Net profits of Turkish banks rise in first quarter

Banking Regulation and Supervision Agency said Tuesday that the net profit of Turkey’s banking sector rose by 65.02 percent year-on-year in the first three months of 2017 to TL 13.5 billion ($ 3.8 billion). According to the report, total assets rose by 135 billion liras ($ 38.9 billion) or 4.9 percent at the end of 2016 and rose to 2.866 trillion liras ($ 808.8 billion) in March.

Meanwhile, credits increased by 5.5 percent year on year to TL 1.83 trillion ($ 516.4 billion) compared to the end of March. The report said that the capital adequacy ratio, which is an important indicator of the health of the banking sector in a country, stood at 16.1 percent in the first half.

Deposits, the largest source of funds for banks, increased by 4.4 percent compared to the previous month and reached TL 1,518 trillion (USD 428.4 billion).

SOURCE: MEDIA