TBB anticipates TL 26 bln in bank profits for 2013

The Turkish Banks Association (TBB) announced that it anticipates banks' profits will total TL 26 billion for 2013 at a press conference held on Wednesday. According to an evaluation released by TBB on the Turkish banking sector in 2013, total bank assets are expected to reach to TL 1.5 trillion, loans will reach TL 930 billion, TL 925 billion in deposits will be made and banks' equities will reach TL 202 billion. Speaking to the media, TBB Secretary-General Ekrem Keskin emphasized that the banking sector has the strength to meet loan demand necessary for growth in 2013 as the demand for loans began to pick up at the start of the year. Noting that the global economy entered 2013 with optimism, Keskin said, "Financial risks have been brought under control, which means interest rates will continue to stay low." He explained that developed economies are now placing more importance on capital flow, basing growth on domestic sources while providing stability. He added that in 2013, the ratio of debt to gross domestic product (GDP) of developed economies is expected to be 114, while the same rate for Turkey is expected to be 35.