Turkey Financial Industry Profit Falls $1 Billion in First Half

Turkish financial industry profit fell 1.8 billion liras ($1.03 billion) in the first six months of the year from the same period in 2010, hurt by lower interest rates, according to a report from the banking regulator.

Total financial industry profit over the period was 10.3 billion liras, according to the report by the Ankara-based Banking Regulation and Supervision Agency. The value of financial industry assets rose to 1.48 trillion liras, the agency said.

Non-performing loans declined to 2.9 percent of total loans, according to the report.

To contact the reporter on this story: Benjamin Harvey in Istanbul at bharvey11@bloomberg.net

To contact the editor responsible for this story: Gavin Serkin at gserkin@bloomberg.net

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