Economic history of Italy

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 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.

The combined net profit of Turkish banks increased by 41 percent in the January-July period from a year ago to 293.4 billion Turkish liras ($11.1 billion), the data from the Banking Regulation and Supervision Agency (BDDK) have shown.

In July alone, the banking sector's net income was up around 12 percent to 43.3 billion liras.

The Banking Regulation and Supervision Agency (BDDK) has granted licenses to Enpara and Colendi Bank to establish banks.

Enpara, which offers services on digital channels under the roof of QNB Finansbank, has given the green light to operate as a deposit bank. Enpara Bank will be established with a capital of $300 million.

Deposits in the Cypriot banking system rose significantly in June, totaling 52.3 billion euros, while liquidity in the banking system amounted to €27.2 billion.

Loans in the banking system also increased for a second consecutive month in June, reaching €25.1 billion.

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.

Optima Bank said its 2022 profits quadrupled to reach 42.4 million euros, with all figures (deposits, loans and profits) recording a big increase in the first months of 2023, the bank's management said during a general shareholders' meeting on Thursday.

Greece's four systemic banks recorded an increase in interest income between 50% and 75% in the first quarter of the year, benefiting from the rise in interest rates on their loan portfolios and the containment of interest rates on deposits.

Turkish banks and the country's banking industry are resilient and sound, the top economy official and regulators have said in separate statements.