Turkey’s banking sector registered a net profit of 27.3 billion Turkish liras ($4 billion) as of the end of May, the country’s banking watchdog announced Monday.

Total assets of the sector hit 5.3 trillion Turkish liras ($776.4 billion), up 24% from the same period last year, a report by the Banking Regulation and Supervision Agency (BRSA) said.

Loans, the biggest sub-category of assets, surged 24% year-on-year to 3.1 trillion Turkish liras ($464.7 billion) in the five-month period.

On the liabilities side, deposits held at lenders in Turkey — the largest liabilities item — totaled nearly 3 trillion Turkish liras ($437.4 billion), up 31% on an annual basis.

The US dollar/Turkish lira exchange rate was around 6.80 as of end-May, versus around 5.93 at the end of last May. 

Pointing to lenders’ minimum capital requirements, the banking sector’s regulatory capital-to-risk-weighted-assets ratio — the higher the better — was 19.44% by the end of the month, while it was 17.07% in the same period of previous year.

The ratio of non-performing loans to total cash loans — the lower the better — stood at 4.54% in the same period, versus 4.18% a year ago.

As of end-May, a total of 51 state/private/foreign lenders — including deposit banks, participation banks, and development and investment banks — operated in the Turkish banking sector.

The sector had 203,797 employees serving through 11,333 branches both in Turkey and overseas with 49,392 ATMs.

Copyright 2022 Anadolu Agency. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.