Four Turkish Banks Account for 60% of Sector's Profit
Turkey’s top four banks play a very prominent role in the sector. State-owned Ziraat and three private banks, Garanti, Is and Akbank, have the lyon’s share in assets, deposits and profits. According to the latest report from the Union of Banks, TBB for short, as of end September, the country’s largest lenders accounted for 54.2 percent of assets, 57.3 percent of deposits and 59.7 percent of net earnings with Ziraat leading in all three categories.
By end September, the banking sector’s combined assets stood at TL 886.1bn and deposits at TL 569.3bn. As for after-tax profits, they reached TL 16.3bn in nine months.
- Published in Turkey
Turkey’s central bank faces challenges in ensuring growth and inflows of foreign capital don’t threaten macroeconomic stability, and the bank’s success will feed into the country’s debt rating assessment, Fitch Ratings said. “One of the challenges the central bank faces is to reduce inflation and prevent the economy overheating in a challenging policy environment, including large capital inflows and low global interest rates,” Fitch analyst Edward Parker said.
Calgary, Canada- Valeura Energy Inc. (TSXV:VLE) says it has bought an interest in the Edirne exploration licence in Turkey's main natural gas producing region for $3.1 million, expanding its presence in the country. The Calgary-based company says it will own a 35 per cent interest in the licence, which covers land in the Thrace Basin, the main natural gas producing region of Turkey. It bought the stake from Edirne Enerji Petrol Arama Uretim Ve Ticaret Limited Sirketi, a wholly-owned affiliate of Australia's Otto Energy Ltd. The deal is expected to close around Dec. 22.
State Oil Co. of Azerbaijan Republic (SOCAR) and TURCAS Rafineri AS (STRAS) has awarded Fluor Corp. a project management consultancy for a refinery to be built in Aliaga, Turkey. TURCAS is a joint venture of SOCAR and Petrol AS. The planned refinery will be integrated into the Petkim petrochemicals complex on the Aegean coast. 
