Par­tic­i­pa­tion banks’ net profit up 52 pct in Q1

Daily Sabah (Turkey) - - Money -

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.

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