ANKARA, March 10 (NNN-KUNA) -- The Kuwait-Turkey Bank's net profit surged by 22 per cent last year while assets grew by 18 per cent despite the banking sector suffering a setback in Turkey as a result of the global economic crisis.

A statement by the bank Tuesday, marking its 20th anniversary, said its 2009 net profits were USD 83 million while assets rose to over USD 527 million.

The bank, the largest Islamic bank in Turkey in terms of assets, said it succeeded to maintain solid operational performance despite the economic crisis.

The Kuwait-Turkey Bank, it added, expanded further by opening 17 new branches to increase the number of branches to 130 nationwide. The bank plans to increase branches to 140 by the end of this year.

The Kuwait-Turkey Bank has already obtained permission to open branches in Germany and Dubai, with actual operations expected within the next few months. The bank already has a branch in Bahrain.

The Kuwait Finance House, the world's largest Islamic bank, has a 62 per cent stake in the Kuwait-Turkey Bank. Each of the public institute for social security of Kuwait and the Islamic Development Bank (IDB) has 9 percent stake. The rest of the shares are owned by Turkish investors.

-- NNN-KUNA