Top 10 Banks in Turkey
Mesan Ali
Whether you are starting a business in Turkey, getting your first job, or looking to secure your savings, opening a bank account can be essential. The banking sector in Turkey is massive, with numerous local and international banks firmly established in the industry. Selecting the right bank can be daunting, as there is no “one solution fits all.” To simplify your decision-making process, we have compiled a list of the top 10 banks in Turkey based on their total assets as of September 2024.
Overview of Banking in Turkey
Turkey's banking sector is vibrant, with a mix of national and international financial institutions. This sector plays a crucial role in the nation's economic development, providing services ranging from personal accounts and loans to corporate financing. The diversity includes private banks, state-owned institutions, and Islamic banks, which often follow Shariah-compliant principles.
To open a bank account in Turkey, you typically need the following documents:
Valid identification (Passport or Kimlik)
Proof of address (Utility bill or lease agreement)
Tax identification number
While some banks offer free account openings, others charge monthly or annual maintenance fees. Charges vary significantly between banks. Using your bank’s ATM is generally free, while using another bank’s ATM will incur transaction fees. The local banking system is relatively affordable, but if you require a USD account or need to receive funds from international sources, you should consider using Elevate Pay.
Top 10 Banks in Turkey
The banking sector in the Turkey plays a vital role in the nation's economy. The following analysis of the top 10 banks will provide insight into their services and market presence.
Ziraat Bankası
Ziraat Bankası, founded in 1863, is Turkey's largest bank, with total assets amounting to 4.95 trillion Turkish liras as of September 2024. The bank has seen a remarkable asset growth of 30.2% compared to the end of 2023. With a net profit of 50.3 billion lira and equity of 408.8 billion lira, Ziraat Bankası has maintained its leading position in the Turkish banking sector. Its extensive network includes 1,782 branches, making it accessible to a wide range of customers. The bank offers a comprehensive array of services, including personal banking, loans, and agricultural financing.
VakıfBank
Following Ziraat Bankası is VakıfBank, which ranks second with total assets of 3.5 trillion Turkish liras. The bank experienced a 27.6% increase in assets compared to the previous year, showcasing its robust growth trajectory. With a net profit of 27.2 billion lira and equity of 201.1 billion lira, VakıfBank has solidified its place within the top tier of Turkish banks. While the number of branches is not specified, the bank offers a wide range of services, including retail and corporate banking.
Türkiye İş Bankası
Türkiye İş Bankası ranks third, with total assets of 3.1 trillion Turkish liras. Although asset growth figures were not specified, the bank has consistently maintained its status as the largest private bank in Turkey. Reporting a net profit of 34.6 billion lira and equity of 290.5 billion lira, Türkiye İş Bankası has an extensive network that caters to both individual and corporate clients. The bank’s diverse portfolio includes personal loans, credit cards, and investment banking services.
Halk Bankası
Halk Bankası stands fourth with total assets of 2.8 trillion Turkish liras, marking a significant asset growth of 31% over nine months. The bank reported a net profit of 11.2 billion lira and has equity of 137.9 billion lira. Although the specific number of branches is not detailed, Halk Bankası is known for its focus on small and medium-sized enterprises (SMEs) and retail banking services. The bank’s commitment to supporting local businesses has contributed to its expansion and reputation in the market.
Garanti BBVA
Garanti BBVA, with total assets of 2.4 trillion Turkish liras, is fifth on the list. The bank stands out with a net profit of 66.9 billion lira, marking a 16.3% increase from the previous year. Its equity amounts to 302.6 billion lira. Although asset growth figures are not specified, Garanti BBVA leads the top 10 banks in net profits. The bank offers various services, including personal banking, corporate banking, and investment solutions, and is recognized for its customer service and innovative digital products.
Akbank
Akbank ranks sixth with total assets of 2.2 trillion Turkish liras. While specific asset growth figures are not available, the bank reported a net profit of 33.1 billion lira and equity of 230.9 billion lira. Akbank is well-regarded for its retail and corporate banking services, including loans, credit cards, and investment products. The bank's focus on technology and innovation has enabled it to enhance customer experience and streamline banking operations.
Yapı Kredi Bankası
Yapı Kredi Bankası, with total assets of 2.3 trillion Turkish liras, ranks seventh. The bank reported a net profit of 22.4 billion lira and has equity of 190 billion lira. Yapı Kredi is known for its wide range of banking services, including personal and corporate banking, as well as innovative digital solutions. Although specific asset growth figures are not detailed, the bank's robust portfolio continues to attract a diverse customer base.
Denizbank
Denizbank occupies the eighth position, with total assets of 1.32 trillion Turkish liras. While specific asset growth figures are not provided, the bank reported a net profit of 33.8 billion lira and equity of 137.8 billion lira. Denizbank focuses on retail and corporate banking, with a strong emphasis on customer service. Its extensive branch network allows it to cater to a broad range of clients across the country.
QNB Finansbank
QNB Finansbank ranks ninth, with total assets of 1.36 trillion Turkish liras and a significant asset growth of 38%. The bank reported a net profit of 27.2 billion lira and equity of 107.7 billion lira. QNB Finansbank offers a comprehensive suite of banking services, including personal, corporate, and investment banking, and has made substantial investments in digital banking solutions to enhance customer experience.
Kuveyt Türk Participation Bank
Lastly, Kuveyt Türk Participation Bank ranks tenth with total assets of 825.6 billion Turkish liras. While specific asset growth figures are not available, the bank reported a net profit of 24.4 billion lira and equity of 72.1 billion lira. As a leading Islamic bank in Turkey, Kuveyt Türk focuses on Shariah-compliant financial products and services, providing an alternative banking option for customers seeking Islamic finance solutions.
Key Statistics
Total Assets of Top 10 Banks: 25.21 trillion Turkish liras by the end of September 2024, reflecting a 30.2% increase compared to the end of 2023.
Total Equity of Top 10 Banks: 2 trillion 80 billion lira, an 18.7% increase from the end of 2023.
Net Profits of Top 10 Banks: Reached 331.5 billion lira in the first nine months of the year, with Garanti BBVA leading in net profits.
Why is Elevate Pay the best Choice for USD Bank Accounts?
Freelancers and remote workers earning in USD often face challenges in managing their international income. Elevate Pay is designed to address these hurdles, allowing users to streamline their financial transactions. With Elevate Pay, users can open a free USD account through a simple three-step sign-up process. This account, provided by Bangor Savings Bank, enables you to receive and store USD funds easily.
Elevate Pay focuses on serving emerging markets, providing tailored customer service that aligns with your specific needs. By downloading the Elevate Pay app on your iOS or Android device, you can start using the service immediately, making it an excellent solution for managing your USD income.
Conclusion
This guide serves as a comprehensive review of the top banks in Turkey, helping you navigate your options for opening a bank account. Turkey’s banking sector is home to several reputable institutions, each with unique services that cater to different personal and business needs. By evaluating these ten banks, you should be able to make an informed decision that aligns with your financial objectives.