{"id":911,"date":"2026-01-31T01:15:01","date_gmt":"2026-01-30T22:15:01","guid":{"rendered":"https:\/\/tabildot.com.tr\/marketrisk\/?p=911"},"modified":"2026-02-07T14:19:19","modified_gmt":"2026-02-07T11:19:19","slug":"%f0%9f%94%b4%f0%9f%87%b9%f0%9f%87%b7-qnbfk-qnb-finansal-kiralama-2025-12-bilanco-analizi","status":"publish","type":"post","link":"https:\/\/tabildot.com.tr\/marketrisk\/911","title":{"rendered":"\ud83d\udd34\ud83c\uddf9\ud83c\uddf7 QNBFK | QNB Finansal Kiralama 2025\/12 Bilan\u00e7o Analizi"},"content":{"rendered":"<p><iframe loading=\"lazy\" title=\"\ud83d\udd34\ud83c\uddf9\ud83c\uddf7 #QNBFK | QNB Finansal Kiralama 2025\/12 Bilan\u00e7o Analizi -  Bor\u00e7la B\u00fcy\u00fcme S\u0131rr\u0131\" width=\"858\" height=\"483\" src=\"https:\/\/www.youtube.com\/embed\/u9m1hHp2FbQ?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>Rakamlar\u0131n \u00d6tesinde: QNB Finansal Kiralama\u2019n\u0131n 2025 Bilan\u00e7osundan \u00c7\u0131kar\u0131lacak 5 Kritik Ders<\/h1>\n<p>Bir leasing \u015firketinin denetim raporunu okumak, sadece alt alta dizilmi\u015f so\u011fuk rakamlar\u0131 incelemek de\u011fildir; bu, ekonominin k\u0131lcal damarlar\u0131nda gezinen nakit ak\u0131\u015f\u0131n\u0131n ve yat\u0131r\u0131m i\u015ftah\u0131n\u0131n izini s\u00fcrmektir. Finansal tablolar, bir \u015firketin ge\u00e7mi\u015f performans\u0131n\u0131n \u00f6zeti oldu\u011fu kadar, gelecekteki stratejik dayan\u0131kl\u0131l\u0131\u011f\u0131n\u0131n da yol haritas\u0131d\u0131r. Yat\u0131r\u0131mc\u0131lar ve i\u015f d\u00fcnyas\u0131 profesyonelleri i\u00e7in bir bilan\u00e7onun sa\u011fl\u0131\u011f\u0131n\u0131 do\u011fru analiz edebilmek, belirsizliklerle dolu bir piyasada pusula kullanmakla e\u015fde\u011fer bir zorunluluktur.<\/p>\n<p>QNB Finansal Kiralama\u2019n\u0131n 31 Aral\u0131k 2025 tarihli ba\u011f\u0131ms\u0131z denetim raporu, sadece bir b\u00fcy\u00fcme hikayesi de\u011fil, ayn\u0131 zamanda risk y\u00f6netimi ve sekt\u00f6rel odaklanma dersleri bar\u0131nd\u0131r\u0131yor. \u0130\u015fte bu dev bilan\u00e7odan s\u00fcz\u00fclen 5 kritik ders:<\/p>\n<h3>1. Nominal \u015ei\u015fme mi, Reel Hamle mi? 56 Milyar TL\u2019lik S\u0131\u00e7raman\u0131n Kodlar\u0131<\/h3>\n<p>\u015eirketin toplam varl\u0131klar\u0131, 2024 sonundaki <b>31,2 milyar TL<\/b> seviyesinden 2025 sonunda <b>56,4 milyar TL<\/b>\u2019ye y\u00fckselerek yakla\u015f\u0131k %80\u2019lik bir b\u00fcy\u00fcme kaydetti. \u0130lk bak\u0131\u015fta bu durum agresif bir pazar pay\u0131 hamlesi olarak okunmal\u0131. Ancak 2025 T\u00fcrkiye\u2019sinin y\u00fcksek enflasyon ortam\u0131nda, bu b\u00fcy\u00fcmenin ne kadar\u0131n\u0131n &#8220;reel&#8221; oldu\u011funu anlamak i\u00e7in Dipnot 6\u2019daki <b>10,2 milyar TL\u2019lik &#8220;Kazan\u0131lmam\u0131\u015f Gelirler&#8221;<\/b> kalemine bakmal\u0131y\u0131z.<\/p>\n<p>Bu rakam, \u015firketin gelecekteki k\u00e2r potansiyelini bilan\u00e7osunda bir rezerv gibi tuttu\u011funu g\u00f6steriyor. Net kiralama alacaklar\u0131n\u0131n 26,9 milyar TL&#8217;den 45,8 milyar TL&#8217;ye \u00e7\u0131kmas\u0131, operasyonel kapasitenin iki kat\u0131na dayand\u0131\u011f\u0131n\u0131 kan\u0131tlasa da, kiralama i\u015flemlerindeki bu devasa b\u00fcy\u00fcme ayn\u0131 zamanda y\u00f6netilmesi gereken devasa bir kredi riski havuzu anlam\u0131na geliyor.<\/p>\n<h3>2. Denet\u00e7inin Radar\u0131: TFRS 9 ve Muhakemenin G\u00fcc\u00fc<\/h3>\n<p>Sorumlu Denet\u00e7i <b>Hayrettin Erg\u00fcl<\/b> (EY &#8211; G\u00fcney Ba\u011f\u0131ms\u0131z Denetim) taraf\u0131ndan imzalanan raporda, &#8220;Kilit Denetim Konusu&#8221; olarak <b>Beklenen Kredi Zarar Kar\u015f\u0131l\u0131\u011f\u0131 (TFRS 9)<\/b> se\u00e7ilmi\u015f. Bu bir tesad\u00fcf de\u011fil; bilan\u00e7onun en s\u00fcbjektif ve &#8220;tahminlere dayal\u0131&#8221; b\u00f6lgesi buras\u0131. Denet\u00e7i raporundaki \u015fu vurgu, riskin y\u00f6netimin kaleminin ucunda oldu\u011funu hat\u0131rlat\u0131yor:<\/p>\n<p>&#8220;&#8230;beklenen kredi zararlar\u0131n\u0131n hesaplanmas\u0131 i\u00e7in y\u00f6netim taraf\u0131ndan olu\u015fturulan politikalar\u0131n mevzuat gerekliliklerine uygunlu\u011funa ili\u015fkin riskler ta\u015f\u0131mas\u0131 ve kullan\u0131lan tahmin ve varsay\u0131mlar\u0131n \u00f6nemli ve karma\u015f\u0131k olmas\u0131.&#8221;<\/p>\n<p>Denet\u00e7inin bu alana odaklanmas\u0131, yat\u0131r\u0131mc\u0131ya \u015fu mesaj\u0131 veriyor: &#8220;Rakamlar net g\u00f6r\u00fcnse de, arka plandaki modelleme ve makroekonomik varsay\u0131mlar finansal \u015feffafl\u0131\u011f\u0131n kalbidir.&#8221;<\/p>\n<h3>3. Sekt\u00f6rel Dominans: T\u00fcrkiye Ekonomisinin \u00dc\u00e7 Sac Aya\u011f\u0131<\/h3>\n<p>Leasing alacaklar\u0131n\u0131n da\u011f\u0131l\u0131m\u0131, T\u00fcrkiye ekonomisinin hangi \u00e7arklar\u0131n\u0131n d\u00f6nd\u00fc\u011f\u00fcn\u00fc g\u00f6steren bir ayna niteli\u011finde. \u015eirketin portf\u00f6y b\u00fcy\u00fckl\u00fc\u011f\u00fc, reel sekt\u00f6r\u00fcn finansmana olan a\u00e7l\u0131\u011f\u0131n\u0131 \u015fu \u00fc\u00e7 sekt\u00f6rde somutla\u015ft\u0131r\u0131yor:<\/p>\n<ul>\n<li><b>\u0130n\u015faat:<\/b> 6,9 milyar TL (%15 pay) ile portf\u00f6y\u00fcn lideri.<\/li>\n<li><b>\u0130malat Sanayi:<\/b> 5,3 milyar TL (%12 pay) ile \u00fcretimin finansman\u0131nda kritik rol oynuyor.<\/li>\n<li><b>Tekstil ve Tekstil \u00dcr\u00fcnleri:<\/b> 4,9 milyar TL (%11 pay) ile a\u011f\u0131rl\u0131\u011f\u0131n\u0131 koruyor.<\/li>\n<\/ul>\n<p>Bu veriler bize g\u00f6steriyor ki; QNB Finansal Kiralama&#8217;n\u0131n bilan\u00e7osu asl\u0131nda T\u00fcrkiye\u2019nin sanayi ve altyap\u0131 kaslar\u0131n\u0131n ne kadar g\u00fc\u00e7l\u00fc (veya hassas) oldu\u011funun bir g\u00f6stergesi. Bu \u00fc\u00e7 sekt\u00f6rdeki en ufak bir sars\u0131nt\u0131, do\u011frudan 17,2 milyar TL\u2019lik bir risk blo\u011funu etkileme potansiyeline sahip.<\/p>\n<h3>4. 229 Milyon TL\u2019lik Stratejik Veda: Portf\u00f6y Temizli\u011fi<\/h3>\n<p>\u015eirketlerin &#8220;k\u00f6t\u00fc bor\u00e7larla&#8221; vedala\u015fma bi\u00e7imi, gelece\u011fe ne kadar haz\u0131rl\u0131kl\u0131 olduklar\u0131n\u0131 belirler. Dipnot 6&#8217;da yer alan detaylara g\u00f6re, 2025 y\u0131l\u0131nda <b>229,3 milyon TL<\/b> tutar\u0131ndaki zarar niteli\u011findeki alacak aktiften silinerek, 26 Kas\u0131m 2025 tarihinde bir varl\u0131k y\u00f6netim \u015firketine <b>20 milyon TL<\/b> bedelle sat\u0131ld\u0131.<\/p>\n<p>Yakla\u015f\u0131k %8,7\u2019lik bu geri d\u00f6n\u00fc\u015f oran\u0131, piyasa standartlar\u0131nda makul bir temizlik hamlesidir. Bu operasyon sadece bilan\u00e7oyu tazelemekle kalm\u0131yor, ayn\u0131 zamanda \u015firketin 2026 y\u0131l\u0131ndaki yeni kredi i\u015ftah\u0131 i\u00e7in operasyonel y\u00fcklerinden kurtulmas\u0131n\u0131 sa\u011fl\u0131yor. Bu, bir kay\u0131p de\u011fil; daha sa\u011fl\u0131kl\u0131 bir b\u00fcy\u00fcme i\u00e7in yap\u0131lan stratejik bir &#8220;enkaz kald\u0131rma&#8221; \u00e7al\u0131\u015fmas\u0131d\u0131r.<\/p>\n<h3>5. Yabanc\u0131 Para Dengesi: &#8220;Cash Flow Hedge&#8221; Z\u0131rh\u0131<\/h3>\n<p>Bilan\u00e7onun neredeyse tamam\u0131 yabanc\u0131 para (YP) \u00fczerine kurulu. Varl\u0131klar 44,4 milyar TL, y\u00fck\u00fcml\u00fcl\u00fckler ise 44,5 milyar TL seviyesinde. Bu b\u0131\u00e7ak s\u0131rt\u0131 denge, kur ve faiz oynakl\u0131\u011f\u0131na kar\u015f\u0131 &#8220;z\u0131rh&#8221; ku\u015fanmay\u0131 zorunlu k\u0131l\u0131yor.<\/p>\n<p>Dipnot 5&#8217;te yer alan <b>9,1 milyar TL\u2019lik swap para al\u0131m\u0131<\/b> ve <b>16,4 milyar TL\u2019lik swap faiz i\u015flemleri<\/b>, \u015firketin &#8220;Nakit Ak\u0131\u015f Riskinden Korunma&#8221; (Cash Flow Hedge) stratejisini ne kadar ciddiye ald\u0131\u011f\u0131n\u0131 kan\u0131tl\u0131yor. \u015eirket sadece kurun y\u00f6n\u00fcne de\u011fil, faiz maliyetlerinin nakit ak\u0131\u015f\u0131n\u0131 bozma riskine kar\u015f\u0131 da kapsaml\u0131 bir hedging kalkan\u0131 olu\u015fturmu\u015f durumda.<\/p>\n<h3>Sonu\u00e7: Gelece\u011fin Risk Haritas\u0131<\/h3>\n<p>QNB Finansal Kiralama, 2025 y\u0131l\u0131n\u0131 <b>1,8 milyar TL<\/b> gibi g\u00fc\u00e7l\u00fc bir net k\u00e2r ile kapatt\u0131. <b>6,4 milyar TL<\/b>&#8216;lik \u00f6zkaynak tutar\u0131 dikkate al\u0131nd\u0131\u011f\u0131nda, yakla\u015f\u0131k <b>%28&#8217;lik bir \u00f6zkaynak k\u00e2rl\u0131l\u0131\u011f\u0131 (ROE)<\/b> ile verimli bir y\u0131l geride b\u0131rak\u0131ld\u0131. Burada kritik bir not: BDDK\u2019n\u0131n 5 Aral\u0131k 2024 tarihli ve 11021 say\u0131l\u0131 karar\u0131 uyar\u0131nca, bu tablolarda enflasyon muhasebesi uygulanmad\u0131. Yani bu performans, enflasyondan ar\u0131nd\u0131r\u0131lmam\u0131\u015f, saf operasyonel g\u00fcc\u00fc yans\u0131t\u0131yor.<\/p>\n<p>Peki, bu devasa bilan\u00e7o bize ne s\u00f6yl\u00fcyor? \u015eirketin 56 milyar TL&#8217;ye ula\u015fan \u00f6l\u00e7e\u011fi, ekonominin \u00e7arklar\u0131n\u0131 finanse etme konusunda b\u00fcy\u00fck bir i\u015ftah\u0131n kan\u0131t\u0131. Ancak bu kadar h\u0131zl\u0131 b\u00fcy\u00fcyen ve YP a\u011f\u0131rl\u0131kl\u0131 bir yap\u0131, 2026&#8217;da \u00e7ok daha dikkatli y\u00f6netilmesi gereken bir risk haritas\u0131 anlam\u0131na geliyor. Bir finansal kiralama devinin bilan\u00e7osu bize \u015funu f\u0131s\u0131ld\u0131yor: B\u00fcy\u00fcme heyecan vericidir, ancak denge hayatta tutar.<\/p>\n<p>&nbsp;<\/p>\n<h1>QNB Finansal Kiralama A.\u015e. 2025 Mali Y\u0131l\u0131 Finansal De\u011ferlendirme ve Ba\u011f\u0131ms\u0131z Denetim Brifingi<\/h1>\n<h2>Y\u00f6netici \u00d6zeti<\/h2>\n<p>Bu belge, QNB Finansal Kiralama A.\u015e.&#8217;nin (&#8220;\u015eirket&#8221;) 1 Ocak &#8211; 31 Aral\u0131k 2025 hesap d\u00f6nemine ait finansal tablolar\u0131n\u0131 ve ba\u011f\u0131ms\u0131z denetim raporundan elde edilen temel bulgular\u0131 sentezlemektedir. 2025 y\u0131l\u0131, \u015eirket i\u00e7in hem k\u00e2rl\u0131l\u0131k hem de aktif b\u00fcy\u00fckl\u00fc\u011f\u00fc a\u00e7\u0131s\u0131ndan \u00f6nemli bir b\u00fcy\u00fcme d\u00f6nemi olmu\u015ftur.<\/p>\n<p><b>Kritik Bulgular:<\/b><\/p>\n<ul>\n<li><b>Denetim G\u00f6r\u00fc\u015f\u00fc:<\/b> G\u00fcney Ba\u011f\u0131ms\u0131z Denetim ve SMMM A.\u015e. (EY), \u015eirket&#8217;in finansal tablolar\u0131n\u0131n BDDK muhasebe mevzuat\u0131na ve TFRS h\u00fck\u00fcmlerine tam uyumlu oldu\u011fu ve ger\u00e7e\u011fe uygun bir bi\u00e7imde sunuldu\u011fu y\u00f6n\u00fcnde &#8220;Olumlu G\u00f6r\u00fc\u015f&#8221; bildirmi\u015ftir.<\/li>\n<li><b>Finansal Performans:<\/b> \u015eirket, 2025 y\u0131l\u0131n\u0131 <b>1.828.948 Bin TL<\/b> net d\u00f6nem k\u00e2r\u0131 ile kapatm\u0131\u015ft\u0131r. Bu rakam, \u00f6nceki y\u0131l\u0131n (1.205.184 Bin TL) %50&#8217;den fazla \u00fczerindedir.<\/li>\n<li><b>Aktif B\u00fcy\u00fckl\u00fc\u011f\u00fc:<\/b> Toplam aktifler, 2024 sonundaki 31,2 milyar TL seviyesinden %80&#8217;in \u00fczerinde artarak <b>56,4 milyar TL<\/b>&#8216;ye y\u00fckselmi\u015ftir.<\/li>\n<li><b>Kilit Denetim Konusu:<\/b> Denet\u00e7iler, &#8220;Finansal kiralama alacaklar\u0131na ili\u015fkin beklenen kredi zarar kar\u015f\u0131l\u0131\u011f\u0131 (TFRS 9)&#8221; konusunu, y\u00f6netim yarg\u0131s\u0131 ve hesaplama karma\u015f\u0131kl\u0131\u011f\u0131 nedeniyle en riskli alan olarak tan\u0131mlam\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. Kurumsal Profil ve Organizasyonel Yap\u0131<\/h2>\n<p>\u015eirket, 20 Mart 1990 tarihinde kurulmu\u015f olup, finansal kiralama mevzuat\u0131 \u00e7er\u00e7evesinde yurti\u00e7i ve yurtd\u0131\u015f\u0131 kiralama faaliyetlerini y\u00fcr\u00fctmektedir.<\/p>\n<ul>\n<li><b>Ticari Unvan De\u011fi\u015fikli\u011fi:<\/b> \u015eirketin &#8220;QNB Finans Finansal Kiralama Anonim \u015eirketi&#8221; olan unvan\u0131, 25 Ekim 2024 tarihinde tescil edilerek &#8220;QNB Finansal Kiralama Anonim \u015eirketi&#8221; olarak de\u011fi\u015ftirilmi\u015ftir.<\/li>\n<li><b>Hissedarl\u0131k Yap\u0131s\u0131:<\/b> \u015eirket&#8217;in ana hissedar\u0131 %99,40 pay oran\u0131 ile <b>QNB Bank A.\u015e.<\/b>&#8216;dir. Nihai ana hissedar ise <b>Qatar National Bank (QNB)<\/b>&#8216;dir.<\/li>\n<li><b>Operasyonel A\u011f:<\/b> 31 Aral\u0131k 2025 itibar\u0131yla \u015eirket, 13 \u015fube ve 131 personel ile faaliyet g\u00f6stermektedir.<\/li>\n<li><b>Sermaye Yap\u0131s\u0131:<\/b> \u00c7\u0131kar\u0131lm\u0131\u015f sermayesi 2.000.000 Bin TL&#8217;dir. Kay\u0131tl\u0131 sermaye tavan\u0131 2024 y\u0131l\u0131nda 575.000 Bin TL&#8217;den 5.000.000 Bin TL&#8217;ye y\u00fckseltilmi\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>2. Finansal Durum Analizi (Bilan\u00e7o)<\/h2>\n<p>\u015eirketin bilan\u00e7o yap\u0131s\u0131, finansal kiralama alacaklar\u0131 odakl\u0131 b\u00fcy\u00fcmesini ve buna paralel olarak artan bor\u00e7lanma ihtiyac\u0131n\u0131 yans\u0131tmaktad\u0131r.<\/p>\n<h3>Varl\u0131klar (Aktifler)<\/h3>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Varl\u0131k Kalemi<\/td>\n<td>31 Aral\u0131k 2025 (Bin TL)<\/td>\n<td>31 Aral\u0131k 2024 (Bin TL)<\/td>\n<\/tr>\n<tr>\n<td><b>Toplam Varl\u0131klar<\/b><\/td>\n<td><b>56.441.137<\/b><\/td>\n<td><b>31.209.186<\/b><\/td>\n<\/tr>\n<tr>\n<td>Nakit ve Nakit Benzerleri<\/td>\n<td>4.289.651<\/td>\n<td>899.282<\/td>\n<\/tr>\n<tr>\n<td>Kiralama \u0130\u015flemleri (Net)<\/td>\n<td>45.757.276<\/td>\n<td>26.723.140<\/td>\n<\/tr>\n<tr>\n<td>Di\u011fer Aktifler<\/td>\n<td>5.941.138<\/td>\n<td>3.259.851<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><b>Kiralama Alacaklar\u0131 Sekt\u00f6rel Da\u011f\u0131l\u0131m\u0131 (\u0130lk 5):<\/b><\/p>\n<ol>\n<li><b>\u0130n\u015faat:<\/b> %15 (6,9 Milyar TL)<\/li>\n<li><b>\u0130malat Sanayi:<\/b> %12 (5,3 Milyar TL)<\/li>\n<li><b>Tekstil:<\/b> %11 (4,9 Milyar TL)<\/li>\n<li><b>Hizmet:<\/b> %9 (4,2 Milyar TL)<\/li>\n<li><b>Kimya:<\/b> %8 (3,4 Milyar TL)<\/li>\n<\/ol>\n<h3>Y\u00fck\u00fcml\u00fcl\u00fckler (Pasifler) ve \u00d6zkaynaklar<\/h3>\n<p>\u015eirket&#8217;in finansman yap\u0131s\u0131 a\u011f\u0131rl\u0131kl\u0131 olarak yabanc\u0131 para cinsinden al\u0131nan kredilere dayanmaktad\u0131r.<\/p>\n<ul>\n<li><b>Al\u0131nan Krediler:<\/b> 43.014.188 Bin TL (Toplam pasiflerin yakla\u015f\u0131k %76&#8217;s\u0131). Bu kredilerin 41,7 milyar TL&#8217;si yabanc\u0131 para (YP) cinsindendir.<\/li>\n<li><b>\u0130hra\u00e7 Edilen Menkul K\u0131ymetler:<\/b> 2.800.665 Bin TL de\u011ferinde bono ve kira sertifikas\u0131 ihrac\u0131 ger\u00e7ekle\u015ftirilmi\u015ftir.<\/li>\n<li><b>\u00d6zkaynaklar:<\/b> 2025 sonunda <b>6.454.380 Bin TL<\/b>&#8216;ye 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>3. Finansal Performans ve K\u00e2rl\u0131l\u0131k<\/h2>\n<p>2025 y\u0131l\u0131 k\u00e2r veya zarar tablosu, esas faaliyetlerden elde edilen gelirlerin g\u00fc\u00e7l\u00fc seyrini g\u00f6stermektedir.<\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Gelir\/Gider Kalemi<\/td>\n<td>2025 (Bin TL)<\/td>\n<td>2024 (Bin TL)<\/td>\n<\/tr>\n<tr>\n<td>Esas Faaliyet Gelirleri (Kiralama)<\/td>\n<td>6.703.238<\/td>\n<td>5.323.221<\/td>\n<\/tr>\n<tr>\n<td>Finansman Giderleri (-)<\/td>\n<td>(3.545.260)<\/td>\n<td>(3.445.391)<\/td>\n<\/tr>\n<tr>\n<td><b>Br\u00fct K\u00e2r<\/b><\/td>\n<td><b>3.157.978<\/b><\/td>\n<td><b>1.877.830<\/b><\/td>\n<\/tr>\n<tr>\n<td>Esas Faaliyet Giderleri (-)<\/td>\n<td>(852.970)<\/td>\n<td>(574.922)<\/td>\n<\/tr>\n<tr>\n<td>Kar\u015f\u0131l\u0131k Giderleri (-)<\/td>\n<td>(713.639)<\/td>\n<td>(356.845)<\/td>\n<\/tr>\n<tr>\n<td><b>Net D\u00f6nem K\u00e2r\u0131<\/b><\/td>\n<td><b>1.828.948<\/b><\/td>\n<td><b>1.205.184<\/b><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><b>K\u00e2rl\u0131l\u0131k Notlar\u0131:<\/b><\/p>\n<ul>\n<li>Hisse ba\u015f\u0131na k\u00e2r 0,9145 TL olarak ger\u00e7ekle\u015fmi\u015ftir.<\/li>\n<li>Kambiyo i\u015flemleri k\u00e2r\u0131 (10,08 Milyar TL) ve zarar\u0131 (9,77 Milyar TL) kalemleri, \u015eirketin yo\u011fun d\u00f6viz riskini ve bu riskin y\u00f6netildi\u011fini g\u00f6stermektedir.<\/li>\n<li>\u015eirket y\u00f6netimi, 2025 y\u0131l\u0131 k\u00e2r da\u011f\u0131t\u0131m \u00f6nerisini hen\u00fcz haz\u0131rlamam\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 Beklenen Kredi Zararlar\u0131 (TFRS 9)<\/h2>\n<p>\u015eirket, finansal varl\u0131klar \u00fczerindeki kredi riskini TFRS 9 kapsam\u0131nda \u00fc\u00e7 a\u015famal\u0131 bir modelle takip etmektedir:<\/p>\n<ul>\n<li><b>A\u015fama 1 (Normal):<\/b> Kredi riskinde \u00f6nemli bir art\u0131\u015f olmayan alacaklar. (44,4 Milyar TL risk tutar\u0131)<\/li>\n<li><b>A\u015fama 2 (Yak\u0131n \u0130zleme):<\/b> Kredi riskinde \u00f6nemli art\u0131\u015f olan veya 30-90 g\u00fcn gecikmi\u015f alacaklar. (1,4 Milyar TL risk tutar\u0131)<\/li>\n<li><b>A\u015fama 3 (Takipteki Alacaklar):<\/b> Temerr\u00fcde d\u00fc\u015fm\u00fc\u015f, 90 g\u00fcn \u00fczeri gecikmi\u015f alacaklar. (825 Milyon TL risk tutar\u0131)<\/li>\n<\/ul>\n<p><b>Kar\u015f\u0131l\u0131k Bakiyesi:<\/b> 31 Aral\u0131k 2025 itibar\u0131yla toplam beklenen kredi zarar kar\u015f\u0131l\u0131\u011f\u0131 <b>937.677 Bin TL<\/b>&#8216;dir. \u015eirket, 2025 y\u0131l\u0131 i\u00e7inde yakla\u015f\u0131k 229 milyon TL tutar\u0131ndaki zarar niteli\u011findeki alaca\u011f\u0131 kay\u0131tlardan d\u00fc\u015ferek bir varl\u0131k y\u00f6netim \u015firketine satm\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>5. Ba\u011f\u0131ms\u0131z Denetim ve Mevzuat Uyumu<\/h2>\n<p>Ba\u011f\u0131ms\u0131z denetim s\u00fcreci, Sermaye Piyasas\u0131 Kurulu ve Kamu G\u00f6zetimi Kurumu (KGK) standartlar\u0131na uygun olarak y\u00fcr\u00fct\u00fclm\u00fc\u015ft\u00fcr.<\/p>\n<h3>Denetim Bulgular\u0131 ve Sorumluluklar<\/h3>\n<ul>\n<li><b>\u0130\u00e7 Kontrol:<\/b> Denet\u00e7iler, denetim prosed\u00fcrlerini tasarlamak amac\u0131yla i\u00e7 kontrol sistemini de\u011ferlendirmi\u015f, ancak etkinli\u011fi hakk\u0131nda ayr\u0131 bir g\u00f6r\u00fc\u015f bildirmemi\u015ftir.<\/li>\n<li><b>\u0130\u015fletmenin S\u00fcreklili\u011fi:<\/b> Y\u00f6netimin i\u015fletmenin s\u00fcreklili\u011fi esas\u0131n\u0131 kullanmas\u0131n\u0131n uygun oldu\u011fu sonucuna var\u0131lm\u0131\u015ft\u0131r.<\/li>\n<li><b>TTK Uyumu:<\/b> 6102 say\u0131l\u0131 T\u00fcrk Ticaret Kanunu (TTK) uyar\u0131nca, \u015eirketin defter tutma d\u00fczeninin kanun ve esas s\u00f6zle\u015fme h\u00fck\u00fcmlerine uygun olmad\u0131\u011f\u0131na dair \u00f6nemli bir hususa rastlanmam\u0131\u015ft\u0131r.<\/li>\n<\/ul>\n<h3>\u00d6nemli Muhasebe Notu: Enflasyon D\u00fczeltmesi<\/h3>\n<p>BDDK&#8217;n\u0131n 5 Aral\u0131k 2024 tarihli karar\u0131 uyar\u0131nca; bankalar, finansal kiralama ve faktoring \u015firketlerinin <b>2025 y\u0131l\u0131nda enflasyon muhasebesi (TMS 29) uygulamamas\u0131na<\/b> karar verilmi\u015ftir. Bu nedenle, sunulan finansal tablolar enflasyon etkisine g\u00f6re d\u00fczeltilmemi\u015f tarihi maliyetler \u00fczerinden haz\u0131rlanm\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>6. Ko\u015fullu Varl\u0131klar ve Taahh\u00fctler<\/h2>\n<p>\u015eirket, kiralama alacaklar\u0131n\u0131 g\u00fcvence alt\u0131na almak i\u00e7in y\u00fcksek tutarda teminat yap\u0131s\u0131na sahiptir:<\/p>\n<ul>\n<li><b>Al\u0131nan Teminatlar:<\/b> Toplam 427.060.584 Bin TL. Bu tutar\u0131n b\u00fcy\u00fck \u00e7o\u011funlu\u011fu (353,3 Milyar TL) kefaletlerden olu\u015fmaktad\u0131r. \u0130potekler ise 44,6 Milyar TL seviyesindedir.<\/li>\n<li><b>T\u00fcrev Finansal Ara\u00e7lar:<\/b> Faiz ve kur riskinden korunma amac\u0131yla 28,2 Milyar TL nominal tutar\u0131nda swap s\u00f6zle\u015fmesi bulunmaktad\u0131r.<\/li>\n<\/ul>\n<button class=\"simplefavorite-button\" data-postid=\"911\" data-siteid=\"1\" data-groupid=\"1\" data-favoritecount=\"0\" style=\"\">Favorile <i class=<\/button>","protected":false},"excerpt":{"rendered":"<p>QNB Finansal Kiralama A.\u015e., 2025 y\u0131l\u0131na ait g\u00fc\u00e7l\u00fc finansal sonu\u00e7lar\u0131n\u0131 a\u00e7\u0131klad\u0131! 1,8 milyar TL&#8217;yi a\u015fan net kar\u0131 ve 56,4 milyar TL&#8217;ye ula\u015fan aktif b\u00fcy\u00fckl\u00fc\u011f\u00fc ile sekt\u00f6rdeki \u00f6nc\u00fc konumunu peki\u015ftiren \u015firket, %33&#8217;l\u00fck \u00f6zkaynak karl\u0131l\u0131\u011f\u0131 ile dikkat \u00e7ekiyor. Fitch Ratings&#8217;ten ald\u0131\u011f\u0131 &#8220;AA&#8221; ulusal notu ve istikrarl\u0131 b\u00fcy\u00fcme stratejisiyle yat\u0131r\u0131m finansman\u0131nda g\u00fcvenilir \u00e7\u00f6z\u00fcm orta\u011f\u0131 olmaya devam eden QNB Finansal Kiralama&#8217;n\u0131n 2025 y\u0131l\u0131 performans detaylar\u0131n\u0131 ke\u015ffedin.<\/p>\n","protected":false},"author":1,"featured_media":913,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[203],"class_list":["post-911","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bilancoanalizi","tag-qnbfk"],"_links":{"self":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/911","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=911"}],"version-history":[{"count":2,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/911\/revisions"}],"predecessor-version":[{"id":914,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/911\/revisions\/914"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/media\/913"}],"wp:attachment":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/media?parent=911"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/categories?post=911"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/tags?post=911"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}