Turkey: Banking sector net profits up 56 pct in 2016

ANKARA

The combined net profits of Turkey’s banking sector rose 56 percent to 29.1 billion Turkish liras ($9.37 billion) year-on-year in the first nine months of 2016, the Banking Regulation and Supervision Agency said in a report Monday.

Net profits over the same period last year had reached 18.7 billion liras ($6.05 billion).

Total assets increased by 176.3 billion liras ($57 billion), or 7.5 percent from January to September and stood at 2.534 trillion Turkish liras ($816 billion), the report said.

Meanwhile, credits increased 8.4 percent and reached 1.610 billion Turkish liras ($518 billion) year-on-year.

The average capital adequacy ratio, i.e. a measure of Turkish banks' capital, was at 16 percent for the January-September period, the report added.