Turkey’s banking sector posted a net profit of TL 20.09 billion ($1.5 billion) in the first month of 2022, the country’s banking watchdog said on Tuesday.
The sector’s net profit was up 369% compared with TL 4.3 billion in the same month last year, according to data by Banking Regulation and Supervision Agency (BDDK).
The sector achieved a record net profit last year as the lenders’ net profits surged around 57.4% to total nearly TL 92.1 billion.
The figure was up from TL 58.5 billion that the sector reported in 2020.
Total assets of the sector rose 52.65% year-on-year to TL 9.22 trillion as of the end of January, the report showed.
Loans, the biggest sub-category of assets, were TL 4.96 trillion, up 39.7% compared with the same period of the last year.
On the liabilities side, deposits held at lenders in Turkey – the largest liabilities item – totaled nearly TL 5.38 trillion, up some 57.4% year-over-year.
The United States dollar and Turkish lira exchange rate stood at 13.63 at the end of January and 7.39 at the end of the same month in 2021, according to the central bank data.
Turkey’s banking sector achieved a record net profit in 2021, data by the industry watchdog showed on Monday.
A total of 53 state/private/foreign lenders – including deposit, participation, and development and investment banks – conducted banking activities in Turkey as of January.
The sector had 201,857 employees, serving through 11,108 branches both in Turkey and overseas.
