EVALUATION OF TURKISH DOMESTIC AND FOREIGN BANKS BY USING FINANCIAL RATIOS

8/9/2019 EVALUATION OF TURKISH DOMESTIC AND FOREIGN BANKS BY USING FINANCIAL RATIOS

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EVALUATION OF TURKISH DOMESTIC AND

FOREIGN BANKS BY USING FINANCIAL RATIOS

Ekrem Tufan

Anadolu University, Open Education Faculty-TurkeyEmail: [email protected]

Tel: +90 286 213 02 61

Bahattin HamaratCanakkale Onsekiz Mart University

College of Tourism and Hotel Management-TurkeyEmail: [email protected]: +90 286 218 00 18 (1545)

Mirela CristeaUniversity of Craiova, Faculty of Economy and Business AdministrationEmail: [email protected]

Tel: +40 251 414398

Laura Giurca VasilescuUniversity of Craiova, Faculty of Economy and Business Administration

[email protected]: +40 251 414398

Abstract In banking system, being a domestic or foreign bank can be an especially important

managerial success. In the literature, it has been claimed that foreign banks are more

successful than domestic ones. The reason for this can be having more global knowledge and

using more professional tactics in banking transactions. On the other hand, to be familiar

with its societys culture can be an opportunity for domestic banks. In this study, Turkish

banks have been evaluated with using financial ratios taking into consideration domestic and

foreign equity. The banks have also been ranked according to success. To achieve this,

principal components analysisand discriminant analysis have been applied

Keywords: Turkish banking system, financial ratios, principal components analysis and

discriminant analysis.

JEL codes: G21


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1. Introduction

Over the past two decades emerging markets have opened up to direct foreign

participation through the ownership of domestic financial institutions which mainly banking

system. There is an argument about negative and positive effects foreign participation onbanking system and economy.

Some of researchers assert that foreign participation in banking system, increase the

variety and quality of banking services and economic stability and bring new technology,

capital, experience and credit evaluation techniques. Claessens and et all (2001), have

searched extent and effect of foreign presence in domestic banking markets. They have used

7.900 bank observations from 80 countries for the 1988-1995 periods. They have specifically

investigated how net interest margins, overhead, taxes paid and, profitability differ between

foreign and domestic banks. They report that foreign banks have higher profits than domestic

banks in developing countries, but the opposite is the case for developed countries. They also

claim that an increased presence of foreign banks is associated with a reduction in

profitability and margins for domestic banks1.

Lensink and et all (2004) have searched the short term effects of foreign bank entry on

the behaviour of the domestic banking sector. The researchers have based their research on

Claessens and et alls (2001) study. They have used two different variables to measure the

effect. The data set covers 1990-1996 periods. First of all, they have taken ratio of the number

of foreign banks to the total number of banks in the host country to measure at the sheer

presence of foreign banks. Secondly, they have used the share of foreign bank assets to total

bank assets of the host country which measures size of foreign banks as compared to their

domestic counterparts. Then the researchers have constructed variables reflecting domestic

bank behaviour. They have chosen variables measuring income, profits and cost of domestic

banks. The researchers have reported that at lower levels of economic development foreign

bank entry is generally associated with higher costs and margins. At higher levels of

economic development the effects appear to be less clear. Foreign bank entry is either

associated with a fall of costs, profits and margins of domestic banks, or is not associated with

changes in these domestic bank variables2.

1 Claessens Stijn, Asl Demirg Kunt and Harry Huizinga, How does foreign entry affect domestic banking

markets, Journal of Banking and Finance, 2001, 25,pp. 891-911.2 Lensink Robert and Niels Hermes, The short-term effects of foreign bank entry on domestic bankbehaviour: Does economic development matter?, Journal of Banking and Finance, 2004, 28, pp. 533-568.


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Sturm and Williams (2003) have investigated impact of foreign bank entry on banking

efficiency in Australia during the post-deregulation period 1988-2001. The researchers have

applied Data Envelopment Analysis, Malmquist Indices and stochastic frontier analysis and

reported foreign banks more efficient than domestic banks, which however did not result in

superior profits3.

Dages and et all. (2000) have sought to contribute to the debate on financial sector

openness in emerging markets by reviewing the experiences of Mexico and Argentina with

regard to foreign bank local lending. They have reported that in both countries, foreign banks

exhibited stronger loan growth than all domestically owned banks and had lower associated

volatility, contributing to greater stability in overall financial system credit. Additionally, in

both countries, foreign banks showed notably credit growth during economic crises periodsand thereafter. They claim that bank health, and not ownership per se, has been the critical

element in the growth, volatility, and cyclicality of bank credit. They also assert diversity in

ownership has contributed to greater stability of credit and financial system weakness4.

Haselmann (2006) has investigated foreign banks effect on transition countries and

reports that the high market share of foreign banks in transition economies have a positive

effect. The researcher also reports that foreign banks play a stabilizing role in the credit

markets and hold onto their credit base during periods of financial instability. Thus, there isno evidence for financial fragility caused by foreign banks5.

Craft and et all (2006) have investigated privatization, foreign bank entry and bank

efficiency in Croatia for 1994 to 2000. To achieve this, the researchers have estimated a

Fourier-flexible frontier cost function. They report that new private and privatized banks,

contrary to some expectations, are not the most efficient banks through most of the period.

Privatization also has not an immediate effect on improved efficiency. Foreign banks have

substantially better efficiency scores than all categories of domestic banks6

.

3 Sturm Jan Egbert and Barry Williams, Foreign bank entry, deregulation and bank efficiency: Lessons fromthe Australian experince, Journal of Banking & Finance 28 (2004), pp. 177517994 Dages B. Gerardi Linda Goldberg and Daniel Kinney, Foreign and domestic bank participation in emergingmarkets: Lessons from Mexico and Argentine, Economic and Policy Review, 2000, 6, 3, pp. 17-36.5 Haselmann Rainer, Strategies of foreign banks in transition economies, Emerging Market Review, 2006,Vol:7, issue:4, pp. 283-299.6

Kraft Evan, Richard Hoffler and James Payne, Privatization, foreign bank entry and bank efficiency inCroatia: A Fourier-flexible function stochastic cost frontier analysis, Applied Economics, 2006, Vol: 38, pp.2075-2088.


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Tennant and Kirton (2007) have searched the impact of foreign direct investment and

financial crises with interviewed Jamaican managers. They provide some evidence on foreign

owned financial institutions may be less effective than indigenous institutions in effectively

allocating resources. They also claim that indigenous financial institutions tended to support

this channel to growth more than foreign-owned institutions while foreign-owned institutions

reflected a tendency to blame their poor performance in resource allocation on factors outside

of their control, compared with indigenous institutions that were more likely to implement

measures to correct the situation7.

Berger (2007) has reviewed the findings of over 100 studies that provide such

comparisons. The researcher has divided the studies into three categories (1) comparisons of

bank efficiencies in different nations using a common frontier, (2) comparisons of bankefficiencies in different nations using nation-specific frontiers, and (3) comparisons of

efficiencies of foreign-owned versus domestically owned banks within the same nation using

the same nation specific frontier. Berger also states that advantages and disadvantages are

significant and differ substantially depending on whether the host nation is a developed or

developing nation. The research in the third category generally suggests that in developed

nations, the efficiency disadvantages of foreign-owned banks relative to domestically owned

banks tend to outweigh the efficiency advantages on average8.

Foreign bank effect on SME and retail markets subject has been investigated by Haas

and Naaboork (2006). They have focused interviews with managers of foreign parent banks

and their affiliates in Central Europe and the Baltic States to analyze the small-business

lending and internal capital markets of multinational financial institutions. They report that

the acquisition of local banks by foreign banks has not led to a persistent bias in these banks

credit supply toward large multinational corporations. Instead, increased competition and the

improvement of subsidiaries lending technologies have led foreign banks to gradually expand

into the SME and retail markets. Second, it is demonstrated that local bank affiliates are

strongly influenced by the capital allocation and credit steering mechanisms of the parent

bank9.

7 Tennant David and Claremont Kirton, The Impact of Foreign Direct Investment, Financial Crises andOrganizational Culture on Managers Views as to the Finance-Growth Nexus, Journal of Economic Issues,September 2007, Vol: XLI, No:3, pp. 625-660.8 Berger Allan N., International Comparisons of banking Efficiency, Financial Markets, Institutions &

Instruments, August 2007, Vol:16, No:3, pp. 119-144.9 Haas De Ralph and Ilko Naaborg, Foreign banks in transition countries: To whom do they lend and howare they financed?, Financial Markets, Institutions & Instruments, V. 15, No. 4, November 2006, pp. 159-199.


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2. Some Turkish Studies on Domestic and Foreign Banks

Gngr (2007) has searched the factors which effect to bank profitability. To

determine which factors affect the researcher applied panel data analysis using 29 bank data

covering 1990-2005 periods for Turkey. According to study, both micro and macro factors

have significant impacts on bank profitability and except operating expenses variable all

factors have similar effects on domestic and foreign bank profitability10.

Turkish public and private banks and foreign banks showed different achievements in

financial ratios. A paper has been presented by nsal and Duman11 in this subject in VII.

National Econometrics and Statistics Symposium.They have investigated 32 public, private

and foreign banks performance where located in Turkey with using Factor Analysis. Theyreport that the public banks are relatively more successful in financial ratios than other banks

except equity ratios in first half of the 2003 while private banks seized in second half.

Another paper has been presented by nsal and Gler12 in classification of banks

subject and searched which methods are the best to do it. Their data set covered 1997-2003

periods and they report that either classification or foresight logistic regression analysis is

better than discriminant analysis.

Ik and Hassan (2002) have examined the effect of bank size, corporate output, and

governance, as well as ownership, on the cost and alternative profit efficiencies of Turkish

banks by employed stochastic frontier approach. They found that the average profit efficiency

is 84% for Turkish banks and the degree of linkage between cost and profit efficiency was

significantly low13.

In this research, it will be investigated if foreign banks are more successful than

domestic banks in Turkey.

10 Gngr Bener, Trkiyede faaliyet gsteren yerel ve yabanc bankalarn karllk seviyelerini etkileyenfaktrler: Panel veri analizi, ktisat-letme ve Finans Dergisi, September 2007, Vol: 258, pp. 40-63.11nsal Aydn and Sibel Duman, Trkiyedeki bankalarn Performanslarnn Temel Bileenler yaklamile Karlatrmal Analizi, 26-27 May 2005, VII. Ulusal Ekonometri ve statistik Sempozyumu: stanbul,http://www.ekonometridernegi.org/bildiriler/o1s1.pdf12 nsal Aydn and Hseyin Gler, Trk bankaclk Sektrnn Lojistik Regresyon ve DiskriminantAnalizi ile ncelenmesi, 26-27 May 2005, VII. Ulusal Ekonometri ve statistik Sempozyumu: stanbul,

http://www.ekonometridernegi.org/bildiriler/o1s1.pdf13 Isk hsan and M. Kabir Hassan, Cost and profit efficiency of the Turkish banking industry: An empiricalinvestigation, The Financial Review, 2002, Vol: 37, pp. 257-280.


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3. Data and methodology

In this study, it has been searched 17 domestic and 8 foreign depository banks where

located in Turkey for 2006 success with applying Principal Component Analysis (PCA) and

investigated if they are correctly classified with applying Logistic Regression Method. Datamatrix has constructed as balance sheet ratios, assets quality, liquidity, profitability, income-

expenditure structure, share of banking sector, share of group, share of branch and activity

ratios. The data derive from Turkish Central Bank of the Republic of Turkey (CBRT)

database and the ratios which have been used and names of banks are given in annexes.

PCA procedure simultaneously quantifies categorical variables while reducing the

dimensionality of the data. The goal of principal components analysis is to reduce an original

set of variables into a smaller set of uncorrelated components that represent most of the

information found in the original variables. The technique is most useful when a large number

of variables prohibit effective interpretation of the relationships between objects (subjects and

units). By reducing the dimensionality, you interpret a few components rather than a large

number of variables14.

In PCA a set of p correlated variables is transformed to a smaller set of uncorrelated

hypothetical constructs called principal components (PCs). The PCs are used to discover and

interpret the dependences that exist among the variables, and to examine relationships that

may exist among individuals. The PCs may be used to stabilize estimates, evaluate

multivariate normality, and to detect outliers15.

Logistic Regression is a method used to determine cause and effect relations with

explanatory variables where the response variable is observed in binary, triple and multiple

categories. This model, according to explanatory variables (in this study they are banks

financial ratios as a ratios groups), is a regression model from which the expected values ofthe response variable were obtained as a probability (zdamar 2002). The main idea behind

the Logit Model is the logistic distribution function shown below:

)X(ii i21e1

1)X1Pr(YP

++

=== (1)

14

SPSS 10.0 Help15 Neil Timm, Applied Multivariate Analysis, Secaucus, NJ, USA, Springer-Verlag New York, Incorporated,2002, p.445.


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Here, 1, 2 indicate coefficients of regression. It has been benefited from the characteristic of

the logistic regression which give a chance to classify in rules of probability with calculate as

a probability of estimated values of dependent variable. In this study, the independent variable

has been built in deference to being domestic or foreign bank and it covers 25 domestic and

foreign depository banks where located in Turkey. So, the hypothesis has been build as below

with considering foreign banks are much successful than domestic one which usually being

claimed in the literature.

=banksuccesfullforeign

bankllunsuccesfudomesticCi )(,1

)(,0

5. Findings

First of all, it has been characterised the differences of the groups and tested if

classification of the banks is correct with applying logistic regression. Then it has been

achieved successful classification of the banks. Table 1 shows wrong classification situation

of the banks. As it can be seen Table 1, the most wrong classification are seen in foreign

banks group.

Table 1. Wrong Classification Situation of the BanksRatio Groups

Banks

Domestic:0

Foreign:1

Equityratios

Balancesheet

structureratios

Activequality

ratios

Liquidity

ratios

Profitability

Income

Expenditure

Shareinsector

Shareingroup

Branchratios

Activityratios

Total

Ziraat Bank 0 X 1Halk Bank 0Vakfbank 0Adabank 0 X 1Akbank 0 X 1

Alternatif Bank 0Anadolubank 0Oyak Bank 0 X X 2ekerbank 0Tekfenbank 0Tekstil Bank 0 X 1Turkish Bank 0Turkland Bank 0 X 1Trk EkonomiBank

0 X X 2

Garanti Bank 0 X X 2 Bank 0

Yap ve KrediBank 0


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Arap Trk Bank 1 X X X 3Citibank 1 X X X X X 5Denizbank 1 X X X X X X X 7Deutsche Bank 1 X X X 3Finansbank 1 X X X X X 5

Fortis Bank 1 X X X X X X 6HSBC Bank 1 X 1Millennium Bank 1 X X X 3

As a group banks equity ratios have been classified 84% correctly. Foreign banks are

classified 75% correctly while domestic banks 88,2%. Citibank and Finansbank are not

classified correctly and they should be in domestic group. Because they respresent domestic

bank groups characteristics. Similarly, Tekstil and Turkland Bank should be in foreign banks

classifications.

Banks balance sheets structure ratios group has classified 84% correctly. In this group,

foreign banks have been correctly classified 62,5% while domestics 94,1%. Denizbank,

Finansbank and Fortisbank should be in domestic group. It means these banks are not

successful as other foreign banks as. On the other hand, Trk Ekonomi Bank should be in

foreign bank group.

According to liquidity ratios, banks classified 76,2% correctly. In this case, foreign

banks are classified 25% correctly while domestic banks 100%. Arap Trk Bank andDeutsche Bank are classified correctly while others are not.

Correct classification of profitability ratios is 84%. According to this ratio group,

foreign banks correctly classified 50% while domestic banks are 100%. As a foreign banks

group members Arap Trk Bank, Denizbank, Finansbank and Fortis Bank are not correctly

classified while others classified correctly. When logistic regression applied, it can be said

that these banks should be considered as domestic banks group members.

According to income-expenditure structure banks are classified 100% correctly. So,

there is no bank should be represented in different group. It can be claimed that income-

expenditure ratios have an important role to classify the banks.

Banks are 72% correctly classified for both share of sector and share of group ratios.

In this group, foreign banks correctly classification rate is 25% while domestic banks is

94,1%. In foreign banks group, Finansbank and HSBC Bank have not been classified

correctly. In domestic banks group, Oyakbank has not been classified correctly and does not

represent its group characteristics.


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If we taking consider banks branch ratios, it can be said that banks were 84% correctly

classified. In this group, foreign banks have been 74% correctly classified while domestic

banks 88,2%. As a foreign banks group members Denizbank and Fortis Bank do not

represents their group characteristics and according to logistic regression results they

represent domestic banks group characteristics. Similarly, in domestic banks group members

Garanti Bank and Trk Ekonomi Bank do not represents their group characteristics and

according to logistic regression results they represent foreign banks group characteristics

Banks are 100% correctly classified in activity ratios group.

After investigating banks classification according to different ratio groups, we have

searched their performance considering their ratio groups with applying Principal Component

Analysis. The results are shown in Table 2.

According to equity ratios, it has been found two principal components which their

eigenvalue is higher than 1. These principal components explain total variance of 83,39%.

Total variance is being explained by first principal component in 57,01%.

Taking account banks balance sheets structure ratios as a performance indicator, it has

been found three principal components which explain total variance in 92,4% and eigenvalue

is higher than 1. The first principal component explains total variance in 48,7%.

If we taking account banks active quality, it has been calculated two principal

components which their eigenvalue is higher than 1 and they explain 75,4% of total variance.

First principal component explains 55,8% of variance. Because lack of data it has been

eliminated two active quality ratios formulas which have been added other calculations.

In liquidity ratios two principal components have been calculated which explain total

variances 87% and eigenvalue is higher than 1. The first principal component explains 65%

of total variance.

If we consider bank profitability, it has been found only one principal component

which its eigenvalue higher than 1. This principal component can explain 80% of total

variance. For income and expenditure ratios there has been calculated three principal

components which are higher than 1 and explain 87,1% of total variances. The first

component explains 53,5% of total variances.

According to banks groups and sector shares, it has been calculated 1 principal

component which eigenvalue bigger than 1 and explains 95,7% of total variance. On the other


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hand, if we taking account banks branch ratios, it has been calculated only one principal

component which higher than 1 and explains 77,3% of total variance. Three principal

components have been calculated for banks activity ratios which are higher than 1 and explain

82,6% of total variance. The first component explains 37,2% of total variance by itself.


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6. Conclusion

In the literature, usually given evidence favour of foreign banks are more successful

than domestic counterparts idea. For example, Claessens and et all (2001), have reported that

foreign banks have higher profits than domestic banks in developing countries. Our studygives controversy evidence about it. According to Principal Component Analysis, which ranks

the banks using scores, there are five foreign banks in the first ten banks group of profitability

ratios where other five are domestic banks.

Our results support nsal and Dumans paper that they report the public banks are

relatively more successful in financial ratios than foreign and Turkish private banks except

equity ratios in first half of the 2003 while private banks seized in second half.

We can allege that foreign depository banks are not successful than Turkish depository

banks. This can be because foreign depository banks have not got too many branches in

Turkey. There is high competition in banking system so; banks profit usually comes from

credit cards and commissions. Having fewer branches means having fewer customers.

Consequently, get less profit.

References

1) BERGER, A. N. International Comparisons of banking Efficiency, Financial Markets,

Institutions & Instruments, August 2007, Vol:16, No:3, pp. 119-144.

2) CLAESSENS, S., ASLI, D., HUIZINGA, K. H. How does foreign entry affect domestic

banking markets, Journal of Banking and Finance, 2001, 25, pp. 891-911.

3)DAGES B., GOLDBERG, G.L., KINNEY, D., Foreign and domestic bank participation in

emerging markets: Lessons from Mexico and Argentine,Economic and Policy Review,

2000, 6, 3, pp. 17-36.

4) GNGR, B. Trkiyede faaliyet gsteren yerel ve yabanc bankalarn karllk seviyelerini

etkileyen faktrler: Panel veri analizi, ktisat-letme ve Finans Dergisi, September

2007, Vol: 258, pp. 40-63.


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5) HASELMANN, R. Strategies of foreign banks in transition economies,Emerging Market

Review, 2006, Vol:7, issue:4, pp. 283-299.

6)HAAS De R., NAABORG, I. Foreign banks in transition countries: To whom do they lend

and how are they financed?,Financial Markets, Institutions & Instruments, V. 15, No.

4, November 2006, pp. 159-199.

7) I, ., HASAN, M. K. Cost and profit efficiency of the Turkish banking industry: An

empirical investigation,The Financial Review, 2002, Vol: 37, pp. 257-280.

8) ZDAMAR, K. Paket Programlar ile statistiksel Veri Analizi-1, Kaan Kitabevi Eskiehir

2002. pp.623.

9) KRAFT, E., HOFFLER, R., PAYNE, J. Privatization, foreign bank entry and bank

efficiency in Croatia: A Fourier-flexible function stochastic cost frontier analysis,

Applied Economics, 2006, Vol: 38, pp. 2075-2088.

10) LENSINK, R., HERMES, N. The short-term effects of foreign bank entry on domestic

bank behaviour: Does economic development matter?, Journal of Banking and Finance,

2004, 28, pp. 533-568.

11) NEIL T.Applied Multivariate Analysis, Secaucus, NJ, USA, Springer-Verlag New York,

Incorporated, 2002, p.445.

12) STURM, J.E., WILLIAMS, B. Foreign bank entry, deregulation and bank efficiency:

Lessons from the Australian experince, Journal of Banking & Finance 28 (2004), pp.

17751799

13) SPSS 10.0 Help

14) TENNANT, D., KIRTON, C. The Impact of Foreign Direct Investment, Financial Crises

and Organizational Culture on Managers Views as to the Finance-Growth Nexus,

Journal of Economic Issues, September 2007, Vol: XLI, No:3, pp. 625-660.

15) NSAL A., DUMAN, S. Trkiyedeki bankalarn Performanslarnn Temel Bileenler

yaklam ile Karlatrmal Analizi,26-27 May 2005, VII. Ulusal Ekonometri vestatistik Sempozyumu: stanbul, http://www.ekonometridernegi.org/bildiriler/o1s1.pdf

16) NSAL, A., GLER, H. Trk bankaclk Sektrnn Lojistik Regresyon ve Diskriminant

Analizi ile ncelenmesi,26-27 May 2005, VII. Ulusal Ekonometri ve statistik

Sempozyumu: stanbul, http://www.ekonometridernegi.org/bildiriler/o1s1.pdf


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ANNEXESS:

1) FINANCIAL RATIOSRatios %

Capital ratios Net Profit (Losses) / Total Shareholders' Equity

Shareholders' Equity / (Amount Subject to CreditRisk X Market Risk X Operational Risk)

Income Before Taxes / Total Assets

Shareholders' Equity / Total Assets Net Profit (Losses) / Paid-in Capital(Shareholders' Equity-Permanent Assets)/Total Assets Income-Expenditure StructureShareholders' Equity/(DepositsXNon-Deposit Funds) Net Interest Income After Specific Provisions / Total AssetsOn Balance-sheet FC Position / Shareholders' Equity Net Interest Income After Specific Provisions / Total

Operating IncomeNet on Balance-sheet Position / Total Shareholders'Equity

Non-Interest Income (Net) / Total Assets

N(onXoff) Balance-sheet Position/Total Shareholders'

Equity

Non-Interest Income (Net) / Other Operating Expenses

Balance sheet ratios Other Operating Expenses / Total Operating IncomeTC Assets / Total Assets Provision For Loan or Other Receivables Losses / Total

AssetsFC Assets / Total Assets Interest Income / Interest ExpenseTC Liabilities / Total Liabilities Non-Interest Income / Non-Interest ExpenseFC Liabilities / Total Liabilities Total Income / Total ExpenseFC Assets / FC Liabilities Interest Income / Total AssetsFC Assets / FC Liabilities Interest Expense / Total AssetsTC Deposits / Total Deposits Interest Income / Total ExpensesTC Loans / Total Loans Interest Expense / Total ExpensesFunds Borrowed / Total Assets Share in Sector

Active Quality Total Assets

Total Loans / Total Assets Total LoansTotal Loans / Total Deposits Total depositsLoans under follow-up (gross) / Total Loans Share in GroupLoans under follow-up (net) / Total Loans Total AssetsPermanent Assets / Total Assets Total LoansConsumer Loans / Total Loans Total Deposits

Liqiudity Branch Ratios, Millon TRYLiquid Assets / Total Assets Total Assets / No. of BranchesLiquid Assets / Short-term Liabilities Total Deposits / No. of BranchesTC Liquid Assets / Total Assets TRY Deposits / No. of BranchesLiquid Assets / (Deposits X Non-Deposit Funds) FX Deposits / No. of BranchesFC Liquid Assets / FC Liabilities Total Loans / No. of Branches

Profitability Total Employees / No. of Branches (person)

Net Profit (Losses) / Total Assets Net Income / No. of Branches


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2) NAME OF BANKS

Domestic Banks-(Unsuccesful)

Ziraat Bank Trk Ekonomi Bank

Halk Bank Garanti BankVakfbank Is BankAdabank Yap ve Kredi BankAkbank Foreign Banks-(Succesful)Alternatif Bank Arap Trk BankAnadolubank CitibankOyak Bank DenizbankSekerbank Deutsche BankTekfenbank FinansbankTekstil Bank Fortis Bank

Turkish Bank HSBC BankTurkland Bank Millennium Bank

EVALUATION OF TURKISH DOMESTIC AND FOREIGN BANKS BY USING FINANCIAL RATIOS

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