The net profitability of the banking sector in the occupied areas was estimated at 17.9 billion Turkish Lira by the end of 2024, according to figures from the so-called “central bank.” As reported by the Turkish Cypriot press, around 60% of these profits are attributed to branches of banks headquartered in Turkey.

According to the Press and Information Office, the Turkish Cypriot media noted yesterday that, based on exchange rates provided by the “central bank” at the end of 2024, the sector’s profits amounted to 509.078 million US dollars. This marks a 160% increase in Turkish Lira terms and a 117% increase in USD compared to 2023.

A closer look at the types of bank capital reveals that Turkish-based bank branches receive the majority of the profits, taking in three-fifths of the total.

Lastly, out of the total profitability, 9.01 billion came from Turkish Lira transactions and 8.9 billion from foreign currency (FX) operations.