Participation banks’ net profit up 52 pct in Q1
TURKEY’S participation banks’ net profit jumped 52.4 percent to TL 503 million ($127 million) in the first quarter of 2018, compared with the same period last year. Five participation banks’ total assets rose by 22.5 percent to reach TL 166.9 billion during the January-March period, on a yearly basis, according to data compiled from Turkey’s banking watchdog and independent audit reports.
Their deposits also jumped by 28.2 percent to TL 110.5 billion year-on-year in the same period.
Loans issued by five participation banks rose by 30.2 percent to reach TL 103.65 billion during the first three months of 2018, on a yearly basis.
Among five banks, Kuveyt Turk saw the high net profit with TL 203.1 million, up by 33 percent year-on-year in the first quarter of the current year. While Albaraka’s net profit reached TL 97.7 million, Turkiye Finans recorded a TL 91.4 million net profit. State-run Ziraat and Vakif participation banks followed them with TL 68.7 million and TL 54.5 million net profits, respectively. The total number of domestic and international branches that the five banks had was 1,040, while they employ over 15,000 staff as of March. Meanwhile, the Turkish banking sector - including all type of lenders - posted a TL 13.9 billion net profit, up 5.1 percent year-on-year in the first quarter of 2018. The total assets of Turkey’s banking sector amounted to TL 3.37 trillion.