Garanti’s 2008 profit drops 25 pct
Bloomberg
Turkish loan growth has slowed as the global credit crisis hurt the country’s economy. Non-performing loans are increasing and total bank earnings declined 10 percent to 13.3 billion liras last year, Tevfik Bilgin, head of the Banking Regulation and Supervision Agency, said Feb. 10.Garanti’s profit also fell after the bank posted a gain of $800 million in 2007 from the sale of stakes in two insurance firms.
