Banking in Turkey has been a profitable business in recent times. Returns on equity (ROE) hitting the high teens – peaking at more than 20% – has been a common occurrence in the past 10 years, and the country has a healthy population growth outlook, a good indicator of continued profitability.
In 2013, Turkey's population stood at 76.67 million, a 1.4% increase on the previous year, according to the Turkish Statistical Institute. The institute forecasts a 9.9% increase on the current population by 2023. Looking further ahead, forecasts suggest that Turkey's population growth will continue until 2050, handing the country's banks a recipe for success.
