BANKS POST TRY 132BN NET PROFIT IN MAY

Banks posted a net profit of TRY 132bn in May, according to the Banking Regulation and Supervision Agency (BDDK). Total assets of the banking sector rose from TRY 6.7tr to TRY 11.3tr in May, year-over-year. Loans, the largest sub-category of assets, surged by 57.0% to TRY 6.1tr in the same period. On the liabilities side, deposits held at lenders in Turkey– the largest liabilities item – amounted to TRY 6.6tr, up 72% on an annual basis. The ratio of non-performing loans to total cash loans was 2.61%, down from 3.69% a year ago. As of the end of May, a total of 52 state, private and foreign lenders, including deposit banks, participation

banks, development and investment banks, were operating in Turkey. The sector had 202,377 employees working at 11,171 branches both at home and abroad, along with 48,710 ATMs.