JPMorgan announced that Turkish banks do not expect a recovery before the interest rate cut.

◻️JPMorgan announced that Turkish banks will struggle in the next quarter and that a recovery is not expected before the interest rate cut.

◼️The bank predicts that third-quarter performance will be weak due to net interest margin pressures and increased risk costs. While the average return on equity is estimated at 17%, it was stated that this rate will remain below inflation by 38%.

◻️Garanti Bank is expected to show the highest performance with 28%, and Halkbank the lowest with 8%. It was emphasized that the postponement of interest rate cuts could negatively affect 2025 profitability estimates.