As global banking giants wrestle with multibillion-dollar writeoffs due to the impact of the U.S.-based subprime mortgage turmoil, Turkish banks are beating even the most optimistic profit estimates.In 2007, Turkish banks made an overall profit of YTL 40.8 million a day, YTL 1.7 million in an hour and YTL 28,400 in a minute. One of the major reasons for this “return with a vengeance” is that the sector has undergone a crucial transformation in the aftermath of the 2001 crisis. Changes in the global economic and political architecture after the Sept. 11 attacks, as well as the domestic stability attained with the one-party government, positive developments in the European Union accession process and the government’s sticking to the International Monetary Fund (IMF) program are other reasons. Full Story
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