Turkish bank profits hike 24% in 1st half

By Tuba Ongun

ANKARA (AA) – The net profits of Turkish banks jumped 24% year-on-year in the first six months of 2024, according banking watchdog data released on Tuesday.

The sector posted a 314 billion liras ($9.6 billion) net profit in January-June, up from 252.5 billion liras ($10 billion) in the prior year, Banking Regulation and Supervision Agency (BRSA) data showed.

Total bank assets amounted to 28.1 trillion liras ($862.1 billion) at end-June, with loans, the largest sub-category of assets, reaching 13.9 trillion liras ($425.6 billion).

On the liabilities side, deposits held at lenders in Türkiye – the largest liabilities item – hit 16.5 trillion liras ($506.7 billion) in the six months up to June.

The sector’s regulatory capital-to-risk-weighted-assets ratio – the higher the better – stood at 17.1% as of the end of June.

The ratio of non-performing loans to total cash loans – the lower the better – was 1.53%.

As of end-June, a total of 62 state/private/foreign lenders – including deposit banks, participation banks, and development and investment banks – were operating in Türkiye.