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SABANCI Sabancı Holding Q3 2021 Financial Results Earnings Release November 4 , 2021 Another successful period with solid ROE improvement Sabancı Holding successfully delivered strong results in the first nine months driven by improved contribution from bank as well as solid performance in non - bank businesses . Third quarter marked by solid demand environment and operational efficiency , which partly offset upward trend in input costs and elevated impact of drought . Combined non - bank operating cash flow remained solid in the first nine months coupled with prevailing deleveraging . Consolidated ROE increased to 17 % in the first nine months in - line with Group's midterm guidance owing to sharp improvement in bank ROE . Sabancı Holding CEO Cenk Alper's commented : " These successful results are the biggest indicator of Sabancı's business culture that is constantly seeks for improvement . With our strong financial risk management approach , we once again demonstrated our financial resilience despite market volatility . We continued to generate solid cash flow from our operations and strengthened our balance sheet . " FINANCIAL HIGHLIGHTS • • • Combined revenue growth accelerated to 43 % y - o - y in Q3 . Non - bank growth drivers were energy , industrials and building materials . Combined revenue in the first 9M exceeded TL100bn , which is up by 33 % y - o - y . Comparable combined EBITDA growth reached 46 % y - o - y in Q3 on strong performance from banking , energy and industrials . In the first 9M , combined EBITDA reached TL21bn , up 38 % compared to a year ago . Comparable consolidated net income reached TL2bn , up by 40 % y - o - y in Q3 . Net income growth was at 45 % in the first 9M , equals to TL6bn . Consolidated ROE improved further to 17 % in the first 9M with solid improvement in bank's ROE . Combined non - bank operational cash flow reached TL8bn , up by 17 % y - o - y and holding only cash reached TL1.9bn in the first 9M . Deleveraging continued as non - bank Net Debt / EBITDA dropped to 1.4x by the end of September vs. 1.5x at the end of 2020 . Note : Combined revenue excludes holding dividend income . Combined EBITDA and consolidated net income excludes non - operational and non - recurring one off items & IFRS16 impact in retail . Operational cash flow and net debt figures exclude banking , financial services and other segment . Consolidated ROE excludes non - operational and non - recurring oneoff items . 1