{"id":1239,"date":"2026-02-16T22:19:06","date_gmt":"2026-02-16T19:19:06","guid":{"rendered":"https:\/\/tabildot.com.tr\/marketrisk\/?p=1239"},"modified":"2026-02-17T03:42:32","modified_gmt":"2026-02-17T00:42:32","slug":"%f0%9f%94%b4%f0%9f%87%b9%f0%9f%87%b7-ktlev-katilimevim-tasarruf-finansman-2025-12-bilanco-analizi-katilimevim-2025-raporundaki-kritik-yatirim-sinyalleri","status":"publish","type":"post","link":"https:\/\/tabildot.com.tr\/marketrisk\/1239","title":{"rendered":"\ud83d\udd34\ud83c\uddf9\ud83c\uddf7 #KTLEV | Kat\u0131l\u0131mevim Tasarruf Finansman 2025\/12 Faaliyet Raporu Analizi &#8211; Kat\u0131l\u0131mevim 2025 Raporundaki Kritik Yat\u0131r\u0131m Sinyalleri"},"content":{"rendered":"<p><iframe loading=\"lazy\" src=\"https:\/\/creators.spotify.com\/pod\/profile\/market-risk-tr\/embed\/episodes\/KTLEV--Katlmevim-Tasarruf-Finansman-202512-Bilano-Analizi---Katlmevim-Birevimi-Satp-Banka-Kuruyor-e3f67o0\/a-acfplnp\" width=\"400px\" height=\"102px\" frameborder=\"0\" scrolling=\"no\"><\/iframe><br \/>\n<strong><em>2025 Y\u0131l\u0131 Finansal Raporu \u00d6nemli Ba\u015fl\u0131klar<\/em><\/strong><br \/>\n<em>\u2022 Ola\u011fan\u00fcst\u00fc B\u00fcy\u00fcme ve S\u00f6zle\u015fme Hacmi: \u015eirket 2025 y\u0131l\u0131nda operasyonel g\u00fcc\u00fcn\u00fc b\u00fcy\u00fck oranda art\u0131rm\u0131\u015ft\u0131r. Toplam s\u00f6zle\u015fme hacmi, 2024 y\u0131l\u0131ndaki 52,29 milyar TL seviyesinden 183,49 milyar TL seviyesine y\u00fckselmi\u015ftir. Bu hacmin yakla\u015f\u0131k 72,75 milyar TL&#8217;si konut, 110,22 milyar TL&#8217;si ise ara\u00e7 s\u00f6zle\u015fmelerinden olu\u015fmaktad\u0131r.<\/em><br \/>\n<em>\u2022 Net K\u00e2rl\u0131l\u0131k ve Gelirler: 2025 y\u0131l\u0131 sonu itibar\u0131yla konsolide d\u00f6nem net k\u00e2r\u0131 8,73 milyar TL olarak ger\u00e7ekle\u015fmi\u015ftir (2024: 2,22 milyar TL). \u015eirketin esas faaliyet gelirleri ise bir \u00f6nceki y\u0131la g\u00f6re yakla\u015f\u0131k \u00fc\u00e7 kat artarak 14,65 milyar TL&#8217;ye ula\u015fm\u0131\u015ft\u0131r.<\/em><br \/>\n<em>\u2022 Varl\u0131k ve \u00d6zkaynak Art\u0131\u015f\u0131: Konsolide varl\u0131k toplam\u0131 18,91 milyar TL&#8217;den 47,46 milyar TL&#8217;ye y\u00fckselirken; \u00f6zkaynaklar, k\u00e2rl\u0131l\u0131ktaki art\u0131\u015f\u0131n etkisiyle 4,09 milyar TL&#8217;den 12,46 milyar TL&#8217;ye \u00e7\u0131km\u0131\u015ft\u0131r.<\/em><br \/>\n<em>\u2022 Aktif \u00dcye ve Teslimat Say\u0131lar\u0131: \u015eirketin aktif \u00fcye say\u0131s\u0131 135.443&#8217;e ula\u015fm\u0131\u015f, y\u0131l i\u00e7inde toplam 41.610 teslimat ger\u00e7ekle\u015ftirilmi\u015ftir.<\/em><br \/>\n<em>\u2022 Bankac\u0131l\u0131k Sekt\u00f6r\u00fcne Giri\u015f: \u015eirket, b\u00fcy\u00fcme stratejisi kapsam\u0131nda %99,9 sermayedar oldu\u011fu &#8220;\u0130ktisat Kat\u0131l\u0131m Bankas\u0131 A.\u015e.&#8221; unvanl\u0131 bankay\u0131 kurmu\u015ftur. Banka 20 May\u0131s 2025 tarihinde tescil edilmi\u015f olup faaliyet izni s\u00fcre\u00e7leri devam etmektedir.<\/em><br \/>\n<em>\u2022 Gayrimenkul Yat\u0131r\u0131m\u0131: Bursa&#8217;daki CarrefourSA Bursa AVM&#8217;nin bulundu\u011fu 100.000 metrekarelik gayrimenkul\u00fcn %70&#8217;i, 78,5 milyon USD bedelle sat\u0131n al\u0131nm\u0131\u015ft\u0131r. Bu gayrimenkul\u00fcn 22 A\u011fustos 2025 itibar\u0131yla g\u00fcncel pazar de\u011feri (KDV hari\u00e7) 4,27 milyar TL olarak takdir edilmi\u015ftir.<\/em><br \/>\n<em>\u2022 Sermaye Yap\u0131s\u0131 ve Tavan Art\u0131r\u0131m\u0131: \u015eirketin \u00e7\u0131kar\u0131lm\u0131\u015f sermayesi 2,07 milyar TL&#8217;dir. Ayr\u0131ca, kay\u0131tl\u0131 sermaye tavan\u0131n\u0131n 7,5 milyar TL&#8217;den 20 milyar TL&#8217;ye y\u00fckseltilmesi i\u00e7in gerekli yasal onaylar al\u0131nm\u0131\u015ft\u0131r.<\/em><br \/>\n<em>\u2022 \u0130nsan Kaynaklar\u0131: Kat\u0131l\u0131mevim ve ba\u011fl\u0131 ortakl\u0131klar\u0131nda \u00e7al\u0131\u015fan say\u0131s\u0131 y\u0131l sonu itibar\u0131yla 1.346 ki\u015fiye ula\u015fm\u0131\u015ft\u0131r. \u00c7al\u0131\u015fanlar\u0131n %53&#8217;\u00fc kad\u0131nlardan olu\u015fmaktad\u0131r.<\/em><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-medium\" src=\"https:\/\/pbs.twimg.com\/media\/HBUftXaa8AA35_s?format=jpg&amp;name=4096x4096\" width=\"2752\" height=\"1536\" \/><\/p>\n<hr \/>\n<h1>Kat\u0131l\u0131mevim\u2019in 2025 Vizyonu: Tasarruf Finansman\u0131ndan Bankac\u0131l\u0131k Devine D\u00f6n\u00fc\u015f\u00fcm\u00fcn 5 Kritik Ad\u0131m\u0131<\/h1>\n<p>T\u00fcrkiye\u2019de tasarruf finansman\u0131 sekt\u00f6r\u00fc, sadece bireysel birikimlerin y\u00f6netildi\u011fi geleneksel bir alan olmaktan \u00e7\u0131k\u0131p, sermaye piyasalar\u0131yla entegre olan sofistike bir yap\u0131ya evriliyor. Bu dinamik ekosistemin konsolidasyon ve d\u00f6n\u00fc\u015f\u00fcm mimar\u0131 olarak \u00f6ne \u00e7\u0131kan Kat\u0131l\u0131mevim\u2019in 2025 y\u0131l\u0131 faaliyet raporu, bir bilan\u00e7onun \u00e7ok \u00f6tesinde; \u015firketin &#8220;Hibrit Finansal Mimari&#8221;ye ge\u00e7i\u015fini belgeleyen stratejik bir manifestodur.<\/p>\n<p>Peki, bir tasarruf \u015firketi nas\u0131l bir finans imparatorlu\u011funa d\u00f6n\u00fc\u015f\u00fcr? Finansal analiz g\u00f6zl\u00fc\u011f\u00fcyle, Kat\u0131l\u0131mevim\u2019in bu devasa kabuk de\u011fi\u015fimini sa\u011flayan 5 kritik ad\u0131m\u0131 derinlemesine inceliyoruz.<\/p>\n<p>&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8211;<\/p>\n<h3>1. Borsa \u0130stanbul\u2019da Bir Milat: Sermaye Piyasas\u0131 Entegrasyonu<\/h3>\n<p>Kat\u0131l\u0131mevim, Haziran 2023\u2019te ger\u00e7ekle\u015ftirdi\u011fi halka arz ile Borsa \u0130stanbul Y\u0131ld\u0131z Pazar\u2019da i\u015flem g\u00f6ren <b>ilk<\/b> tasarruf finansman \u015firketi unvan\u0131n\u0131 alarak sekt\u00f6rel bir devrime imza att\u0131. 13,43 TL sabit fiyatla 805,8 Milyon TL b\u00fcy\u00fckl\u00fc\u011fe ula\u015fan bu arz, sadece sermaye giri\u015fi de\u011fil, ayn\u0131 zamanda \u015feffafl\u0131k ve kurumsalla\u015fma ad\u0131na bir &#8220;milat&#8221; niteli\u011fi ta\u015f\u0131maktad\u0131r.<\/p>\n<p>Yat\u0131r\u0131mc\u0131 taban\u0131ndaki kapsay\u0131c\u0131l\u0131k, piyasan\u0131n \u015firkete olan g\u00fcvenini somutla\u015ft\u0131rmaktad\u0131r:<\/p>\n<ul>\n<li><b>473.340<\/b> yerli ger\u00e7ek ve t\u00fczel ki\u015fi yat\u0131r\u0131mc\u0131,<\/li>\n<li><b>839<\/b> yabanc\u0131 ger\u00e7ek ki\u015fi yat\u0131r\u0131mc\u0131,<\/li>\n<li><b>30<\/b> yerli kurumsal yat\u0131r\u0131mc\u0131,<\/li>\n<li><b>1<\/b> yabanc\u0131 kurumsal yat\u0131r\u0131mc\u0131.<\/li>\n<\/ul>\n<p><b>Analiz:<\/b> Toplamda 474 bini a\u015fk\u0131n yat\u0131r\u0131mc\u0131ya ula\u015f\u0131lmas\u0131, tasarruf finansman\u0131 modelinin geni\u015f kitleler nezdinde me\u015fruiyetini peki\u015ftirmi\u015ftir. Bu ad\u0131m, \u015firketin gelecekteki bankac\u0131l\u0131k ve gayrimenkul operasyonlar\u0131 i\u00e7in ihtiya\u00e7 duydu\u011fu &#8220;kurumsal itibar sermayesini&#8221; in\u015fa etmi\u015ftir.<\/p>\n<h3>2. Bankac\u0131l\u0131k Lisans\u0131: \u0130ktisat Kat\u0131l\u0131m Bankas\u0131 ve &#8220;Zero-CAC&#8221; Avantaj\u0131<\/h3>\n<p>\u015eirketin %99,9 sermaye pay\u0131 ile kurdu\u011fu <b>\u0130ktisat Kat\u0131l\u0131m Bankas\u0131 A.\u015e.<\/b>, 2025 vizyonunun amiral gemisidir. A\u011fustos 2024\u2019teki ba\u015fvuru, Aral\u0131k 2024\u2019teki BDDK onay\u0131 ve May\u0131s 2025\u2019teki tescil s\u00fcreciyle banka, hukuki altyap\u0131s\u0131n\u0131 tamamlam\u0131\u015ft\u0131r.<\/p>\n<p><b>Analiz:<\/b> Stratejik a\u00e7\u0131dan en b\u00fcy\u00fck kazan\u0131m, bankan\u0131n s\u0131f\u0131rdan m\u00fc\u015fteri edinme maliyetine (Customer Acquisition Cost &#8211; CAC) katlanmayacak olmas\u0131d\u0131r. Kat\u0131l\u0131mevim\u2019in mevcut 141 \u015fubesi ve 250.000 adetlik pre-vetted (\u00f6nceden onayl\u0131) faizsiz finans m\u00fc\u015fterisi, banka i\u00e7in haz\u0131r bir ekosistem sunmaktad\u0131r. Rapor tarihindeki operasyonel stat\u00fc ise \u015fu s\u00f6zlerle netle\u015ftirilmi\u015ftir:<\/p>\n<p>&#8220;Banka, kat\u0131l\u0131m bankac\u0131l\u0131\u011f\u0131 esaslar\u0131na g\u00f6re faizsiz bankac\u0131l\u0131k hizmetleri sunmak&#8230; amac\u0131yla kurulmu\u015f olup, rapor tarihi itibar\u0131yla hen\u00fcz faaliyete ba\u015flamam\u0131\u015ft\u0131r.&#8221;<\/p>\n<h3>3. Gayrimenkulde De\u011ferleme Ba\u015far\u0131s\u0131: CarrefourSA Bursa AVM<\/h3>\n<p>Kat\u0131l\u0131mevim, varl\u0131k yap\u0131s\u0131n\u0131 enflasyona ve kur riskine kar\u015f\u0131 korumak amac\u0131yla Bainbridge Gayrimenkul\u2019\u00fcn %70\u2019ini sat\u0131n alarak portf\u00f6y\u00fcne 100.000 metrekarelik CarrefourSA Bursa AVM projesini dahil etmi\u015ftir.<\/p>\n<ul>\n<li><b>Sat\u0131n Alma Bedeli:<\/b> 78,5 Milyon USD.<\/li>\n<li><b>G\u00fcncel Pazar De\u011feri:<\/b> 4,27 Milyar TL (KDV Hari\u00e7 &#8211; 22 A\u011fustos 2025).<\/li>\n<\/ul>\n<p><b>Analiz:<\/b> Bu yat\u0131r\u0131m\u0131n stratejik de\u011feri, de\u011ferleme tarihindeki <b>TCMB Efektif Sat\u0131\u015f Kuru olan 40,9857 TL<\/b> baz al\u0131nd\u0131\u011f\u0131nda daha net anla\u015f\u0131lmaktad\u0131r. Gayrimenkul\u00fcn USD bazl\u0131 maliyeti ile TL bazl\u0131 de\u011ferlemesi aras\u0131ndaki makas, \u015firketin duran varl\u0131klar \u00fczerinden sa\u011flad\u0131\u011f\u0131 reel b\u00fcy\u00fcmenin ve &#8220;currency-hedge&#8221; (kur korumas\u0131) ba\u015far\u0131s\u0131n\u0131n kan\u0131t\u0131d\u0131r. 100 d\u00f6n\u00fcml\u00fck bu arsa portf\u00f6y\u00fc, \u015firketin \u00f6zsermaye verimlili\u011fini \u00fcst seviyeye ta\u015f\u0131maktad\u0131r.<\/p>\n<h3>4. Portf\u00f6y Optimizasyonu: Birevim Sat\u0131\u015f\u0131 ile Stratejik Odaklanma<\/h3>\n<p>\u015eirket, y\u00fcksek de\u011ferli varl\u0131klar\u0131 b\u00fcnyesine katarken, 11 Mart 2025\u2019te Birevim hisselerinin (%79,85) tamam\u0131n\u0131 752 Milyon TL bedelle Pusula Finans Holding\u2019e devretmi\u015ftir.<\/p>\n<p><b>Analiz:<\/b> Bir finansal analist g\u00f6z\u00fcyle bu hamle, s\u0131radan bir varl\u0131k sat\u0131\u015f\u0131ndan ziyade, \u0130ktisat Kat\u0131l\u0131m Bankas\u0131\u2019n\u0131n faaliyet izni i\u00e7in gereken <b>likidite tahkimat\u0131<\/b> olarak okunmal\u0131d\u0131r. Birevim gibi b\u00fcy\u00fck bir operasyonu devrederek elde edilen 752 Milyon TL, \u015firketin enerjisini ve nakit g\u00fcc\u00fcn\u00fc yeni bankac\u0131l\u0131k vizyonuna kanalize etmesini sa\u011flayan stratejik bir &#8220;kaynak yaratma&#8221; operasyonudur.<\/p>\n<h3>5. Sermaye Tahkimat\u0131: Kurumsal Olgunla\u015fma ve 2 Milyar TL S\u0131n\u0131r\u0131<\/h3>\n<p>2025 y\u0131l\u0131, Kat\u0131l\u0131mevim i\u00e7in devasa bir \u00f6zsermaye g\u00fc\u00e7lendirme y\u0131l\u0131 olmu\u015ftur. Y\u0131l ba\u015f\u0131nda 180 Milyon TL olan \u00e7\u0131kar\u0131lm\u0131\u015f sermaye, bedelsiz sermaye art\u0131r\u0131mlar\u0131yla 31 Aral\u0131k 2025 itibar\u0131yla <b>2,07 Milyar TL<\/b> seviyesine ula\u015fm\u0131\u015ft\u0131r.<\/p>\n<p>Bu s\u00fcre\u00e7te m\u00fclkiyet yap\u0131s\u0131nda da profesyonelle\u015fme dikkat \u00e7ekmektedir:<\/p>\n<ul>\n<li><b>Bireysel D\u00f6n\u00fc\u015f\u00fcm:<\/b> Serdar Turhan\u2019\u0131n %41,22\u2019lik do\u011frudan pay\u0131, kurumsal bir \u00e7at\u0131 alt\u0131nda konsolide edilmi\u015ftir.<\/li>\n<li><b>Kurumsal Liderlik:<\/b> Pusula Finans Holding A.\u015e., %28,42 pay oran\u0131yla ana kurumsal hissedar konumuna yerle\u015fmi\u015ftir.<\/li>\n<\/ul>\n<p><b>Analiz:<\/b> Sermayenin 10 kattan fazla art\u0131r\u0131lmas\u0131, \u015firketin risk y\u00f6netim kapasitesini maksimize ederken, bankac\u0131l\u0131k gibi reg\u00fclasyonun yo\u011fun oldu\u011fu alanlarda elini g\u00fc\u00e7lendirmi\u015ftir. Bu &#8220;\u00f6zsermaye tahkimat\u0131&#8221;, Kat\u0131l\u0131mevim\u2019in piyasadaki g\u00fcvenilirli\u011fini kurumsal bir m\u00fch\u00fcrle tescillemi\u015ftir.<\/p>\n<p>&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8211;<\/p>\n<h3>Sonu\u00e7 ve Gelecek Projeksiyonu<\/h3>\n<p>Kat\u0131l\u0131mevim\u2019in 2025 y\u0131l\u0131 faaliyet raporu, \u015firketin art\u0131k sadece bir tasarruf finansman kurulu\u015fu de\u011fil; bankac\u0131l\u0131k, gayrimenkul ve varl\u0131k y\u00f6netimini tek bir potada eriten hibrit bir finans devine d\u00f6n\u00fc\u015ft\u00fc\u011f\u00fcn\u00fc kan\u0131tl\u0131yor. 2 Milyar TL\u2019yi a\u015fan sermayesi, haz\u0131r m\u00fc\u015fteri taban\u0131yla entegre edilen bankac\u0131l\u0131k lisans\u0131 ve milyarl\u0131k gayrimenkul portf\u00f6y\u00fc, \u00f6n\u00fcm\u00fczdeki d\u00f6nemin Kat\u0131l\u0131mevim i\u00e7in &#8220;operasyonel \u015fahlanma&#8221; d\u00f6nemi olaca\u011f\u0131na i\u015faret ediyor.<\/p>\n<p><b>Kapan\u0131\u015f Sorusu:<\/b> Finansal sistemin bu kadar h\u0131zl\u0131 d\u00f6n\u00fc\u015ft\u00fc\u011f\u00fc bir \u00e7a\u011fda, Kat\u0131l\u0131mevim\u2019in kurdu\u011fu bu devasa &#8220;kat\u0131l\u0131m bankac\u0131l\u0131\u011f\u0131&#8221; ekosistemi, geleneksel bankalar\u0131n pazar pay\u0131n\u0131 ne \u00f6l\u00e7\u00fcde tehdit edecek?<\/p>\n<p>&nbsp;<\/p>\n<h1>Kat\u0131l\u0131mevim Tasarruf Finansman A.\u015e. 31 Aral\u0131k 2025 Tarihli Faaliyet Raporu Bilgi Notu<\/h1>\n<h2>Y\u00f6netici \u00d6zeti<\/h2>\n<p>Bu belge, Kat\u0131l\u0131mevim Tasarruf Finansman A.\u015e.&#8217;nin (&#8220;\u015eirket&#8221;) 31 Aral\u0131k 2025 tarihi itibar\u0131yla sona eren faaliyet d\u00f6nemine ili\u015fkin kapsaml\u0131 bir \u00f6zet sunmaktad\u0131r. 2025 y\u0131l\u0131, \u015eirket i\u00e7in stratejik ortakl\u0131k yap\u0131s\u0131ndaki de\u011fi\u015fimler, bankac\u0131l\u0131k sekt\u00f6r\u00fcne ad\u0131m at\u0131lmas\u0131 ve \u00f6nemli gayrimenkul yat\u0131r\u0131mlar\u0131 ile karakterize edilen bir d\u00f6n\u00fcm noktas\u0131 olmu\u015ftur.<\/p>\n<p><b>\u00d6nemli Geli\u015fmeler:<\/b><\/p>\n<ul>\n<li><b>Halka Arz:<\/b> \u015eirket, Borsa \u0130stanbul Y\u0131ld\u0131z Pazar\u2019da i\u015flem g\u00f6ren ilk tasarruf finansman \u015firketi unvan\u0131n\u0131 alm\u0131\u015ft\u0131r.<\/li>\n<li><b>Sermaye Art\u0131r\u0131m\u0131:<\/b> Y\u0131l i\u00e7erisinde bedelsiz sermaye art\u0131r\u0131m\u0131 ger\u00e7ekle\u015ftirilerek \u00e7\u0131kar\u0131lm\u0131\u015f sermaye 2.070.000.000 TL\u2019ye y\u00fckseltilmi\u015ftir.<\/li>\n<li><b>\u0130ktisat Kat\u0131l\u0131m Bankas\u0131:<\/b> %99,9 oran\u0131nda ba\u011fl\u0131 ortakl\u0131k olarak kurulan bankan\u0131n tescil i\u015flemleri tamamlanm\u0131\u015f, faaliyet izni s\u00fcre\u00e7leri devam etmektedir.<\/li>\n<li><b>Gayrimenkul Yat\u0131r\u0131m\u0131:<\/b> Bursa&#8217;daki CarrefourSA AVM arazisinin %70&#8217;ini temsil eden Bainbridge Gayrimenkul Ticaret A.\u015e. paylar\u0131 sat\u0131n al\u0131nm\u0131\u015ft\u0131r.<\/li>\n<li><b>\u0130\u015ftirak Sat\u0131\u015f\u0131:<\/b> Birevim Tasarruf Finansman A.\u015e.&#8217;deki %79,85 oran\u0131ndaki paylar\u0131n tamam\u0131 752 milyon TL bedelle Pusula Finans Holding A.\u015e.&#8217;ye devredilmi\u015ftir.<\/li>\n<\/ul>\n<p>&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8211;<\/p>\n<h2>1. Sermaye ve Ortakl\u0131k Yap\u0131s\u0131<\/h2>\n<p>\u015eirketin 2025 y\u0131l\u0131 sonu itibar\u0131yla toplam \u00e7\u0131kar\u0131lm\u0131\u015f sermayesi 2.070.000.000 TL olup, bu sermaye her biri 1 TL nominal de\u011ferli nama yaz\u0131l\u0131 paylardan olu\u015fmaktad\u0131r. Y\u0131l i\u00e7erisinde ortakl\u0131k yap\u0131s\u0131nda Serdar Turhan\u2019dan Pusula Finans Holding A.\u015e.\u2019ye do\u011fru \u00f6nemli bir kayma ya\u015fanm\u0131\u015ft\u0131r.<\/p>\n<h3>1.1 31 Aral\u0131k 2025 Tarihli Ortakl\u0131k Yap\u0131s\u0131<\/h3>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Orta\u011f\u0131n Ad\u0131-Soyad\u0131 \/ Ticaret Unvan\u0131<\/td>\n<td>Sermayedeki Pay\u0131 (TL)<\/td>\n<td>Sermaye Oran\u0131 (%)<\/td>\n<td>Oy Hakk\u0131 Oran\u0131 (%)<\/td>\n<\/tr>\n<tr>\n<td>PUSULA F\u0130NANS HOLD\u0130NG A.\u015e.<\/td>\n<td>588.300.000<\/td>\n<td>28,42<\/td>\n<td>28,42<\/td>\n<\/tr>\n<tr>\n<td>\u00d6MER BURKAY<\/td>\n<td>193.200.000<\/td>\n<td>9,33<\/td>\n<td>9,33<\/td>\n<\/tr>\n<tr>\n<td>D\u0130\u011eER (Halka A\u00e7\u0131k K\u0131s\u0131m vb.)<\/td>\n<td>1.288.500.000<\/td>\n<td>62,25<\/td>\n<td>62,25<\/td>\n<\/tr>\n<tr>\n<td><b>TOPLAM<\/b><\/td>\n<td><b>2.070.000.000<\/b><\/td>\n<td><b>100,00<\/b><\/td>\n<td><b>100,00<\/b><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3>1.2 Y\u0131l \u0130\u00e7indeki Sermaye De\u011fi\u015fim S\u00fcreci<\/h3>\n<ul>\n<li><b>Ba\u015flang\u0131\u00e7:<\/b> 1 Ocak 2025 itibar\u0131yla sermaye 180.000.000 TL seviyesindeydi.<\/li>\n<li><b>Bedelsiz Art\u0131r\u0131m:<\/b> 12 Haziran 2025 tarihinde ger\u00e7ekle\u015ftirilen bedelsiz sermaye art\u0131r\u0131m\u0131 ile sermaye 2.070.000.000 TL&#8217;ye ula\u015fm\u0131\u015ft\u0131r.<\/li>\n<li><b>Kurumsal D\u00f6n\u00fc\u015f\u00fcm:<\/b> 21 Ekim 2025 tarihinde yap\u0131lan tescil ile Serdar Turhan&#8217;\u0131n \u015fahsi paylar\u0131n\u0131n bir k\u0131sm\u0131 Pusula Finans Holding A.\u015e.&#8217;ye aktar\u0131lm\u0131\u015ft\u0131r.<\/li>\n<\/ul>\n<p>&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8211;<\/p>\n<h2>2. Y\u00f6netim Kurulu ve \u00dcst D\u00fczey Y\u00f6netim<\/h2>\n<p>\u015eirket, 10 Mart 2025 tarihinde se\u00e7ilen ve 3 y\u0131l s\u00fcreyle (10.03.2028&#8217;e kadar) g\u00f6rev yapacak olan be\u015f \u00fcyeli bir Y\u00f6netim Kurulu taraf\u0131ndan y\u00f6netilmektedir. Y\u00f6netim Kurulu, 2025 y\u0131l\u0131 i\u00e7erisinde toplam 62 adet karar alm\u0131\u015ft\u0131r.<\/p>\n<h3>2.1 Y\u00f6netim Kurulu \u00dcyeleri<\/h3>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Ad\u0131 Soyad\u0131<\/td>\n<td>G\u00f6revi<\/td>\n<\/tr>\n<tr>\n<td><b>Serdar TURHAN<\/b><\/td>\n<td>Y\u00f6netim Kurulu Ba\u015fkan\u0131<\/td>\n<\/tr>\n<tr>\n<td><b>\u00d6mer BURKAY<\/b><\/td>\n<td>Y\u00f6netim Kurulu Ba\u015fkan Yard\u0131mc\u0131s\u0131<\/td>\n<\/tr>\n<tr>\n<td><b>Ahmet \u00d6ZCAN<\/b><\/td>\n<td>Y\u00f6netim Kurulu \u00dcyesi ve Genel M\u00fcd\u00fcr<\/td>\n<\/tr>\n<tr>\n<td><b>Hayri G\u00f6khan ALPMAN<\/b><\/td>\n<td>Ba\u011f\u0131ms\u0131z Y\u00f6netim Kurulu \u00dcyesi<\/td>\n<\/tr>\n<tr>\n<td><b>Osman \u0130lker SAVURAN<\/b><\/td>\n<td>Ba\u011f\u0131ms\u0131z Y\u00f6netim Kurulu \u00dcyesi<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3>2.2 \u00dcst D\u00fczey Y\u00f6neticiler<\/h3>\n<p>\u015eirketin operasyonel s\u00fcre\u00e7leri Genel M\u00fcd\u00fcr Ahmet \u00d6zcan liderli\u011finde geni\u015f bir direkt\u00f6rl\u00fck ve m\u00fcd\u00fcrl\u00fck kadrosuyla y\u00fcr\u00fct\u00fclmektedir. \u00d6nemli pozisyonlar \u015funlard\u0131r:<\/p>\n<ul>\n<li><b>Genel M\u00fcd\u00fcr Yard\u0131mc\u0131lar\u0131:<\/b> \u00dcmit Arap ve Yahya Ko\u00e7 (Sat\u0131\u015f).<\/li>\n<li><b>Direkt\u00f6rler:<\/b> Niyazi Derinda\u011f (\u0130\u00e7 Denetim), Selman \u00c7ak\u0131r (Hazine\/Finans), Mustafa Akka\u015f (Pazarlama\/\u0130leti\u015fim), Ali Karako\u00e7 (Finansal Raporlama).<\/li>\n<li><b>Yat\u0131r\u0131mc\u0131 \u0130li\u015fkileri:<\/b> Seda Kayaalp (M\u00fcd\u00fcr).<\/li>\n<\/ul>\n<p>&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8211;<\/p>\n<h2>3. Ba\u011fl\u0131 Ortakl\u0131klar ve Konsolidasyon<\/h2>\n<p>2025 y\u0131l\u0131, \u015eirketin portf\u00f6y\u00fcn\u00fc finans ve gayrimenkul odakl\u0131 olarak yeniden yap\u0131land\u0131rd\u0131\u011f\u0131 bir y\u0131l olmu\u015ftur.<\/p>\n<h3>3.1 \u0130ktisat Kat\u0131l\u0131m Bankas\u0131 A.\u015e.<\/h3>\n<ul>\n<li><b>Sahiplik Oran\u0131:<\/b> %99,9.<\/li>\n<li><b>Durum:<\/b> 20 May\u0131s 2025 tarihinde tescil edilmi\u015ftir. Hen\u00fcz faaliyete ba\u015flamam\u0131\u015f olup \u00f6rg\u00fctlenme s\u00fcreci devam etmektedir.<\/li>\n<li><b>Strateji:<\/b> 141 \u015fube ve 250.000 bireysel m\u00fc\u015fteri sinerjisiyle faizsiz bankac\u0131l\u0131k hizmetleri sunacakt\u0131r. Madencilik, tar\u0131m ve sanayi gibi stratejik sekt\u00f6rlere finansman sa\u011flamay\u0131 hedeflemektedir.<\/li>\n<li><b>Sermaye Yap\u0131s\u0131:<\/b> 10 milyar TL \u00f6denmi\u015f sermaye ile kurulmu\u015ftur.<\/li>\n<\/ul>\n<h3>3.2 Bainbridge Gayrimenkul Ticaret A.\u015e.<\/h3>\n<ul>\n<li><b>Sahiplik Oran\u0131:<\/b> %70.<\/li>\n<li><b>Varl\u0131k:<\/b> Bursa Nil\u00fcfer&#8217;de bulunan 100.000 m\u00b2 b\u00fcy\u00fckl\u00fc\u011f\u00fcndeki (CarrefourSA Bursa AVM) arsa nitelikli gayrimenkul.<\/li>\n<li><b>De\u011ferleme:<\/b> 22 A\u011fustos 2025 tarihli rapora g\u00f6re gayrimenkul\u00fcn KDV hari\u00e7 pazar de\u011feri <b>4.270.000.000 TL<\/b> (yakla\u015f\u0131k 104,2 milyon USD) olarak tespit edilmi\u015ftir.<\/li>\n<\/ul>\n<h3>3.3 Birevim Tasarruf Finansman A.\u015e. (Eski Ba\u011fl\u0131 Ortakl\u0131k)<\/h3>\n<ul>\n<li><b>\u0130\u015flem:<\/b> 11 Mart 2025 tarihinde al\u0131nan karar ile %79,85 oran\u0131ndaki paylar 752.000.000 TL bedelle sat\u0131lm\u0131\u015ft\u0131r.<\/li>\n<li><b>Al\u0131c\u0131:<\/b> Pusula Finans Holding A.\u015e.<\/li>\n<\/ul>\n<p>&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8211;<\/p>\n<h2>4. Kurumsal Y\u00f6netim ve Komiteler<\/h2>\n<p>\u015eirket b\u00fcnyesinde \u015feffafl\u0131k ve risk y\u00f6netimi ilkeleri uyar\u0131nca \u00fc\u00e7 ana komite faaliyet g\u00f6stermektedir:<\/p>\n<ul>\n<li><b>Denetim Komitesi:<\/b> Ba\u015fkanl\u0131\u011f\u0131n\u0131 Hayri G\u00f6khan Alpman y\u00fcr\u00fctmektedir. Muhasebe sistemi ve ba\u011f\u0131ms\u0131z denetim s\u00fcre\u00e7lerinin g\u00f6zetiminden sorumludur. Y\u0131lda en az d\u00f6rt kez toplan\u0131r.<\/li>\n<li><b>Riskin Erken Saptanmas\u0131 Komitesi:<\/b> Ba\u015fkanl\u0131\u011f\u0131n\u0131 Osman \u0130lker Savuran y\u00fcr\u00fctmektedir. \u015eirketin varl\u0131\u011f\u0131n\u0131 tehlikeye d\u00fc\u015f\u00fcrebilecek risklerin \u00f6nceden tespiti ve y\u00f6netimi ile g\u00f6revlidir.<\/li>\n<li><b>Kurumsal Y\u00f6netim Komitesi:<\/b> Yat\u0131r\u0131mc\u0131 ili\u015fkileri, aday g\u00f6sterme ve \u00fccretlendirme komitesi g\u00f6revlerini de \u00fcstlenmektedir. Ba\u015fkanl\u0131\u011f\u0131n\u0131 Osman \u0130lker Savuran y\u00fcr\u00fctmektedir.<\/li>\n<\/ul>\n<p>&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8211;<\/p>\n<h2>5. \u015eirket Politikalar\u0131 ve Temel Esaslar<\/h2>\n<h3>5.1 K\u00e2r Pay\u0131 Da\u011f\u0131t\u0131m Esaslar\u0131<\/h3>\n<p>\u015eirket, k\u00e2r da\u011f\u0131t\u0131m\u0131nda TTK ve sermaye piyasas\u0131 mevzuat\u0131na tabidir. Safi d\u00f6nem k\u00e2r\u0131ndan ge\u00e7mi\u015f y\u0131l zararlar\u0131 ve kanuni yedek ak\u00e7eler (sermayenin %20&#8217;sine ula\u015fana kadar %5 oran\u0131nda) d\u00fc\u015f\u00fcld\u00fckten sonra kalan tutar, genel kurul karar\u0131yla da\u011f\u0131t\u0131labilir. K\u00e2r pay\u0131 avans\u0131 da\u011f\u0131tma yetkisi y\u00f6netim kuruluna verilebilir ancak bu konuda BDDK&#8217;n\u0131n uygun g\u00f6r\u00fc\u015f\u00fc aran\u0131r.<\/p>\n<h3>5.2 Bilgilendirme ve \u015eeffafl\u0131k<\/h3>\n<ul>\n<li><b>\u0130nternet Sitesi:<\/b> www.katilimevim.com.tr adresi \u00fczerinden mali tablolar, genel kurul belgeleri ve \u00f6zel durum a\u00e7\u0131klamalar\u0131 kamuyla payla\u015f\u0131lmaktad\u0131r.<\/li>\n<li><b>Kamuyu Ayd\u0131nlatma:<\/b> Mevzuat gere\u011fi \u00f6zel durumlar KAP \u00fczerinden zaman\u0131nda duyurulmaktad\u0131r. 2025 y\u0131l\u0131nda t\u00fcm a\u00e7\u0131klamalar yasal s\u00fcreleri i\u00e7erisinde yap\u0131lm\u0131\u015ft\u0131r.<\/li>\n<\/ul>\n<h3>5.3 \u0130nsan Kaynaklar\u0131 ve Etik<\/h3>\n<ul>\n<li><b>\u0130stihdam:<\/b> F\u0131rsat e\u015fitli\u011fi ve liyakat odakl\u0131 bir \u00fccret politikas\u0131 benimsenmi\u015ftir.<\/li>\n<li><b>Etik Kurallar:<\/b> 5 Kas\u0131m 2021 tarihinde y\u00fcr\u00fcrl\u00fc\u011fe giren kurallar, t\u00fcm \u00e7al\u0131\u015fanlar\u0131n yasalara ve sosyal sorumluluk ilkelerine uygun hareket etmesini zorunlu k\u0131lmaktad\u0131r. \u0130hlaller i\u00e7in <code>etik@katilimevim.com.tr<\/code> adresi \u00fczerinden bildirim imkan\u0131 sunulmaktad\u0131r.<\/li>\n<\/ul>\n<h3>5.4 Sosyal Sorumluluk<\/h3>\n<p>\u015eirket, \u00e7evre koruma, t\u00fcketici haklar\u0131 ve kamu sa\u011fl\u0131\u011f\u0131 konular\u0131nda duyarl\u0131 bir yakla\u015f\u0131m sergilemekte; bu ama\u00e7la projeler geli\u015ftirmekte ve ilgili kurulu\u015flarla i\u015f birli\u011fi yapmaktad\u0131r.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Ba\u015fl\u0131k: Kat\u0131l\u0131mevim 2025\u2019te Rekor B\u00fcy\u00fcmeye \u0130mza Att\u0131: Net K\u00e2r 8,7 Milyar TL!<br \/>\n\u00d6zet: Kat\u0131l\u0131mevim, 2025 y\u0131l\u0131 finansal sonu\u00e7lar\u0131yla tasarruf finansman sekt\u00f6r\u00fcndeki liderli\u011fini peki\u015ftirdi. Y\u0131l\u0131 183,5 milyar TL s\u00f6zle\u015fme hacmi ve 8,73 milyar TL net k\u00e2r ile kapatan \u015firket, aktif b\u00fcy\u00fckl\u00fc\u011f\u00fcn\u00fc 47,5 milyar TL seviyesine ta\u015f\u0131d\u0131. \u0130ktisat Kat\u0131l\u0131m Bankas\u0131\u2019n\u0131n kurulu\u015fu ve CarrefourSA Bursa AVM gayrimenkul yat\u0131r\u0131m\u0131 gibi stratejik ad\u0131mlarla ekosistemini geni\u015fleten Kat\u0131l\u0131mevim, s\u00fcrd\u00fcr\u00fclebilir b\u00fcy\u00fcme vizyonu do\u011frultusunda sermaye tavan\u0131n\u0131 da 20 milyar TL&#8217;ye y\u00fckseltiyor. 140&#8217;tan fazla \u015fubesi ve 1.300&#8217;\u00fc a\u015fk\u0131n \u00e7al\u0131\u015fan\u0131yla T\u00fcrkiye\u2019nin finansal gelece\u011fine y\u00f6n veren Kat\u0131l\u0131mevim\u2019in 2025 y\u0131l\u0131 faaliyet raporu detaylar\u0131 blog yaz\u0131m\u0131zda.<\/p>\n","protected":false},"author":2,"featured_media":1136,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[251],"tags":[260],"class_list":["post-1239","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-faaliyetraporuanalizi","tag-ktlev"],"_links":{"self":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/1239","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/comments?post=1239"}],"version-history":[{"count":5,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/1239\/revisions"}],"predecessor-version":[{"id":1244,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/1239\/revisions\/1244"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/media\/1136"}],"wp:attachment":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/media?parent=1239"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/categories?post=1239"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/tags?post=1239"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}