Business

Profits of state-owned banks fell 64 percent in the first quarter


In the first quarter of 2021, the net profit of state deposit banks decreased by 63.8 percent in TL and 71.4 percent in dollar terms. During this period, the profits of private banks increased by 26 percent.

While the net profit of the banking sector increased by 4.3 percent to 16 billion TL in the first quarter of 2021, a sharp decline was observed in state deposit banks. According to the Banking Regulation and Supervision Agency (BRSA), the net profit of state deposit banks decreased by 63.8 percent during this period, from 4.4 billion TL to 1.6 billion TL. During this period, the net interest income of the group of state deposit banks, including Ziraat Bank, Halkbank and Vakifbank, fell from 18 billion TL to 8 billion TL.

State-owned banks are harmful

ANKA News Agency ”According to the report, in general, the net profit of state-owned banks fell by 38.5 percent during this period from 5.9 billion pounds to 3.6 billion pounds. During this period, net profit in local private banks increased by 26.7 percent from 4.8 billion TL to 6.1 billion TL, in foreign private banks from 4.3 billion TL to 6.1 billion TL. In dollar terms, the banking sector’s net profit fell to $ 1.9 billion from $ 2.3 billion in the first three months, down 17.5 percent from a year earlier.

The net profit of state deposit banks decreased by 71.4 percent during this period from $ 674 million to $ 193 million. During this period, foreign profits in foreign banks increased by 7.3 percent from $ 709 million to $ 761 million, while in local private banks decreased by $ 1 million to $ 737 million.

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