Turkish banking industry's likely 2017 profit growth seen at 15-20%

By bne IntelliNews August 8, 2017

This year's growth in the profits of Turkish banks is expected to be between 15% and 20%, Huseyin Aydin, head of The Banks Association of Turkey (TBB), told media on August 8.

Turkish lenders’ combined net income stood at TRY37.5bn last year, 44% up from 2015.

Banking sector watchdog BDKK reported on July 31 that the combined net income of Turkish banks increased by 33% y/y to reach TRY25.35bn (€6.1bn) in the first half of the year.

Aydin also said that TRY207bn in loans had to date been provided under the Credit Guarantee Fund. When it announced the fund last December, the government said it would make a massive TRY250bn (€63bn) available in loans, primarily to small and medium-sized enterprises.

Ekrem Kesin, general secretary of TBB, anticipated that the lending of Turkey's banks would rise by 16-18% this year, Reuters reported earlier on August 8.

According to BDDK data, banks’ 2017 lending rose by 20% y/y to hit TRY1.92tn by the end of June.

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