Turkey: Ziraat bank posts healthy third quarter

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State-owned bank had profit of $402 million as loan book increases

ANKARA – Turkey’s state-owned lender ZiraatBank saw profit surge by 13 percent in the third quarter compared with the same period of 2014, the bank said in a statement late on Wednesday. 

The bank earned a profit of 1.152 billion Turkish lira ($402 million), up from 1.02 billion liras ($35.6 billion) in the third quarter of last year.

Ziraat CEO Huseyin Aydin said in the statement that the bank’s loan book increased by 25 percent, reaching 239 billion liras ($83.4billion) from September last year to September of 2015.

Ziraat, Turkey’s largest lender, employs more than 20,000 people in 1,776 branches and has 96 branches in eighteen foreign countries including Germany, Bosnia and Herzegovina, Kazakhstan, Russia, the U.K., the U.S., Georgia, Bulgaria and Azerbaijan. 

The bank’s profit increased by 18 percent to nearly 3.6 billion liras ($1.25 billion) during Jan-Sept.

Aydin also said the bank’s project finance activity reached $6 billion. 

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