Şekerbank triples first half net profits

ISTANBUL

Şekerbank GM Meriç Uluşahin

Turkey’s Şekerbank increased its net profits three-fold in the first half of the year compared to the same period last year, according to a company press release issued yesterday. The bank registered 121 million Turkish Liras of net profit.

The bank’s assets reached 14.9 billion liras, 64 percent of which consisted of loans in the same period. The bank’s total loan volume expanded by 13 percent and reached 9.5 billion liras. The total amount of deposits increased 12 percent to 9.4 billion liras year-on-year in the first six months of the year, according to the unconsolidated balance sheet.

Noting that the quality of the Şekerbank’s support in line with the needs of artisans, farmers, small and medium size enterprises reflects on the financial figures, General Manager Meriç Uluşahin said, “Loans made up 61 percent of the size of assets by the end of 2011. We have increased this ratio to 64 percent in the latest balance sheet term. The year-end goal is 67 percent.”

“Our goal is to lure more of the potential customers to the bank with effective risk management and support the economic growth. There is still a substantial number of small and medium size enterprises and artisans that do not use banking services in Turkey,” Uluşahin said.