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

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.