{"id":2506,"date":"2026-06-09T08:08:42","date_gmt":"2026-06-09T05:08:42","guid":{"rendered":"https:\/\/tabildot.com.tr\/marketrisk\/?p=2506"},"modified":"2026-06-09T08:09:49","modified_gmt":"2026-06-09T05:09:49","slug":"dstkf-2026-03-faaliyet-raporu-analizi-destek-finans-faktoring-a","status":"publish","type":"post","link":"https:\/\/tabildot.com.tr\/marketrisk\/2506","title":{"rendered":"\ud83d\udd35 DSTKF 2026-03 Faaliyet Raporu Analizi | Destek Finans Faktoring A.\u015e."},"content":{"rendered":"

Destek Finans Faktoring A.\u015e. 2026 Birinci \u00c7eyrek Faaliyet Raporu Brifingi<\/h1>\n

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

Bu belge, Destek Finans Faktoring A.\u015e.’nin 01.01.2026 \u2013 31.03.2026 d\u00f6nemini kapsayan faaliyet raporunun kapsaml\u0131 bir sentezidir. \u015eirket, 2026 y\u0131l\u0131n\u0131n ilk \u00e7eyre\u011finde finansal b\u00fcy\u00fcmesini s\u00fcrd\u00fcrm\u00fc\u015f, \u00f6zellikle net k\u00e2r\u0131n\u0131 bir \u00f6nceki y\u0131l\u0131n ayn\u0131 d\u00f6nemine g\u00f6re iki kat\u0131ndan fazla art\u0131rarak 1,179 milyar TL seviyesine \u00e7\u0131karm\u0131\u015ft\u0131r. Takipteki alacaklar oran\u0131n\u0131n (NPL) %0,23 gibi d\u00fc\u015f\u00fck bir seviyede tutulmas\u0131, \u015firketin etkin risk y\u00f6netimi politikalar\u0131n\u0131n bir g\u00f6stergesi olarak \u00f6ne \u00e7\u0131kmaktad\u0131r. D\u00f6nem i\u00e7indeki en kritik geli\u015fme, mevcut 333,3 milyon TL tutar\u0131ndaki sermayenin i\u00e7 kaynaklardan kar\u015f\u0131lanmak suretiyle 5,93 milyar TL\u2019ye \u00e7\u0131kar\u0131lmas\u0131 i\u00e7in Sermaye Piyasas\u0131 Kurulu\u2019na (SPK) yap\u0131lan ba\u015fvurudur.<\/p>\n

1. Genel Bilgiler ve Kurumsal Yap\u0131<\/h2>\n

1.1. \u015eirket Profili<\/h3>\n

Destek Finans Faktoring A.\u015e., mal ve hizmet sat\u0131\u015flar\u0131ndan do\u011fan vadeli alacaklar\u0131n temliki, y\u00f6netimi ve finansman\u0131 alan\u0131nda faaliyet g\u00f6stermektedir. \u015eirketin merkezi \u0130stanbul \u015ei\u015fli’de (Ferko Signature) bulunmakta olup herhangi bir \u015fubesi bulunmamaktad\u0131r.<\/p>\n

1.2. Sermaye ve Ortakl\u0131k Yap\u0131s\u0131<\/h3>\n

\u015eirketin \u00e7\u0131kar\u0131lm\u0131\u015f sermayesi 333.333.333 TL, kay\u0131tl\u0131 sermaye tavan\u0131 ise 1.250.000.000 TL’dir.<\/p>\n

Ortakl\u0131k Yap\u0131s\u0131 Tablosu:<\/b> | Pay Sahibi | Hisse Adedi | Sermaye Tutar\u0131 (TL) | | :— | :— | :— | | Destek Holding A.\u015e. | 246.047.623 | 246.047.623 | | Di\u011fer | 87.285.710 | 87.285.710 | | Toplam<\/b> | 333.333.333<\/b> | 333.333.333<\/b> |<\/p>\n

1.3. \u0130\u015ftirakler<\/h3>\n

\u015eirketin do\u011frudan ve dolayl\u0131 i\u015ftirakleri bulunmaktad\u0131r:<\/p>\n

    \n
  • Destek Yat\u0131r\u0131m Bankas\u0131 A.\u015e.:<\/b> %99,99 (Do\u011frudan)<\/li>\n
  • Destek Yat\u0131r\u0131m Menkul De\u011ferler A.\u015e.:<\/b> %99,99 (Dolayl\u0131)<\/li>\n<\/ul>\n

    2. Y\u00f6netim ve Kurumsal Y\u00f6neti\u015fim<\/h2>\n

    2.1. Y\u00f6netim Kurulu ve \u00dcst D\u00fczey Y\u00f6netim<\/h3>\n

    \u015eirket, alt\u0131 \u00fcyeden olu\u015fan bir Y\u00f6netim Kurulu taraf\u0131ndan y\u00f6netilmektedir. Y\u00f6netim Kurulu Ba\u015fkan\u0131 Altun\u00e7 Kumova’d\u0131r. Nuray Elmasta\u015f hem Y\u00f6netim Kurulu \u00dcyesi hem de Genel M\u00fcd\u00fcr olarak g\u00f6rev yapmaktad\u0131r. 31.03.2026 itibar\u0131yla \u015firketin ve ba\u011fl\u0131 ortakl\u0131klar\u0131n\u0131n toplam personel say\u0131s\u0131 247’dir.<\/p>\n

    2.2. Komiteler<\/h3>\n

    Kurumsal y\u00f6netim ilkeleri \u00e7er\u00e7evesinde a\u015fa\u011f\u0131daki komiteler olu\u015fturulmu\u015ftur:<\/p>\n

      \n
    • Kurumsal Y\u00f6netim Komitesi:<\/b> Orhan Aks\u00fct (Ba\u015fkan).<\/li>\n
    • Denetim Komitesi:<\/b> Azize Binnur Tosun (Ba\u015fkan).<\/li>\n
    • Riskin Erken Saptanmas\u0131 Komitesi:<\/b> Orhan Aks\u00fct (Ba\u015fkan).<\/li>\n
    • S\u00fcrd\u00fcr\u00fclebilirlik Komitesi:<\/b> Nuray Elmasta\u015f (Ba\u015fkan). \u00c7evresel, sosyal ve y\u00f6neti\u015fim (ESG) performans\u0131n\u0131n izlenmesi amac\u0131yla 30.12.2025 tarihinde kurulmu\u015ftur.<\/li>\n<\/ul>\n

      3. Finansal Durum Analizi<\/h2>\n

      \u015eirketin finansal verileri, \u00f6nceki d\u00f6nemle kar\u015f\u0131la\u015ft\u0131r\u0131ld\u0131\u011f\u0131nda b\u00fcy\u00fcme ivmesinin artt\u0131\u011f\u0131n\u0131 ve ba\u011fl\u0131 ortakl\u0131k Destek Yat\u0131r\u0131m Bankas\u0131 A.\u015e. ile sinerji sa\u011fland\u0131\u011f\u0131n\u0131 g\u00f6stermektedir.<\/p>\n

      Temel Finansal G\u00f6stergeler Kar\u015f\u0131la\u015ft\u0131rmas\u0131:<\/b> | G\u00f6sterge | 01.01.2025 – 31.03.2025 | 01.01.2026 – 31.03.2026 | | :— | :— | :— | | Faktoring Gelirleri | 1.671.777 Bin TL | 1.582.742 Bin TL | | D\u00f6nem Net K\u00e2r\u0131 | 564.455 Bin TL | 1.179.195 Bin TL | | \u00d6z Kaynak \/ Toplam Y\u00fck\u00fcml\u00fcl\u00fck | %28,86 | %23,75 | | Takipteki Alacaklar Oran\u0131 (NPL) | %0,10 | %0,23 |<\/p>\n

      31.03.2026 \u0130tibar\u0131yla Konsolide Veriler:<\/b><\/p>\n

        \n
      • Konsolide Aktif Toplam\u0131:<\/b> 56.037.176 Bin TL<\/li>\n
      • Konsolide \u00d6z Kaynaklar:<\/b> 13.307.866 Bin TL<\/li>\n
      • Faktoring Alacaklar\u0131:<\/b> 18.793.678 Bin TL<\/li>\n<\/ul>\n

        4. Risk Y\u00f6netimi ve \u0130\u00e7 Kontrol<\/h2>\n

        4.1. Kredi ve Operasyonel Riskler<\/h3>\n

        \u015eirket, kredi riskini y\u00f6netmek amac\u0131yla Kredi Komitesi’ni yetkilendirmi\u015ftir. Her m\u00fc\u015fteri i\u00e7in ayr\u0131 limit ve \u015fartlar belirlenmekte, fatura bazl\u0131 i\u015flemler yap\u0131lmaktad\u0131r. \u015eirketin NPL oran\u0131n\u0131n %1 olan sekt\u00f6r ortalamas\u0131n\u0131n olduk\u00e7a alt\u0131nda seyretmesi, risk izleme politikalar\u0131n\u0131n etkinli\u011fini kan\u0131tlamaktad\u0131r.<\/p>\n

        4.2. Likidite Riski<\/h3>\n

        \u015eirket, aktif ve pasif vadelerini uyumlu yap\u0131land\u0131rarak likidite bask\u0131lar\u0131n\u0131 y\u00f6netmektedir. Fonlama kaynaklar\u0131 aras\u0131nda banka kredileri ve ihra\u00e7 edilen tahvil\/finansman bonolar\u0131 bulunmaktad\u0131r. 31 Mart 2026 itibar\u0131yla ihra\u00e7 edilmi\u015f ve vadesi gelmemi\u015f 255.000 USD, 6.700 EUR ve 2.497.250 TL tutar\u0131nda menkul k\u0131ymet bulunmaktad\u0131r.<\/p>\n

        4.3. D\u0131\u015f Fakt\u00f6rler ve Sekt\u00f6rel Ba\u011f\u0131ml\u0131l\u0131k<\/h3>\n

        \u015eirket faaliyetleri, T\u00fcrk sanayi ve hizmet sekt\u00f6rlerinin genel durumuna, k\u00fcresel ekonomik konjonkt\u00fcre ve \u00fcr\u00fcn maliyetlerindeki art\u0131\u015flara ba\u011f\u0131ml\u0131d\u0131r. \u00c7eklerin \u00f6deme arac\u0131 olarak yayg\u0131n kullan\u0131lmas\u0131 nedeniyle, ke\u015fidecilerin finansal durumundaki bozulmalar potansiyel bir risk fakt\u00f6r\u00fc olarak de\u011ferlendirilmektedir.<\/p>\n

        5. \u00d6nemli Geli\u015fmeler ve Di\u011fer Hususlar<\/h2>\n

        5.1. Sermaye Art\u0131r\u0131m\u0131 Ba\u015fvurusu<\/h3>\n

        17.02.2026 tarihinde, \u015firketin mevcut 333.333.333 TL tutar\u0131ndaki sermayesinin, tamam\u0131 i\u00e7 kaynaklardan kar\u015f\u0131lanmak \u00fczere 5.930.000.000 TL<\/b>\u2019ye \u00e7\u0131kar\u0131lmas\u0131 i\u00e7in SPK\u2019ya ba\u015fvurulmu\u015ftur.<\/p>\n

        5.2. \u0130dari Yapt\u0131r\u0131mlar<\/h3>\n

        SPK\u2019n\u0131n 12.02.2026 tarihli toplant\u0131s\u0131nda \u015firket hakk\u0131nda 4.435.027,79 TL<\/b> tutar\u0131nda idari para cezas\u0131 uygulanmas\u0131na karar verilmi\u015f; s\u00f6z konusu ceza 16.03.2026 tarihinde yasal s\u00fcresi i\u00e7inde \u00f6denmi\u015ftir.<\/p>\n

        5.3. K\u00e2r Pay\u0131 Da\u011f\u0131t\u0131m Politikas\u0131<\/h3>\n

        \u015eirket normal \u015fartlarda da\u011f\u0131t\u0131labilir net k\u00e2r\u0131n en az %20’sini da\u011f\u0131tmay\u0131 hedeflemektedir. Ancak, 25.03.2026 tarihli Ola\u011fan Genel Kurul’da, 2025 y\u0131l\u0131 k\u00e2r\u0131n\u0131n b\u00fcy\u00fcme stratejileri do\u011frultusunda \u015firket b\u00fcnyesinde b\u0131rak\u0131lmas\u0131na ve ola\u011fan\u00fcst\u00fc yedeklere aktar\u0131lmas\u0131na karar verilmi\u015ftir.<\/p>\n

        5.4. Sosyal Sorumluluk<\/h3>\n

        D\u00f6nem i\u00e7erisinde T\u00fcrk E\u011fitim Vakf\u0131’na (TEV) toplam 19.300 TL<\/b> tutar\u0131nda ba\u011f\u0131\u015f yap\u0131lm\u0131\u015ft\u0131r.<\/p>\n

        5.5. Ara\u015ft\u0131rma ve Geli\u015ftirme (Ar-Ge)<\/h3>\n

        \u015eirket, finansal sekt\u00f6rdeki dijitalle\u015fme \u00e7abalar\u0131n\u0131 yak\u0131ndan takip etmekte olup mevcut \u00fcr\u00fcnlerin geli\u015ftirilmesi ve dijital yat\u0131r\u0131mlara odaklanmaktad\u0131r. D\u00f6nem i\u00e7inde yeni bir yat\u0131r\u0131m veya te\u015fvik kullan\u0131m\u0131 olmam\u0131\u015ft\u0131r.<\/p>\n

         <\/p>\n

         <\/p>\n

         <\/p>\n

        Destek Finans Faktoring A.\u015e. 2026 Y\u0131l\u0131 Birinci \u00c7eyrek Finansal Analizi<\/strong><\/p>\n

        Piyasa De\u011feri ve De\u011ferleme Oranlar\u0131<\/strong><\/p>\n

          \n
        • Piyasa De\u011feri:<\/strong> Belirtti\u011finiz 2.470,00 TL hisse fiyat\u0131 ve \u015firketin 333.333.333 adet \u00e7\u0131kar\u0131lm\u0131\u015f sermayesi \u00fczerinden hesapland\u0131\u011f\u0131nda, \u015firketin toplam piyasa de\u011feri yakla\u015f\u0131k 823.333.332.510 TL<\/strong> seviyesine ula\u015fmaktad\u0131r<\/li>\n
        • Defter De\u011feri:<\/strong> 31.03.2026 itibar\u0131yla toplam konsolide \u00f6zkaynaklar 13.307.866 Bin TL (13,3 Milyar TL) olarak raporlanm\u0131\u015ft\u0131r Bu durumda hisse ba\u015f\u0131na defter de\u011feri yakla\u015f\u0131k 39,92 TL<\/strong> olarak hesaplanmaktad\u0131r<\/li>\n
        • PD\/DD (Piyasa De\u011feri \/ Defter De\u011feri):<\/strong> G\u00fcncel fiyat \u00fczerinden \u015firketin PD\/DD oran\u0131 61,87<\/strong> \u00e7\u0131kmaktad\u0131r Bu oran, \u015firketin \u00f6zkaynaklar\u0131n\u0131n 61 kat\u0131 bir de\u011ferle fiyatland\u0131\u011f\u0131n\u0131 g\u00f6stermektedir<\/li>\n
        • F\/K (Fiyat \/ Kazan\u00e7):<\/strong> 2026 y\u0131l\u0131n\u0131n sadece ilk \u00e7eyre\u011finde elde edilen 1,17 Milyar TL net k\u00e2r y\u0131ll\u0131kland\u0131r\u0131ld\u0131\u011f\u0131nda (yakla\u015f\u0131k 4,7 Milyar TL), F\/K oran\u0131 yakla\u015f\u0131k 174,5<\/strong> seviyesinde ger\u00e7ekle\u015fmektedir Bu \u00e7arpanlar sekt\u00f6r ortalamalar\u0131na g\u00f6re olduk\u00e7a y\u00fcksek bir beklentinin fiyatland\u0131\u011f\u0131na i\u015faret etmektedir<\/li>\n<\/ul>\n

          K\u00e2rl\u0131l\u0131k ve De\u011fi\u015fim Analizi<\/strong><\/p>\n

            \n
          • Net D\u00f6nem Kar\u0131:<\/strong> 2026 y\u0131l\u0131n\u0131n ilk \u00fc\u00e7 ay\u0131nda 1.179.195 Bin TL<\/strong> net k\u00e2r elde edilmi\u015ftir<\/li>\n
          • Y\u0131ll\u0131k Net Kar De\u011fi\u015fimi:<\/strong> 2025 y\u0131l\u0131n\u0131n ayn\u0131 d\u00f6nemindeki 564.455 Bin TL\u2019lik k\u00e2ra oranla %108,9 oran\u0131nda bir art\u0131\u015f<\/strong> ya\u015fanm\u0131\u015ft\u0131r \u015eirket k\u00e2rl\u0131l\u0131\u011f\u0131n\u0131 bir y\u0131lda iki kat\u0131ndan fazla art\u0131rmay\u0131 ba\u015farm\u0131\u015ft\u0131r<\/li>\n
          • \u00d6zkaynak Karl\u0131l\u0131\u011f\u0131 (ROE):<\/strong> \u0130lk \u00e7eyrek k\u00e2r\u0131 \u00fczerinden yap\u0131lan hesaplamada, d\u00f6nemsel \u00f6zkaynak k\u00e2rl\u0131l\u0131\u011f\u0131 %8,86<\/strong> seviyesindedir (y\u0131ll\u0131kland\u0131r\u0131ld\u0131\u011f\u0131nda %35 civar\u0131 bir beklenti olu\u015fturabilir)<\/li>\n<\/ul>\n

            Varl\u0131k Yap\u0131s\u0131 ve Finansman Kaynaklar\u0131<\/strong><\/p>\n

              \n
            • Finansman Yap\u0131s\u0131:<\/strong> \u015eirketin toplam aktif b\u00fcy\u00fckl\u00fc\u011f\u00fc 56.037.176 Bin TL’dir Bunun 13.307.866 Bin TL\u2019si \u00f6zkaynaklardan olu\u015furken, kalan k\u0131sm\u0131 y\u00fck\u00fcml\u00fcl\u00fcklerden meydana gelmektedir Yani varl\u0131klar\u0131n yakla\u015f\u0131k %23,75’i ana sermaye (\u00f6zkaynak)<\/strong>, kalan %76,25\u2019i ise bor\u00e7 ve yabanc\u0131 kaynaklarla<\/strong> finanse edilmektedir<\/li>\n
            • Net Bor\u00e7 Durumu:<\/strong> \u015eirket faktoring alacaklar\u0131n\u0131 fonlamak i\u00e7in yo\u011fun olarak banka kredileri ve menkul k\u0131ymet ihra\u00e7lar\u0131n\u0131 (tahvil\/bono) kullanmaktad\u0131r Toplam varl\u0131klar\u0131n b\u00fcy\u00fck k\u0131sm\u0131n\u0131n bor\u00e7la finanse edilmesi finans sekt\u00f6r\u00fcnde al\u0131\u015f\u0131ld\u0131k bir durum olsa da, kald\u0131ra\u00e7 oran\u0131n\u0131n %76 seviyesinde oldu\u011fu g\u00f6r\u00fclmektedir<\/li>\n<\/ul>\n

              Sat\u0131\u015f ve Br\u00fct Kar Analizi<\/strong><\/p>\n

                \n
              • Sat\u0131\u015flardaki (Faktoring Gelirleri) De\u011fi\u015fim:<\/strong> 2025’in ilk \u00e7eyre\u011finde 1.671.777 Bin TL olan gelirler, 2026’n\u0131n ayn\u0131 d\u00f6neminde 1.582.742 Bin TL’ye gerileyerek %5,32 oran\u0131nda hafif bir d\u00fc\u015f\u00fc\u015f<\/strong> g\u00f6stermi\u015ftir<\/li>\n
              • Br\u00fct Kardaki De\u011fi\u015fim:<\/strong> Raporda en dikkat \u00e7ekici veri br\u00fct k\u00e2r kalemindedir 2025 ilk \u00e7eyrekte 983.938 Bin TL olan br\u00fct k\u00e2r, 2026 ilk \u00e7eyrekte 5.626 Bin TL’ye gerileyerek %99,4 oran\u0131nda sert bir d\u00fc\u015f\u00fc\u015f<\/strong> ya\u015fam\u0131\u015ft\u0131r Net k\u00e2r\u0131n artmas\u0131na ra\u011fmen br\u00fct k\u00e2r\u0131n bu denli d\u00fc\u015fmesi, k\u00e2rl\u0131l\u0131\u011f\u0131n operasyonel faaliyetlerden ziyade yat\u0131r\u0131m faaliyetleri veya ba\u011fl\u0131 ortakl\u0131k sinerjisinden (Destek Yat\u0131r\u0131m Bankas\u0131 vb) kaynakland\u0131\u011f\u0131n\u0131 d\u00fc\u015f\u00fcnd\u00fcrmektedir<\/li>\n<\/ul>\n

                \u00d6ne \u00c7\u0131kan Di\u011fer \u00d6nemli Oranlar<\/strong><\/p>\n

                  \n
                • Takipteki Alacaklar Oran\u0131 (NPL):<\/strong> \u015eirketin alacak kalitesi olduk\u00e7a y\u00fcksektir Takipteki alacaklar\u0131n oran\u0131 %0,23<\/strong> gibi \u00e7ok d\u00fc\u015f\u00fck bir seviyededir ve bu oran %1 olan kritik s\u0131n\u0131r\u0131n olduk\u00e7a alt\u0131ndad\u0131r<\/li>\n
                • Sermaye Art\u0131r\u0131m\u0131 Potansiyeli:<\/strong> \u015eirket 333 Milyon TL olan sermayesini i\u00e7 kaynaklardan kar\u015f\u0131lanmak \u00fczere 5,93 Milyar TL\u2019ye<\/strong> \u00e7\u0131karmak i\u00e7in SPK\u2019ya ba\u015fvurmu\u015ftur Bu durum \u00f6zkaynak yap\u0131s\u0131n\u0131n daha da g\u00fc\u00e7lenece\u011fini g\u00f6stermektedir<\/li>\n
                • Likit Kaynaklar:<\/strong> \u015eirketin 31 Mart 2026 itibar\u0131yla USD, EUR ve TL cinsinden ihra\u00e7 edilmi\u015f ancak vadesi gelmemi\u015f menkul k\u0131ymetleri bulunmaktad\u0131r Bu da finansman \u00e7e\u015fitlili\u011fini korudu\u011funu kan\u0131tlamaktad\u0131r<\/li>\n<\/ul>\n