Assets of Turkey’s Akbank grow 6% since early 2019

Finance Materials 3 September 2019 19:01 (UTC +04:00)

Baku, Azerbaijan, Sept. 3

By Eldar Janashvili - Trend:

In the first half of this year, the assets of Akbank, one of the biggest banks in Turkey, amounted to 375.827 billion liras, which is 6 percent more than at the end of 2018, Trend reports citing the bank’s financial report.

Despite that the volume of assets in national currency increased by 3.3 percent since the beginning of the year and amounted to 188.258 billion liras, their share decreased by almost 1.5 percent, to 50 percent of the total assets.

The volume of assets in foreign currency grew by 8.7 percent. The volume of loans issued increased by 5.9 percent and amounted to 221.56 billion liras, and its share in the total assets amounted to about 60 percent.

The volume of cash and cash equivalents amounted to 52.89 billion liras (a half-year increase of 14 percent). The share of foreign currency in their structure amounted to 47.58 billion liras, or 90 percent of the total volume.

The volume of government debt decreased by 10.4 percent and amounted to 8.74 billion liras. The main share of the volume (71 percent) accounted for the local currency - 6.256 billion liras (a 5.3 percent decrease since the beginning of the year).

In the structure of long-term assets, the total amount of property and equipment in price terms amounted to 4.442 billion liras, which is an increase by 12.4 percent over half a year. Akbank’s intangible assets, on the contrary, decreased by 1.6 percent and amounted to 635.792 million liras against 646.193 million liras as of Jan. 1, 2019.

($1= 5.7830 TRY on Sept. 3)