IslamicFinance.de

Islamic lender Bank Asya posted a net profit of 10.6 million Turkish Lira ($4.9 million) in the second quarter, a slide of 81 percent from a year earlier. The bank’s total profit decline for the first half of the year was 48.8 percent, making its non-consolidated profit 51.5 million liras for the six-month period. The lender has been going through a whirlwind year of deposit withdrawals, acquisition talks and state contract annulments, due to the ongoing power struggle between the Justice and Development Party (AKP) government and Gülen’s supporters. The bank’s future looked dim after the authorities cancelled its tax collection and social security payment deals on Aug. 7 - a sign according to observers that the government may be a step closer to winding down the lender.