Kuveyt Turk's net profits rise over 21 pct

ANKARA (AA) - The net profits of Istanbul-based participation bank Kuveyt Turk rose 21.3 percent in the first quarter of 2017 compared to the same period last year, the bank announced Wednesday.

Kuveyt Turk’s net profits rose to 152 million Turkish liras ($42 million) in January-April, it said in a statement.

Its total assets reached 34.3 billion liras ($9.5 billion), up 7.4 percent since the end of 2016.

"We will continue to improve productivity through operational centralization, digitization, and automated processes," Ufuk Uyan, the bank’s CEO, said in the statement.

The bank, which is a subsidiary of Kuwait Finance House, has 5,560 employees in 388 branches.