Bank Audi’s Turkish subsidiary, ODEA Bank, announced its results for the second quarter of 2016. As a result, the Bank’s financial statements revealed an uprise in its net profits from $6.93M in H1 2015 to $20.51M in H1 2016. This was mainly driven by the growth in net interests’ income and net fees and commissions’ income, which increased from $147.46M and $11.52M end of 2015 to $169.47M and $20.6M end of June 2016, respectively.
On the balance sheet, total assets revealed a yearly drop of 3.33% to $10.54B by June 2016, while loans and receivables increased by 0.27% to $7.44B. On the liabilities’ side, total deposits dropped 4.21% to $8.25B, which could be linked to the tense situation in Turkey, specifically the shaky EU-Turkey deal regarding the control of migrant flows to Europe.
As for shareholders’ equity, it witnessed an upsurge to $793.03M in Q2 2016, compared to $458.03M, during the same period in 2015.
Odea Bank’s Financial Results
| U.S Dollar ($M) | Jun-16 | Dec-15 | %change |
| Net Profits | 20.51 | 6.93* | 195.84% |
| Assets | 10,554 | 10,908 | -3.33% |
| Total deposits | 8,250 | 8,813 | -4.21% |
| Loans & Receivables | 7,435 | 7,414 | 0.27% |
| Total Equity | 793.04 | 458.03 | 73.14% |
* Value of June 2015
Source: BSE News