Dear Stakeholders,

Founded in 1913 by 13 Muslim Turkish entrepreneurs as the “Adapazarı Islamic Commercial Bank,” our Bank left a lasting mark on its era as the first privately initiated bank with national capital. In 2023, the Bank embarked on a restructuring process, drawing strength from its deep-rooted heritage. With the aim of contributing financially to Türkiye’s export-led growth and becoming the primary bank for exporters, we completed our human resources structuring, technological infrastructure, core banking system, and product, process, policy, and procedural frameworks in 2024. For our Bank, 2025 was more than simply a return to operations; it was a period in which active growth, institutional deepening, and operational strengthening were concretely realized.

We left behind a year in which the global economic system underwent a profound structural transformation encompassing trade, migration, and fiscal policies alongside corresponding uncertainties and opportunities. In 2025, protectionist tendencies regained momentum around the world; in particular, the tariff increases introduced by the United States at the beginning of the year heightened concerns about the trajectory of international trade. Although subsequent policy reversals partially mitigated these effects, uncertainty surrounding the stability of the global system persisted.

In an environment where the balance between risks and opportunities is constantly shifting, uncertainties around trade continue to weigh on global growth, while the positive impact of artificial intelligence on productivity stands out as a promising development for the global economy. However, in a period in which uncertainty has become the new normal, we believe that structural reforms aimed at strengthening digitalization and institutional capacity are of critical importance to ensure sustainable global resilience—particularly with regard to the potential for rapid advancements in AI to fundamentally reshape labor markets.

As the global economy undergoes this transformation, we have more clearly felt the impact of the tight monetary and fiscal policies resolutely implemented by economic authorities in Türkiye throughout 2025. The decline in inflation, from levels above 80% to around 30%, was one of the most tangible markers confirming the success of the disinflation process.

Period in which growth has become more moderate but its composition more balanced, expenditure controls supporting fiscal discipline and revenue-enhancing measures have strengthened coordination between fiscal and monetary policies.

As we move into 2026, we anticipate that the expected gradual normalization in monetary policy and interest rate cuts will have a positive impact on the banking sector’s net interest margins as well as on the financing costs of the real sector.

Transforming the success of economic stability into sustainable development undoubtedly depends on the success of an export-led growth strategy. For our country to become an even stronger player in global markets, there is a clear need for exports and, for exporters, financial institutions that understand their needs and offer tailored solutions. As Türk Ticaret Bankası, in alignment with the current economic program, we have focused on directing our resources toward production and export-oriented areas, bolstering the supply side of the economy and facilitating exporters’ access to financing. In this context, we consider 2025 to be a year of strong growth and deepening for our Bank.

In line with our vision of becoming the leading bank for exporters, we opened 11 new branches in 2025, by establishing a presence in locations that account for more than 85% of Türkiye’s exports. By increasing our direct touchpoints with customers, we supported them on the ground with fast and effective financing solutions.