Turkish banks announced a profit increase for the 10 months of 2021

Outbursts of anger and resentment are the main emotions that Turkish citizens have begun to express, reacting after a long time to the economic and micropolitical machinations of Turkish President Recep Tayyip Erdogan brought the Turkish lira to almost double its value within two years against the dollar and the euro. In fact yesterday the pound reached a new low against the euro at 15.23.

Turkish outrage is expected to peak in the near future as well Erdogan does not seem willing to back down and as he maintained, he will insist on the policy of low interest rates. At the same time, the news published today is expected to play its role, as, at a time when the Turkish people are not even able to get their daily bread more and more, the Turkish banks announced an increase in profits.

The total net profits of 53 state-owned and private banks operating in Turkey in the first ten months of this year reached 66.1 billion Turkish lira ($ 7 billion), the Banking Regulation and Supervision Agency (BD) announced on November 29th.

The figure was about $ 6 billion in the same period in 2020.

Banks’ total assets, including deposit banks, equity banks, development banks and investment banks, topped $ 774 billion at the end of October, up from nearly $ 752 billion in the same period last year.

Loans rose 12% to about $ 439 billion over the same period.

Bank deposits in Turkey reached $ 455.6 billion at the end of the month, up 19% year-on-year. The regulatory capital ratio to weighted assets of the Turkish banking sector was 17.31% by the end of October.

All this as in the supermarkets the oil cans are tied with ropes, as the owners are afraid that the despair of the citizens may lead them to theft.

Petros Kranias

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