Net profit of participation banks' on rise

Net profit of participation banks in Turkey increased by 21 percent to 718 million Turkish Liras (TL) in the first nine months of this year compared to the same period of previous year. Participation Banks Association of Turkey (TKBB) Secretary General Osman Akyuz said in a written statement on Monday that funds collected since September 30 increased by 16 percent to 46.1 billion TL in the same period a year earlier. Meanwhile, Turkish banking sector's credit volume increased by 0.28 percent to 772.510 billion Turkish liras (TL) in a week, the sector's regulatory authority said. On November 2, the credit volume was 770 billion 316 million TL, the Banking Regulation and Supervision Agency of Turkey (BDDK) said on Monday. According to the weekly bulletin of the BDDK, overall credits excluding the financial sector totaled 703.9 billion TL. Consumer loans increased by 0.40 percent in a week including those provided by participation banks. Consumer loans were up to 188.06 billion TL from 187.32 billion TL.