Turkish state-run banks post $762M net profit in H1

Published 17.08.2019 00:13

Three Turkish state-run banks posted TL 4.41 billion ($762 million) in net profit over the first six months of 2019.

The total assets of the three conventional banks Ziraat, Vakıf and Halk – excluding state-run participation banks – reached nearly TL 1.25 trillion ($215.5 billion) by the end of June, according to data compiled from unconsolidated balance sheets.

Among the three banks, Ziraat saw the highest net profit with TL 2.8 billion ($484 million). Its assets totaled TL 537.15 billion ($92.9 billion), as of the end of the year's first half.

Vakıf Bank's net profit was TL 1 billion ($173 million), while Halk Bank saw a net profit of TL 615.4 million ($106.5 million) during the same period. While Halk's total assets amounted to TL 378.4 billion ($65.5 billion), Vakıf's total assets stood at TL 331.35 billion ($57.3 billion).

The state-owned banks' regulatory capital to risk-weighted assets ratio – a significant indicator to determine minimum capital requirements of lenders – was at 16.1% as of June.

The three banks' domestic and international branches totaled 3,711 combined, employing more than 60,000 staff by the end of the same period.

Meanwhile, the Turkish banking sector – including all types of lenders – posted TL 24.8 billion ($4.3 billion) in net profits during the six-month period. The total assets of Turkey's banking sector amounted to TL 4.2 trillion ($732.5 billion).

As of the end of June, the U.S. dollar/Turkish lira exchange rate was 5.78.

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