Istanbul: Net profits of Trkiye's banking sector in September totaled 669.7 billion Turkish liras ($16.16 billion), the banking authority said Thursday. The sector experienced a 19% increase in net profits compared to the same month last year.

According to Anadolu Agency, data from the Banking Regulation and Supervision Agency (BDDK) revealed that total assets of the sector reached 43.5 trillion liras ($1.05 trillion) at the end of September. Loans, constituting the largest sub-category of assets, amounted to 21.2 trillion liras ($512.7 billion).

Deposits, which form the largest liabilities item, were recorded at 24.8 trillion Turkish liras ($600 billion). The banking sector's regulatory capital-to-risk-weighted-assets ratio, a key indicator of financial stability, rose to 18.55% by the end of September, indicating a robust capital buffer.

The ratio of non-performing loans to total cash loans was reported at 2.29%, suggesting a relatively healthy loan portfolio within the sector. As of the end of September, a total of 66 state, private, and foreign lenders, including deposit, participation, and development and investment banks, were operational in the Turkish banking sector.

With a workforce of 210,102 employees, the sector operated through 10,781 branches both within Trkiye and overseas, reflecting its extensive reach and capacity.