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Net profit of Turkish banks up 39 percent in January-August period

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The Turkish banking sector’s net profit was up 39 percent year-on-year in the first eight months of 2023, the state-run Anadolu news agency reported on Friday, citing the country’s banking watchdog.

According to data from the Banking Regulation and Supervision Agency (BDDK), Turkey’s banking sector posted a net profit of 350.58 billion Turkish lira ($13.2 billion) in the same period.

The sector’s total assets rose 60.2 percent year-on-year to 20.33 trillion Turkish lira ($700.67 billion) as of the end of August, the report showed.

Loans, the biggest sub-category of assets, were 10.44 trillion Turkish lira ($393.56 billion), up 56.75 percent compared with the same period of last year.

On the liabilities side, deposits held at lenders in Turkey – the largest liabilities item – totaled nearly 12.93 trillion Turkish lira ($487.28 billion), up some 67.3 percent year-on-year.

A total of 54 state/private/foreign lenders – including deposit, participation and development and investment banks – were conducting banking activities in Turkey as of August.

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