CarthagoTurkish banking dataStandardized per-bank financials from quarterly BRSA reports
1st of 9. 24.4pp of headroom — capital raised well ahead of the book.
8.28pp above the median. The worst book in the field runs 11.3%.
| Metric | Q4 2025 | Q1 2026 | Δ |
|---|---|---|---|
| Capital adequacywhile assets grew 22.2% q/q | 13.0% | 36.4% | +23.48pp |
| Loan–deposit spread | -11.06% | -9.33% | +1.73pp |
| NPL ratio | 7.93% | 11.27% | +3.34pp |
| ROE (TTM) | -62.9% | -51.9% | +11.1pp |
Funded by depositors, not markets. Deposits cover 59% of the balance sheet.
| Loan / deposit — TL+FC | 56% | self-funded · audited, quarterly |
| Assets per branch | — | branch count not filed |
| Assets per employee | ₺22mn | 1,296 staff |
| Leverage |
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 footnotes9th of 9 — 80.1pp under the median and 63.5pp under inflation.
9th of 9. 14.44pp under the median margin.
9th of 9. Costs exceed income — 11 quarters in, the franchise is not covering itself.
Real returns. ROE -51.9% against 32.1% 12-month-average CPI: equity compounds a 83.9pp real loss.roe − cpi_12m_avg < 0
Below break-even. Cost / income 206.5% — the bank spends ₺2.06 for every ₺1 of income. 11 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 350% and TL+FC loan/deposit 56% — funding is not a constraint this quarter.lcr < 120 OR ldr > 100 → would fire; neither did
Chart data: 7 rows, Date from 2024-07-01 to 2026-01-01. Loan yield: 11.89 at the start, 23.54 at the end, ranging 11.89 to 31.74. Deposit cost: 19.03 at the start, 32.88 at the end, ranging 19.03 to 40.17. The full data follows as a table.
| Date | Loan yield | Deposit cost |
|---|---|---|
| 2024-07-01 | 11.89191989790038 | 19.029341041302338 |
| 2024-10-01 | 21.788098171886645 | 35.630375970424986 |
| 2025-01-01 | 31.73822358582529 | 37.03934382995535 |
| 2025-04-01 | 30.342354218736865 | 40.119467352121326 |
| 2025-07-01 | 26.78415255344847 | 40.169857348265694 |
| 2025-10-01 | 25.508831099302963 | 36.57328435361618 |
| 2026-01-01 | 23.544402829254263 | 32.87832239669638 |
| 3.8× |
| assets ÷ equity |
| Stage 1 — performing | ₺8.6bn | 81.0% |
| Stage 2 — watchlist | ₺0.8bn | 7.7% |
| Stage 3 — NPL | ₺1.2bn | 11.3% · 41.5% cover |
Chart data: 11 rows, Date from 2023-07-01 to 2026-01-01. Assets: 0.01 at the start, 0.06 at the end, ranging 0.01 to 0.06. Loans: 0 at the start, 0.04 at the end, ranging 0 to 0.04. Deposits: 0 at the start, 0.06 at the end, ranging 0 to 0.06. The full data follows as a table.
| Date | Assets | Loans | Deposits |
|---|---|---|---|
| 2023-07-01 | 0.008111314051128754 | 0 | 0 |
| 2023-10-01 | 0.010243567802527834 | 0 | 0.001875849949792998 |
| 2024-01-01 | 0.011057409741819043 | 0.00003911469939303735 | 0.002824195829859566 |
| 2024-04-01 | 0.012949393729965612 | 0.0015824837353232918 | 0.00745028563549845 |
| 2024-07-01 | 0.017447813021643607 | 0.010414947415347308 | 0.010655462896240182 |
| 2024-10-01 | 0.02153375157530618 | 0.00924557090497802 | 0.01690043654348323 |
| 2025-01-01 | 0.0336913768994969 | 0.010584433343255272 | 0.03679167433333792 |
| 2025-04-01 | 0.036984645822991456 | 0.01385126612093561 | 0.03639870170087452 |
| 2025-07-01 | 0.03913902822953244 | 0.02050323282112142 | 0.04295941048014505 |
| 2025-10-01 | 0.051047354213532445 | 0.029703713038357813 | 0.05931890606533473 |
| 2026-01-01 | 0.05899618584718937 | 0.035451018037791646 | 0.05683928177365854 |