Turkey's 10 largest banks grow assets by 30 pct by end of Q3

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The total assets of Turkey’s top 10 banks reached 25.21 trillion Turkish liras by the end of September, reflecting a 30.2% increase compared to the end of 2023, according to data compiled by state-run Anadolu Agency from the financial statements of Turkey’s largest banks.

Figures from the Banking Regulation and Supervision Agency (BDDK) also showed that the banking sector’s total assets stood at 30.51 trillion liras in September, with the top 10 banks accounting for 82.6% of the total.

State-owned Ziraat Bank maintained its position as Turkey’s largest bank with an asset size of 4.95 trillion liras, marking a 30.2% rise compared to the previous year.

State-owned Vakıf Bank ranked second, with its total assets rising by 27.6% to 3.5 trillion lira. Türkiye İş Bankası followed in third place with 3.1 trillion lira in assets, maintaining its title as the private bank with the largest asset base in Turkey.

Halkbank secured the fourth spot with assets totaling 2.8 trillion lira, reflecting a 31% increase over the nine-month period.

Following Halkbank were Garanti BBVA with 2.4 trillion lira, Yapı Kredi with 2.3 trillion lira, Akbank with 2.2 trillion lira, QNB with 1.36 trillion lira, Deniz Bank with 1.32 trillion lira, and Kuveyt Türk Participation Bank with 825.6 billion lira.

During this period, the bank that recorded the highest asset growth was QNB, with a 38% increase.

Net profits of Turkey's largest banks near 331.5 billion liras

In the first nine months of the year, shifting monetary policies and tighter financial conditions significantly impacted the profitability of Turkey's major banks.

Garanti BBVA led in net profits with 66.9 billion lira, marking a 16.3% increase from the same period in 2023. Ziraat Bankası followed with a net profit of 50.3 billion lira, while Türkiye İş Bankası ranked third with 34.6 billion lira. DenizBank and Akbank completed the top five, reporting net profits of 33.8 billion and 33.1 billion lira, respectively.

In total, the combined net profit of the top 10 banks reached 331.5 billion lira.

Among the top performers, VakıfBank stood out with the highest annual profit growth, rising 81.1%, followed by DenizBank at 52.7%. Kuveyt Türk and Halkbank also recorded significant profit increases of 42.7% and 39.3%, respectively. 

However, some banks experienced declines, with Yapı Kredi's net profit dropping by 54%, Akbank by 35.6%, Türkiye İş Bankası by 33.4%, and Ziraat Bankası by 8.6%.