Ankara: Net profits of Trkiye's banking sector in October totaled 751.6 billion Turkish liras ($17.95 billion), the banking authority revealed on Monday. The sector experienced an 18% increase in net profits compared to the same month last year.

According to Anadolu Agency, data from the Banking Regulation and Supervision Agency (BDDK) indicated that the total assets of the sector reached 44.1 trillion liras ($1.05 trillion) by the end of October. Loans, which represent the largest sub-category of assets, amounted to 21.58 trillion liras ($515.8 billion). In terms of liabilities, deposits were the largest item, totaling 25.36 trillion Turkish liras ($606.26 billion).

The banking sector's regulatory capital-to-risk-weighted-assets ratio, an important measure of financial stability, rose to 18.87% by the end of October. Meanwhile, the ratio of non-performing loans to total cash loans stood at 2.39%, a crucial indicator of the sector's health.

At the close of October, the Turkish banking sector comprised 67 state, private, and foreign lenders, including deposit banks, participation banks, and development and investment banks. The sector employed 211,184 individuals across 10,765 branches in Trkiye and overseas.