Published on Friday, May 10, 2024

Türkiye| Weekly Banking Tracker. May 3, 2024

Foreign currency adjusted weekly credit growth decelerated to 0.5% on the week ending at May 3rd following the strong increase of 1.5% in the previous week. This is due to both commercial and consumer credits in the whole sector. Total credits’ 13-week annualized trend fell from 37.3% to 36.4%.

Key points

  • Key points:
  • The weekly positive growth in TL commercial credits turned into a negative growth led by the SME lending of private banks.
  • Slow-down in consumer credits is caused by auto loans and general purpose loans of both public and private banks. Consumer credit cards continued to decelerate, bringing down its trend rate to around 65% (compared to its peak levels of around 290% in Jun23).
  • FC credits’ weekly growth decelerated. However, due to continuous weekly growth seen since the last quarter of 2023 (on the lead of public banks’ non-SME lending), its trend rate reached 43%, the highest level since 2011.
  • Residents’ FC deposits fell by $3.4bn led by the fall in corporates’ USD deposits by almost $2bn. Adjusted from price effects, FC deposits fell by almost $3bn on a weekly basis and by $2.2bn year to date according to the CBRT.
  • The FC protected scheme (in US dollar terms) fell by $434mn to USD 69.7bn. The share of TL deposits excluding FC protected scheme in total deposits rose to 44.3% (vs. the CBRT’s target of 50% in 2024).

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