Turkey's Banking Sector Reports 21.3% Surge in Net Profits in August
Turkey's banking sector demonstrated robust growth in August, with net profits surging 21.3 percent year-on-year to reach 563.4 billion Turkish liras ($13.76 billion). This positive trend reflects the sector's resilience and growth.
The sector's total assets climbed to 41.8 trillion liras ($1.02 trillion) by the end of August, driven by a 1.8 trillion lira increase in loans, which now stand at 20.6 trillion liras. This growth is a testament to the banks' lending activity and their role in supporting the economy.
The banking sector employed 211,255 staff across 10,796 branches in Turkey and overseas, demonstrating its extensive reach and impact. Deposits, the largest liability item, totaled 23.99 trillion liras, indicating customers' trust in the sector.
The non-performing loans (NPL) ratio remained low at 2.22 percent, reflecting the sector's robust risk management. The regulatory capital-to-risk-weighted-assets ratio stood at a healthy 18.25 percent.
With 66 state, private, and foreign lenders operating in the sector, the Turkish banking sector continues to show strength and stability. The significant increase in net profits and total assets, coupled with a low NPL ratio, suggests a positive outlook for the sector.
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