Turkish Banks Set to Unveil Record Profits as Low Rates Prevail
- First quarter profits at one lender expected to jump 3,000%
- President Erdogan believes high interest rates fuel inflation
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Turkish lenders are expected to announce record profits for the first quarter after the central bank’s policy of cutting interest rates in the face of inflation helped boost their margins.
Listed lenders Akbank TAS, Turkiye Garanti Bankasi AS, Yapi Kredi Bankasi AS and Turkiye Is Bankasi AS are set to triple or quadruple their earnings in the first three months of 2022 compared to the same period last year, according to median estimates of five analysts surveyed by Bloomberg.