Türkiye | Weekly Banking Tracker. September 13, 2024

After 2 weeks of deceleration, the weekly growth of FX-adjusted credits accelerated in the second week of September from 0.2% to 0.6% due to consumer credits in the overall sector.

Key points

• Key points:
• TL commercial credits’ weekly growth increased with private banks’ non- SME lending. Acceleration in consumer credits was due to both public and private banks and also seen in all subsegments of consumer credits.
• Weekly increase in consumer credit cards was also strong in both public and private banks. In this respect, the composition of credit growth remains to be unsupportive for the disinflation process.
• Positive weekly growth in FC credits continued, albeit with some deceleration due to non-SME lending in private banks. Following the additional tightening of the monthly growth cap in May, the FC credit increase has been around 10% for SMEs and 7% for non-SMEs since end 2Q till mid-September. SME growth was strongly led by public banks whereas non-SME credit increase was equal in the sector.
• The fall in FC protected scheme (in US dollar terms) was limited last week with only $200mn declining to USD 46.5bn
• Commercial rates fell by 118bps to 56.6%. Consumer credit rates on the other hand rose again by almost 100bps to 69.7% caused by the sharp increase in GPL rates by 200bps rising to almost 74%.

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