ANKARA, March 9 (KUNA) -- Kuwait-Turkey Bank's net profits surged by 22 percent last year while assets grew by 18 percent despite the banking sector suffering a setback in Turkey as a result of the global economic crisis.
A statement by the bank Tuesday, marking its 20th anniversary, said its 2009 net profits were USD 83 million while assets rose to over USD 527 million.
The bank, the largest Islamic bank in Turkey in terms of assets, said it succeeded to maintaining solid operational performance despite the economic crisis.
Kuwait-Turkey Bank, it added, expanded further by opening new 17 branches to raise number of branches to 130 nationwide. The bank plans to increase branches to 140 by end of this year.
Kuwait-Turkey Bank has already obtained permission to open branches in Germany and Dubai, with actual operations are expected within the next few months. The bank already has a branch in Bahrain.
Kuwait Finance House, the world's largest Islamic banks, has a 62-percent stake in Kuwait-Turkey Bank. Each of the public institute for social security of Kuwait and the Islamic Development Bank (IDB) has nine percent stake. The rest of share owned by Turkish investors. (end) mm.bs KUNA 092329 Mar 10NNNN¬