{"id":674,"date":"2025-12-28T13:17:52","date_gmt":"2025-12-28T10:17:52","guid":{"rendered":"https:\/\/tabildot.com.tr\/marketrisk\/?p=674"},"modified":"2025-12-31T01:21:52","modified_gmt":"2025-12-30T22:21:52","slug":"%f0%9f%94%b4%f0%9f%87%b9%f0%9f%87%b7-zry-ziraat-yatirim-menkul-degerler-2025-9-bilanco-analizi","status":"publish","type":"post","link":"https:\/\/tabildot.com.tr\/marketrisk\/674","title":{"rendered":"\ud83d\udd34\ud83c\uddf9\ud83c\uddf7 #ZRY | Ziraat Yat\u0131r\u0131m Menkul De\u011ferler 2025\/9 Bilan\u00e7o Analizi"},"content":{"rendered":"<p><iframe loading=\"lazy\" title=\"ZRY\" width=\"858\" height=\"483\" src=\"https:\/\/www.youtube.com\/embed\/VRg9LHpiA2w?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<h1>Ziraat Yat\u0131r\u0131m&#8217;\u0131n Milyarlarca Liral\u0131k Raporu: Bilan\u00e7onun S\u00f6ylemedi\u011fi 5 Ger\u00e7ek<\/h1>\n<h3><b>Introduction<\/b><\/h3>\n<p>Finansal raporlar, genellikle rakamlar\u0131n so\u011fuk ve s\u0131k\u0131c\u0131 d\u00fcnyas\u0131nda kaybolan belgeler olarak g\u00f6r\u00fcl\u00fcr. Ancak bir analistin g\u00f6z\u00fcyle bak\u0131ld\u0131\u011f\u0131nda, Ziraat Yat\u0131r\u0131m&#8217;\u0131n 2025 y\u0131l\u0131 ilk dokuz ayl\u0131k raporu gibi belgeler, rakamlar\u0131n \u00f6tesinde bir \u015firketin stratejik zekas\u0131n\u0131, ekonomik f\u0131rt\u0131nalara kar\u015f\u0131 direncini ve gelece\u011fe y\u00f6nelik att\u0131\u011f\u0131 ad\u0131mlar\u0131 anlatan birer hikayeye d\u00f6n\u00fc\u015f\u00fcr. Bu yaz\u0131da, bu yo\u011fun raporun sat\u0131r aralar\u0131na gizlenmi\u015f, \u015firketin finansal sa\u011fl\u0131\u011f\u0131 ve stratejik y\u00f6nelimi hakk\u0131nda \u00e7ok \u015fey s\u00f6yleyen en \u015fa\u015f\u0131rt\u0131c\u0131 be\u015f ger\u00e7e\u011fi ortaya \u00e7\u0131karaca\u011f\u0131z.<\/p>\n<h3><b>1. Devasa \u0130\u015flem Hacmi: Ciro Milyarlarca, Br\u00fct Kar B\u0131\u00e7ak S\u0131rt\u0131<\/b><\/h3>\n<p>Ziraat Yat\u0131r\u0131m&#8217;\u0131n operasyonel b\u00fcy\u00fckl\u00fc\u011f\u00fcn\u00fc anlamak i\u00e7in ciro rakamlar\u0131na bakmak yeterli. \u015eirket, 2025&#8217;in ilk dokuz ay\u0131nda <b>243.864.200.657 TL<\/b> &#8220;Finans sekt\u00f6r\u00fc faaliyetleri has\u0131lat\u0131&#8221; elde etmi\u015f. Ancak bu devasa rakam\u0131n maliyeti ise <b>240.559.915.179 TL<\/b>.<\/p>\n<p>Bu iki rakam aras\u0131ndaki fark, yani br\u00fct k\u00e2r, <b>3.304.285.478 TL<\/b> olarak ger\u00e7ekle\u015fmi\u015f. Bu rakamlar, Ziraat Yat\u0131r\u0131m\u2019\u0131n DNA&#8217;s\u0131n\u0131 ortaya koyuyor: Buras\u0131, devasa sermaye ak\u0131\u015flar\u0131n\u0131n y\u00f6netildi\u011fi, ancak k\u00e2r\u0131n b\u0131\u00e7ak s\u0131rt\u0131 marjlardan dam\u0131t\u0131ld\u0131\u011f\u0131 bir y\u00fcksek hacim oyunu. Yakla\u015f\u0131k 244 milyar TL&#8217;lik bir cirodan yakla\u015f\u0131k 3,3 milyar TL br\u00fct k\u00e2r elde edilmesi, bu i\u015f modelinin do\u011fas\u0131n\u0131 net bir \u015fekilde g\u00f6steriyor. T\u0131pk\u0131 her biri \u00fczerinden kuru\u015flar kazanan dev bir s\u00fcpermarketin g\u00fcn sonunda milyonlarca liral\u0131k k\u00e2r elde etmesi gibi, Ziraat Yat\u0131r\u0131m&#8217;\u0131n g\u00fcc\u00fc de bu muazzam i\u015flem hacmini y\u00f6netme kapasitesinden geliyor. \u015eirketin yakla\u015f\u0131k 11,3 milyar TL&#8217;lik toplam varl\u0131klar\u0131 da bu finansal \u00f6l\u00e7e\u011fi bir kez daha teyit ediyor.<\/p>\n<h3><b>2. Sermayede Dev Art\u0131\u015f: Gelece\u011fe Y\u00f6nelik G\u00fc\u00e7l\u00fc Bir Sinyal<\/b><\/h3>\n<p>Raporun en \u00e7arp\u0131c\u0131 verilerinden biri, \u015firketin \u00f6denmi\u015f sermayesindeki s\u0131\u00e7rama. 2024 sonunda 60.000.000 TL olan \u00f6denmi\u015f sermaye, 30 Eyl\u00fcl 2025 itibar\u0131yla <b>350.000.000 TL<\/b>&#8216;ye y\u00fckselmi\u015f. Bu, yakla\u015f\u0131k alt\u0131 katl\u0131k bir art\u0131\u015f ve <b>290.000.000 TL<\/b>&#8216;lik net bir sermaye enjeksiyonu anlam\u0131na geliyor.<\/p>\n<p>B\u00f6ylesine b\u00fcy\u00fck bir sermaye art\u0131r\u0131m\u0131, ana hissedar T.C. Ziraat Bankas\u0131 A.\u015e.&#8217;nin \u015firketin gelece\u011fine olan sars\u0131lmaz g\u00fcvenini g\u00f6steriyor. Ancak bu sadece bir g\u00fcven oyu de\u011fil; ayn\u0131 zamanda bilin\u00e7li bir stratejinin habercisi. Birazdan g\u00f6rece\u011fimiz gibi, bu taze sermaye, \u015firketin k\u00e2r motorunu yeniden \u015fekillendiren stratejik bir d\u00f6n\u00fc\u015f\u00fcm\u00fcn yak\u0131t\u0131 olarak kullan\u0131l\u0131yor olabilir.<\/p>\n<h3><b>3. Enflasyon Muhasebesinin Gizemli Etkisi: 1,6 Milyar TL&#8217;lik &#8220;Parasal Kay\u0131p&#8221;<\/b><\/h3>\n<p>Y\u00fcksek enflasyonlu ekonomilerde finansal raporlama (TMS 29) standard\u0131na g\u00f6re haz\u0131rlanan bu rapor, enflasyonun bilan\u00e7olar \u00fczerindeki gizli ama y\u0131k\u0131c\u0131 etkisini g\u00f6zler \u00f6n\u00fcne seriyor. Gelir tablosundaki tek bir sat\u0131r, bu ger\u00e7e\u011fi t\u00fcm \u00e7\u0131plakl\u0131\u011f\u0131yla ortaya koyuyor: &#8220;Net parasal pozisyon kazan\u00e7lar\u0131 (kay\u0131plar\u0131)&#8221;.<\/p>\n<p>Bu kalemde, 2025&#8217;in ilk dokuz ay\u0131 i\u00e7in <b>(1.555.156.381) TL<\/b>&#8216;lik bir kay\u0131p raporlanm\u0131\u015f. Yani yakla\u015f\u0131k 1,6 milyar TL. Bu, operasyonel bir ba\u015far\u0131s\u0131zl\u0131k de\u011fil, tamamen muhasebesel bir yans\u0131mad\u0131r. Y\u00fcksek enflasyonist bir ortamda nakit gibi parasal varl\u0131klar\u0131 tutmak, paran\u0131n sat\u0131n alma g\u00fcc\u00fcn\u00fc eritti\u011fi i\u00e7in reel bir kayba neden olur. Muhasebe standartlar\u0131 da bu nakit d\u0131\u015f\u0131 &#8220;kayb\u0131n&#8221; raporlanmas\u0131n\u0131 zorunlu k\u0131larak vergi \u00f6ncesi k\u00e2r\u0131 do\u011frudan ve derinden etkiler. Bu tek kalem, enflasyonist bir ekonomide ayakta kalman\u0131n ne kadar karma\u015f\u0131k bir m\u00fccadele oldu\u011funu kan\u0131tlar nitelikte.<\/p>\n<h3><b>4. De\u011fi\u015fen K\u00e2r Motoru: Faaliyet Has\u0131lat\u0131 D\u00fc\u015ferken Finansman Gelirleri U\u00e7u\u015fa Ge\u00e7ti<\/b><\/h3>\n<p>\u0130lk bak\u0131\u015fta, &#8220;Finans sekt\u00f6r\u00fc faaliyetleri has\u0131lat\u0131&#8221;n\u0131n 2024&#8217;\u00fcn ayn\u0131 d\u00f6nemine g\u00f6re 292,7 milyar TL&#8217;den yakla\u015f\u0131k 244 milyar TL&#8217;ye gerilemesi endi\u015fe verici g\u00f6r\u00fcnebilir. Bu, geleneksel arac\u0131l\u0131k faaliyetlerinde bir yava\u015flamaya i\u015faret ediyor. Ancak madalyonun di\u011fer y\u00fcz\u00fc, \u015firketin stratejik zekas\u0131n\u0131 ortaya koyuyor.<\/p>\n<p>Ayn\u0131 d\u00f6nemde, &#8220;Finansman gelirleri&#8221; 1,81 milyar TL&#8217;den <b>2,57 milyar TL<\/b>&#8216;ye f\u0131rlam\u0131\u015f. Bu gelirin ard\u0131ndaki s\u0131r ise raporun 19 numaral\u0131 dipnotunda gizli. Bu art\u0131\u015f\u0131n lokomotifi, tesad\u00fcfi bir yat\u0131r\u0131m ba\u015far\u0131s\u0131 de\u011fil, para piyasas\u0131 operasyonlar\u0131ndaki ustal\u0131kt\u0131r. Toplam finansman gelirinin <b>2.088.785.770 TL<\/b>&#8216;si, yani neredeyse 2,1 milyar TL&#8217;si, do\u011frudan Borsa \u0130stanbul Para Piyasas\u0131&#8217;ndan (Bpp) elde edilen faiz gelirlerinden kaynaklan\u0131yor. Bu, \u015firketin devasa likiditesini y\u00fcksek getirili, k\u0131sa vadeli kazan\u00e7lara y\u00f6nlendirdi\u011fini ve hazine fonksiyonunu adeta ana bir k\u00e2r merkezine d\u00f6n\u00fc\u015ft\u00fcrd\u00fc\u011f\u00fcn\u00fc g\u00f6steriyor. \u0130kinci maddede bahsetti\u011fimiz dev sermaye art\u0131r\u0131m\u0131n\u0131n, bu stratejik d\u00f6n\u00fc\u015f\u00fcm\u00fc besleyen ana g\u00fc\u00e7 oldu\u011fu a\u00e7\u0131k\u00e7a g\u00f6r\u00fcl\u00fcyor.<\/p>\n<h3><b>5. Ziraat Ekosistemi: Sinerjinin Gizli Maliyeti<\/b><\/h3>\n<p>Ziraat Yat\u0131r\u0131m&#8217;\u0131n, Ziraat finans grubu i\u00e7indeki derin entegrasyonu, en b\u00fcy\u00fck g\u00fc\u00e7 kaynaklar\u0131ndan biri. Raporun 4 numaral\u0131 dipnotu, bu simbiyotik ili\u015fkiyi net bir \u015fekilde belgeliyor. \u00d6rne\u011fin, \u015firketin nakit varl\u0131klar\u0131n\u0131n 1,73 milyar TL&#8217;den fazlas\u0131 ili\u015fkili bankalarda tutuluyor. Ancak bu ekosistemin bir de gizli maliyeti var.<\/p>\n<p>Rakamlar, \u015fa\u015f\u0131rt\u0131c\u0131 bir dengesizli\u011fi ortaya koyuyor. 2025&#8217;in ilk dokuz ay\u0131nda Ziraat Yat\u0131r\u0131m, ili\u015fkili taraflardan <b>325.304.357 TL<\/b> gelir elde ederken, ayn\u0131 taraflara <b>355.512.409 TL<\/b> gider \u00f6demesi yapm\u0131\u015f. Bu, ekosistem i\u00e7inde <b>30 milyon TL&#8217;nin \u00fczerinde net bir finansal \u00e7\u0131k\u0131\u015f<\/b> oldu\u011fu anlam\u0131na geliyor. Giderlerin b\u00fcy\u00fck bir k\u0131sm\u0131n\u0131 ana banka ve Ziraat Teknoloji&#8217;ye \u00f6denen teknoloji hizmet bedelleri olu\u015fturuyor. Bu durum, Ziraat ekosisteminin sa\u011flad\u0131\u011f\u0131 operasyonel istikrar ve sinerjinin somut bir bedelle geldi\u011fini g\u00f6steriyor. Ekosistem, bir g\u00fc\u00e7 kalesi oldu\u011fu kadar, ayn\u0131 zamanda \u00f6nemli bir maliyet merkezi.<\/p>\n<h3><b>Conclusion<\/b><\/h3>\n<p>Ziraat Yat\u0131r\u0131m&#8217;\u0131n 9 ayl\u0131k raporu, ge\u00e7i\u015f d\u00f6nemindeki bir finansal devin portresini \u00e7iziyor. \u015eirket, bir yandan enflasyonun ve geleneksel arac\u0131l\u0131k faaliyetlerindeki yava\u015flaman\u0131n bask\u0131s\u0131yla m\u00fccadele ederken, di\u011fer yandan en b\u00fcy\u00fck iki kozunu oynuyor: ana \u015firketinin derin cepleri ve para piyasalar\u0131ndaki kendi ustal\u0131\u011f\u0131. Bu sayede k\u00e2rl\u0131l\u0131\u011fa giden yeni bir rota \u00e7iziyor. \u00d6n\u00fcm\u00fczdeki d\u00f6nemdeki en b\u00fcy\u00fck meydan okuma sadece b\u00fcy\u00fcmek de\u011fil, ayn\u0131 zamanda hem g\u00fc\u00e7 hem de maliyet kayna\u011f\u0131 olan bu karma\u015f\u0131k ekosistem ba\u011f\u0131ml\u0131l\u0131\u011f\u0131n\u0131 y\u00f6netmek olacak.<\/p>\n<p>Bu veriler \u0131\u015f\u0131\u011f\u0131nda, Ziraat Yat\u0131r\u0131m&#8217;\u0131n \u00f6n\u00fcm\u00fczdeki d\u00f6nemde b\u00fcy\u00fcme ve k\u00e2rl\u0131l\u0131\u011f\u0131n\u0131 s\u00fcrd\u00fcrmek i\u00e7in hangi stratejik ad\u0131mlar\u0131 ataca\u011f\u0131n\u0131 d\u00fc\u015f\u00fcn\u00fcyorsunuz?<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<h1><span style=\"color: #0000ff;\">Ziraat Yat\u0131r\u0131m Menkul De\u011ferler A.\u015e. 1 Ocak &#8211; 30 Eyl\u00fcl 2025 Ara D\u00f6nem Finansal Raporu Brifingi<\/span><\/h1>\n<h2>Y\u00f6netici \u00d6zeti<\/h2>\n<p>Ziraat Yat\u0131r\u0131m Menkul De\u011ferler A.\u015e.&#8217;nin 1 Ocak &#8211; 30 Eyl\u00fcl 2025 ara hesap d\u00f6nemine ait finansal tablolar\u0131, \u015eirket&#8217;in 1,91 milyar TL net d\u00f6nem kar\u0131 elde etti\u011fini g\u00f6stermektedir. Bu rakam, bir \u00f6nceki y\u0131l\u0131n ayn\u0131 d\u00f6neminde kaydedilen 2,54 milyar TL&#8217;lik net kara k\u0131yasla bir d\u00fc\u015f\u00fc\u015fe i\u015faret etmektedir. PwC Ba\u011f\u0131ms\u0131z Denetim ve Serbest Muhasebeci Mali M\u00fc\u015favirlik A.\u015e. taraf\u0131ndan y\u00fcr\u00fct\u00fclen s\u0131n\u0131rl\u0131 denetim sonucunda, finansal bilgilerin T\u00fcrkiye Muhasebe Standard\u0131 34&#8217;e (TMS 34) uygun olarak haz\u0131rlanmad\u0131\u011f\u0131na dair herhangi bir bulguya rastlanmam\u0131\u015ft\u0131r.<\/p>\n<p>D\u00f6nemin en dikkat \u00e7ekici finansal geli\u015fmeleri aras\u0131nda, \u00f6denmi\u015f sermayenin 60 milyon TL&#8217;den 350 milyon TL&#8217;ye \u00e7\u0131kar\u0131lmas\u0131 yer almaktad\u0131r. Bu sermaye art\u0131\u015f\u0131na ra\u011fmen, \u015eirket&#8217;in i\u015fletme faaliyetlerinden kaynaklanan net nakit ak\u0131\u015f\u0131, \u00f6nceki y\u0131l\u0131n ayn\u0131 d\u00f6nemindeki 3,94 milyar TL&#8217;lik pozitif ak\u0131\u015fa kar\u015f\u0131n, bu d\u00f6nemde 991 milyon TL negatife d\u00f6nm\u00fc\u015ft\u00fcr. Bu durumun temel nedeni, finansal yat\u0131r\u0131mlardaki 3,14 milyar TL&#8217;lik art\u0131\u015ft\u0131r. \u015eirket ayr\u0131ca d\u00f6nem i\u00e7inde 926,3 milyon TL tutar\u0131nda temett\u00fc da\u011f\u0131t\u0131m\u0131 ger\u00e7ekle\u015ftirmi\u015ftir. Finansal tablolar, y\u00fcksek enflasyon ortam\u0131n\u0131 yans\u0131tacak \u015fekilde TMS 29 standard\u0131na g\u00f6re d\u00fczeltilmi\u015ftir.<\/p>\n<h2>Detayl\u0131 Analiz<\/h2>\n<h3>1. S\u0131n\u0131rl\u0131 Denetim Raporu ve Raporlama Esaslar\u0131<\/h3>\n<ul>\n<li><b>Denet\u00e7i Firma:<\/b> PwC Ba\u011f\u0131ms\u0131z Denetim ve Serbest Muhasebeci Mali M\u00fc\u015favirlik A.\u015e.<\/li>\n<li><b>Rapor Tarihi ve Sorumlu Denet\u00e7i:<\/b> Rapor 12 Kas\u0131m 2025 tarihinde \u0130stanbul&#8217;da Didem Demer Kaya (SMMM) taraf\u0131ndan imzalanm\u0131\u015ft\u0131r.<\/li>\n<li><b>Denetim Kapsam\u0131:<\/b> Denetim, S\u0131n\u0131rl\u0131 Ba\u011f\u0131ms\u0131z Denetim Standard\u0131 (SBDS) 2410&#8217;a uygun olarak &#8220;s\u0131n\u0131rl\u0131 denetim&#8221; kapsam\u0131nda ger\u00e7ekle\u015ftirilmi\u015ftir. Bu, tam kapsaml\u0131 bir ba\u011f\u0131ms\u0131z denetime g\u00f6re daha dar bir inceleme olup, finansal tablolar hakk\u0131nda bir g\u00f6r\u00fc\u015f bildirme amac\u0131 ta\u015f\u0131maz.<\/li>\n<li><b>Denetim Sonucu:<\/b> Raporda, &#8220;ili\u015fikteki ara d\u00f6nem \u00f6zet finansal bilgilerin, t\u00fcm \u00f6nemli y\u00f6nleriyle, TMS 34\u2019e uygun olarak haz\u0131rlanmad\u0131\u011f\u0131 kanaatine varmam\u0131za sebep olacak herhangi bir husus dikkatimizi \u00e7ekmemi\u015ftir&#8221; ifadesi yer almaktad\u0131r.<\/li>\n<li><b>Raporlama Standartlar\u0131:<\/b> Finansal tablolar, Sermaye Piyasas\u0131 Kurulu (SPK) tebli\u011fleri, T\u00fcrkiye Finansal Raporlama Standartlar\u0131 (TFRS), TMS 34 &#8220;Ara D\u00f6nem Finansal Raporlama&#8221; ve TMS 29 &#8220;Y\u00fcksek Enflasyonlu Ekonomilerde Finansal Raporlama&#8221; standartlar\u0131na uygun olarak haz\u0131rlanm\u0131\u015ft\u0131r. T\u00fcm tutarlar, T\u00fcrk Liras\u0131&#8217;n\u0131n 30 Eyl\u00fcl 2025 tarihindeki sat\u0131n alma g\u00fcc\u00fcne g\u00f6re ifade edilmi\u015ftir.<\/li>\n<\/ul>\n<h3>2. Finansal Performans Analizi (1 Ocak &#8211; 30 Eyl\u00fcl D\u00f6nemi)<\/h3>\n<p>\u015eirket&#8217;in 2025 y\u0131l\u0131n\u0131n ilk dokuz ay\u0131ndaki performans\u0131, bir \u00f6nceki y\u0131l\u0131n ayn\u0131 d\u00f6nemiyle kar\u015f\u0131la\u015ft\u0131r\u0131ld\u0131\u011f\u0131nda k\u00e2rl\u0131l\u0131kta bir gerileme oldu\u011funu g\u00f6stermektedir. Artan faaliyet giderleri bu d\u00fc\u015f\u00fc\u015fte \u00f6nemli bir rol oynam\u0131\u015ft\u0131r.<\/p>\n<p><b>\u00d6zet Kar veya Zarar Tablosu Kar\u015f\u0131la\u015ft\u0131rmas\u0131<\/b><\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Kalem<\/td>\n<td>1 Ocak &#8211; 30 Eyl\u00fcl 2025 (TL)<\/td>\n<td>1 Ocak &#8211; 30 Eyl\u00fcl 2024 (TL)<\/td>\n<td>De\u011fi\u015fim<\/td>\n<\/tr>\n<tr>\n<td><b>Finans Sekt\u00f6r\u00fc Faaliyetlerinden Br\u00fct Kar<\/b><\/td>\n<td>3.304.285.478<\/td>\n<td>3.457.728.649<\/td>\n<td>Hafif D\u00fc\u015f\u00fc\u015f<\/td>\n<\/tr>\n<tr>\n<td>Genel Y\u00f6netim Giderleri<\/td>\n<td>(625.952.924)<\/td>\n<td>(527.412.773)<\/td>\n<td>Art\u0131\u015f<\/td>\n<\/tr>\n<tr>\n<td>Pazarlama Giderleri<\/td>\n<td>(1.058.675.860)<\/td>\n<td>(307.119.885)<\/td>\n<td>%245 Art\u0131\u015f<\/td>\n<\/tr>\n<tr>\n<td><b>Esas Faaliyet Kar\u0131<\/b><\/td>\n<td>1.776.834.996<\/td>\n<td>3.645.328.058<\/td>\n<td>%51 D\u00fc\u015f\u00fc\u015f<\/td>\n<\/tr>\n<tr>\n<td>\u00d6zkaynak Y\u00f6ntemiyle De\u011ferlenen Yat\u0131r\u0131mlar\u0131n Karlar\u0131ndan Paylar<\/td>\n<td>295.985.450<\/td>\n<td>164.292.010<\/td>\n<td>Art\u0131\u015f<\/td>\n<\/tr>\n<tr>\n<td>Net Parasal Pozisyon (Kay\u0131plar\u0131)<\/td>\n<td>(1.555.156.381)<\/td>\n<td>(1.864.862.570)<\/td>\n<td>Kay\u0131p Azald\u0131<\/td>\n<\/tr>\n<tr>\n<td><b>Vergi \u00d6ncesi Kar<\/b><\/td>\n<td>3.068.308.619<\/td>\n<td>3.756.050.954<\/td>\n<td>D\u00fc\u015f\u00fc\u015f<\/td>\n<\/tr>\n<tr>\n<td><b>Net D\u00f6nem Kar\u0131<\/b><\/td>\n<td><b>1.912.224.266<\/b><\/td>\n<td><b>2.538.384.331<\/b><\/td>\n<td><b>%25 D\u00fc\u015f\u00fc\u015f<\/b><\/td>\n<\/tr>\n<tr>\n<td>Toplam Kapsaml\u0131 Gelir<\/td>\n<td>1.905.062.067<\/td>\n<td>2.539.023.300<\/td>\n<td>%25 D\u00fc\u015f\u00fc\u015f<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<ul>\n<li><b>K\u00e2rl\u0131l\u0131k:<\/b> Net d\u00f6nem kar\u0131, %25&#8217;lik bir d\u00fc\u015f\u00fc\u015fle 1,91 milyar TL&#8217;ye gerilemi\u015ftir.<\/li>\n<li><b>Faaliyet Giderleri:<\/b> K\u00e2rl\u0131l\u0131ktaki d\u00fc\u015f\u00fc\u015f\u00fcn ana nedenlerinden biri, pazarlama giderlerindeki %245&#8217;lik ve genel y\u00f6netim giderlerindeki art\u0131\u015ft\u0131r.<\/li>\n<li><b>\u0130\u015ftirak Katk\u0131s\u0131:<\/b> \u00d6zkaynak y\u00f6ntemiyle de\u011ferlenen Ziraat Portf\u00f6y Y\u00f6netimi A.\u015e.&#8217;den gelen kar pay\u0131 296 milyon TL&#8217;ye y\u00fckselerek performansa olumlu katk\u0131 sa\u011flam\u0131\u015ft\u0131r.<\/li>\n<li><b>Enflasyon Etkisi:<\/b> Net parasal pozisyon zarar\u0131, y\u00fcksek enflasyonist ortam\u0131n finansallar \u00fczerindeki olumsuz etkisini g\u00f6stermektedir, ancak \u00f6nceki y\u0131la g\u00f6re bir miktar iyile\u015fmi\u015ftir.<\/li>\n<\/ul>\n<h3>3. Finansal Durum Analizi (30 Eyl\u00fcl 2025)<\/h3>\n<p>\u015eirket&#8217;in bilan\u00e7osu, varl\u0131k ve \u00f6zkaynaklarda b\u00fcy\u00fcme g\u00f6sterirken, varl\u0131k kompozisyonunda \u00f6nemli de\u011fi\u015fiklikler ya\u015fanm\u0131\u015ft\u0131r.<\/p>\n<p><b>\u00d6zet Finansal Durum Tablosu Kar\u015f\u0131la\u015ft\u0131rmas\u0131<\/b><\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Kalem<\/td>\n<td>30 Eyl\u00fcl 2025 (TL)<\/td>\n<td>31 Aral\u0131k 2024 (TL)<\/td>\n<td>De\u011fi\u015fim<\/td>\n<\/tr>\n<tr>\n<td><b>D\u00f6nen Varl\u0131klar<\/b><\/td>\n<td><b>10.199.547.098<\/b><\/td>\n<td><b>9.107.146.857<\/b><\/td>\n<td><b>Art\u0131\u015f<\/b><\/td>\n<\/tr>\n<tr>\n<td>Nakit ve Nakit Benzerleri<\/td>\n<td>5.996.778.567<\/td>\n<td>8.065.598.932<\/td>\n<td>%26 D\u00fc\u015f\u00fc\u015f<\/td>\n<\/tr>\n<tr>\n<td>Finansal Yat\u0131r\u0131mlar (D\u00f6nen)<\/td>\n<td>3.555.365.837<\/td>\n<td>643.959.105<\/td>\n<td>%452 Art\u0131\u015f<\/td>\n<\/tr>\n<tr>\n<td>Ticari Alacaklar<\/td>\n<td>618.892.076<\/td>\n<td>363.898.059<\/td>\n<td>Art\u0131\u015f<\/td>\n<\/tr>\n<tr>\n<td><b>Duran Varl\u0131klar<\/b><\/td>\n<td><b>1.098.307.229<\/b><\/td>\n<td><b>810.365.043<\/b><\/td>\n<td><b>Art\u0131\u015f<\/b><\/td>\n<\/tr>\n<tr>\n<td><b>TOPLAM VARLIKLAR<\/b><\/td>\n<td><b>11.297.854.327<\/b><\/td>\n<td><b>9.917.511.900<\/b><\/td>\n<td><b>%14 Art\u0131\u015f<\/b><\/td>\n<\/tr>\n<tr>\n<td>K\u0131sa Vadeli Y\u00fck\u00fcml\u00fcl\u00fckler<\/td>\n<td>2.788.754.033<\/td>\n<td>2.368.215.769<\/td>\n<td>Art\u0131\u015f<\/td>\n<\/tr>\n<tr>\n<td>Uzun Vadeli Y\u00fck\u00fcml\u00fcl\u00fckler<\/td>\n<td>66.833.746<\/td>\n<td>85.755.777<\/td>\n<td>D\u00fc\u015f\u00fc\u015f<\/td>\n<\/tr>\n<tr>\n<td><b>TOPLAM Y\u00dcK\u00dcML\u00dcL\u00dcKLER<\/b><\/td>\n<td><b>2.855.587.779<\/b><\/td>\n<td><b>2.453.971.546<\/b><\/td>\n<td><b>Art\u0131\u015f<\/b><\/td>\n<\/tr>\n<tr>\n<td><b>\u00d6zkaynaklar<\/b><\/td>\n<td><b>8.442.266.548<\/b><\/td>\n<td><b>7.463.540.354<\/b><\/td>\n<td><b>%13 Art\u0131\u015f<\/b><\/td>\n<\/tr>\n<tr>\n<td>\u00d6denmi\u015f Sermaye<\/td>\n<td>350.000.000<\/td>\n<td>60.000.000<\/td>\n<td>%483 Art\u0131\u015f<\/td>\n<\/tr>\n<tr>\n<td>Net D\u00f6nem Kar\u0131<\/td>\n<td>1.912.224.266<\/td>\n<td>3.093.884.926 (Y\u0131ll\u0131k)<\/td>\n<td>&#8211;<\/td>\n<\/tr>\n<tr>\n<td><b>TOPLAM KAYNAKLAR<\/b><\/td>\n<td><b>11.297.854.327<\/b><\/td>\n<td><b>9.917.511.900<\/b><\/td>\n<td><b>%14 Art\u0131\u015f<\/b><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<ul>\n<li><b>Varl\u0131k Kompozisyonu:<\/b> Nakit ve nakit benzerleri 2 milyar TL&#8217;den fazla azal\u0131rken, d\u00f6nen varl\u0131klar i\u00e7indeki finansal yat\u0131r\u0131mlar 2,9 milyar TL artm\u0131\u015ft\u0131r. Bu, \u015firketin likiditesini yat\u0131r\u0131ma y\u00f6nlendirdi\u011fini g\u00f6stermektedir.<\/li>\n<li><b>Sermaye Yap\u0131s\u0131:<\/b> En \u00f6nemli de\u011fi\u015fiklik, \u00f6denmi\u015f sermayenin 60 milyon TL&#8217;den 350 milyon TL&#8217;ye y\u00fckseltilmesidir. Bu, \u015firketin \u00f6zkaynaklar\u0131n\u0131 ve finansal g\u00fcc\u00fcn\u00fc \u00f6nemli \u00f6l\u00e7\u00fcde art\u0131rm\u0131\u015ft\u0131r.<\/li>\n<li><b>B\u00fcy\u00fcme:<\/b> Hem toplam varl\u0131klar hem de toplam \u00f6zkaynaklar, y\u0131l\u0131n ilk dokuz ay\u0131nda s\u0131ras\u0131yla %14 ve %13 oran\u0131nda b\u00fcy\u00fcm\u00fc\u015ft\u00fcr.<\/li>\n<\/ul>\n<h3>4. Nakit Ak\u0131\u015f Analizi<\/h3>\n<p>Nakit ak\u0131\u015f tablosu, \u015eirket&#8217;in d\u00f6nem i\u00e7indeki nakit pozisyonundaki zay\u0131flaman\u0131n arkas\u0131ndaki nedenleri ortaya koymaktad\u0131r.<\/p>\n<ul>\n<li><b>\u0130\u015fletme Faaliyetlerinden Nakit Ak\u0131\u015flar\u0131:<\/b> 2024&#8217;\u00fcn ayn\u0131 d\u00f6nemindeki 3,94 milyar TL&#8217;lik pozitif ak\u0131\u015f\u0131n aksine, 2025&#8217;in ilk dokuz ay\u0131nda i\u015fletme faaliyetlerinden <b>991 milyon TL&#8217;lik net nakit \u00e7\u0131k\u0131\u015f\u0131<\/b> ya\u015fanm\u0131\u015ft\u0131r. Bu negatif seyrin ana nedenleri:\n<ul>\n<li><b>Finansal yat\u0131r\u0131mlardaki art\u0131\u015f:<\/b> 3,14 milyar TL nakit \u00e7\u0131k\u0131\u015f\u0131na neden olmu\u015ftur.<\/li>\n<li><b>Ticari alacaklardaki art\u0131\u015f:<\/b> 255 milyon TL nakit \u00e7\u0131k\u0131\u015f\u0131na yol a\u00e7m\u0131\u015ft\u0131r.<\/li>\n<\/ul>\n<\/li>\n<li><b>Yat\u0131r\u0131m Faaliyetlerinden Nakit Ak\u0131\u015flar\u0131:<\/b> Bu kalemden 2,6 milyon TL&#8217;lik s\u0131n\u0131rl\u0131 bir nakit giri\u015fi sa\u011flanm\u0131\u015ft\u0131r.<\/li>\n<li><b>Finansman Faaliyetlerinden Nakit Ak\u0131\u015flar\u0131:<\/b> Bu kategoride 966 milyon TL&#8217;lik nakit \u00e7\u0131k\u0131\u015f\u0131 g\u00f6r\u00fclm\u00fc\u015ft\u00fcr. Bu \u00e7\u0131k\u0131\u015f\u0131n b\u00fcy\u00fck b\u00f6l\u00fcm\u00fcn\u00fc <b>926,3 milyon TL&#8217;lik temett\u00fc \u00f6demesi<\/b> olu\u015fturmaktad\u0131r.<\/li>\n<li><b>Sonu\u00e7:<\/b> D\u00f6nem ba\u015f\u0131ndaki 8,07 milyar TL&#8217;lik nakit ve nakit benzerleri, d\u00f6nem sonunda 5,94 milyar TL&#8217;ye gerilemi\u015ftir.<\/li>\n<\/ul>\n<h3>5. \u015eirket Yap\u0131s\u0131 ve Faaliyetleri<\/h3>\n<ul>\n<li><b>Kurulu\u015f ve Faaliyet Alan\u0131:<\/b> 18 \u015eubat 1997&#8217;de T.C. Ziraat Bankas\u0131 A.\u015e.&#8217;nin i\u015ftiraki olarak kurulan \u015eirket, &#8220;Geni\u015f yetkili arac\u0131 kurum&#8221; stat\u00fcs\u00fcnde faaliyet g\u00f6stermektedir. Ba\u015fl\u0131ca hizmetleri aras\u0131nda i\u015flem arac\u0131l\u0131\u011f\u0131, portf\u00f6y arac\u0131l\u0131\u011f\u0131, bireysel portf\u00f6y y\u00f6neticili\u011fi, yat\u0131r\u0131m dan\u0131\u015fmanl\u0131\u011f\u0131, halka arza arac\u0131l\u0131k ve s\u0131n\u0131rl\u0131 saklama hizmeti bulunmaktad\u0131r.<\/li>\n<li><b>Ortakl\u0131k Yap\u0131s\u0131:<\/b> \u015eirket&#8217;in sermayesinin tamam\u0131na yak\u0131n\u0131 T.C. Ziraat Bankas\u0131 A.\u015e.&#8217;ye aittir.<\/li>\n<li><b>\u0130\u015ftirakler:<\/b> \u015eirket, Ziraat Portf\u00f6y Y\u00f6netimi A.\u015e.&#8217;nin %24,9&#8217;luk pay\u0131na sahiptir ve bu yat\u0131r\u0131m\u0131 finansal tablolar\u0131nda \u00f6zkaynak y\u00f6ntemiyle de\u011ferlemektedir.<\/li>\n<li><b>Personel Say\u0131s\u0131:<\/b> 30 Eyl\u00fcl 2025 itibar\u0131yla \u015eirket&#8217;in 93 \u00e7al\u0131\u015fan\u0131 bulunmaktad\u0131r (31 Aral\u0131k 2024: 92 ki\u015fi).<\/li>\n<\/ul>\n<button class=\"simplefavorite-button\" data-postid=\"674\" data-siteid=\"1\" data-groupid=\"1\" data-favoritecount=\"0\" style=\"\">Favorile <i class=<\/button>","protected":false},"excerpt":{"rendered":"<p>Bu belgeler, **Ziraat Yat\u0131r\u0131m Menkul De\u011ferler A.\u015e.** \u015firketinin **30 Eyl\u00fcl 2025** tarihindeki mali durumunu yans\u0131tan \u00f6zet **finansal raporlar** ve ba\u011f\u0131ms\u0131z denetim sonu\u00e7lar\u0131ndan olu\u015fmaktad\u0131r. **PwC** taraf\u0131ndan ger\u00e7ekle\u015ftirilen s\u0131n\u0131rl\u0131 denetim raporu, \u015firketin muhasebe kay\u0131tlar\u0131n\u0131n yasal standartlara ve **TMS 34** ilkelerine uyumlulu\u011funu teyit etmektedir. \u0130\u00e7erikte; \u015firketin **varl\u0131klar\u0131**, bor\u00e7 y\u00fck\u00fcml\u00fcl\u00fckleri, **\u00f6zkaynak de\u011fi\u015fimleri** ve nakit ak\u0131\u015flar\u0131n\u0131 detayland\u0131ran kapsaml\u0131 tablolar yer almaktad\u0131r. Ayr\u0131ca dipnotlar arac\u0131l\u0131\u011f\u0131yla \u015firketin **ortakl\u0131k yap\u0131s\u0131**, geni\u015f yetkili arac\u0131 kurum faaliyetleri ve **Ziraat Portf\u00f6y** ile olan i\u015ftirak ili\u015fkileri a\u00e7\u0131klanmaktad\u0131r. Raporun haz\u0131rlanmas\u0131nda **y\u00fcksek enflasyon** etkilerini d\u00fczeltmeye y\u00f6nelik muhasebe y\u00f6ntemleri ve g\u00fcncel **TFRS** standartlar\u0131 esas al\u0131nm\u0131\u015ft\u0131r. \u00d6zetle bu kaynaklar, kurumun 2025 y\u0131l\u0131n\u0131n ilk dokuz ayl\u0131k d\u00f6nemindeki **operasyonel performans\u0131n\u0131** ve finansal sa\u011fl\u0131\u011f\u0131n\u0131 \u015feffaf bir \u015fekilde belgelemektedir.<\/p>\n","protected":false},"author":1,"featured_media":791,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[159],"class_list":["post-674","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bilancoanalizi","tag-zry"],"_links":{"self":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/674","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\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/comments?post=674"}],"version-history":[{"count":2,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/674\/revisions"}],"predecessor-version":[{"id":792,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/674\/revisions\/792"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/media\/791"}],"wp:attachment":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/media?parent=674"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/categories?post=674"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/tags?post=674"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}