Türkiye | Weekly Banking Tracker. August 29, 2024

The weekly growth of FX-adjusted credits continued to decelerate in the last week of August from 0.9% to 0.6% due to commercial credits in the sector and consumer credits of private banks. Total credits’ 4 week average trend fell to 0.4%.

Key points

• Key points:
• TL commercial credits’ weekly growth slowed down due to SME lending in the sector. Consumer credits decelerated in private banks with the decline in the weekly growth rate of housing and general purpose loans.
• FC credits’ weekly growth was negative (the first time since June) led by the non-SME lending of private banks.
• The FC protected scheme (in US dollar terms) fell by another $786mn to USD 47.3bn (closer to USD 49bn if adjusted by its original currency level). The share of TL deposits excluding FC protected scheme in total deposits rose to 52.5% from 52.4% previous week.
• Commercial rates maintained a declining trend and fell by another 54bps to 56.5%. Fall in consumer rates continued as well with 86bps and declined to 69.5%, led by the general purpose loan and auto rates.
• The Non-Performing Loans (NPL) ratio of the sector kept its slow but steady upward trend to 1.71%.

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