Turkish financial sector resists global crisis: Deloitte

Turkey's financial sector was less affected by the global financial crisis when compared with other sectors and foreign financial sectors, a report said.

Turkish financial sector resists global crisis: Deloitte

 

Turkey's financial sector was less affected by the global financial crisis when compared with other sectors and foreign financial sectors, a report said on Thursday.

International accounting and consulting firm "Deloitte" prepared a report on Turkey's financial sector in which it said Turkish banking sector resisted global financial crisis thanks to robust asset quality, capital sufficiency, risk management and domestic audit systems.

The report said Turkey's economy would grow 3.7 percent in 2010 and growth would speed up in 2011.

79 percent of Turkish financial sector is comprised of banks, 3 percent is comprised of insurance companies. 1 percent is consisted of retirement companies, 11 percent the assets of the Central Bank of Turkey and 6 percent financial leasing, factoring consumer finance, securities, and real estate investment partnership companies.

The total assets of the financial sector were up 7.6 percent in the third quarter of 2009 over the end of 2008, and reached 1.6 trillion Turkish liras-TL (1.03 trillion USD).

Turkey's banking sector's total assets were up 14 percent year-on-year in December 2009 and reached 834 billion TL (538 billion USD).

Moreover, rate of employment in Turkish banking industry slowed down in 2009. The rise in employment in this industry was only 0.85 percent in the mentioned year.

Also, banks opened fewer branches in 2009 over 2008. The rise in bank branches dropped to 3 percent from 15 percent in the mentioned period.

However, it was the participation banks that raised their employees the most in 2009 with 7 percent. The same rate was 0.4 percent in deposit banks and 0.6 percent in development and investment banks.

The number of people using internet banking rose to 5.69 million from 3.17 million from 2005 to 2009.

"The report indicates Turkey's financial sector, led by the banking industry, has been less affected by the global crisis when compared with foreign financial sectors thanks to robust infrastructure, liquidity structure, capital sufficiency, risk management and internal audit systems," Ayse Epikman, a consultancy partner of Deloitte Turkey, said.

Epikman also said many giant banks in developed countries had closed the year 2009 with billions of USD loss.

Deloitte is the brand under which tens of thousands of dedicated professionals in independent firms throughout the world collaborate to provide audit, consulting, financial advisory, risk management, and tax services to selected clients.

Operating in Istanbul, Ankara and Izmir on different expertise areas, Deloitte had started its operations in Turkey in 1986. Deloitte Turkey provides audit, corporate finance, tax, consulting and enterprise risk services.

In addition, Deloitte Turkey has undertaken and successfully completed engagements to companies by assisting them in their institutional development projects, including sector restructuring and regulation, process design, organisational design and information systems design and development components.
 

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Güncelleme Tarihi: 08 Temmuz 2010, 13:58
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