As the Turkish economy expands, the major institutions are raising their game and improving their performance. Below we detail the key financial indicators for Turkey's banking front runners Akbank had highest capacity to create revenues among all banks in the Turkish banking system in 2003. In the first nine months of 2003, Akbank alone accounted for 23% of the profits in the Turkish banking sector and 25% of the income of the country's deposit banks. At the end of 2003, it had a net income of EUD 754m, up from EUD 628m at the end of September. It had a return on capital of 26.3% in 2003. Foreign currency transactions were one of the items that played a key role in bolstering its net income. With the Turkish lira gaining value against western currencies, it was able to turn losses from foreign currency trading to an income of EUD 251m at year-end 2003. The bank, the leader in all net profitability indicators, is ranked third in the banking system in total capital, assets, and deposits. With economic stability in the country, Akbank achieved balanced growth. Its management quality is reflected in its year-end results. In 2003, Akbank had EUD 16.8bn in assets. Its off-balance sheet obligations stood at EUD 16.6bn. Akbank maintained a high amount of free capital of EUD 2.3bn in 2003.
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