By Andrei Skvarsky.
Akbank, one of the biggest Turkish lenders, has reported robust performance for 2013 with its total assets growing 20% despite capital outflows from emerging markets and abysmally low interest rates in many countries, including Turkey.
The total assets of the Istanbul-based firm, which The Banker, Euromoney, World Finance, and Global Banking & Finance Review magazines have declared last year’s best Turkish bank, exceeded 195bn Turkish lira ($88bn) in 2013, growing by about 20% during the year, an Akbank statement cited its chief executive, Hakan Binbasgil, as saying.
The bank made a net consolidated profit of 3.08bn lira ($1.4bn) last year.
Its loans to the Turkish economy totalled 148bn lira ($67bn), an annual increase of 33%, its loans to real sector businesses went up 31% to about 77bn lira ($35bn), and its consumer loans increased to about 28bn lira ($13bn).
“Our non-performing loan ratio of 1.4 percent is among the lowest in the Turkish banking sector,” Binbasgil said.
Deposits at Akbank swelled by 24% in 2013, a year in which the institution completed the first-ever lira-denominated Eurobond issuance.