Ankara: Net profits of Trkiye's banking sector in August totaled 563.4 billion Turkish liras ($13.76 billion), the country's banking watchdog announced Monday. This marks a 21.3% increase compared to the same month last year.

According to Anadolu Agency, the data from the Banking Regulation and Supervision Agency (BDDK) revealed that the sector's total assets reached 41.8 trillion liras ($1.02 trillion) by the end of August. Loans, which make up the largest sub-category of assets, amounted to 20.6 trillion liras ($504.1 billion).

Deposits, the most significant liabilities item, were recorded at 23.99 trillion Turkish liras ($586.7 billion). The banking sector's regulatory capital-to-risk-weighted-assets ratio stood at 18.25% by the end of August, indicating a healthy capital requirement status.

The ratio of non-performing loans to total cash loans was 2.22%, reflecting the sector's management of loan defaults. By the end of August, 66 banks, including state, private, foreign lenders, deposit banks, participation banks, and development and investment banks, were operational in Trkiye.

The sector employed 211,255 people across 10,796 branches in Trkiye and overseas, showcasing its expansive reach and significant workforce.