Türkiye| Weekly Banking Tracker. February 9, 2024

Summary

In the week ending by February 9, foreign currency adjusted weekly credit growth decelerated to 0.5% from 0.7% due to consumer credits in private banks. Total credits’ 13-week annualized trend rose from 25.4% to 27.2% due to carry-over impact of the previous two weeks.

Key points

• Key points:
• TL commercial credits’ weekly growth decelerated due to SME credits of public banks and non-SME credits of private banks.Deceleration in consumer credits was led by the general purpose loans and auto loans in private banks.
• FC credits continued to decelerate, caused by the SME lending of public banks.
• The FC protected scheme (in US dollar terms) fell to USD 77.7bn. The share of TL deposits excluding FC protected scheme in total deposits fell to 42.7% (vs. the CBRT’s target of 50% in 2024).
• Commercial credit rates rose by 22bps to 53.3% and consumer rates rose by 38bps to 60% improving the spreads in both segments.

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