Strategy Note - BRSA November 2025 Data

According to BDDK data for November 2025, the improvement in net interest margins in the banking sector, which began in August following the interest rate cuts initiated by the Monetary Policy Committee (MPC) in July, continued for the fourth consecutive month. For the past seven months, credit growth has remained below deposit growth on an annual basis. Although it continued at a very limited pace in the eighth month, we see that the easing in the sector's funding costs outweighed the limited decline in credit efficiency. Consequently, the credit-deposit interest rate spread has shifted in favor of the sector, supporting profitability.