Islamic banks’ profit rises 9 pct

ISTANBUL – Anadolu Agency

Turkey’s participation banks’ net profits rose to $393 million in the first nine months with a 9 percent rise year-on-year. DAILY NEWS photo

Turkey’s participation banks’ net profits rose to 786 million Turkish Liras ($393 million) in the first nine months with a 9 percent rise year-on-year, according to data from the Participation Banks Association of Turkey (TKBB).

The fund volume collected by the participation bank rose to 59.8 billion liras with a 22 percent increase in the same period, TKBB General Secretary Osman Akyüz said yesterday. The share of liras in the funds is 59 percent, with foreign currency funds making up 41 percent of the total. The funds that are used reached 63.9 billion liras at 28 percent, Akyüz added.

“Total assets reached 90.7 billion liras with a 29 percent rise as equity volume reached 8.6 billion with a 16 percent rise,” he said.

Akyüz also noted that as the participation banks’ net profits had risen 9 percent in the first three quarters of the year, totaling 786 million liras, they continued to have a strong potential for growth. “We foresee that the estimated 25 percent growth in assets will surpass around 6-7 points,” he said.

Turkey’s participation banks are Albaraka, Kuveyt Türk, Türkiye Finans and Bank Asya.