CEO LETTER
Dear Stakeholders, The major issues of the global economy for 2025 were trade protectionism and the cautious relaxation policies of central banks. With Donald Trump taking office in the US, tariffs of 60 per cent on China and 20 per cent on Europe have once again triggered cost inflation in global supply chains. The FED was, therefore, more cautious in its interest rate cut cycle. On the political side, with Washington's “America First” doctrine creating new lines of tension in NATO and transatlantic relations, these uncertainties have also fueled the search for a safe haven for global capital. Despite this, the US economy closed 2025 resiliently with the increase in productivity created by artificial intelligence investments and strong domestic consumption. Growth forecasts for the US are at 2.4 percent with the start of 2026.
2025 was marked by political turbulence in Europe due to issues such as government crises in Germany and France and the rise of the far right. The fall of the Barnier government in France and the spending policies implemented by the coalition formed after the early elections in Germany in February 2025 strained the EU's fiscal discipline. As we enter 2026, a modest recovery in industrial production is expected, with a slight cessation of political uncertainties on the continent. While the IMF's vision for 2026 predicts that global growth will be horizontal at 3.2 percent, efforts to freeze the conflicts in Ukraine and the Middle East or to reach a diplomatic solution show that 2026 will be the biggest balance of political risks and opportunities.
China's economy has shifted its route to ASEAN and the Belt and Road countries to alleviate the pressure of US tariffs throughout 2025. With the expansion of the BRICS bloc, it has accelerated efforts to establish an alternative trading ecosystem to the US Dollar. Beijing has announced massive stimulus packages to mitigate the effects of the real estate crisis in the domestic market, signaling that it will undertake more consumption-oriented reforms to achieve a 4.6 percent growth rate in 2026.
From the perspective of developing countries, India has strengthened its strategic partnership with the West, maintaining its title as the fastest-growing economy of 2025 with 6.5 percent.
In commodity markets, 2026 is described as the "golden age" of precious metals. Ounce gold, which closed 2025 on a record high, reached USD 5,000 in January 2026 and continues to price the concern created by global geopolitical risks. Silver, on the other hand, has shown its strongest performance in the last decade at USD 110 thanks to industrial supply deficit and green energy transformation. On the energy side, Brent oil is in the $70-75 band due to slowdown signals in global demand and increased production capacity at the beginning of 2026. However, the course of the proxy wars in the Middle East suggests that great pressure is going to continue being put on energy prices throughout 2026.
2025 was a year in which the Turkish economy reaped the fruits of its rational monetary policy and diplomatic normalization steps. Following the increase in our credit rating, growth of 3.7 percent was recorded in the third quarter of 2025. Türkiye has turned its balancing role in regional tensions into an economic advantage and increased foreign direct investment inflows. The prudent stance of the CBRT at the start of 2026 supports a permanent decline in inflation. Türkiye is expected to continue to grow by 3.9 percent throughout 2026, as well as maintain its fiscal discipline and structural reforms.
As Nurol Investment Bank, we continued to support the sustainable growth of our country with our solid financial data and qualified employees in both the global and local economic climates in 2025 as we have done every year. We increased our loan size in 2025 by 80 percent to a total of TRY 50.3 billion. We increased our pre-tax profit to TRY 5.4 billion. According to our Bank’s figures for December 31, 2025, its Capital Adequacy Ratio came to 22.7 percent. In addition, our Bank exported a total of TRY 38.7 domestically and USD 75.7 million abroad in 2025
One of our associates, Ortak Varlık Yönetim A.Ş., acquired a portfolio of non-performing loans with a total principal amount of TRY 5.7 billion in 2025, reaching a total receivable size of TRY 27.8 billion. The number of customers it brought back into the financial system rose to 130,000. Continuing to grow at an accelerated pace Ortak Varlık succeeded in becoming one of the top three companies in the sector in terms of size.
Another associate that had a successful year in 2025 was Nurol Portföy Yönetimi A.Ş., with a portfolio size that increased by 84 percent compared to the previous year (2024) reaching TRY 78.5 billion. Its number of funds increased from 40 in the previous year to 62 in 2025, Its net profit rose 354 percent, exceeding TRY 150 million.
Our valuable employees contributed to all these successful financial outcomes in 2025.
I would like to thank our shareholders for their confidence in us, our employees for their strong performance, and all our other stakeholders for standing by us.
Özgür Altuntaş Board Member and CEO