Vakıfbank, the seventh largest bank in Turkey in terms of asset size, announced on Friday that its net profit in 2013 totaled roughly TL 1.6 billion -- an increase of 9 percent over 2012.
According to data released by the bank, net profit in the last quarter of 2013 was 66 percent higher than the previous quarter, totaling TL 424.3 million. The assets of the bank in 2013 have also increased dramatically since 2012, rising by 30 percent to TL 135.5 billion. Additionally, loans extended by Vakıfbank reached TL 86.5 billion in the same period, an increase of 28 percent, while deposits went up 21 percent to TL 81.5 billion.
In a written statement, Vakıfbank CEO Halil Aydoğan said the bank was able to increase its net profit by 9 percent despite the negative impact of the US Federal Reserve's decision to scale back its stimulus program for emerging markets.