CarthagoTurkish banking dataStandardized per-bank financials from quarterly BRSA reports
2nd of 9. 20.5pp of headroom — capital raised well ahead of the book.
0.00pp above the median. The worst book in the field runs 11.3%.
| Metric | Q4 2025 | Q1 2026 | Δ |
|---|---|---|---|
| Capital adequacywhile assets grew 33.5% q/q | 23.1% | 32.5% | +9.40pp |
| Loan–deposit spread | 4.76% | 5.60% | +0.84pp |
| NPL ratio | 3.68% | 2.99% | −0.69pp |
| ROE (TTM) | -8.1% | -3.6% | +4.5pp |
Funded by depositors, not markets. Deposits cover 75% of the balance sheet.
| Loan / deposit — TL+FC | 76% | self-funded · audited, quarterly |
| Assets per branch | — | branch count not filed |
| Assets per employee |
Balance sheet · income statement · cash flow — as filed, y/y, real (CPI-deflated) or common-size against the sector. Plus the shape: composition, the profit waterfall and the interest flow.
3 statements · 4 lensesFX net open position and the ≤1y repricing gap from the §4 footnotes, with the audited capital stack and its buffer over the 12% minimum.
§4 footnotes8th of 9 — 31.9pp under the median and 27.0pp under inflation.
4th of 9. 0.78pp over the median margin.
8th of 9. Costs exceed income — 13 quarters in, the franchise is not covering itself.
Real returns. ROE -3.6% against 32.1% 12-month-average CPI: equity compounds a 35.7pp real loss.roe − cpi_12m_avg < 0
Below break-even. Cost / income 114.8% — the bank spends ₺1.15 for every ₺1 of income. 13 quarters in, this is not a build-out cost base — the franchise is not covering itself.cost_income > 100% · build-out = filings ≤ 8q
Liquidity clear. LCR 125% and TL+FC loan/deposit 76% — funding is not a constraint this quarter.lcr < 120 OR ldr > 100 → would fire; neither did
Chart data: 10 rows, Date from 2023-10-01 to 2026-01-01. Loan yield: 7.76 at the start, 31.44 at the end, ranging 7.76 to 38.23. Deposit cost: 2.14 at the start, 25.84 at the end, ranging 2.14 to 31.99. The full data follows as a table.
| Date | Loan yield | Deposit cost |
|---|---|---|
| 2023-10-01 | 7.759652519471184 | 2.136532029364129 |
| 2024-01-01 | 15.100699593409406 | 6.815325302565986 |
| 2024-04-01 | 23.812981140330624 | 13.747075467687209 |
| 2024-07-01 | 34.64473502319612 | 23.735017526017273 |
| 2024-10-01 | 36.90945965399565 | 28.572835678817643 |
| 2025-01-01 | 38.23079047610805 | 31.989454604528927 |
| 2025-04-01 | 36.449154536998826 | 31.49870606575485 |
| 2025-07-01 | 34.94732131435337 | 29.42116300623443 |
| 2025-10-01 | 33.03863204446349 | 28.282795752644756 |
| 2026-01-01 | 31.435053401457747 | 25.835371149498197 |
| ₺122mn |
| 276 staff |
| Leverage | 5.7× | assets ÷ equity |
| Stage 1 — performing | ₺18.2bn | 95.0% · 0.2% cover |
| Stage 2 — watchlist | ₺0.4bn | 2.0% · 1.8% cover |
| Stage 3 — NPL | ₺0.6bn | 3.0% · 23.2% cover |
Chart data: 13 rows, Date from 2023-01-01 to 2026-01-01. Assets: 0.01 at the start, 0.07 at the end, ranging 0.01 to 0.07. Loans: 0 at the start, 0.07 at the end, ranging 0 to 0.07. Deposits: 0 at the start, 0.09 at the end, ranging 0 to 0.09. The full data follows as a table.
| Date | Assets | Loans | Deposits |
|---|---|---|---|
| 2023-01-01 | 0.010131696610135821 | 0 | 0 |
| 2023-04-01 | 0.008558569246933581 | 0 | 0 |
| 2023-07-01 | 0.007902935683944418 | 0.0006853259723960409 | 0.0000022400889334368733 |
| 2023-10-01 | 0.012934957989577117 | 0.009028700547042481 | 0.008211266502704437 |
| 2024-01-01 | 0.014183232221973466 | 0.011891214567849081 | 0.011510002858149465 |
| 2024-04-01 | 0.023363186826961455 | 0.022682616161768795 | 0.02660764866274839 |
| 2024-07-01 | 0.03638322457456297 | 0.033765655299532044 | 0.043581325704758624 |
| 2024-10-01 | 0.039281423508910056 | 0.044204790244106784 | 0.04736310656388865 |
| 2025-01-01 | 0.040863998237814184 | 0.04101350276257658 | 0.04532002785082202 |
| 2025-04-01 | 0.045177085632257495 | 0.04840684376629952 | 0.05304331888147066 |
| 2025-07-01 | 0.04939380726087389 | 0.04540603778073286 | 0.05914467691740691 |
| 2025-10-01 | 0.055217376978984406 | 0.056122962598076996 | 0.06624826615730828 |
| 2026-01-01 | 0.06971018404451869 | 0.07253029937406842 | 0.08623118769791574 |