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Turkish Bank Margins Supported by Policy Normalisation Steps: Fitch

TURKEY
  • The simplification of macroprudential regulations, particularly the removal of the soft interest rate cap on commercial loans, supported Turkish banks’ margins in 3Q23, alongside interest rate hikes and better-than-expected CPI-linker gains, Fitch Ratings says in its latest quarterly Turkish Banks Datawatch.
  • Boosted net interest income largely offset still-high, and rising, lira deposit costs, whilst trading gains and fees also continued to support performance, although less so than in previous periods, they add.
  • Fitch expect growth to remain subdued, given the monetary tightening process, regulatory curbs on loan growth and high lira interest rates.
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