Turkish banks disappointed with the drop in profits in February 2018

Turkish banking sector which has normally enjoyed quite a successful achievement for many years is reported to have suffered a drop of 15.2 percent in profits in February 2018. This was recorded as the fastest decline in banking profits, for the last 14 months.

The profit of said banks fell by 15.2 percent in February compared to January thus incurring the fastest decline in the last 14 months. In the first two months of the year, the interest income of the banks was TL 47.2 billion and the interest expenditures totaled up to TL 27.1 billion.

According to the information gathered from the data provided by the “Banking Regulation and Supervision Agency” (BRSA), banks in Turkey obtained a net profit of TL 3 billion 847 million in February. The profit of the Banks dropped by 15.2 percent in February as compared to the previous month, which was the fastest decline in the last 14 months. In January, said banks had made the best start in history with a net profit of TL 4 billion 537 million.