Turkish banks posted a net profit of TRY190.3bn in January-May, a 44% year-on-year increase, data from the banking regulator BDDK have shown.
The combined assets of the lenders grew by 17% from the end of 2022 to stand at TRY16.84 trillion, while loans grew by 22% during the same period to TRY9.2 trillion.
Banks’ interest income from loans rose by 71% y/y to TRY453bn, with interest income from consumer loans up 77% y/y.
Lenders’ net interest income, on the other hand, inched up only 3% in the first five months of 2023 from a year ago.
The non-performing loans/total loans ratio improved from 2.61% in May last year to 1.75% in May 2023, while the industry-wide capital adequacy ratio came down from 18% to 17.08%.
Banks expanded their securities portfolio by more than 20% compared with end-2022 to TRY2.85 trillion.
There were 54 banks operating in Turkey as of May with more than 11,000 branches across the country and over 201,000 staff.
Related Articles
Kurdish official estimates Iraqi oil losses at $28bn
The 18-month suspension of oil exports from Iraqi Kurdistan has cost the state more than $28bn in lost revenue, a senior Kurdish official has said, as the fiscal damage is compounded by security ... more
Turkey’s Şahinler invests $100mn in Egypt’s garments and tourism sectors
Turkish group Şahinler Holding is expanding its operations in Egypt with new investments exceeding $100mn across the ready-made garments and tourism sectors, Al Sharq Business reported on August 27, ... more
Turkish government plans special "People's Aisle" sections in markets for cheaper products
A new government-backed initiative called “Cumhur Reyonu” (“People’s Aisle”) will be rolled out across Turkey’s major supermarket chains, which collectively operate over 55,000 branches ... more