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Turkish Banks See Profits Bulge in First Half of 2009

Posted on 07 August 2009

Earlier this year, we followed up on a Forbes report regarding the health of Turkish banks because of the reforms made during Turkey’s economic crisis at the turn of the millennium.

Yesterday saw several Turkish banks reveal their figures for the first half of this year, which completely backed up the opinion of the article.

Yapi Kredi, Garanti Bank, Denizbank and Şekerbank have all seen their net profits bulge in the first six months of this year.

Turkish bank Yapı Kredi, co-owned by Italy’s UniCredit SpA, for example, saw a net profit increase of 26 percent during the first half of the year.

Yapı Kredi posted a net profit of 923.76 million Turkish Liras for the first six months of the year, compared to the lender’s net profit of 719.54 million liras during the same period last year.

The bank says that its cost management and how effectively measures were implemented to bring its revenue to expenditure ratio down to 38% from 51% last year as being behind the rising profits.

Because of its performance the lender’s total credit volume stood at 38.22 billion liras, which translates to plenty of liquidity and mortgage availability within Turkey.

“The results we have obtained show that we have been successful in managing the crisis,” said Faik Açıkalın, chief executive officer of Yapı Kredi.

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