Turkey’s credit card industry, one of the fastest-growing products for the country’s financial institutions, will remain an extremely lucrative business for the foreseeable future.
The not so good news is that banks’ non-performing loans ratios on outstanding card loans will get worse by the end of the year although systemic risk is not on the horizon. These are the key findings of a report by Merrill Lynch on Turkish banking that was released in July.
The report adds that generally “there has been an improvement in underlying credit card usage as a result of banks’ awareness”.
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