PDP

CITIBANK A.Ş.

CIT

Publish Date

31.03.202613:02:11

Disclosure Type

Year

2025

Period

Annual

Notification Attachments (1)

Citibank 31.12.2025_Final.pdf

Financial Report

Independent Audit Firm	Audit Type	Opinion Type
GÜRELİ YEMİNLİ MALİ MÜŞAVİRLİK VE BAĞIMSIZ DENETİM HİZMETLERİ A.Ş.	Audit	Unqualified Opinion

INDEPENDENT AUDITOR'S REPORT

To the General Assembly of Citibank Anonim Şirketi

A) Audit of the Unconsolidated Financial Statements

Opinion

We have audited the accompanying unconsolidated financial statements of Citibank Anonim Şirketi ("the Bank") which comprise the unconsolidated balance sheet as at 31 December 2025 and the unconsolidated statements of profit or loss, profit or loss and other comprehensive income, changes in shareholders' equity and cash flows for the year then ended, and notes, comprising a summary of significant accounting policies and other explanatory information.

In our opinion, the accompanying unconsolidated financial statements present fairly, in all material respects, the unconsolidated financial position of Citibank Anonim Şirketi as at 31 December 2025, and its unconsolidated financial performance and its unconsolidated cash flows for the year then ended in accordance with the "Banking Regulation and Supervision Board Accounting and Reporting Legislation" which includes the "Regulation on Accounting Applications for Banks and Safeguarding of Documents" published in the Official Gazette No. 26333 dated 1 November 2006, and other regulations on accounting records of banks published by the Banking Regulation and Supervision Board and circulars and interpretations published by the Banking Regulation and Supervision Agency ("BRSA") and requirements of the Turkish Financial Reporting Standards ("TFRS") for the matters not regulated by the aforementioned legislations.

Basis for Opinion

We conducted our audit in accordance with the "Regulation on Independent Audit of the Banks" ("BRSA Auditing Regulation") published in the Official Gazette No.29314 dated 2 April 2015 by BRSA and Standards on Auditing which is a component of the Turkish Auditing Standards published by the Public Oversight Accounting and Auditing Standards Authority ("POA") ("Standards on Auditing issued by POA"). Our responsibilities under those standards are further described in the Auditor's Responsibilities for the Audit of the Unconsolidated Financial Statements section of our report. We declare that we are independent of the Bank in accordance with the Code of Ethics for Auditors issued by POA (including Independence Standards) ("POA's Code of Ethics") and the ethical requirements in the regulations issued by POA that are relevant to audit of unconsolidated financial statements, and we have fulfilled our other ethical responsibilities in accordance with the POA's Code of Ethics and regulations. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion

Key Audit Matters

Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the unconsolidated financial statements of the current period. Key audit matters were addressed in the context of our independent audit of the unconsolidated financial statements as a whole, and informing our opinion thereon, and we do not provide a separate opinion on these matters.

TFRS 9 ? "Financial Instruments"

Key audit matter

The Bank calculates and recognises expected credit losses on its financial assets in accordance with TFRS 9, the `Financial Instruments Standard'. The reasons why the impairment allowance for financial assets is considered a key audit matter by us are as follows:

-The complexity and comprehensiveness of TFRS 9 applications,

-Under the TFRS 9 standard, the classification of financial instruments must be based on the Bank's business model and the characteristics of contractual cash flows, and significant judgements may be required in determining this business model and identifying the cash flow characteristics of complex contracts,

-Risks associated with the compliance of policies established by management for the calculation of expected credit losses with legislation and other practices,

-The control environment for TFRS 9 processes is complex and intensive,

-The estimates and assumptions used in expected credit losses are significant and complex.

How the matter is addressed in our audit

In addition to our existing audit procedures, our audit procedures include:

- Assessing the compliance of the accounting policies applied with TFRS 9, the Bank's past performance, local and global practices, and regulatory authorities' guidance,

- Review and testing by Information Systems and Process Audit specialists of the processes, systems and controls established or revised to enable the calculation of expected credit losses,

- An assessment of the reasonableness and appropriateness of the key judgements and estimates determined by management, as well as the methods, judgements and data sources used in the calculation of expected losses, taking into account standard requirements, industry and global practices,

- Testing, through sampling, of the criteria used to identify contracts that give rise to contractual cash flows comprising only principal and interest payments on the principal balance of financial assets, and examining their suitability for the Bank's business model,

- Examination by Financial Risk Management specialists of the key and significant estimates and assumptions regarding the significant increase in credit risk identified during the calculation of expected credit losses, the definition of default, the definition of restructuring, probability of default, loss given default, default amount and forward-looking expectations, and assessing their alignment with the Bank's past performance, regulatory requirements and other processes involving future projections, alongside the review of credit files selected via sampling,

- Assessment of the accuracy and completeness of the data sets used in the calculation of expected credit losses,

- Detailed testing, via sampling, of the mathematical validation of the expected credit loss calculation,

- Assessment of the assumptions and estimates used for financial assets subject to individual assessment based on expert judgement,

- Assessing the necessity and accuracy of updates to validation and calibration procedures performed or required following the model process ? including the review of disclosures related to TFRS 9.

Other Matters

The financial statements of the Company for the accounting period ended 31 December 2024 were audited by another independent auditor, who expressed an unmodified opinion on those financial statements on 25 March 2025.

Responsibilities of Management and Those Charged with Governance for the Unconsolidated Financial Statements

Management is responsible for the preparation and fair presentation of these unconsolidated financial statements in accordance with the "BRSA Accounting and Reporting Legislation", and for such internal control as management determines is necessary to enable the preparation of unconsolidated financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the unconsolidated financial statements, management is responsible for assessing the Bank's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Bank or to cease operations, or has no realistic alternative but to do so.

Those charged with governance are responsible for overseeing the Bank's financial reporting process.

Auditors' Responsibilities for the Audit of the Unconsolidated Financial Statements

Responsibilities of auditors in an audit are as follows:

Our objectives are to obtain reasonable assurance about whether the unconsolidated financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with BRSA Regulation and TSAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error. Misstatements are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these unconsolidated financial statements.

As part of an audit in accordance with BRSA Audit Regulation TSAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:

· Identify and assess the risks of material misstatement of the unconsolidated financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

· Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Bank's internal control.

· Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.

· Conclude on the appropriateness of management's use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Bank's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the unconsolidated financial statements or, if such disclosures are inadequate, to modify our opinion.

· Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Bank to cease to continue as a going concern.

· Evaluate the overall presentation, structure and content of the unconsolidated financial statements, including the disclosures, and whether the unconsolidated financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

We have notified those responsible for senior management that we comply with the ethical provisions regarding independence. In addition, we have conveyed the steps taken and the measures taken to eliminate all relations and other issues and threats (if any) that may be considered to have an impact on independence to those responsible for senior management.

From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the unconsolidated financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditors' report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.

B) Report on Other Legal and Regulatory Requirements

1) Pursuant to the fourth paragraph of Article 402 of the Turkish Commercial Code No. 6102 ("TCC"); no significant matter has come to our attention that causes us to believe that the Bank's bookkeeping activities for the period 1 January - 31 December 2025 are not in compliance with TCC and provisions of the Bank's articles of association in relation to financial reporting.

2) Pursuant to the fourth paragraph of Article 402 of the TCC; the Board of Directors provided us the necessary explanations and required documents in connection with the audit.

Güreli Yeminli Mali Müşavirlik ve Bağımsız Denetim Hizmetleri A.Ş.

An Independent Member of BAKER TILLY INTERNATIONAL

Emine GÜNDÜZ ALTINOK,

Partner

İstanbul, 31 March 2026

Notification Attachments (1)

Citibank 31.12.2025_Final.pdf

Notifications Financial Statements

PDF

WORD

EXCEl

Presentation Currency	1.000 TL
Nature of Financial Statements	Unconsolidated

Presentation Currency	1.000 TL
Nature of Financial Statements	Unconsolidated

Presentation Currency	1.000 TL
Nature of Financial Statements	Unconsolidated

Presentation Currency	1.000 TL
Nature of Financial Statements	Unconsolidated

Presentation Currency	1.000 TL
Nature of Financial Statements	Unconsolidated