Odeabank’s Net Profit Up to $84.14M in 2017

Bank Audi released the financial statements of its Turkish subsidiary Odeabank which showed an increase in net profit from $52.59 million in 2016 to $84.14 million in 2017. In fact, the net interest income rose from $301.37 million in 2016 to $356.66 million in 2017.

Earlier in December, Reuters reported that the subsidiary was undergoing a restructuring that entailed a cut of 100 employees.

The balance sheet revealed that total assets declined from $10.05 billion in 2016 to $8.69 billion in 2017 on account of a fall in loans and receivables from $6.94 billion in 2016 to $5.94 billion in 2017.

As for shareholders’ equity, it rose by an annual 9.1% to $986.39 million in 2017.

Odeabank Financial Highlights

In 000s of USDDec-17Dec-16YOY
Loans and Receivables             5,940,027.82                   6,941,676-14.4%
Total Assets                   8,688,812                10,046,824-13.5%
Total Deposits                   6,275,692                   7,678,319-18.3%
Shareholders’ Equity                      986,386                      903,7159.1%
Net Profit                         84,140                         52,58660.0%

Source: Bank Audi

$1 = 3.81 Turkish Lira

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