The Turkish Association of Financial Institutions (FKB) has recorded total assets of Turkish lira (TL) 129bn (£18.3bn), a year-on-year rise of 7.5%.

According to the consolidated data of the first six months of 2019 of the three sectors represented by FKB, equity size was 22bn TL, net profit was TL 1.7bn, and the number of customers was 4m.

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Aynur Eke, president of the FKB, said: “Our sectors compared to previous years in 2018 and 2019 felt more economic fluctuations. Despite the challenging last year, our Association represented to make the leasing, factoring and financing sectors more efficient and we continue our efforts to increase their contribution. Turkey’s economy has been challenging during this period, and the course has been understanding and overcoming these difficulties.

“SCT and VAT advantages that pave the way for automotive financing initiated a level of recovery. Again in the same period, the maturity of micro-loans created revival. It is important that such case studies continue, because this kind of work brings vitality to our sectors. Turkey has revealed that the ‘New Economic Program’, and this association is ready to do everything in its power to support the financing of investments.”

During the first six months of 2019, the receivables of the Turkish financial leasing sector were around around TL 52 bn, and the sector asset size also exceeded TL 63bn. In the factoring sector; there was 59bn TL in business and receivables exceeded 29bn TL.

When looking at companies, the transaction volume of the sector is 7.5bn TL. The number of new customers entering the market in micro loans is 3.9m, and the size of the receivables of the sector reached TL 26bn.

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Elsewhere in Europe members of the Czech Leasing and Financial Association (CLFA) provided clients with Czech Koruna (CZK) 82.8bn (£2.9bn) in leasing, loans and factoring in the first half of this year, a 2.2% year-on-year increase.