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Turkish banking sector’s net profit reaches $7B in Jan-Oct

Total assets of banks in Turkey reach $774B as of end-October, according to banking watchdog

Turkey’s banks posted a net profit of 66.1 billion Turkish liras ($7 billion) in January-October, according to the country’s banking watchdog on Monday.

The 10-month figure rose from 50 billion Turkish liras ($6 billion) in the same period last year, the Banking Regulation and Supervision Agency (BRSA) data showed.

The total assets of the banks surpassed 7.4 trillion Turkish liras ($774.1 billion) as of end-October, up from 6.2 trillion Turkish liras ($751.9 billion) in the same period last year.

Loans, the largest sub-category of assets, went up 12% to some 4.2 trillion Turkish liras ($439 billion) during the same period.

On the liabilities side, deposits held at lenders in Turkey reached 4.3 trillion liras ($455.6 billion) as of the end of the month, up 19% year-on-year.

Shedding light on lenders’ minimum capital requirements, the banking sector’s regulatory capital-to-risk-weighted-assets ratio — the higher the better — was 17.31% by the end of this October, down from 19.42% last October.

The ratio of non-performing loans to total cash loans the lower the better was 3.50% versus 3.97% in October 2020.

As of the end of September, a total of 53 state/private/foreign lenders including deposit banks, participation banks, development and investment banks were operating in Turkey.

The sector had 201,738 employees serving through 11,146 branches both in Turkey and abroad with 48,804 ATMs.

Source
AA

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