Turkey’s Top 10 Banks Report Strong Profits and Growth in Early 2025

May 30, 2025 BTT

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Turkey’s ten largest banks, by total assets, recorded a combined net profit of approximately 156.6 billion Turkish lira in the first quarter of 2025. This marks a 27 percent increase compared to the same period in 2024, reflecting continued strength in the banking sector despite ongoing economic fluctuations.

According to non-consolidated financial statements, these banks collectively reached total assets of nearly 29.7 trillion lira, showing a significant annual growth of around 39 percent. For comparison, their combined assets stood at about 21.3 trillion lira during the same period last year.

Ziraat Bank maintained its position as the largest bank in terms of assets, reaching 6.2 trillion lira. It was followed by VakıfBank, with 4.2 trillion lira, and Türkiye İş Bankası, which posted 3.7 trillion lira in assets. İş Bankası continues to hold the top spot among private sector banks. Halkbank came next with 3.2 trillion lira, and Garanti BBVA closed out the top five, exceeding 3 trillion lira in assets. Other major players included Akbank, Yapı Kredi, QNB Bank, DenizBank, and Kuveyt Türk, the latter being the only participation (Islamic) bank among the top ten.

Ziraat Bank not only led in assets but also achieved the highest net profit, with 32.7 billion lira for the quarter. Garanti BBVA followed with 25.3 billion, while VakıfBank reported a profit of 20 billion. Akbank earned 13.7 billion and İş Bankası reported 12.4 billion lira in net profit. DenizBank, Yapı Kredi, QNB Bank, Kuveyt Türk, and Halkbank also posted notable profits ranging from 7 to 12 billion lira.

PROFIT GROWTH COMPARED TO FIRST QUARTER OF 2024

In terms of profit growth compared to the first quarter of 2024, Ziraat Bank once again stood out with a remarkable increase of nearly 88 percent. VakıfBank saw a rise of about 67 percent, while Halkbank and Kuveyt Türk also posted strong growth. Other banks showed more moderate increases, except for İş Bankası, which experienced a slight decline of around 12 percent in its net profit.

Turning to customer deposits and participation funds, the total reached 19.5 trillion lira by the end of the quarter. Ziraat Bank led in deposit volume, with 4.1 trillion lira. It was followed by VakıfBank, Halkbank, İş Bankası, and Garanti BBVA. Kuveyt Türk held a significant 649.7 billion lira in participation funds, a noteworthy figure for a participation bank.

The banks also reported strong growth in lending activity, with their total loan and financing portfolio exceeding 15.4 trillion lira. Ziraat Bank again led this category with 3.2 trillion lira in loans. VakıfBank, İş Bankası, Garanti BBVA, and Halkbank followed. The fastest growth in loan portfolios was seen in QNB Bank and Ziraat Bank, both recording increases above 44 percent year-on-year.

In summary, the first quarter of 2025 demonstrated strong financial performance and stability for Turkey’s largest banks. They posted solid gains in profit, assets, deposits, and loans. Public banks such as Ziraat and VakıfBank were particularly dominant, but private institutions also showed resilience. The sector’s performance suggests continued robustness in the face of broader economic challenges.