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Turkish banking association sees sector's profit flat this year
August 19, 2014 / 8:17 AM / 3 years ago

Turkish banking association sees sector's profit flat this year

ISTANBUL, Aug 19 (Reuters) - The Turkish Banking Association expects profits in the banking sector this year to be at around the same levels as last year, General Secretary Ekrem Keskin told reporters on Tuesday.

Turkey’s banks had a total net profit of 24.73 billion lira ($11.42 billion) at the end of 2013, up 5.1 percent on the previous year.

However the sector’s net profit fell 8.4 percent year-on-year to 12.5 billion lira in the first half of this year, the banking watchdog BDDK said on Aug. 8.

Credit growth is expected at 18-22 percent in the second half, Keskin said, adding that he expected asset growth of 15-20 percent in the six-month period. (1 US dollar = 2.1660 Turkish lira) (Reporting by Birsen Altayli and Ebru Tuncay; Writing by Seda Sezer; Editing by Nick Tattersall)

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