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Public Bank Ziraat, Turkey's largest bank, increased its annual profit by 62 percent to 2.32 billion lire ($ 442 million) in the fourth quarter of last year.
Net profit rose to 1.43 billion lire in the last quarter of 2017. The figures were calculated by subtracting nine-month earnings from the year-end figures published on Wednesday on the bank's website.
Annual profit for the whole of 2018 rose slightly by 0.3% to 7.96 billion lire. However, according to a calculation of the profit and loss items recognized in equity, including the impact of the revaluation of the badets, the total profit fell by 47% to 4.58 billion lire, showed the figures.
The bank increased its net interest income by 30% last year to reach 16.9 billion lire. These revenues, which include interest-based net borrowing revenues such as payments to savings account holders, offset expenses such as bond trading losses and other investments. The losses of the latter more than quadrupled to 3.83 billion lire.
Ziraat Bank, which is controlled by the Sovereign Fund for Turkey, is seeking a profit while supporting the government's efforts to boost economic growth after last year's monetary crisis. These actions include the purchase of government bonds, the granting of loans with lower interest rates than the market and the restructuring of debt and personal loans.
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