Turkey’s Top 10 Banks Break Record Profits
Turkey’s 10 Biggest Banks Break Profit Records and Provide Trillions in Economic Support
Despite facing challenging economic conditions due to various factors such as shifting economic management, electoral uncertainties, and natural disasters, Turkey’s 10 largest banks managed to break profit records and provide significant support to the economy in 2023.
According to the “Banking Sector 2023 in Numbers” report released by the Banks Association of Turkey (TBB), the combined profit of the top 10 banks in the country exceeded 500 billion lira, reaching 506.8 billion lira in 2023. This represented a 40.4 percent increase in profits compared to the previous year.
The asset size of these top 10 banks also saw a significant growth, reaching 19.4 trillion liras by the end of 2023, marking a 65.8 percent increase from the previous year.
Leading the list of banks with the highest asset size was Ziraat Bank, with 3.8 trillion liras, followed by VakıfBank, Türkiye İş Bankası, and Halkbank.
In terms of deposit and participation funds, the total reached 13 trillion lira, with Ziraat Bank once again leading the way with 2.9 trillion liras in deposits.
Furthermore, when it came to credit and financing support, the total cash loan support provided by the 10 banks reached 9.7 trillion lira. Ziraat Bank also led in this category with a credit support of 1.9 trillion lira.
The equity capital of the 10 banks also showed considerable growth, reaching 1.8 trillion lira by the end of 2023, marking a 50 percent increase from the previous year.
These figures demonstrate the significant role of Turkey’s largest banks in supporting the country’s economy and financial system. Despite the challenges they faced, the banks managed to achieve remarkable financial success and provide substantial resources to drive economic growth.
