Kuveyt Turk's net profit rises 26 percent

By Gokhan Ergocun

ANKARA (AA) - The net profit of Istanbul-based participation bank Kuveyt Turk surged 26 percent in the third quarter of 2017 compared with the same period last year, the bank announced in a statement Wednesday.

Kuveyt Turk’s net profit rose to 555 million Turkish liras ($143.28 million) in January-September, it said in a statement.

Its total assets reached 54.6 billion liras ($14.09 billion), up 12.6 percent since the end of 2016.

"Just like in any quarter, we have achieved successful results," Ufuk Uyan, the bank’s chief executive officer, said in the statement.

"Also in this quarter, strengthening our pioneering position in the participation banking sector and in overall banking sector."

The bank's net profits were 542 million Turkish liras ($139.23 million) at the end of 2016.

The bank, which is a subsidiary of Kuwait Finance House, has over 5,500 employees in nearly 400 branches.