Bank

Turkish banks' net profit tops 190 billion liras

The combined net income of Turkish lenders increased by 44 percent from a year ago to 190.3 billion Turkish Liras ($7.3 billion) in January-May, data from the Banking Regulation and Supervision Agency (BDDK) have shown.

The banking industry's total assets grew by 17.4 percent compared with the end of 2022 to stand at 16.84 trillion liras as of May.

China cuts two benchmark rates to prop up economy

China's Central Bank yesterday cut two benchmark interest rates, following several similar measures in recent days in a bid to counter the post-COVID growth slowdown in the world's second-largest economy.

Last week, the People's Bank of China (PBoC) lowered two other key rates and pumped billions into financial markets, as fresh data showed the economy continued to struggle.

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