Banks’ boost their income in January-March

Banks’ boost their income in January-March

Banks’ boost their income in January-March

The combined profit of Turkey’s banks increased from 16.4 billion Turkish Liras in January-March 2021 to 63.2 billion liras in the first quarter of this year, the Banking Regulation and Supervision Agency (BDDK) has said.

That corresponded to a whooping 295 percent increase in the industry’s profit on an annual basis.

Total assets of the banking sector grew by 10.2 percent or 943 billion liras compared to the end of 2021 to stand at 10.2 trillion liras as of end-March.

Loans extended by the local lenders increased by 12.3 percent from the end of 2021 to amount to 5.5 trillion liras, while deposits collected rose by 12.6 percent to 5.97 trillion liras over the same period.

The capital adequacy ratio in the industry was 20.38 percent, the BDDK said.

There were a total of 54 banks operating in Turkey’s financial system as of end-March. Lenders had 11,000 branches inside the country and 75 branches abroad. The industry employed more than 200,000 personnel and operated nearly 49,000 ATMs.

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