Private lender Yapi Kredi said in a filing with Bourse Istanbul on Wednesday that it could not complete the sale of TRY 14.2mn ( EUR 4.8mn ) worth portfolio of non-performing loans to RTC Varlik Yonetimi since the required conditions could not be fulfilled. Last month, the lender informed that it decided to sell its portfolio of non-performing loans worth TRY 229mn to various companies for TRY 42.75mn. TRY 14.2mn worth of bad loans will be sold to RCT Varlik Yonetimi, TRY 107.7mn worth of NPL to Final Varlik Yonetimi, TRY 53.8mn worth of bad loans to Anadolu Varlik and TRY 53.3mn worth of bad loans will be sold to LBT Varlik Yonetimi, Yapi Kredi detailed. The lender expected to receive the proceeds from the bad loan sales on December 20 . Yapi Kredi is a joint venture between the Turkish conglomerate Koc Holding and Italy's Unicredit . Earlier last month, Yapi Kredi announced that a tax office revised a tax fine imposed on the bank. Accordingly, total tax fine were increased by TRY 25.8mn. In November, following an inspection covering transactions made between 2008 and 2010, the tax office ordered Yapi Kredi Bankasi to pay a total TRY 103.2mn in taxes and fines. The fine is related to loan transactions made by Yapi Kredi Bankasi's Bahrain branch. Q3 net income of Yapi Kredi rose 186% y/y to TRY 1.8bn. Consolidated total assets of the lender grew 16.5% since the end of 2012 reaching TRY 153.2bn while its consolidated loans increased 19.6% to TRY 94.3bn.
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