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Turkish state bank tops profits list

Ziraat Bankasi recorded a sharp rise in both profits and levels of deposits, Babacan said.
State-owned Ziraat Bankasi was not just the highest profit earner in its sector but of all institutions in Turkey last year, Turkish Economy Minister Ali Babacan said Wednesday.

Ziraat Bankasi recorded a YTL 2.1 billion net profit in 2006, the minister said during a press conference to discuss the bankís fiscal structure.

The bank also recorded a strong increase in the number of personal and housing loans during the 2002-2006 period, he said, along with consumer and business loans, and credits provided for Small and Medium Size Enterprises.

Ziraat Bankasiís deposit levels increased from YTL 27.9 billion YTL 59.1 billion while its net profit rose from YTL 156 million YTL 2.1 billion last year, said Babacan.

As such, Ziraat Bankasi was the most profitable bank in Europe in 2006 and was ranked ninth in the world, he said.

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