Citizens lost 180 percent: Banks earned above inflation

The Banking Regulation and Supervision Agency (BDDK) has released banking sector data. Accordingly, the sector's net profit for the January-September period increased by 53.5 percent compared to the same period last year, reaching 439.7 billion liras.

During the same period, inflation was recorded at 49.86 percent. Thus, the banking sector's profit exceeded the official inflation rate announced by TUIK.

Garanti BBVA's net profit in the first 9 months of the year increased by 48.7 percent compared to the same period last year, reaching 57.6 billion liras. Yapı Kredi Bank achieved a net profit of 24.6 billion TL in the third quarter of 2023, well above the market expectation of 17.8 billion TL. The bank's total 9-month profit was 48.7 billion TL. QNB Finansbank also announced a profit of 24 billion 639 million TL.

CITIZENS IN A DEBT TRAP

During the period in question, consumer debt also increased above inflation. In the January-September period, personal loan debt increased by 58.38 percent compared to the same period last year, reaching 916.1 billion TL. Despite rising interest rates, the credit card debt ratio increased by 180 percent compared to last year. Credit card debts, which were at the 348.2 billion TL level in September last year, reached 975.8 billion TL this year.

News Source: 12punto