July's net earnings in the Turkish banking sector reach a staggering $11.8 billion
The Turkish banking sector experienced a significant growth in July 2021, according to data released by the Banking Regulation and Supervision Agency (BDDK).
The total assets of the banking sector in Turkey reached an impressive 40.7 trillion Turkish liras ($1 trillion), a testament to the sector's robustness. This figure includes deposits, loans, and other assets held by the 66 individual banks operating within Turkey's banking system. These lenders include deposit banks, participation banks, and development and investment banks.
Deposits, the largest liabilities item, totaled 23.48 trillion Turkish liras ($581.1 billion), demonstrating the public's confidence in the sector. Loans, a sub-category of assets, totaled 20.05 trillion liras ($469 billion), making it the biggest sub-category of assets in the banking sector.
The banking sector's regulatory capital-to-risk-weighted-assets ratio was 18.2% by the end of July, indicating a strong capital base to support the sector's activities. The ratio of non-performing loans to total cash loans stood at 2.18%, a relatively low figure that suggests a manageable level of bad debt.
The sector's performance was also reflected in its net profits. In July, the banking sector reported net profits of 479.2 billion Turkish liras ($11.84 billion), marking a 37.4% increase compared to the same month last year. This growth underscores the sector's resilience and its ability to generate substantial revenue.
The banking sector's growth was not limited to assets and profits. The sector also employed 211,168 people serving at 10,811 branches in Turkey and overseas. This substantial workforce is a testament to the sector's role in driving economic growth and job creation.
In conclusion, the Turkish banking sector demonstrated impressive growth and resilience in July 2021. The sector's robust assets, strong capital base, manageable bad debt, and substantial profits are indicative of a healthy and thriving sector. The sector's continued growth is likely to contribute to Turkey's overall economic development.
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