Lenders rack up $7 billion in profits

Lenders rack up $7 billion in profits

Lenders rack up $7 billion in profits

The total net profit of 53 state-owned and private banks operating in Turkey in the first ten months of this year reached 66.1 billion Turkish Liras ($7 billion), the Banking Regulation and Supervision Agency (BDDK) announced on Nov. 29.

The figure was around $6 billion in the same period of 2020.

The total assets of the lenders, including deposit banks, participation banks, development and investment banks, surpassed $774 billion as of end-October, up from nearly $752 billion in the same period last year.

Loans jumped by 12 percent to some $439 billion during the same period.

Deposits held at lenders in Turkey reached $455.6 billion as of the end of the month, up 19 percent on an annual basis.
The Turkish banking sector’s regulatory capital-to-risk-weighted-assets ratio was 17.31 percent by the end of this October, well above the international standards.

The ratio of non-performing loans to total cash loans was 3.50 percent, far below the risky territory.