Investor Presentaiton
NIM accretive asset repricing & strategic CPI positioning
CPI normalized NIM, improved from 3.3% in 3Q21 to
3.5% in 4Q21
NII, normalized for CPI-linkers improved by 24% QoQ
Quarterly Swap Adj. NIM Breakdown
(bps)
In 4Q21
4Q21 NII impact of CPI adjustment is TL 1,283 mn
(+74 bps NIM impact)
35
2022
Guidance
ā Every +1% CPI has c. TL 420 mn NI and +6 bps NIM
& +50 bps ROE impact, based on 2022 expected
average equity
NIM (Swap Adj.): ~ 150 bps YoY improvement
Asset repricing to continue
Dynamic maturity mismatch management
Growth in high margin segments to support NIM
Proactive securities management resulting in TL 56 bn
CPI linker portfolio to be margin accretive
ā CPI linker portfolio is ~ 75% of equity
2022 Oct-Oct CPI linker valuation estimate: ~ 30%
344
-32
-35
-11
+24
404
+40
+74
3Q21
NIM
Securities Borrowing
Cost
Other
CPI
Impact
Swap
Deposit
Cost
4Q21
NIM
414
FY Swap Adj. NIM Breakdown (bps)
-119
-51
-39
-7
+32
+14
323
+79
2020
NIM
Deposit Borrowing
Cost
Cost
Swap
Other
Loan
Yield
CPI
Impact
Securities 2021
NIM
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