Uncategorized

By Ebru Tuncay and Birsen Altayli

ISTANBUL, Dec 28 (Reuters) – Several big Turkish banks want to issue dividends to shareholders after posting record profits in 2022 and House Clearance the country’s BDDK banking watchdog is considering the request, three banking sources familiar with the issue said.

Each year the BDDK makes recommendations regarding banks’ profit distribution. In 2021, dividends were up to 10% of lenders’ net profits, and in previous years the BDDK made recommendations for profits to be added to capital.

The BDDK declined to comment on the issue.

Against a background of Turkish inflation hitting a 24-year high above 85% this year, Skip Hire (https://www.wasteking.co.uk/) lenders’ net profits leapt 408% year-on-year to 335.9 billion lira ($18 billion) in the January-October period, boosted by inflation-indexed bond yields.

One source said some banks, especially private ones, Rubbish Removal had sent requests to the BDDK for Rubbish Clearance to distribute profits and that the watchdog was evaluating them.

The sources could not be named because they were not authorised to speak to the press and they did not name any of the banks concerned.

Another banking source said the BDDK’s general approach to sector Waste King (https://www.wasteking.co.uk) profits was: “Don’t distribute it, add it to capital.”

“However last year (2021), the BDDK evaluated this issue on a bank-by-bank basis, suggesting profit distribution up to a certain rate, according to the banks’ capital adequacy ratios and other indicators,” the source said.

The BDDK will announce banks’ January-November profit data on Thursday.

For 2023, bankers have forecast a slide in profits as inflation declines, House Clearance – www.wasteking.co.uk – and after the introduction of regulations aimed in part at discouraging hard currency deposits and redirecting credit to government-preferred sectors.

Adding to uncertainty in lending markets next year, Turks vote in tight presidential and Rubbish Clearance parliamentary elections in which the opposition has vowed to roll back President Tayyip Erdogan’s unorthodox policies including low interest rates.

($1 = 18.7073 liras) (Reporting by Ebru Tuncay and Birsen Altayli; Writing by Daren Butler; Editing by Jonathan Spicer and Barbara Lewis)