Turkish banks’ net profit jumps by 6.2% in 2024 to $18.38 billion

The net profits of Turkish banks rose by 6.2% from a year ago to TL 659 billion ($18.38 billion) in 2024, official data showed on Thursday.

The sector’s total assets surged by 38.7% year-over-year, reaching TL 32.7 trillion, according to the Banking Regulation and Supervision Agency (BDDK).

The total loan volume, the biggest sub-category of assets, grew by 37.5% to TL 16 trillion as of the end of December, the data showed.

Net interest income for the banking sector increased by 37% last year, totaling TL 986 billion. The ratio of non-performing loans (NPLs) stood at 1.78%, versus 1.6% a year ago.

Deposits, which are the largest source of funding for banks, saw a 27.3% increase compared to the end of 2023, reaching TL 18.9 trillion. The sector’s capital adequacy ratio was recorded at 19.69%.

As of end-2024, a total of 61 state/private/foreign lenders, including deposit banks, participation banks, and development and investment banks, operated in the Turkish banking sector.

The sector had 208,7289 employees serving at 10,950 branches both in Türkiye and overseas.