{"id":860,"date":"2026-01-29T16:32:34","date_gmt":"2026-01-29T13:32:34","guid":{"rendered":"https:\/\/tabildot.com.tr\/marketrisk\/?p=860"},"modified":"2026-02-07T14:20:11","modified_gmt":"2026-02-07T11:20:11","slug":"%f0%9f%94%b4%f0%9f%87%b9%f0%9f%87%b7-isfin-is-finansal-kiralama-2025-12-bilanco-analizi","status":"publish","type":"post","link":"https:\/\/tabildot.com.tr\/marketrisk\/860","title":{"rendered":"\ud83d\udd34\ud83c\uddf9\ud83c\uddf7 #ISFIN | \u0130\u015f Finansal Kiralama  2025\/12 Bilan\u00e7o Analizi."},"content":{"rendered":"<p><iframe loading=\"lazy\" title=\"\ud83d\udd34\ud83c\uddf9\ud83c\uddf7 #ISFIN | \u0130\u015f Finansal Kiralama  2025\/12 Bilan\u00e7o Analizi\" width=\"858\" height=\"483\" src=\"https:\/\/www.youtube.com\/embed\/J25ts7Lc2Zw?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>100 Milyar TL\u2019lik S\u0131n\u0131r\u0131 A\u015farken: \u0130\u015f Leasing\u2019in 2025 Bilan\u00e7osundan \u015ea\u015f\u0131rt\u0131c\u0131 5 \u00c7\u0131kar\u0131m<\/h1>\n<h3>1. Giri\u015f: Rakamlar\u0131n \u00d6tesindeki Hikayeyi Okumak<\/h3>\n<p>Finansal raporlar, \u00e7o\u011fu yat\u0131r\u0131mc\u0131 i\u00e7in sat\u0131r aralar\u0131na gizlenmi\u015f teknik terimler ve &#8220;s\u0131k\u0131c\u0131&#8221; rakam y\u0131\u011f\u0131nlar\u0131ndan ibarettir. Ancak bir finansal analist i\u00e7in bu tablolar, bir \u015firketin ge\u00e7mi\u015finin otopsisi, gelece\u011finin ise tomografisidir. \u0130\u015f Finansal Kiralama (\u0130\u015f Leasing) ve ba\u011fl\u0131 ortakl\u0131\u011f\u0131 \u0130\u015f Faktoring\u2019in 2025 y\u0131l\u0131 konsolide raporu, tam da bu t\u00fcrden derinlemesine bir incelemeyi hak ediyor. 101,2 milyar TL\u2019lik aktif b\u00fcy\u00fckl\u00fc\u011fe ula\u015farak devler ligindeki yerini sa\u011flamla\u015ft\u0131ran bu yap\u0131n\u0131n bilan\u00e7osu, T\u00fcrkiye ekonomisinin finansman i\u015ftah\u0131 ve \u0130\u015f Bankas\u0131 Grubu\u2019nun stratejik koruma kalkan\u0131 hakk\u0131nda paha bi\u00e7ilemez i\u00e7g\u00f6r\u00fcler sunuyor. Gelin, bu 100 milyar TL\u2019lik devin rakamlar\u0131n\u0131n arkas\u0131ndaki ger\u00e7ek hikayeyi birlikte de\u015fifre edelim.<\/p>\n<h3>2. K\u00e2r Patlamas\u0131: Y\u00fczde 88\u2019lik Art\u0131\u015f\u0131n Arkas\u0131ndaki G\u00fc\u00e7 ve &#8220;Nominal&#8221; K\u00f6p\u00fck<\/h3>\n<p>\u0130\u015f Leasing Grubu, 2025 y\u0131l\u0131nda net d\u00f6nem k\u00e2r\u0131n\u0131 bir \u00f6nceki y\u0131l\u0131n 1,92 milyar TL seviyesinden %88\u2019lik \u00e7arp\u0131c\u0131 bir art\u0131\u015fla 3,63 milyar TL\u2019ye ta\u015f\u0131d\u0131. Hisse ba\u015f\u0131na kazanc\u0131n (EPS) 0,0277\u2019den 0,0522\u2019ye \u00e7\u0131k\u0131\u015f\u0131, ilk bak\u0131\u015fta muazzam bir operasyonel verimlilik zaferi gibi g\u00f6r\u00fcn\u00fcyor. Ancak profesyonel bir analist, bu rakam\u0131n arkas\u0131ndaki &#8220;enflasyonist k\u00f6p\u00fc\u011f\u00fc&#8221; g\u00f6rmezden gelemez.<\/p>\n<p><b>Analist Notu:<\/b> Grubun k\u00e2r tablosuna bakt\u0131\u011f\u0131m\u0131zda, TMS 29 (Enflasyon Muhasebesi) uygulanmad\u0131\u011f\u0131 i\u00e7in &#8220;Net Parasal Pozisyon K\u00e2r\u0131\/Zarar\u0131&#8221; kalemi &#8220;0&#8221; olarak kaydedilmi\u015ftir. Bu durum, %88\u2019lik k\u00e2r art\u0131\u015f\u0131n\u0131n \u00f6nemli bir k\u0131sm\u0131n\u0131n reel bir b\u00fcy\u00fcmeden ziyade, y\u00fcksek enflasyon ortam\u0131n\u0131n yaratt\u0131\u011f\u0131 nominal bir art\u0131\u015f oldu\u011funu g\u00f6steriyor. Yat\u0131r\u0131mc\u0131lar\u0131n bu k\u00e2r\u0131, paran\u0131n sat\u0131n alma g\u00fcc\u00fcndeki erimeyi hesaba katarak okumas\u0131 elzemdir.<\/p>\n<h3>3. Enflasyon Muhasebesi Paradoksu: S\u00fcrekli Ertelenen Ger\u00e7eklik<\/h3>\n<p>T\u00fcrkiye&#8217;nin ekonomik ger\u00e7e\u011fi enflasyon iken, finansal tablolar\u0131n neden h\u00e2l\u00e2 tarihsel maliyetler \u00fczerinden sunuldu\u011fu sorusu, 2025 raporunun en kritik hukuki-finansal paradoksudur. Bu durum, sadece bir tercih de\u011fil, bir dizi yasal karar\u0131n sonucudur.<\/p>\n<p><b>Yasal Gerek\u00e7e ve Karar Silsilesi<\/b> BDDK, 12 Aral\u0131k 2023 ile ba\u015flayan ve 11 Ocak 2024, 5 Aral\u0131k 2024 tarihlerinde devam eden bir dizi karar sonras\u0131, son olarak 18 Aral\u0131k 2025\u2019te ald\u0131\u011f\u0131 kararla bankalar ve finansal kiralama \u015firketlerinin 2025 y\u0131l\u0131nda enflasyon muhasebesi uygulamayaca\u011f\u0131n\u0131 kesinle\u015ftirmi\u015ftir. Ayr\u0131ca VUK Ge\u00e7ici 37. Madde ile bu muafiyet 2027 y\u0131l\u0131na kadar uzat\u0131lm\u0131\u015ft\u0131r.<\/p>\n<p>Bu yasal \u00e7er\u00e7eve, \u0130\u015f Leasing\u2019in \u00f6zkaynak yap\u0131s\u0131n\u0131n ve k\u00e2rl\u0131l\u0131\u011f\u0131n\u0131n ger\u00e7e\u011fe uygun sunumu \u00fczerinde maskeleyici bir etki yaratmaktad\u0131r.<\/p>\n<h3>4. Kiralama M\u0131, Faktoring Mi? \u015ei\u015fecam \u00c7\u0131k\u0131\u015f\u0131n\u0131n Gizledi\u011fi Dinamik<\/h3>\n<p>Grubun varl\u0131k toplam\u0131 69,7 milyar TL&#8217;den 101,2 milyar TL&#8217;ye t\u0131rman\u0131rken, b\u00fcy\u00fcmenin ana motoru net 50,4 milyar TL\u2019ye ula\u015fan kiralama alacaklar\u0131 olmu\u015ftur. Nakit ak\u0131\u015f tablosuna g\u00f6re kiralama hacmindeki 15,2 milyar TL\u2019lik net art\u0131\u015f, reel sekt\u00f6r\u00fcn makine ve ekipman yat\u0131r\u0131mlar\u0131na devam etti\u011fini g\u00f6steriyor. Ancak madalyonun di\u011fer y\u00fcz\u00fcnde, faktoring alacaklar\u0131n\u0131n (36,4 milyar TL) nispeten dura\u011fan kalmas\u0131 dikkat \u00e7ekicidir.<\/p>\n<p><b>Analist Notu:<\/b> Faktoring taraf\u0131ndaki bu &#8220;dura\u011fanl\u0131k&#8221; asl\u0131nda stratejik bir portf\u00f6y temizli\u011finden kaynaklan\u0131yor. Raporun &#8220;\u0130li\u015fkili Taraf A\u00e7\u0131klamalar\u0131&#8221; (Not 10) b\u00f6l\u00fcm\u00fcn\u00fc inceledi\u011fimizde, 2024 y\u0131l\u0131nda <b>T\u00fcrkiye \u015ei\u015fe ve Cam Fabrikalar\u0131 A.\u015e. (\u015ei\u015fecam)<\/b> kaynakl\u0131 6,09 milyar TL\u2019lik devasa faktoring alaca\u011f\u0131n\u0131n 2025 itibar\u0131yla <b>s\u0131f\u0131rland\u0131\u011f\u0131n\u0131<\/b> g\u00f6r\u00fcyoruz. Yani faktoring hacmi pazar pay\u0131 kaybetti\u011fi i\u00e7in de\u011fil, grup i\u00e7i devasa bir i\u015flemin sistemden \u00e7\u0131kmas\u0131 nedeniyle yerinde say\u0131yor gibi g\u00f6r\u00fcnmektedir. Bu, grubun risk konsantrasyonunu azaltan sa\u011fl\u0131kl\u0131 bir k\u00fc\u00e7\u00fclmedir.<\/p>\n<h3>5. &#8220;G\u00f6r\u00fcnmez&#8221; Riskler: 1,8 Milyar TL&#8217;lik Algoritmik Kar\u015f\u0131l\u0131k<\/h3>\n<p>Bir finans kurumunun en b\u00fcy\u00fck s\u0131nav\u0131, alacaklar\u0131n\u0131 ne kadar iyi y\u00f6netti\u011fidir. Ba\u011f\u0131ms\u0131z denet\u00e7i PwC, 88,7 milyar TL\u2019lik br\u00fct alacak portf\u00f6y\u00fcn\u00fc y\u00f6neten \u0130\u015f Leasing i\u00e7in &#8220;Beklenen Kredi Zarar Kar\u015f\u0131l\u0131\u011f\u0131&#8221; konusunu &#8220;Kilit Denetim Konusu&#8221; olarak se\u00e7mi\u015ftir. Grup, bu devasa risk havuzu i\u00e7in tam olarak <b>1.838.411.000 TL<\/b> kar\u015f\u0131l\u0131k ay\u0131rm\u0131\u015f durumdad\u0131r.<\/p>\n<p><b>Analist Notu:<\/b> TFRS 9 standartlar\u0131 alt\u0131nda bu kar\u015f\u0131l\u0131\u011f\u0131 hesaplamak, makroekonomik algoritmalarla dolu bir kristal k\u00fcreye bak\u0131p 88 milyar TL\u2019nin gelece\u011fini tahmin etmeye benzer. Bu bir matematik m\u00fchendisli\u011fidir. Denet\u00e7i raporu da bu karma\u015f\u0131kl\u0131\u011f\u0131n alt\u0131n\u0131 \u015fu \u015fekilde \u00e7izmektedir:<\/p>\n<p>&#8220;TFRS 9, uygulamada \u00f6nemli derecede yarg\u0131 ve yorum gerektiren karma\u015f\u0131k bir muhasebe standard\u0131d\u0131r. Bu yarg\u0131 ve yorumlar&#8230; beklenen kredi zararlar\u0131n\u0131 \u00f6l\u00e7mek i\u00e7in uygulanan finansal modellerin geli\u015ftirilmesinde kilit \u00f6neme sahiptir.&#8221;<\/p>\n<h3>6. \u0130li\u015fkili Taraflar: \u0130\u015f Bankas\u0131\u2019n\u0131n &#8220;Likidite Kalkan\u0131&#8221;<\/h3>\n<p>\u0130\u015f Leasing\u2019in 100 milyar TL\u2019lik varl\u0131k y\u00f6netimini finanse eden en b\u00fcy\u00fck g\u00fc\u00e7, ana hissedar\u0131 T\u00fcrkiye \u0130\u015f Bankas\u0131\u2019ndan gelen stratejik destektir. \u0130\u015f Bankas\u0131\u2019ndan al\u0131nan kredi tutar\u0131, 2024 y\u0131l\u0131ndaki 15,6 milyar TL seviyesinden, 2025 sonunda <b>25,8 milyar TL<\/b> seviyesine y\u00fckselmi\u015ftir.<\/p>\n<p><b>Analist Notu:<\/b> Parent company (ana ortak) fonlamas\u0131ndaki 10 milyar TL\u2019lik bu y\u0131ll\u0131k art\u0131\u015f, \u0130\u015f Leasing i\u00e7in bir &#8220;koruyucu kalkan&#8221; i\u015flevi g\u00f6rmektedir. Piyasadaki likidite volatilitesi ve y\u00fcksek bor\u00e7lanma maliyetlerine kar\u015f\u0131 Grup, \u0130\u015f Bankas\u0131\u2019n\u0131n devasa bilan\u00e7osunu kullanarak i\u015ftirakini piyasa \u015foklar\u0131ndan izole etmektedir. Bu, Grubun \u0130\u015f Leasing\u2019e olan sars\u0131lmaz g\u00fcveninin ve stratejik deste\u011finin en somut kan\u0131t\u0131d\u0131r.<\/p>\n<h3>7. Sonu\u00e7: \u0130nsan Sermayesi ve 2026\u2019n\u0131n B\u00fcy\u00fck Bilmecesi<\/h3>\n<p>100 milyar TL\u2019lik bu devasa varl\u0131k ve risk havuzunu y\u00f6netmek i\u00e7in gerekli olan &#8220;insan sermayesi&#8221; de e\u015f zamanl\u0131 olarak b\u00fcy\u00fcyor. \u00c7al\u0131\u015fan say\u0131s\u0131n\u0131n 260\u2019tan 276\u2019ya \u00e7\u0131kmas\u0131, operasyonel geni\u015flemenin ve kurumsalla\u015fma i\u015ftah\u0131n\u0131n bir yans\u0131mas\u0131d\u0131r. \u0130\u015f Leasing, 2025 y\u0131l\u0131nda finansal kiralama taraf\u0131nda reel sekt\u00f6r\u00fc destekleyen bir lokomotif olmay\u0131 ba\u015fard\u0131.<\/p>\n<p>Ancak 2026\u2019ya girerken \u015fu kritik soruyu sormak zorunday\u0131z: <b>&#8220;100 milyar TL&#8217;lik varl\u0131k b\u00fcy\u00fckl\u00fc\u011f\u00fcne ula\u015fan \u0130\u015f Leasing, enflasyon muhasebesinin devre d\u0131\u015f\u0131 kald\u0131\u011f\u0131 ve nominal k\u00e2rlar\u0131n parlad\u0131\u011f\u0131 bu ortamda, 2026&#8217;da ana orta\u011f\u0131n sa\u011flad\u0131\u011f\u0131 likidite kalkan\u0131yla agresif b\u00fcy\u00fcme ivmesini koruyabilecek mi?&#8221;<\/b><\/p>\n<p>&nbsp;<\/p>\n<h1><span style=\"color: #0000ff;\">\u0130\u015e F\u0130NANSAL K\u0130RALAMA A.\u015e. 2025 YILI KONSOL\u0130DE F\u0130NANSAL ANAL\u0130Z VE STRATEJ\u0130K BR\u0130F\u0130NG RAPORU<\/span><\/h1>\n<h2>Y\u00f6netici \u00d6zeti<\/h2>\n<p>Bu belge, \u0130\u015f Finansal Kiralama A.\u015e. ve ba\u011fl\u0131 ortakl\u0131\u011f\u0131 \u0130\u015f Faktoring A.\u015e.\u2019nin (birlikte &#8220;Grup&#8221;) 31 Aral\u0131k 2025 tarihi itibar\u0131yla sona eren hesap d\u00f6nemine ait konsolide finansal durumunu ve performans\u0131n\u0131 analiz etmektedir. Grup, 2025 y\u0131l\u0131nda varl\u0131k b\u00fcy\u00fckl\u00fc\u011f\u00fcn\u00fc ve k\u00e2rl\u0131l\u0131\u011f\u0131n\u0131 \u00f6nemli \u00f6l\u00e7\u00fcde art\u0131rarak stratejik bir b\u00fcy\u00fcme sergilemi\u015ftir. PwC taraf\u0131ndan y\u00fcr\u00fct\u00fclen ba\u011f\u0131ms\u0131z denetim sonucunda, finansal tablolar\u0131n ger\u00e7e\u011fe uygunlu\u011fu hakk\u0131nda olumlu g\u00f6r\u00fc\u015f bildirilmi\u015ftir.<\/p>\n<p><b>Kritik \u00c7\u0131kar\u0131mlar:<\/b><\/p>\n<ul>\n<li><b>K\u00e2rl\u0131l\u0131kta G\u00fc\u00e7l\u00fc Art\u0131\u015f:<\/b> Grup\u2019un 2025 y\u0131l\u0131 net d\u00f6nem k\u00e2r\u0131, \u00f6nceki y\u0131l\u0131n 1,93 milyar TL tutar\u0131ndaki seviyesinden 3,63 milyar TL\u2019ye y\u00fckselmi\u015ftir.<\/li>\n<li><b>Varl\u0131k B\u00fcy\u00fcmesi:<\/b> Toplam varl\u0131klar 2024 sonundaki 69,7 milyar TL seviyesinden, %45\u2019in \u00fczerinde bir art\u0131\u015fla 101,2 milyar TL\u2019ye ula\u015fm\u0131\u015ft\u0131r.<\/li>\n<li><b>Sekt\u00f6rel Liderlik ve Risk Y\u00f6netimi:<\/b> Finansal kiralama ve faktoring alacaklar\u0131 br\u00fct 88,7 milyar TL&#8217;ye ula\u015fm\u0131\u015f; bu alacaklar i\u00e7in TFRS 9 kapsam\u0131nda toplam 1,84 milyar TL de\u011fer d\u00fc\u015f\u00fckl\u00fc\u011f\u00fc kar\u015f\u0131l\u0131\u011f\u0131 ayr\u0131lm\u0131\u015ft\u0131r.<\/li>\n<li><b>Enflasyon Muhasebesi:<\/b> BDDK ve KGK kararlar\u0131 do\u011frultusunda, 2025 y\u0131l\u0131 finansal tablolar\u0131nda TMS 29 (Y\u00fcksek Enflasyonlu Ekonomilerde Finansal Raporlama) h\u00fck\u00fcmleri uygulanmam\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>1. Ba\u011f\u0131ms\u0131z Denetim ve G\u00f6r\u00fc\u015f Niteli\u011fi<\/h2>\n<p>PwC (PricewaterhouseCoopers) taraf\u0131ndan y\u00fcr\u00fct\u00fclen denetim s\u00fcreci, Grup\u2019un finansal pozisyonunun BDDK muhasebe ve finansal raporlama mevzuat\u0131na uygun oldu\u011funu teyit etmi\u015ftir.<\/p>\n<h3>1.1. Kilit Denetim Konusu: Beklenen Kredi Zarar Kar\u015f\u0131l\u0131klar\u0131<\/h3>\n<p>Denet\u00e7iler, <b>finansal kiralama ve faktoring alacaklar\u0131na ili\u015fkin beklenen kredi zarar kar\u015f\u0131l\u0131klar\u0131n\u0131<\/b> en kritik denetim konusu olarak belirlemi\u015ftir. Bunun temel nedenleri \u015funlard\u0131r:<\/p>\n<ul>\n<li>Alacak bakiyelerinin toplam aktifler i\u00e7indeki y\u00fcksek pay\u0131.<\/li>\n<li>TFRS 9 modellemesinde kullan\u0131lan tahminlerin (temerr\u00fct olas\u0131l\u0131klar\u0131, makroekonomik senaryolar) karma\u015f\u0131kl\u0131\u011f\u0131.<\/li>\n<li>Y\u00f6netimin bu s\u00fcre\u00e7teki yarg\u0131 ve yorumlar\u0131n\u0131n finansal tablolar \u00fczerindeki belirgin etkisi.<\/li>\n<\/ul>\n<h3>1.2. Mevzuata Uyum<\/h3>\n<p>6102 say\u0131l\u0131 T\u00fcrk Ticaret Kanunu (TTK) kapsam\u0131nda yap\u0131lan incelemelerde, defter tutma d\u00fczeninin kanun ve esas s\u00f6zle\u015fme h\u00fck\u00fcmlerine uygun oldu\u011fu, Y\u00f6netim Kurulu&#8217;nun gerekli t\u00fcm a\u00e7\u0131klamalar\u0131 yapt\u0131\u011f\u0131 saptanm\u0131\u015ft\u0131r.<\/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<h2>2. Finansal Performans Analizi<\/h2>\n<p>Grup, 2025 y\u0131l\u0131nda hem kiralama hem de faktoring segmentlerinde gelirlerini art\u0131rm\u0131\u015ft\u0131r.<\/p>\n<h3>2.1. Gelir Yap\u0131s\u0131 ve K\u00e2rl\u0131l\u0131k G\u00f6stergeleri<\/h3>\n<p>A\u015fa\u011f\u0131daki tablo, ana gelir ve gider kalemlerindeki de\u011fi\u015fimi \u00f6zetlemektedir:<\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Gelir\/Gider Kalemi (Bin TL)<\/td>\n<td>2025 (Cari D\u00f6nem)<\/td>\n<td>2024 (\u00d6nceki D\u00f6nem)<\/td>\n<\/tr>\n<tr>\n<td><b>Esas Faaliyet Gelirleri<\/b><\/td>\n<td><b>16.850.504<\/b><\/td>\n<td><b>11.702.678<\/b><\/td>\n<\/tr>\n<tr>\n<td>&#8211; Faktoring Gelirleri<\/td>\n<td>11.199.128<\/td>\n<td>7.321.243<\/td>\n<\/tr>\n<tr>\n<td>&#8211; Kiralama Gelirleri<\/td>\n<td>5.651.376<\/td>\n<td>4.381.435<\/td>\n<\/tr>\n<tr>\n<td><b>Finansman Giderleri (-)<\/b><\/td>\n<td>(13.952.934)<\/td>\n<td>(8.883.947)<\/td>\n<\/tr>\n<tr>\n<td><b>Net Faaliyet K\u00e2r\u0131<\/b><\/td>\n<td>5.641.456<\/td>\n<td>3.092.167<\/td>\n<\/tr>\n<tr>\n<td><b>D\u00f6nem Net K\u00e2r\u0131 (Ana Ortakl\u0131k)<\/b><\/td>\n<td><b>3.630.137<\/b><\/td>\n<td><b>1.925.193<\/b><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<ul>\n<li><b>Hisse Ba\u015f\u0131na Kazan\u00e7:<\/b> 2024 y\u0131l\u0131nda 0,0277 TL olan hisse ba\u015f\u0131na kazan\u00e7, 2025 y\u0131l\u0131nda <b>0,0522 TL<\/b>\u2019ye y\u00fckselmi\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>3. Finansal Durum ve Varl\u0131k Yap\u0131s\u0131<\/h2>\n<p>Grup\u2019un bilan\u00e7osu, y\u00fcksek likidite ve geni\u015fleyen bir kredi portf\u00f6y\u00fc ile karakterize edilmektedir.<\/p>\n<h3>3.1. Aktif Da\u011f\u0131l\u0131m\u0131<\/h3>\n<ul>\n<li><b>Nakit ve Nakit Benzerleri:<\/b> 2,84 milyar TL (2024: 1,17 milyar TL).<\/li>\n<li><b>Faktoring Alacaklar\u0131 (Net):<\/b> 36,43 milyar TL.<\/li>\n<li><b>Finansal Kiralama Alacaklar\u0131 (Net):<\/b> 50,32 milyar TL.<\/li>\n<li><b>\u0130\u015ftirak Yat\u0131r\u0131mlar\u0131:<\/b> \u0130\u015f Yat\u0131r\u0131m Menkul De\u011ferler A.\u015e.&#8217;deki %4,86 pay\u0131n kay\u0131tl\u0131 de\u011feri 2,93 milyar TL&#8217;dir.<\/li>\n<\/ul>\n<h3>3.2. Pasif ve \u00d6zkaynak Yap\u0131s\u0131<\/h3>\n<ul>\n<li><b>Al\u0131nan Krediler:<\/b> Toplam 65,06 milyar TL bor\u00e7 bakiyesi bulunmaktad\u0131r. Bunun yakla\u015f\u0131k 46,88 milyar TL\u2019si yabanc\u0131 para (YP) cinsindendir.<\/li>\n<li><b>\u0130hra\u00e7 Edilen Menkul K\u0131ymetler:<\/b> 18,35 milyar TL (2024&#8217;e g\u00f6re yakla\u015f\u0131k 4 kat art\u0131\u015f).<\/li>\n<li><b>Toplam \u00d6zkaynaklar:<\/b> 13,45 milyar TL seviyesine ula\u015fm\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>4. Risk Y\u00f6netimi ve Alacak Kalitesi<\/h2>\n<p>Grup, TFRS 9 uyar\u0131nca alacaklar\u0131n\u0131 \u00fc\u00e7 a\u015famal\u0131 bir risk modeline g\u00f6re s\u0131n\u0131fland\u0131rmaktad\u0131r.<\/p>\n<h3>4.1. Beklenen Zarar Kar\u015f\u0131l\u0131klar\u0131 (ECL) Bakiyesi<\/h3>\n<p>31 Aral\u0131k 2025 itibar\u0131yla ayr\u0131lan toplam kar\u015f\u0131l\u0131klar\u0131n da\u011f\u0131l\u0131m\u0131:<\/p>\n<ul>\n<li><b>A\u015fama 1 (\u00d6nemli risk art\u0131\u015f\u0131 olmayanlar):<\/b> 349 milyon TL.<\/li>\n<li><b>A\u015fama 2 (Kredi riski \u00f6nemli \u00f6l\u00e7\u00fcde artanlar):<\/b> 301 milyon TL.<\/li>\n<li><b>A\u015fama 3 (Temerr\u00fcde d\u00fc\u015fen\/Takipteki alacaklar):<\/b> 1,19 milyar TL.<\/li>\n<li><b>Toplam Kar\u015f\u0131l\u0131k:<\/b> <b>1,84 milyar TL.<\/b><\/li>\n<\/ul>\n<h3>4.2. Teminat Yap\u0131s\u0131<\/h3>\n<p>Finansal kiralama ve faktoring alacaklar\u0131 i\u00e7in al\u0131nan toplam teminatlar 840,9 milyar TL gibi y\u00fcksek bir naz\u0131m hesap b\u00fcy\u00fckl\u00fc\u011f\u00fcne ula\u015fm\u0131\u015ft\u0131r. Bu teminatlar aras\u0131nda ipotekler, kefaletler, ara\u00e7 rehinleri ve m\u00fc\u015fteri senetleri yer almaktad\u0131r.<\/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<h2>5. Kurumsal Yap\u0131 ve Stratejik \u0130li\u015fkiler<\/h2>\n<h3>5.1. Ortakl\u0131k Yap\u0131s\u0131<\/h3>\n<p>\u0130\u015f Finansal Kiralama A.\u015e., T\u00fcrkiye \u0130\u015f Bankas\u0131 Grubu&#8217;nun bir par\u00e7as\u0131d\u0131r:<\/p>\n<ul>\n<li><b>T\u00fcrkiye \u0130\u015f Bankas\u0131 A.\u015e.:<\/b> %30,52<\/li>\n<li><b>T\u00fcrkiye S\u0131nai Kalk\u0131nma Bankas\u0131 A.\u015e. (TSKB):<\/b> %29,46<\/li>\n<li><b>Halka A\u00e7\u0131k K\u0131s\u0131m:<\/b> %39,09<\/li>\n<\/ul>\n<h3>5.2. Ba\u011fl\u0131 Ortakl\u0131k: \u0130\u015f Faktoring A.\u015e.<\/h3>\n<p>\u015eirket, \u0130\u015f Faktoring&#8217;in <b>%78,23<\/b> hissesine sahiptir. \u0130\u015f Faktoring&#8217;in finansal sonu\u00e7lar\u0131 tam konsolidasyon y\u00f6ntemiyle raporlara dahil edilmektedir.<\/p>\n<h3>5.3. \u0130li\u015fkili Taraf \u0130\u015flemleri<\/h3>\n<p>Grup, faaliyetlerini s\u00fcrd\u00fcr\u00fcrken ba\u015fta T\u00fcrkiye \u0130\u015f Bankas\u0131 A.\u015e. olmak \u00fczere grup \u015firketleriyle finansman, mevduat ve t\u00fcrev i\u015flemler ger\u00e7ekle\u015ftirmektedir. 2025 sonu itibar\u0131yla T\u00fcrkiye \u0130\u015f Bankas\u0131 nezdinde yakla\u015f\u0131k 2,15 milyar TL tutar\u0131nda mevduat bulunmaktad\u0131r.<\/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<h2>6. \u00d6nemli Muhasebe Notlar\u0131 ve Gelecek Projeksiyonlar\u0131<\/h2>\n<ul>\n<li><b>TMS 29 Uygulanmamas\u0131:<\/b> BDDK&#8217;n\u0131n 5 Aral\u0131k 2024 ve 18 Aral\u0131k 2025 tarihli kararlar\u0131 uyar\u0131nca, finansal kurulu\u015flar 2025 y\u0131l\u0131nda enflasyon muhasebesi uygulamam\u0131\u015ft\u0131r.<\/li>\n<li><b>Yeni Standartlar:<\/b> TFRS 18 (Finansal Tablolarda Sunum ve A\u00e7\u0131klama) standard\u0131n\u0131n 1 Ocak 2027&#8217;den itibaren zorunlu olaca\u011f\u0131 ve Grup&#8217;un bu ge\u00e7i\u015f s\u00fcreci i\u00e7in haz\u0131rl\u0131klar\u0131n\u0131 s\u00fcrd\u00fcrd\u00fc\u011f\u00fc not edilmi\u015ftir.<\/li>\n<li><b>Vergi D\u00fczenlemeleri:<\/b> 2025, 2026 ve 2027 y\u0131llar\u0131nda VUK kapsam\u0131nda enflasyon d\u00fczeltmesi yap\u0131lmayaca\u011f\u0131na dair yasal d\u00fczenleme (Ge\u00e7ici Madde 37) 25 Aral\u0131k 2025&#8217;te y\u00fcr\u00fcrl\u00fc\u011fe girmi\u015ftir.<\/li>\n<li><b>\u00c7al\u0131\u015fan Say\u0131s\u0131:<\/b> Grup b\u00fcnyesinde toplam 276 personel istihdam edilmektedir (2024: 260).<\/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<p><i>Bu brifing belgesi, \u0130\u015f Finansal Kiralama A.\u015e.&#8217;nin 31.12.2025 tarihli konsolide finansal raporu ve ba\u011f\u0131ms\u0131z denet\u00e7i raporundaki verilere dayanarak haz\u0131rlanm\u0131\u015ft\u0131r.<\/i><\/p>\n<button class=\"simplefavorite-button\" data-postid=\"860\" data-siteid=\"1\" data-groupid=\"1\" data-favoritecount=\"0\" style=\"\">Favorile <i class=<\/button>","protected":false},"excerpt":{"rendered":"<p>100 Milyar TL\u2019lik S\u0131n\u0131r\u0131 A\u015farken: \u0130\u015f Leasing\u2019in 2025 Bilan\u00e7osundan \u015ea\u015f\u0131rt\u0131c\u0131 5 \u00c7\u0131kar\u0131m 1. Giri\u015f: Rakamlar\u0131n \u00d6tesindeki Hikayeyi Okumak Finansal raporlar, \u00e7o\u011fu yat\u0131r\u0131mc\u0131 i\u00e7in sat\u0131r aralar\u0131na gizlenmi\u015f teknik terimler ve &#8220;s\u0131k\u0131c\u0131&#8221; rakam y\u0131\u011f\u0131nlar\u0131ndan ibarettir. Ancak bir finansal analist i\u00e7in bu tablolar,&#8230; <\/p>\n","protected":false},"author":1,"featured_media":861,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[191],"class_list":["post-860","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bilancoanalizi","tag-isfin"],"_links":{"self":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/860","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=860"}],"version-history":[{"count":2,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/860\/revisions"}],"predecessor-version":[{"id":984,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/860\/revisions\/984"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/media\/861"}],"wp:attachment":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/media?parent=860"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/categories?post=860"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/tags?post=860"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}