Ankara: Net profits of Trkiye’s banking sector totaled 658.97 billion Turkish liras ($18.77 billion) in 2024, the country’s banking watchdog said Thursday. The banking sector’s net profits climbed 6.2% compared to 2023.

According to Anadolu Agency, data from the Banking Regulation and Supervision Agency (BDDK) revealed that the total assets of the sector reached 32.67 trillion liras ($929.59 billion) as of end-December, marking a 38.7% increase on a yearly basis. Loans, the biggest sub-category of assets, amounted to 16 trillion liras ($457.03 billion), showing a 37.1% rise from the previous year.

Deposits held at lenders in Trkiye, which represent the largest liabilities item, totaled 18.9 trillion Turkish liras ($538.47 billion), reflecting a 27.3% increase from January-December the previous year. The banking sector’s regulatory capital-to-risk-weighted-assets ratio, an indicator of financial stability, was 19.07 by end-2023, slightly down from 19.69% in December 2024.

The ratio of non-performing loans to total cash loans was 1.78% in the same period, compared to 1.6% a year ago. As of the end of 2024, a total of 61 state, private, and foreign lenders, including deposit banks, participation banks, and development and investment banks, were operating within the Turkish banking sector.