Türkiye | Weekly Banking Tracker. January 12, 2024

Foreign currency adjusted weekly credit growth accelerated from 0.1% to 0.4% mainly due to consumer credits of private banks in the week ending by January 12. However, total credits’ 13-week annualized trend fell slightly due to carry over impact.

Key points

• Key points:
• TL commercial credits accelerated to a positive weekly growth rate from a negative level, led by private banks’ SME credits.
• Consumer credits’ weekly growth gained pace on top of general purpose loans of private banks. Card spending maintains an acceleration trend in the sector.
• Contraction in FC credits on a weekly basis turned into a strong positive growth due to SME lending in public banks and non-SME lending in private banks.
• TL deposits rose by TL 274bn led by the inflows to TL demand deposits of official institutions, while residents’ FC deposits rose by $1.1bn due to the increase in USD deposits of both households and corporates ($0.9bn if adjusted from FC effects, according to our calculation).
• Commercial credit rates rose by 75 bps to 53% whereas consumer rates remained stable at 62.1%, improving the spreads on both segments.

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