Turkey's banks post record profits while citizens shoulder 480 billion TL in interest payments

In the January‑April 2026 period Turkish banks posted a net profit of 363.6 billion TL, a 37.5% rise year‑on‑year, driven by a surge in net interest income that jumped 89.3% to 820.5 billion TL. The high‑interest policy benefitted banks, whose non‑interest revenue also rose, while citizens faced a total interest burden of 480.2 billion TL on consumer loans and credit‑card debts, accounting for about 58.5% of the sector’s net interest earnings.

At the same time, banks are competing for deposits by offering very high short‑term rates. For a 650,000 TL deposit over 32 days, banks such as İşbank, Akbank, Garanti BBVA and others quoted monthly returns ranging from roughly 19,000 TL to more than 20,700 TL, depending on the quoted rate (42‑46%). Analysts warn savers to check whether advertised rates are gross or net of taxes and to watch for limited‑time promotional terms.

The contrast between soaring bank profitability and the growing debt load on households highlights the tension in Turkey’s monetary stance, which aims to curb inflation while imposing a heavy cost on consumer borrowing.