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Strategy Note

November 2023

Tightening and cost pressure on banks are increasing

According to BRSA October data, increases in bond and deposit interest rates began to put some pressure on banking margins. A weak start to 4Q23 may also negatively affect financial expectations for the last quarter for the banks. Sector's net profit in October is 46.4 billion TL, shrinking by 48% monthly and 6% annually. However, the total net profit of the sector in the first ten months increased by 45% annually compared to the same period in 2022, with 486.0 billion TL. The 12-month cumulative net profit growth continued its downward trend and fell to 60% after reaching 400% in 2022, which was an exceptional year.

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