{"id":2504,"date":"2026-06-09T07:58:13","date_gmt":"2026-06-09T04:58:13","guid":{"rendered":"https:\/\/tabildot.com.tr\/marketrisk\/?p=2504"},"modified":"2026-06-09T08:04:08","modified_gmt":"2026-06-09T05:04:08","slug":"dstkf-2026-03-bilano-analizi-destek-finans-faktoring-a","status":"publish","type":"post","link":"https:\/\/tabildot.com.tr\/marketrisk\/2504","title":{"rendered":"\ud83d\udd34 DSTKF 2026-03 Bilan\u00e7o Analizi | Destek Finans Faktoring A.\u015e."},"content":{"rendered":"

Destek Finans Faktoring A.\u015e. Konsolide Finansal Durum ve Performans Bilgilendirme Belgesi (31 Mart 2026)<\/h1>\n

Y\u00f6netici \u00d6zeti<\/h2>\n

Bu belge, Destek Finans Faktoring A.\u015e. (“\u015eirket”) ve ba\u011fl\u0131 ortakl\u0131klar\u0131n\u0131n (“Grup”) 31 Mart 2026 tarihinde sona eren hesap d\u00f6nemine ait konsolide finansal tablolar\u0131n\u0131n kapsaml\u0131 bir analizini sunmaktad\u0131r. Grup, 2026 y\u0131l\u0131n\u0131n ilk \u00e7eyre\u011finde hem aktif b\u00fcy\u00fckl\u00fc\u011f\u00fcn\u00fc hem de k\u00e2rl\u0131l\u0131\u011f\u0131n\u0131 \u00f6nemli \u00f6l\u00e7\u00fcde art\u0131rm\u0131\u015ft\u0131r. 31 Mart 2026 itibar\u0131yla toplam varl\u0131klar 56 milyar TL<\/b> seviyesine ula\u015f\u0131rken, d\u00f6nem net k\u00e2r\u0131 \u00f6nceki y\u0131l\u0131n ayn\u0131 d\u00f6nemine g\u00f6re %100’den fazla art\u0131\u015f g\u00f6stererek 1,18 milyar TL<\/b> olarak ger\u00e7ekle\u015fmi\u015ftir. Grup b\u00fcnyesindeki \u00e7al\u0131\u015fan say\u0131s\u0131 244’e y\u00fckselmi\u015f, Destek Yat\u0131r\u0131m Bankas\u0131 A.\u015e. ve Destek Yat\u0131r\u0131m Menkul De\u011ferler A.\u015e. gibi stratejik ba\u011fl\u0131 ortakl\u0131klar arac\u0131l\u0131\u011f\u0131yla faaliyet alan\u0131 geni\u015fletilmi\u015ftir.<\/p>\n

1. Kurumsal Yap\u0131 ve Faaliyet Alan\u0131<\/h2>\n

1.1. Organizasyonel Geli\u015fim<\/h3>\n
    \n
  • Kurulu\u015f:<\/b> 8 Temmuz 1996 tarihinde “Destek Faktoring Hizmetleri A.\u015e.” unvan\u0131 ile kurulmu\u015ftur.<\/li>\n
  • Unvan De\u011fi\u015fikli\u011fi:<\/b> 23 \u015eubat 2021 tarihinde “Destek Finans Faktoring A.\u015e.” olarak tescil edilmi\u015ftir.<\/li>\n
  • Halka Arz:<\/b> \u015eirket paylar\u0131 6 \u015eubat 2025 tarihinde Borsa \u0130stanbul A.\u015e.’de i\u015flem g\u00f6rmeye ba\u015flam\u0131\u015f ve halka a\u00e7\u0131k ortakl\u0131k stat\u00fcs\u00fc kazanm\u0131\u015ft\u0131r.<\/li>\n
  • Kontrol:<\/b> Grup’un kontrol\u00fc, Destek Holding A.\u015e.’nin de ana sermayedar\u0131 olan Altun\u00e7 Kumova’dad\u0131r.<\/li>\n
  • \u0130nsan Kaynaklar\u0131:<\/b> 31 Aral\u0131k 2025’te 222 olan \u00e7al\u0131\u015fan say\u0131s\u0131, 31 Mart 2026 itibar\u0131yla 244’e \u00e7\u0131km\u0131\u015ft\u0131r.<\/li>\n<\/ul>\n

    1.2. Ba\u011fl\u0131 Ortakl\u0131klar ve \u0130\u015ftirakler<\/h3>\n

    Grup, faktoring hizmetlerinin \u00f6tesine ge\u00e7erek yat\u0131r\u0131m bankac\u0131l\u0131\u011f\u0131 ve arac\u0131 kurum hizmetlerini de kapsayan bir yap\u0131ya b\u00fcr\u00fcnm\u00fc\u015ft\u00fcr:<\/p>\n

      \n
    • Destek Yat\u0131r\u0131m Bankas\u0131 A.\u015e.:<\/b> %99,99 pay oran\u0131 ile ba\u011fl\u0131 ortakl\u0131kt\u0131r. 25 \u015eubat 2022’de faaliyetlerine ba\u015flam\u0131\u015ft\u0131r. 31 Mart 2026 itibar\u0131yla \u00f6denmi\u015f sermayesi 1,6 milyar TL’dir.<\/li>\n
    • Destek Yat\u0131r\u0131m Menkul De\u011ferler A.\u015e.:<\/b> Yat\u0131r\u0131m Bankas\u0131’n\u0131n ba\u011fl\u0131 ortakl\u0131\u011f\u0131d\u0131r. 12 Eyl\u00fcl 2024’te “Geni\u015f Yetkili Arac\u0131 Kurum” yetki belgesi alm\u0131\u015ft\u0131r. Sermayesi 1,3 milyar TL’ye \u00e7\u0131kar\u0131lm\u0131\u015ft\u0131r.<\/li>\n<\/ul>\n

      2. Finansal Durum Analizi (Bilan\u00e7o)<\/h2>\n

      Grup’un finansal pozisyonu, 31 Aral\u0131k 2025 verileriyle kar\u015f\u0131la\u015ft\u0131rmal\u0131 olarak a\u015fa\u011f\u0131da tablola\u015ft\u0131r\u0131lm\u0131\u015ft\u0131r:<\/p>\n\n\n\n\n\n\n\n\n\n\n
      Finansal Kalem (Bin TL)<\/td>\n31 Mart 2026 (Cari)<\/td>\n31 Aral\u0131k 2025 (\u00d6nceki)<\/td>\nDe\u011fi\u015fim (%)<\/td>\n<\/tr>\n
      Toplam Varl\u0131klar<\/b><\/td>\n56.037.176<\/td>\n48.495.615<\/td>\n+15,5<\/td>\n<\/tr>\n
      Nakit ve Nakit Benzerleri<\/b><\/td>\n10.195.290<\/td>\n7.487.016<\/td>\n+36,1<\/td>\n<\/tr>\n
      Faktoring Alacaklar\u0131 (Net)<\/b><\/td>\n18.793.678<\/td>\n20.172.820<\/td>\n-6,8<\/td>\n<\/tr>\n
      Di\u011fer Aktifler<\/b><\/td>\n6.093.737<\/td>\n1.787.430<\/td>\n+240,9<\/td>\n<\/tr>\n
      Al\u0131nan Krediler<\/b><\/td>\n14.886.529<\/td>\n18.013.956<\/td>\n-17,3<\/td>\n<\/tr>\n
      \u0130hra\u00e7 Edilen Menkul K\u0131ymetler<\/b><\/td>\n13.715.537<\/td>\n10.492.355<\/td>\n+30,7<\/td>\n<\/tr>\n
      Toplam \u00d6zkaynaklar<\/b><\/td>\n13.307.866<\/td>\n12.206.297<\/td>\n+9,0<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

      2.1. Varl\u0131k Yap\u0131s\u0131 ve Riskler<\/h3>\n
        \n
      • Faktoring Portf\u00f6y\u00fc:<\/b> \u0130skontolu faktoring alacaklar\u0131 7,95 milyar TL, di\u011fer faktoring alacaklar\u0131 ise 10,84 milyar TL seviyesindedir. Takipteki alacaklar 80,8 milyon TL seviyesinde olup, 32,2 milyon TL tutar\u0131nda beklenen zarar kar\u015f\u0131l\u0131\u011f\u0131 ayr\u0131lm\u0131\u015ft\u0131r.<\/li>\n
      • Likidite:<\/b> Nakit de\u011ferler ve bankalardaki tutarlarda g\u00f6r\u00fclen belirgin art\u0131\u015f, Grup’un likidite pozisyonunun g\u00fc\u00e7lendi\u011fini g\u00f6stermektedir.<\/li>\n<\/ul>\n

        2.2. Y\u00fck\u00fcml\u00fcl\u00fckler ve Kaynak Yap\u0131s\u0131<\/h3>\n
          \n
        • Finansman Stratejisi:<\/b> Al\u0131nan kredilerde bir azalma g\u00f6zlemlenirken, ihra\u00e7 edilen menkul k\u0131ymetler yoluyla piyasadan sa\u011flanan finansmanda %30,7’lik bir art\u0131\u015f ger\u00e7ekle\u015fmi\u015ftir.<\/li>\n
        • \u00d6zkaynak G\u00fcc\u00fc:<\/b> \u00d6denmi\u015f sermaye 333,3 milyon TL seviyesini korurken, toplam \u00f6zkaynaklar d\u00f6nem k\u00e2r\u0131n\u0131n etkisiyle 13,3 milyar TL’ye y\u00fckselmi\u015ftir.<\/li>\n<\/ul>\n

          3. Faaliyet Sonu\u00e7lar\u0131 Analizi (Gelir Tablosu)<\/h2>\n

          1 Ocak – 31 Mart 2026 d\u00f6nemine ait performans verileri, \u00f6nceki y\u0131l\u0131n ayn\u0131 \u00e7eyre\u011fi ile kar\u015f\u0131la\u015ft\u0131r\u0131lm\u0131\u015ft\u0131r:<\/p>\n\n\n\n\n\n\n\n\n\n
          Gelir\/Gider Kalemi (Bin TL)<\/td>\n1 Ocak – 31 Mart 2026<\/td>\n1 Ocak – 31 Mart 2025<\/td>\n<\/tr>\n
          Esas Faaliyet Gelirleri<\/b><\/td>\n1.582.742<\/td>\n1.671.777<\/td>\n<\/tr>\n
          Finansman Giderleri (-)<\/b><\/td>\n(1.577.116)<\/td>\n(687.839)<\/td>\n<\/tr>\n
          Di\u011fer Faaliyet Gelirleri<\/b><\/td>\n8.311.396<\/td>\n4.785.619<\/td>\n<\/tr>\n
          Di\u011fer Faaliyet Giderleri (-)<\/b><\/td>\n(5.846.531)<\/td>\n(4.585.207)<\/td>\n<\/tr>\n
          Vergi \u00d6ncesi K\u00e2r<\/b><\/td>\n1.666.437<\/td>\n868.588<\/td>\n<\/tr>\n
          D\u00f6nem Net K\u00e2r\u0131<\/b><\/td>\n1.179.195<\/b><\/td>\n564.455<\/b><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

          3.1. Gelir Dinamikleri<\/h3>\n
            \n
          • Faktoring Gelirleri:<\/b> Esas faaliyet gelirlerinin tamam\u0131 faktoring alacaklar\u0131ndan al\u0131nan faiz, \u00fccret ve komisyonlardan olu\u015fmaktad\u0131r. Faiz gelirleri i\u00e7erisinde “Di\u011fer Faktoring Alacaklar\u0131” kalemi (824 milyon TL), “\u0130skontolu” kalemine (724 milyon TL) g\u00f6re daha y\u00fcksek pay alm\u0131\u015ft\u0131r.<\/li>\n
          • Operasyonel K\u00e2rl\u0131l\u0131k:<\/b> Ticari i\u015flemler, t\u00fcrev finansal i\u015flemler (2,1 milyar TL k\u00e2r) ve kambiyo i\u015flemleri (1,9 milyar TL k\u00e2r), net faaliyet k\u00e2r\u0131na en b\u00fcy\u00fck katk\u0131y\u0131 sa\u011flayan kalemler olmu\u015ftur.<\/li>\n
          • Gider Y\u00f6netimi:<\/b> Personel giderleri 546,8 milyon TL olarak ger\u00e7ekle\u015fmi\u015f, genel i\u015fletme giderleri ise 176,2 milyon TL seviyesinde kalm\u0131\u015ft\u0131r.<\/li>\n<\/ul>\n

            4. B\u00f6l\u00fcm Raporlamas\u0131 ve Sekt\u00f6rel Da\u011f\u0131l\u0131m<\/h2>\n

            Grup faaliyetleri; faktoring, ticari\/kurumsal bankac\u0131l\u0131k ve hazine olmak \u00fczere \u00fc\u00e7 ana ba\u015fl\u0131k alt\u0131nda y\u00f6netilmektedir:<\/p>\n

              \n
            • Faktoring B\u00f6l\u00fcm\u00fc:<\/b> 31 Mart 2026 itibar\u0131yla 948,9 milyon TL vergi \u00f6ncesi k\u00e2r ile en b\u00fcy\u00fck k\u00e2r merkezidir. B\u00f6l\u00fcm varl\u0131klar\u0131 22,4 milyar TL’dir.<\/li>\n
            • Ticari\/Kurumsal Bankac\u0131l\u0131k:<\/b> 1,36 milyar TL vergi \u00f6ncesi k\u00e2r \u00fcretmi\u015ftir. B\u00f6l\u00fcm varl\u0131klar\u0131 16,57 milyar TL’dir.<\/li>\n
            • Hazine Faaliyetleri:<\/b> Vadeli d\u00f6viz i\u015flemleri ve t\u00fcrev i\u015flemler bu b\u00f6l\u00fcmde yo\u011funla\u015fm\u0131\u015f olup, d\u00f6nem sonu itibar\u0131yla 11,88 milyar TL aktif b\u00fcy\u00fckl\u00fc\u011fe sahiptir.<\/li>\n<\/ul>\n

              5. Muhasebe Politikalar\u0131 ve Raporlama Esaslar\u0131<\/h2>\n

              5.1. Finansal Raporlama Standartlar\u0131<\/h3>\n

              Grup; BDDK Muhasebe ve Finansal Raporlama Mevzuat\u0131, KGK taraf\u0131ndan yay\u0131mlanan TMS\/TFRS h\u00fck\u00fcmlerine uygun raporlama yapmaktad\u0131r. Konsolide tablolar tam konsolidasyon y\u00f6ntemiyle haz\u0131rlanm\u0131\u015ft\u0131r.<\/p>\n

              5.2. Enflasyon Muhasebesi (TMS 29) Uygulamas\u0131<\/h3>\n

              BDDK’n\u0131n 5 Aral\u0131k 2024 tarihli karar\u0131 uyar\u0131nca; faktoring ve bankac\u0131l\u0131k \u015firketlerinin 2025 y\u0131l\u0131nda enflasyon d\u00fczeltmesi yapmamas\u0131na karar verilmi\u015ftir. Bu do\u011frultuda, 31 Mart 2026 tarihli finansal tablolarda TMS 29 uygulanmam\u0131\u015f ve enflasyon d\u00fczeltmesi yap\u0131lmam\u0131\u015ft\u0131r.<\/b><\/p>\n

              5.3. De\u011fer D\u00fc\u015f\u00fckl\u00fc\u011f\u00fc ve Kar\u015f\u0131l\u0131klar<\/h3>\n
                \n
              • Ba\u011fl\u0131 Ortakl\u0131k (Banka):<\/b> BDDK izniyle TFRS 9 yerine “Kar\u015f\u0131l\u0131klar Y\u00f6netmeli\u011fi” h\u00fck\u00fcmlerine g\u00f6re kar\u015f\u0131l\u0131k ay\u0131rmaktad\u0131r. Standart nitelikli nakdi krediler i\u00e7in %1,5, yak\u0131n izlemedekiler i\u00e7in %3 genel kar\u015f\u0131l\u0131k ayr\u0131lmaktad\u0131r.<\/li>\n
              • Ana Ortakl\u0131k (Faktoring):<\/b> Gecikme s\u00fcresi 90-180 g\u00fcn olan alacaklar i\u00e7in %20, 180-360 g\u00fcn i\u00e7in %50 ve 1 y\u0131l\u0131 a\u015fanlar i\u00e7in %100 \u00f6zel kar\u015f\u0131l\u0131k ayr\u0131lmaktad\u0131r.<\/li>\n<\/ul>\n

                6. Naz\u0131m Hesaplar ve \u00d6nemli Taahh\u00fctler<\/h2>\n

                Grup’un bilan\u00e7o d\u0131\u015f\u0131 risklerini i\u00e7eren naz\u0131m hesaplar toplam\u0131 478,5 milyar TL<\/b>‘ye y\u00fckselmi\u015ftir (31 Aral\u0131k 2025: 446 milyar TL).<\/p>\n

                  \n
                • Al\u0131nan Teminatlar:<\/b> 389,6 milyar TL.<\/li>\n
                • Taahh\u00fctler:<\/b> 35,4 milyar TL (bunun 12,2 milyar TL’si cay\u0131lamaz niteliktedir).<\/li>\n
                • T\u00fcrev Finansal Ara\u00e7lar:<\/b> 24,2 milyar TL tutar\u0131nda al\u0131m-sat\u0131m ama\u00e7l\u0131 t\u00fcrev i\u015flem mevcuttur.<\/li>\n
                • Emanet K\u0131ymetler:<\/b> 23,8 milyar TL.<\/li>\n<\/ul>\n

                   <\/p>\n

                   <\/p>\n

                  \u00d6nemli Ba\u015fl\u0131klar<\/strong><\/p>\n

                  Destek Finans Faktoring 2026 y\u0131l\u0131n\u0131n ilk \u00e7eyre\u011finde konsolide net kar\u0131n\u0131 ge\u00e7en y\u0131l\u0131n ayn\u0131 d\u00f6nemine g\u00f6re %108,9 art\u0131rarak 1.179.195 bin TL seviyesine \u00e7\u0131karm\u0131\u015ft\u0131r, \u015eirketin toplam varl\u0131klar\u0131 Mart 2026 itibar\u0131yla 56.037.176 bin TL’ye ula\u015f\u0131rken, \u00f6zkaynak toplam\u0131 13.307.866 bin TL olarak raporlanm\u0131\u015ft\u0131r, Finansal tablolar incelendi\u011finde, esas faaliyet gelirlerindeki hafif daralmaya ra\u011fmen sermaye piyasas\u0131 ve t\u00fcrev i\u015flemlerden elde edilen 8,3 milyar TL\u2019lik “di\u011fer faaliyet gelirleri” kalemi karl\u0131l\u0131\u011f\u0131n ana motoru olmu\u015ftur, Grubun \u00e7al\u0131\u015fan say\u0131s\u0131 244’e y\u00fckselmi\u015f ve Destek Yat\u0131r\u0131m Bankas\u0131’n\u0131n \u00f6denmi\u015f sermayesi 1,6 milyar TL seviyesine ula\u015farak grubun finansal ekosistemdeki a\u011f\u0131rl\u0131\u011f\u0131n\u0131 art\u0131rm\u0131\u015ft\u0131r,<\/p>\n

                  Finansal Analiz ve De\u011ferleme<\/strong><\/p>\n

                  08 Haziran 2026 itibar\u0131yla payla\u015f\u0131lan 2.470,00 TL<\/strong> hisse fiyat\u0131 \u00fczerinden yap\u0131lan hesaplamalar ve analizler a\u015fa\u011f\u0131dad\u0131r:<\/p>\n

                    \n
                  • Piyasa De\u011feri:<\/strong> \u015eirketin 333.333.333 adet pay\u0131 \u00fczerinden hesaplanan piyasa de\u011feri yakla\u015f\u0131k 823,3 Milyar TL<\/strong> seviyesindedir,<\/li>\n
                  • Net D\u00f6nem Kar\u0131 ve De\u011fi\u015fimi:<\/strong> 2026 Q1 kar\u0131 1.179.195 bin TL’dir; y\u0131ll\u0131k bazda (2025 Q1’e g\u00f6re) %108,91<\/strong> oran\u0131nda rekor bir art\u0131\u015f kaydedilmi\u015ftir,<\/li>\n
                  • F\/K (Fiyat\/Kazan\u00e7) Oran\u0131:<\/strong> Son d\u00f6rt \u00e7eyreklik verilerle (TTM) hesaplanan F\/K oran\u0131 187,95<\/strong> seviyesindedir; bu oran piyasan\u0131n \u015firkete y\u00f6nelik olduk\u00e7a y\u00fcksek b\u00fcy\u00fcme beklentisini yans\u0131tmaktad\u0131r<\/li>\n
                  • Defter De\u011feri ve PD\/DD:<\/strong> Hisse ba\u015f\u0131na defter de\u011feri 39,92 TL<\/strong> iken, PD\/DD oran\u0131 61,87<\/strong> olarak hesaplanm\u0131\u015ft\u0131r,<\/li>\n
                  • Net Bor\u00e7 ve Firma De\u011feri:<\/strong> \u015eirketin nakit de\u011ferleri d\u00fc\u015f\u00fcld\u00fckten sonraki net finansal borcu 18.856.649 bin TL<\/strong>‘dir; bu veriyle birlikte Firma De\u011feri (EV) yakla\u015f\u0131k 842,2 Milyar TL<\/strong> olarak bulunmu\u015ftur,,<\/li>\n
                  • Finansman Yap\u0131s\u0131:<\/strong> \u015eirket varl\u0131klar\u0131n\u0131n %23,75<\/strong>‘i \u00f6zkaynaklar (ana sermaye), %76,25<\/strong>‘i ise bor\u00e7 ve d\u0131\u015f kaynaklarla finanse edilmektedir,,<\/li>\n
                  • De\u011fi\u015fim Analizleri (3 Ayl\u0131k):<\/strong> \u00d6zkaynaklarda %9,02<\/strong> art\u0131\u015f g\u00f6r\u00fcl\u00fcrken, finansal bor\u00e7lar sadece %0,35<\/strong> oran\u0131nda s\u0131n\u0131rl\u0131 bir art\u0131\u015f g\u00f6stermi\u015ftir,,<\/li>\n
                  • Operasyonel Performans:<\/strong> Sat\u0131\u015flar (esas faaliyet gelirleri) %5,33<\/strong> azal\u0131rken, br\u00fct kar finansman giderlerindeki sert art\u0131\u015f nedeniyle %99,43<\/strong> oran\u0131nda gerileyerek 5,6 milyon TL’ye d\u00fc\u015fm\u00fc\u015ft\u00fcr,, Buna kar\u015f\u0131n, esas faaliyet kar\u0131 di\u011fer gelirlerin etkisiyle %91,86<\/strong> art\u0131\u015f g\u00f6stermi\u015ftir<\/li>\n
                  • \u00d6zkaynak Karl\u0131l\u0131\u011f\u0131 (ROE):<\/strong> Y\u0131ll\u0131kland\u0131r\u0131lm\u0131\u015f \u00f6zkaynak karl\u0131l\u0131\u011f\u0131 ge\u00e7en y\u0131l\u0131n ba\u015f\u0131ndaki %49,13 seviyesinden %35,44<\/strong> seviyesine gerilemi\u015ftir,<\/li>\n<\/ul>\n

                    \u00d6nemli Oran Tart\u0131\u015fmas\u0131:<\/strong> \u015eirketin br\u00fct kar marj\u0131ndaki keskin d\u00fc\u015f\u00fc\u015f, faktoring faaliyetlerinden elde edilen gelirin finansman maliyetleri taraf\u0131ndan bask\u0131land\u0131\u011f\u0131n\u0131 g\u00f6stermektedir Ancak net kar\u0131n artmas\u0131, \u015firketin bir faktoring kurulu\u015fundan \u00f6te, finansal piyasa i\u015flemlerini y\u00f6neten bir yat\u0131r\u0131m holdingi gibi performans sergiledi\u011fini kan\u0131tlamaktad\u0131r<\/p>\n

                     <\/p>\n