Turkish bank results reflect benefits of economic reforms

ISTANBUL (Reuters) – A range of Turkish banks announced yesterday strong growth in profits for the first nine months of the year as the sector benefits from increased dynamism in the economy as a whole. Turkey’s largest private bank Isbank said in a statement its net profit jumped nearly 32 percent in the nine-month period to 710 million lira (US$521 million). Medium-sized commercial bank Finansbank said its nine-month net profit surged 106 percent to 345.9 million lira (US$254 million). «We are increasingly feeling the impact on the economy of successful financial policies and economic reforms,» said Finansbank’s Sinan Sahinbas.