Turkey’s participation banks’ net profit surged 32% in the first half of 2020, year-on-year, to reach 1.65 billion Turkish liras ($228 million).
The assets of Kuveyt Turk, Albaraka, Turkiye Finans, Ziraat Katilim, Vakif Katilim and Emlak Katilim also soared 52% to reach 364.4 billion Turkish liras ($50.4 billion) as of the end of the first half on a yearly basis, according to data compiled by Anadolu Agency from Turkey’s banking watchdog and unconsolidated balance sheets.
Their deposits also rose 57% to reach 271.27 billion Turkish liras ($37.59 billion).
Loans issued by the banks rose 54.5% to reach nearly 191.91 billion Turkish liras ($26.54 billion) during the first six months of 2020, versus the same period last year.
Among the six banks, Kuveyt Turk saw the highest net profit with 754.06 million Turkish liras ($104.3 million). Its assets were 133.6 billion Turkish liras ($18.47 billion) as of the end of June.
Turkiye Finans recorded 403 million Turkish liras ($55.74 million) in net profit. State-run Vakif’s net profit reached 283 million Turkish liras ($39.14 million).
State-run Ziraat Bank and private lender Albaraka followed with 138.38 million ($19.13 million) and 62.9 million Turkish liras ($8.7 million) net profit, respectively.
Another state-run private lender Emlak Katilim posted 9.67 million Turkish liras ($1.33 million) in net profit in the six-month period.
Some 1,200 branches, 16,400 staffers
Participation banks’ regulatory capital-to-risk weighted assets ratio — a significant indicator to figure out minimum capital requirements of lenders — was at 19.08% as of June.
The total number of six banks’ domestic and international branches was 1,194 while they employed around 16,400 staffers as of end of last year.
The assets of Kuveyt Turk, Albaraka, Turkiye Finans, Ziraat and Vakif soared 29.1% to reach 206.6 billion Turkish liras ($39.2 billion) as of December on a yearly basis.
The U.S. dollar/Turkish lira exchange rate was 7.23 as of the end of June.
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