Bank

In recent years, the financial sector has been undergoing significant changes due to widespread digital transformation. The introduction of Internet banking, the development of financial technologies and other innovations open up unique opportunities to improve the quality of customer service. Among them is open banking.

There will be no sudden exit from the FX-protected deposit account scheme, Vice President Cevdet Yılmaz has said.

The scheme was a necessity when it was first introduced and has accomplished its task, Yılmaz told a group of journalists, noting that the amount of money in the FX-protected accounts has been declining fast.

Recovery in the Turkish banking system's core spreads and an improved fee base will continue to support revenues, the Bank of America (BofA) has said in a recent report, adding that it sees asset quality risks as manageable.

"Normalization" is probably the best word to describe the ongoing dynamics in the Turkish banking system, the authors of the report said.

The steps taken within the scope of monetary tightening and the simplification of the macroprudential framework are showing their positive effects, Central Bank Governor Hafize Gaye Erkan has said.

National Bank, Greece's second-largest lender by market value, on Tuesday reported higher net earnings in the first nine months of 2023 compared with the same period a year ago as net interest income rose.

NBG, 40% owned by the country's HFSF bank rescue fund, said net earnings reached 791 million euros from €680 million in the first nine months of 2022.

The combined net profit of Turkish banks increased by 53.5 percent in January-September from a year ago to 439.7 billion Turkish Liras ($16.1 billion).

Total assets of the banking sector rose more than 47 percent from the end of 2022 to amount to 21.09 trillion liras, data from the Banking Regulation and Supervision Agency (BDDK) showed.

Türkiye's Central Bank has announced additional steps under its plan to continue to simplify and improve the existing micro- and macroprudential framework.

The bank on Oct. 26 delivered a 500 basis points hike in its policy rate, the one-week repo auction rate, from 30 percent to 35 percent. The rate hike, which was the fifth time in a row, was in line with economists' expectations.

Goldman Sachs expects Greek banks to show strong results in the third quarter of the year as well, following the trend of the second quarter, with further strengthening of net interest income, which will be supported by the 50-basis point increase in interest rates, to which it is estimated that the European Central Bank will have progressed in the specific period.

Money parked at the FX-protected deposit accounts, also known as KKM, has declined for the first time since the start of the year.

KKM deposits fell around 39 billion Turkish Liras from 3.41 trillion liras on Aug. 18 to 3.37 trillion liras ($124 billion) as of Aug. 25, the weekly data from the Banking Regulation and Supervision Agency (BDDK) showed.

This change in the bank's name is part of a series of strategic initiatives aimed at establishing a visual connection with a bank committed to delivering high-quality services customized to the current needs of its clients.