IslamicFinance.de

Turkish Islamic lender Bank Asya swung to a net loss of 877 million liras ($336 million) in 2014 on shrinking loans and deposits. The bank, in which Turkish banking regulators seized a small stake last week over an alleged illegal share sale, had reported a net profit of 180.6 million liras in 2013. Loan loss provisions amounted to 1.45 billion liras in 2014, almost half of which came in the final quarter, the bank said. Bank Asya wrote off 943 million worth of loans in 2014. Loans and deposits contracted 24 percent and 12 percent respectively in the fourth quarter.