Trkiye's banking sector posted a net profit of 250.3 billion Turkish liras ($9.69 billion) in the first six months of 2023, the country's banking watchdog said on Monday. The sector's net profit was up 47.9% compared with 169.15 billion Turkish liras ($585 million) in the same period last year, according to data by the Banking Regulation and Supervision Agency. Total assets of the sector rose 63% year-on-year to 19.1 trillion Turkish liras ($739.55 billion) as of the end of June, the report showed. Loans, the biggest sub-category of assets, were 10.09 trillion Turkish liras ($387.55 billion), up 60.09% compared with the same period of last year. On the liabilities side, deposits held at lenders in Trkiye - the largest liabilities item - totaled nearly 11.65 trillion Turkish liras ($451.05 billion), up some 71.5% year-on-year. The US dollar/Turkish lira exchange rate was 26.98 at the end of June 2023 and 16.7 at the end of June 2022, according to the Turkish Central Bank data. A total of 55 state/private/foreign lenders - including deposit, participation, and development and investment banks - conducted banking activities in Trkiye as of January. Pointing to lenders' minimum capital requirements, the banking sector's regulatory capital-to-risk-weighted-assets ratio - the higher the better - was 17.96% by the end of June, versus 18.05% at the end of June 2022. The ratio of non-performing loans to total cash loans - the lower the better - was 1.64% in June, versus 2.49% a year ago. The sector had over 207,300 employees, serving through 11,148 branches both in Trkiye and overseas.
Source: Anadolu Agency
