Turkish banks’ net profit soars: Watchdog

Turkish banks’ net profit soars: Watchdog

ANKARA
Turkish banks’ net profit soars: Watchdog

Net profit for Turkish banks rose 27.5 percent in the same period of January to July from a year ago, by the support of net interest rates and commission fees, based on the data from Turkey’s banking regulator on Sept. 6.

Turkish lenders posted a 29.5 billion Turkish Lira ($8.6 billion) net profit in the first seven months of the year, according to the data from the Banking Regulation and Supervision Agency (BDDK). 

Their net profit was 22.8 billion liras a year earlier. 

The lenders posted a 25.4 billion lira net profit in the first half of the year with a 33.2 percent year-on-year increase, mainly due to a significant rise in loans, which were provided to businesses in line with a number of government measures to rebound the economy. 

Turkish banks’ asset size hit 3 trillion liras by the end of July, data also showed. 

This constituted a 266.4 billion lira increase from the end of 2016. 

The sector’s loans rose to 1.94 trillion liras by the end of July.