Banking Regulation and Supervision Agency

Turk Eximbank is making significant strides in interest-free banking to better support exporters, with General Manager Ali Güney announcing plans to diversify the bank's financing and insurance products in line with interest-free banking principles.

"Our goal is to increase the share of interest-free banking products in Eximbank's support to 10% in the first phase," Güney stated.

In a bid to guard against the rising number of theft and fraud incidents, the Banking Regulation and Supervision Agency (BDDK) has introduced a regulation prohibiting the use of commonly used passwords for bank cards as of next week.

The Turkish banking sector's net profit stood at 382.77 billion Turkish Liras ($11.3 billion) in January-August, the country's banking watchdog has said.

The sector's overall assets amounted to 29.69 trillion liras, up 26.1 percent in the eight-month period versus the end of 2023, the Banking Regulation and Supervision Agency (BDDK) said.

The net profits of Turkish banks increased 18.8 percent at an annualized pace in January-July, according to banking watchdog data.

The sector saw a 348.7 billion liras ($10.6 billion) net profit as of the end of July, up from 293.4 billion liras last year, the Banking Regulation and Supervision Agency (BDDK) data showed.

The operating environment for Turkish banks has improved in recent months due to more orthodox macroeconomic policies driving a reduction in macroeconomic and financial stability risks and increased investor confidence, Fitch has said in a report.

The net profits of Turkish banks jumped 24 percent year-on-year in the first six months of 2024, according to data from the Banking Regulation and Supervision Agency (BDDK).

The sector posted a 314 billion Turkish Liras ($9.6 billion) net profit in January-June, up from 252.5 billion liras in the prior year.

The combined net profit of Turkish banks amounted to 233.6 billion Turkish Liras in the January-May period, rising 23 percent from a year ago, according to data from the Banking Regulation and Supervision Agency (BDDK).

In May alone, banks posted a net income of 42.93 billion.

The Turkish banking regulator has decreed that the threshold for contactless payments will be raised by 100 percent to 1,500 Turkish Liras as of July 1.

The combined net income of Turkish banks increased by 32 percent in the first four months of 2024 from a year ago to 190.7 billion Turkish Liras ($5.94 billion), show data from the Banking Regulation and Supervision Agency (BDDK).

Total assets in the banking industry grew by 11.4 percent compared with the end of 2023 to reach 2.69 trillion liras as of April.

The Banking Regulation and Supervision Agency (BDDK) has allowed the establishment of three new banks.

According to the decision published in the Official Gazette, as per BDDK's decision, two investment banks, namely Marin Yatırım Bankası and Aytemiz Yatırım Bankası, and one digital participation bank, Adil Katılım Bankası, will be established.