Turkey’s ISBANK makes TL 1.8 billion net profit in first quarter 2018
Based on a statement issued by ISBANK, the leading bank of Turkey has increased the value of its assets to TL 370.9 billion in the first 3 months of the year as compared to same period last year, corresponding to an increase of 2.4 percent.
Cash loans, which have the largest share with 66.5 percent in the assets of the bank, increased by 3 percent compared to the end of 2017 and reached TL 246.5 billion while the volume of non-cash loans reached TL 84.8 billion. Thus, the total amount of resources provided by to the economy through loans reached TL 331.3 billion.
The bank continued its policy of healthy growth in first quarter as well and the ratio of non-performing loans to total loans was 2.3 percent, well below the sector average as in the previous periods.
On the other hand the bank increased its deposit volume to TL 206.9 billion corresponding to 1.5 percent compared to the end of 2017 thanks to its new technological applications, widespread branch network and multifaceted banking services.
In the same period, it continued to use non-deposit funds effectively in order to strengthen the funding structure and manage the funding cost.
The bank managed to continue growing in a healthy manner despite domestic and foreign uncertainties and geopolitical developments in and out of Turkey which affected the agenda of the country in the past year.
SOURCE: MEDIA
