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Iran's Bank Mellat breaks profit record in Turkey

Iran Materials 5 September 2011 16:15
Tehran-based Bank Mellat showed the biggest increase in profits among all banks active in Turkey over the first six months of the year, even amid sanctions against Iranian financial institutions.
Iran's Bank Mellat breaks profit record in Turkey

Tehran-based Bank Mellat showed the biggest increase in profits among all banks active in Turkey over the first six months of the year, even amid sanctions against Iranian financial institutions, Bloomberg reported witrh reference to Star newspaper.

Bank Mellat reported profits in Turkey of 32.6 million liras ($18.5 million) in the first half, a 217 percent increase over last year's figure for the same period of 10.3 million and the biggest increase among banks in Turkey.

The U.S. government called on Turkey to "isolate" the branches of Bank Mellat in April, saying it was providing financial support for Iran's nuclear program, the Turkish press had reported then citing U.S. officials.

Iran's refusal to abandon its nuclear activities has resulted in the sixth resolution adopted by the UN Security Council in 2010, as well as additional unilateral sanctions approved by the U.S. Congress and the foreign ministers of all EU countries, which were primarily directed against the banking, financial and energy sectors of Iran.

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