Istanbul: Net profits of Trkiye's banking sector in July totaled 479.2 billion Turkish liras ($11.84 billion), the country's banking watchdog said Friday. The sector's net profits climbed 37.4% compared to the same month last year.

According to Anadolu Agency, data from the Banking Regulation and Supervision Agency (BDDK) revealed that the total assets of the sector reached 40.7 trillion liras ($1 trillion) at the end of July, with loans being the biggest sub-category of assets, totaling 20.05 trillion liras ($469 billion). Deposits, the largest liabilities item, amounted to 23.48 trillion Turkish liras ($581.1 billion).

The report highlighted the banking sector's regulatory capital-to-risk-weighted-assets ratio, which stood at 18.2% by the end of July, indicating the sector's capital strength. Additionally, the ratio of non-performing loans to total cash loans was reported at 2.18%, reflecting the sector's loan quality.

As of the end of July, 66 state, private, and foreign lenders, including deposit banks, participation banks, and development and investment banks, were operating in the Turkish banking sector. The sector employed 211,168 individuals across 10,811 branches both in Trkiye and overseas.