TRNC Banking Sector's Total Assets Surpass 271 Billion TL

The total assets of the TRNC banking sector surged by 69%, reaching 271.6 billion Turkish liras.

According to the second-quarter report of 2024 by the Central Bank, as of June, the sector’s total loans amounted to 109.9 billion TL, while total deposits stood at 215.7 billion TL.

In the second quarter of 2024, gross loans accounted for the largest share of the banking sector's total assets, at 40.47%.

Following this were cash and cash equivalents, with a share of 30.14%, liquid securities at 19.31%, and other assets at 10.08%.

Gross loans increased by 43.44% compared to the same period last year. Deposits made up 79.42% of total liabilities, equity accounted for 8.95%, bank debts 5.69%, and other liabilities 5.94%. Business loans led the types of loans with a total of 74.6 billion TL, followed by consumer loans at 18.3 billion TL.

Of all deposits, 79.32% were held in foreign currencies, while 20.68% were in Turkish lira.

Equity in the banking sector rose by 102.58% year-on-year in the second quarter of 2024, reaching 24.3 billion TL.

The inflation rate in the TRNC stood at 5.92% for the second quarter of 2024. The sectors with the highest price increases by the end of June were housing, water, electricity, and gas (113.30%), healthcare (112.27%), restaurants and hotels (95.21%), and furniture and household goods (95.12%).

The smallest price increase was in alcoholic beverages and tobacco products, at 5.88%.

The number of insured employees increased from 144,736 in January 2024 to 148,371 in March 2024. Of these, 50.7% were TRNC citizens, 28.2% Turkish citizens, and 21.1% were from other countries.