Türkiye’s banking sector posted a net profit of TL 153.5 billion ($4.75 billion) in the first three months of the year, the country’s banking watchdog said on Monday.

The sector’s net profit was up 44.7% compared with TL 106.1 billion in January-March 2023, according to data from the Banking Regulation and Supervision Agency (BDDK).

As of March, the annual profit increase was recorded as 94.4%.

According to the data announced by the BDDK, the share of non-performing receivables (NPLs) in total cash loans decreased to 1.49% in March. This rate was at 1.82% in the third month of last year.

The core capital adequacy ratio (CAR) was 13% in the same period. In March 2023, this rate was recorded at 14%.

Meanwhile, the capital adequacy standard ratio was 17%.

On the other hand, the sector's total assets, which amounted to TL 15.8 trillion in March 2023, rose to TL 25.9 trillion at the end of March this year. The sector's total loans were recorded as TL 12.9 trillion at the end of the same month.