Driven by a red-hot economy, fuelled by a rise in consumer spending and a burst of growth in foreign trade, the total assets of Turkey’s banks expanded 27.7% in 2004 to a record $228.3bn, corresponding to 77.5% of the gross national product (GNP), according to the annual report of the Banks’ Association of Turkey.
Banking income climbed 15.9% from 2003 to $4.7bn in 2004, the Banking Regulatory and Supervisory Authority reported. Total bank loans reached $74.0bn, up from $47.4bn in 2003 and deposits rose 27.9% to $142.3bn from $111.3bn in the previous year.