Şekerbank had Turkey’s fastest Q1 growth rate
Posted by meb at May 19th, 2007
The rapid growth rate seen in the banking sector continues through the first three months of the year. While Şekerbank has been declared to be the fastest growing bank for the period, Finansbank’s deposits dropped from the beginning of the year
Turkey’s banking sector, a main attraction for foreigners during the past few years, continued to grow during the first three months of the year.
Among the 14 banks whose shares are traded on the Istanbul Stock Exchange (IMKB), Şekerbank had the fastest growth rate in loans, deposits and assets volume.
Loans offered by Şekerbank increased 32.84 percent to YTL 2.65 billion during the first quarter of the year. The bank’s total deposits increased 12.45 percent to YTL 3.4 billion. The bank’s assets volume grew 16.36 percent during the first quarter of the year. Şekerbank’s net profit for the first quarter increased 103.6 percent compared to the same period last year to YTL 30.9 million.
Şekerbank is owned by the Kazak Turan Alem Group.
The increase in its loans contributed toward the bank’s profit growth, said Basri Göktan, Şekerbank General Director. “We will weigh-in on opening more branches. We will continue our widespread and stable growth,” he said.
The Türkish Economy Bank (TEB), which is 50 percent owned by French BNP Paribas, followed Şekerbank to rank at number two. TEB’s loans grew 10.73 percent, while its deposits grew 9.36 percent. The bank’s asset volume increased 9.66 percent.
However TEB’s profits for the first three months of the year dropped 2.14 percent to YTL 44 million.
Highest profit from Akbank
Meanwhile, Akbank and Garanti bank had the fastest amount of growth in loans and deposits. Garanti bank increased its loans by YTL 2.5 billion to YTL 30 billion in just three months. The bank’s deposits increased YTL 2.7 billion to reach YTL 32.8 billion during the same period.
Akbank’s loans increased by 8.64 percent, while its asset volume grew by 7.54 percent. The bank’s deposits also grew 6.98 percent. Although Akbank’s profit seemed to drop compared to 2006, it announced the highest net profit for the first quarter of 2007. Akbank’s net profit dropped 26.91 percent to YTL 435 million during that period.
Garanti bank ranked second of all banks for having the highest profit for the first quarter of the year. Garanti Bank increased its net profit by 49.78 percent to YTL 377 million.
source: Turkish Daily News
Related posts:
