Banking sector in Turkey registers a net profit of $11.8 billion in July
The Banking Regulation and Supervision Agency (BDDK) has released its latest report on the Turkish banking sector, revealing a robust and thriving industry.
July saw a significant increase in the net profits of the banking sector, with a 37.4% rise compared to the same month last year. This translates to a net profit of 479.2 billion Turkish liras ($11.84 billion).
The total assets of the sector also reached a new high, amounting to 40.7 trillion Turkish liras ($1 trillion) by the end of July. Loans, a sub-category of assets, totaled 20.05 trillion Turkish liras ($469 billion), while deposits, the largest liabilities item, stood at 23.48 trillion Turkish liras ($581.1 billion).
The banking sector's regulatory capital-to-risk-weighted-assets ratio was 18.2% by the end of July, indicating a strong capital position. Furthermore, the ratio of non-performing loans to total cash loans was 2.18%, a relatively low figure that suggests a manageable level of bad debts.
The Turkish banking sector is home to 66 state, private, and foreign lenders. However, the specific names of these lenders, including custodian banks, participation banks, and development and investment banks, are not available in the current search results.
As of the end of July, the sector employed 211,168 people, serving customers at 10,811 branches in Turkey and overseas.
The Turkish banking sector continues to play a crucial role in the country's economy, providing essential financial services and contributing significantly to the national GDP. The strong performance in July is a positive sign for the sector's resilience and growth potential.
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