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30-03-23
Turkish Banks Report Nearly Double Net Profit in February
(MENAFN) According to the Turkish banking watchdog, the net profit of Turkish banks reached 65.6 billion Turkish liras (USD3.48 billion) in February, which is nearly double in lira terms compared to last year. The data from the Banking Regulation and Supervision Agency also showed that total assets of the lenders totaled 15 trillion liras (USD797.5 billion) in February, rising from 9.5 trillion liras (USD687.4 billion) in the same month last year. Loans, the largest sub-category of assets, amounted to 8.1 trillion Turkish liras (USD427.3 billion) last month.
On the liabilities side, deposits held at lenders in Türkiye came in at 9.4 trillion Turkish liras (USD500.7 billion), which is the largest liabilities item. The sector's regulatory capital-to-risk-weighted-assets ratio stood at 17.15 percent at the end of February, indicating a healthy financial position. The ratio of non-performing loans to total cash loans was 1.93 percent, which is also a positive indicator for the sector.
As of end-February, a total of 54 state/private/foreign lenders, including deposit banks, participation banks, and development and investment banks, were operating in Türkiye. The sector had 209,208 employees working at 1,156 branches both in Türkiye and abroad, along with a total of 48,858 ATMs.
The strong performance of Turkish banks in February reflects the country's resilience amid the COVID-19 pandemic. The sector has been able to weather the economic challenges brought about by the pandemic and maintain its financial stability. This bodes well for the future of the Turkish banking industry and the country's overall economic growth.
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