Share the article
twitter-iconcopy-link-iconprint-icon
share-icon
Western EuropeMay 1 2005

Back to basics

Turkey’s banking system recorded strong growth in 2004 but systematic weaknesses continue. The country’s 48 banks are having to learn to cope with a low inflation environment.
Share the article
twitter-iconcopy-link-iconprint-icon
share-icon

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.

To continue reading, join our community and benefit from

  • In-depth coverage across key markets
  • Comments from financial leaders and policymakers worldwide
  • Regional/country bank rankings and awards
Activate your free trial