BDDK allows three new banks to be established

ISTANBUL

The Banking Regulation and Supervision Agency (BDDK) has allowed the establishment of three new banks.

According to the decision published in the Official Gazette, as per BDDK’s decision, two investment banks, namely Marin Yatırım Bankası and Aytemiz Yatırım Bankası, and one digital participation bank, Adil Katılım Bankası, will be established.

The initial capitals of Marin Yatırım Bankası and Aytemiz Yatırım Bankası will be 1.5 billion Turkish Liras. The capital of the digital participation bank Adil Katılım Bankası will be 3 billion liras.

There were a total of 61 banks in Türkiye as of the end of March, up from 54 in the same month of last year, according to data from the banking industry regulator.

The number of domestic bank branches increased from 10,984 to 10,873.

The number of employees in the banking sector rose from 208,504 to 209,263.

Total assets of local banks stood at 25.9 trillion liras as of March, rising 9.9 percent, or 2.3 trillion from the end of last year.

The combined profit of Turkish banks increased by 44.7 percent in the first quarter of 2024 from a year ago to 153.5 billion Turkish Liras.

Loans provided by banks increased 10.7 percent over the same period to 12.9 trillion liras.

Monetary tightening will continue to support the growth of the banking sector, Central Bank governor Fatih Karahan said last week.

Despite the environment of high inflation, the banking sector remains profitable, and it will be among the sectors that benefit from disinflation, Karahan said.