Banks in Turkey enjoy high profits despite issues in economy

Although banks in Turkey often complain about low profitability, figures say otherwise. Indeed banks have left behind another profitable period. It is reported that the net profit of the 10 deposit banks traded on the exchange was TL 24 billion 592 million in first 9 months of this year, increasing by 26.7 percent compared to the same period of 2016.

9 month net profit made by Akbank, DenizBank, Garanti Bank, Halkbank, ICBC Turkey Bank, İş Bank, QNB Finansbank, Şekerbank, VakıfBank and Yapı Kredi, all traded on Stock Exchange Istanbul (BIST), went up to TL 24 billion 592 million liras corresponding to 26.7 percent. Banks that made a profit of TL 19 billion 407 million in January-September period last year, was recorded as TL 25 billion 246 million in 2016.

On the other hand the net profit for the entire banking sector in September 2017 was 37 billion TL as compared to TL 29 billion last year.

Garanti Bank obtained the highest net profit of TL 4 billion 645 million among the deposit banks on Istanbul stock exchange, in 9 months. Garanti Bank was followed by Akbank with TL 4 billion 515 million and İşbank with TL 4 billion 103 million in net profit.