{"id":2190,"date":"2026-04-23T18:14:23","date_gmt":"2026-04-23T15:14:23","guid":{"rendered":"https:\/\/tabildot.com.tr\/marketrisk\/?p=2190"},"modified":"2026-04-23T18:15:34","modified_gmt":"2026-04-23T15:15:34","slug":"ulufa-2026-03-bilano-analizi-ulusal-faktoring","status":"publish","type":"post","link":"https:\/\/tabildot.com.tr\/marketrisk\/2190","title":{"rendered":"\ud83d\udd34 ULUFA 2026-03 Bilan\u00e7o Analizi | Ulusal Faktoring"},"content":{"rendered":"<p><iframe loading=\"lazy\" title=\"\ud83d\udd34 ULUFA 2026-03 Bilan\u00e7o Analizi | Ulusal Faktoring\" width=\"858\" height=\"483\" src=\"https:\/\/www.youtube.com\/embed\/GYbmJxW8LHw?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe><\/p>\n<pre>Ulusal Faktoring'in toplam aktifleri 31 Mart 2026 itibar\u0131yla 20,4 milyar TL seviyesini a\u015farak g\u00fc\u00e7l\u00fc bir b\u00fcy\u00fcme sergiledi\r\n\u015eirket 2026 y\u0131l\u0131n\u0131n ilk \u00e7eyre\u011finde 112,4 milyon TL net d\u00f6nem k\u00e2r\u0131 elde ederek finansal performans\u0131n\u0131 korudu\r\n16 Nisan 2026 tarihinde sermayenin %100 oran\u0131nda bedelsiz art\u0131r\u0131larak 1,08 milyar TL'ye \u00e7\u0131kar\u0131lmas\u0131 i\u00e7in SPK'ya ba\u015fvuru yap\u0131ld\u0131\r\nMart 2026'da al\u0131nan karar do\u011frultusunda 133,4 milyon TL tutar\u0131ndaki nakit temett\u00fc \u00f6demesi Nisan ba\u015f\u0131nda tamamland\u0131\r\n\u015eirketin teknoloji odakl\u0131 b\u00fcy\u00fcme vizyonu kapsam\u0131nda Ulusal Finans Teknolojileri A.\u015e sermayesi 50 milyon TL'ye y\u00fckseltildi\r\nNet faktoring alacaklar\u0131 18,5 milyar TL'ye ula\u015f\u0131rken bu alacaklar\u0131n 17,5 milyar TL'den fazlas\u0131n\u0131 vadesi ge\u00e7memi\u015f i\u015flemler olu\u015fturdu<\/pre>\n<h1>Ulusal Faktoring A.\u015e. 2026 Y\u0131l\u0131 Birinci \u00c7eyrek Konsolide Finansal Durum Bilgilendirme Raporu<\/h1>\n<h2>Y\u00f6netici \u00d6zeti<\/h2>\n<p>Bu belge, Ulusal Faktoring A.\u015e.&#8217;nin (&#8220;Grup&#8221;) 31 Mart 2026 tarihinde sona eren \u00fc\u00e7 ayl\u0131k hesap d\u00f6nemine ait konsolide finansal performans\u0131n\u0131 ve operasyonel verilerini sentezlemektedir. Grubun finansal tablolar\u0131, faktoring hacminde ve aktif b\u00fcy\u00fckl\u00fc\u011f\u00fcnde s\u00fcrd\u00fcr\u00fclebilir bir art\u0131\u015fa i\u015faret ederken, karl\u0131l\u0131\u011f\u0131n ge\u00e7en y\u0131l\u0131n ayn\u0131 d\u00f6nemiyle paralel bir seyir izledi\u011fini g\u00f6stermektedir.<\/p>\n<p><b>Kritik Bulgular:<\/b><\/p>\n<ul>\n<li><b>Aktif B\u00fcy\u00fckl\u00fc\u011f\u00fc:<\/b> Toplam aktifler, 2025 y\u0131l sonuna g\u00f6re %22,4 art\u0131\u015f g\u00f6stererek 20,49 milyar TL\u2019ye ula\u015fm\u0131\u015ft\u0131r.<\/li>\n<li><b>Net D\u00f6nem Kar\u0131:<\/b> 1 Ocak &#8211; 31 Mart 2026 d\u00f6neminde 112,48 milyon TL net kar elde edilmi\u015ftir (2025\u2019in ayn\u0131 d\u00f6neminde 110,99 milyon TL).<\/li>\n<li><b>Faktoring Alacaklar\u0131:<\/b> Net faktoring alacaklar\u0131 18,52 milyar TL seviyesine y\u00fckselmi\u015f; bu portf\u00f6y\u00fcn %99&#8217;undan fazlas\u0131n\u0131 yurt i\u00e7i kabili r\u00fccu (cay\u0131labilir) i\u015flemler olu\u015fturmaktad\u0131r.<\/li>\n<li><b>Sermaye ve Temett\u00fc:<\/b> 2026 y\u0131l\u0131 Ola\u011fan Genel Kurulu\u2019nda 133,41 milyon TL br\u00fct temett\u00fc da\u011f\u0131t\u0131lmas\u0131 kararla\u015ft\u0131r\u0131lm\u0131\u015f ve \u00f6deme Nisan 2026&#8217;da ger\u00e7ekle\u015ftirilmi\u015ftir. Ayr\u0131ca %100 oran\u0131nda bedelsiz sermaye art\u0131r\u0131m\u0131 i\u00e7in SPK ba\u015fvurusu yap\u0131lm\u0131\u015ft\u0131r.<\/li>\n<\/ul>\n<h2>1. Kurumsal Yap\u0131 ve Organizasyonel Veriler<\/h2>\n<p>Ulusal Faktoring A.\u015e., yurt i\u00e7i ve yurt d\u0131\u015f\u0131 faktoring i\u015flemleri y\u00fcr\u00fctmek amac\u0131yla 1999 y\u0131l\u0131nda kurulmu\u015ftur. \u015eirketin paylar\u0131 Kas\u0131m 2021\u2019den itibaren Borsa \u0130stanbul&#8217;da i\u015flem g\u00f6rmektedir.<\/p>\n<ul>\n<li><b>Ba\u011fl\u0131 Ortakl\u0131klar:<\/b> \u015eirket, finansal teknoloji ve yaz\u0131l\u0131m geli\u015ftirme alan\u0131nda faaliyet g\u00f6steren <b>Ulusal Finans Teknolojileri A.\u015e.<\/b>&#8216;nin %100 pay sahibidir. Bu i\u015ftirakin sermayesi 31 Mart 2026 itibar\u0131yla 50 milyon TL&#8217;dir.<\/li>\n<li><b>\u0130nsan Kayna\u011f\u0131:<\/b> Grup \u00e7al\u0131\u015fan say\u0131s\u0131 31 Aral\u0131k 2025 itibar\u0131yla 558 iken, 31 Mart 2026 itibar\u0131yla 582&#8217;ye y\u00fckselmi\u015ftir.<\/li>\n<li><b>Hissedarl\u0131k Yap\u0131s\u0131:<\/b> | Hissedar | Pay Oran\u0131 (%) | Pay Tutar\u0131 (Bin TL) | | :&#8212; | :&#8212;: | :&#8212;: | | \u0130zak Koenka | 20,40 | 110.184 | | K. Korkut Jolker | 18,62 | 100.557 | | Erdal Henry Frayman | 4,42 | 23.865 | | Halka Arz Edilen | 56,55 | 305.353 | | Veysel Domani\u00e7 | 0,01 | 41 | | <b>Toplam<\/b> | <b>100,00<\/b> | <b>540.000<\/b> |<\/li>\n<\/ul>\n<h2>2. Finansal Performans Analizi<\/h2>\n<h3>2.1 Gelir ve Gider Kalemleri<\/h3>\n<p>Grubun esas faaliyet gelirleri, ge\u00e7en y\u0131l\u0131n ayn\u0131 d\u00f6nemine g\u00f6re %31,5 artarak 2,48 milyar TL olarak ger\u00e7ekle\u015fmi\u015ftir.<\/p>\n<ul>\n<li><b>Faktoring Faiz Gelirleri:<\/b> 2,11 milyar TL ile gelirlerin ana kalemini olu\u015fturmaktad\u0131r.<\/li>\n<li><b>Finansman Giderleri:<\/b> Faiz giderleri 1,69 milyar TL&#8217;ye ula\u015fm\u0131\u015ft\u0131r. Bunun 611,2 milyon TL&#8217;si kullan\u0131lan kredilere, 881,9 milyon TL&#8217;si ise faktoring i\u015flemlerinden bor\u00e7lara aittir.<\/li>\n<li><b>Personel Giderleri:<\/b> 348,4 milyon TL seviyesindedir.<\/li>\n<\/ul>\n<h3>2.2 Finansal Durum Tablosu \u00d6zeti (Bilan\u00e7o)<\/h3>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Kalem (Bin TL)<\/td>\n<td>31 Mart 2026<\/td>\n<td>31 Aral\u0131k 2025<\/td>\n<\/tr>\n<tr>\n<td>Toplam Aktifler<\/td>\n<td>20.491.812<\/td>\n<td>16.734.297<\/td>\n<\/tr>\n<tr>\n<td>Faktoring Alacaklar\u0131 (Net)<\/td>\n<td>18.522.939<\/td>\n<td>15.457.597<\/td>\n<\/tr>\n<tr>\n<td>Al\u0131nan Krediler<\/td>\n<td>16.080.511<\/td>\n<td>12.509.240<\/td>\n<\/tr>\n<tr>\n<td>\u0130hra\u00e7 Edilen Menkul K\u0131ymetler<\/td>\n<td>1.699.402<\/td>\n<td>1.707.140<\/td>\n<\/tr>\n<tr>\n<td>Toplam \u00d6zkaynaklar<\/td>\n<td>2.004.187<\/td>\n<td>2.025.115<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h2>3. Faktoring Alacaklar\u0131 ve Risk Y\u00f6netimi<\/h2>\n<h3>3.1 Portf\u00f6y Yap\u0131s\u0131<\/h3>\n<p>Faktoring alacaklar\u0131 a\u011f\u0131rl\u0131kl\u0131 olarak T\u00fcrk Liras\u0131 cinsinden ve sabit faizlidir.<\/p>\n<ul>\n<li><b>Sabit Oranl\u0131 Alacaklar:<\/b> 19,09 milyar TL.<\/li>\n<li><b>De\u011fi\u015fken Oranl\u0131 Alacaklar:<\/b> 53,3 milyon TL.<\/li>\n<li><b>Teminatlar:<\/b> Alacaklar\u0131n g\u00fcvencesi olarak 197,7 milyar TL tutar\u0131nda \u015fahsi kefalet ve 118,8 milyon TL tutar\u0131nda m\u00fc\u015fteri \u00e7eki\/senedi bulunmaktad\u0131r.<\/li>\n<\/ul>\n<h3>3.2 Takipteki Alacaklar (NPL) ve Kar\u015f\u0131l\u0131klar<\/h3>\n<ul>\n<li><b>Br\u00fct Takipteki Alacaklar:<\/b> 1.188.462 bin TL.<\/li>\n<li><b>\u00d6zel Kar\u015f\u0131l\u0131klar:<\/b> 617.062 bin TL (%51,9 kar\u015f\u0131l\u0131k oran\u0131).<\/li>\n<li><b>Aktiften Silme:<\/b> 30 Mart 2026 tarihinde y\u00f6netim kurulu karar\u0131 ile 298,4 milyon TL tutar\u0131nda tahsili ge\u00e7mi\u015f alacak aktiften silinmi\u015ftir.<\/li>\n<li><b>Vade Da\u011f\u0131l\u0131m\u0131:<\/b> Takipteki alacaklar\u0131n 589 milyon TL&#8217;si 180-360 g\u00fcn aras\u0131, 252,4 milyon TL&#8217;si ise 1 y\u0131ldan uzun vadelidir.<\/li>\n<\/ul>\n<h2>4. \u00d6nemli Operasyonel Geli\u015fmeler ve Gayrimenkul \u0130\u015flemleri<\/h2>\n<ul>\n<li><b>Merkez Ofis Sat-Geri Kirala \u0130\u015flemi:<\/b> Grup, likidite art\u0131r\u0131m\u0131 amac\u0131yla merkez ofisini Kas\u0131m 2025&#8217;te Pasha Yat\u0131r\u0131m Bankas\u0131 A.\u015e.&#8217;ye satm\u0131\u015f ve geri kiralam\u0131\u015ft\u0131r. Bu i\u015flemden 93,46 milyon TL sat\u0131\u015f geliri elde edilmi\u015ftir.<\/li>\n<li><b>Pay Geri Al\u0131m Program\u0131:<\/b> 2025 y\u0131l\u0131 i\u00e7erisinde y\u00fcr\u00fct\u00fclen program kapsam\u0131nda toplam sermayenin %6,894&#8217;\u00fcne tekab\u00fcl eden 37.225.000 nominal adet pay 149,9 milyon TL kar\u015f\u0131l\u0131\u011f\u0131nda geri al\u0131nm\u0131\u015ft\u0131r.<\/li>\n<\/ul>\n<h2>5. Finansman Kaynaklar\u0131 ve Bor\u00e7luluk<\/h2>\n<p>Grup, faaliyetlerini b\u00fcy\u00fck \u00f6l\u00e7\u00fcde banka kredileri ve sermaye piyasas\u0131 ara\u00e7lar\u0131 ile fonlamaktad\u0131r.<\/p>\n<ul>\n<li><b>Banka Kredileri:<\/b> Tamam\u0131 k\u0131sa vadeli olan 16,08 milyar TL tutar\u0131nda kredi kullan\u0131lm\u0131\u015ft\u0131r. Kredilerin a\u011f\u0131rl\u0131kl\u0131 ortalama faiz oran\u0131 %45,93&#8217;t\u00fcr.<\/li>\n<li><b>Menkul K\u0131ymet \u0130hra\u00e7lar\u0131:<\/b> Nitelikli yat\u0131r\u0131mc\u0131lara y\u00f6nelik bono ve tahvil ihra\u00e7lar\u0131 yoluyla 1,69 milyar TL kaynak sa\u011flanm\u0131\u015ft\u0131r. \u0130hra\u00e7lar\u0131n itfa tarihleri Haziran 2026 ile Eyl\u00fcl 2027 aras\u0131nda de\u011fi\u015fmektedir.<\/li>\n<li><b>Yabanc\u0131 Para Pozisyonu:<\/b> Grup, olduk\u00e7a d\u00fc\u015f\u00fck bir d\u00f6viz pozisyonuna (58 bin TL net y\u00fck\u00fcml\u00fcl\u00fck) sahiptir ve kur riskine kar\u015f\u0131 s\u0131n\u0131rl\u0131 bir duyarl\u0131l\u0131k g\u00f6stermektedir.<\/li>\n<\/ul>\n<h2>6. Vergilendirme ve Yasal Kar\u015f\u0131l\u0131klar<\/h2>\n<ul>\n<li><b>Kurumlar Vergisi:<\/b> 2026 y\u0131l\u0131 itibar\u0131yla ge\u00e7erli kurumlar vergisi oran\u0131 %30&#8217;dur.<\/li>\n<li><b>Enflasyon D\u00fczeltmesi:<\/b> 7571 say\u0131l\u0131 Kanun uyar\u0131nca 2025, 2026 ve 2027 hesap d\u00f6nemlerinde VUK finansal tablolar\u0131nda enflasyon d\u00fczeltmesi uygulanmayaca\u011f\u0131 h\u00fckme ba\u011flanm\u0131\u015ft\u0131r.<\/li>\n<li><b>Yurt \u0130\u00e7i Asgari Kurumlar Vergisi:<\/b> Yeni d\u00fczenleme ile indirim ve istisnalar \u00f6ncesi kurum kazanc\u0131n\u0131n en az %10&#8217;u oran\u0131nda vergi hesaplanmaktad\u0131r.<\/li>\n<\/ul>\n<h2>7. Raporlama Sonras\u0131 \u00d6nemli Geli\u015fmeler<\/h2>\n<ol>\n<li><b>Sermaye Art\u0131r\u0131m\u0131:<\/b> 16 Nisan 2026 tarihinde, \u015firketin 540 milyon TL olan \u00e7\u0131kar\u0131lm\u0131\u015f sermayesinin, i\u00e7 kaynaklardan kar\u015f\u0131lanmak suretiyle %100 oran\u0131nda (540 milyon TL) art\u0131r\u0131larak 1,08 milyar TL&#8217;ye \u00e7\u0131kar\u0131lmas\u0131 i\u00e7in SPK&#8217;ya ba\u015fvuru yap\u0131lm\u0131\u015ft\u0131r.<\/li>\n<li><b>Temett\u00fc \u00d6demesi:<\/b> Mart 2026&#8217;daki Genel Kurul&#8217;da kararla\u015ft\u0131r\u0131lan 133,4 milyon TL tutar\u0131ndaki nakit kar pay\u0131 da\u011f\u0131t\u0131m\u0131 6 Nisan 2026 tarihinde tamamlanm\u0131\u015ft\u0131r.<\/li>\n<\/ol>\n<button class=\"simplefavorite-button\" data-postid=\"2190\" data-siteid=\"1\" data-groupid=\"1\" data-favoritecount=\"0\" style=\"\">Favorile <i class=<\/button>","protected":false},"excerpt":{"rendered":"<p>Ulusal Faktoring 2026 y\u0131l\u0131n\u0131n ilk \u00e7eyre\u011finde 20 milyar TL&#8217;yi a\u015fan aktif b\u00fcy\u00fckl\u00fc\u011f\u00fc ve net k\u00e2r art\u0131\u015f\u0131yla dikkat \u00e7ekiyor. Yat\u0131r\u0131mc\u0131lar i\u00e7in %100 bedelsiz sermaye art\u0131r\u0131m\u0131 ba\u015fvurusu ve temett\u00fc da\u011f\u0131t\u0131m\u0131 gibi kritik geli\u015fmelerin ya\u015fand\u0131\u011f\u0131 bu d\u00f6nemde \u015firketin finansal teknoloji yat\u0131r\u0131mlar\u0131 da h\u0131z kazand\u0131. Sekt\u00f6rdeki konumunu g\u00fc\u00e7lendiren Ulusal Faktoring&#8217;in detayl\u0131 bilan\u00e7o analizini ve gelecek hedeflerini yaz\u0131m\u0131zda bulabilirsiniz<\/p>\n","protected":false},"author":2,"featured_media":1725,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[82],"class_list":["post-2190","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bilancoanalizi","tag-ulufa"],"_links":{"self":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/2190","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=2190"}],"version-history":[{"count":2,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/2190\/revisions"}],"predecessor-version":[{"id":2192,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/2190\/revisions\/2192"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/media\/1725"}],"wp:attachment":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/media?parent=2190"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/categories?post=2190"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/tags?post=2190"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}