected to moderate. Should geopolitical tensions ease, the disinflation process is projected to resume, which would support a recovery in economic activity. To manage increasing risks, the Central Bank of the Republic of Türkiye has implemented several measures since March. While stabilizing the exchange rate, the Bank has paused rate cuts and continued to tighten its monetary stance using liquidity tools. These actions, coordinated with fiscal policy measures, have helped contain inflationary risks.
Against this macroeconomic environment, QNB Türkiye maintained a stable performance in the first quarter of 2026, supported by its strong balance sheet, effective risk management, and diversified funding structure. The Bank remained committed to sustainability, continued investments in digitalization, and financing provided to the real sector remained key elements of its long-term value creation approach.
As of March 31, 2026, the Bank’s total assets increased by 8% compared to year-end 2025, reaching TL 1,991.9 billion. Over the same period, net loans grew by 8% to TL 1,164.6 billion, while customer deposits rose by 6% to TL 1,010.2 billion. The Bank reported a net profit of TL 15.7 billion for the first quarter of 2026.
QNB Türkiye continues to operate in line with its strategic priorities, maintaining its strong focus on sustainable growth.
I would like to extend my sincere thanks to all employees, management, and stakeholders who contributed to the Bank’s performance during this period.
Sincerely,
Abdulla Mubarak N. Al Khalifa
Chairperson of the Board
QNB Türkiye
