Odeabank, Bank Audi’s Turkish subsidiary, released its financial statements for the first three months of 2018. The bank revealed a net profit of $17.26 million (M) compared to $21.33M recorded in Q1 2017.
As such, Net Interest Income and Net Fees and Commissions income both declined from $89.6M and $11.43M in the first quarter of 2017 to $65.83M and $7.51M in Q1 2018, respectively.
Odeabank’s balance sheet revealed that the bank’s total assets slid from $7.58B in December 2017 to $7.33B in Q1 2018. In their turn, Loans and receivables also slipped by 3.76% year-to-date (y-t-d) to settle at $4.98B by March 2018.
On the liabilities side, total deposits shrank by 6.59% y-t-d to stand at $5.11B while Shareholders’ equity added 2.86% y-t-d to $884.58M.
Odeabank’s Financial Highlights: Q1 2018 (in USD)
|Total Assets ||7,327||7,575||-3.27%|
|Loans and Receivables ||4,984||5,179||-3.76%|
|Shareholders’ Equity ||884.58||859.98||2.86%|
|Net Profit ||17.26||21.33(*)||-19.05%|
Source: Odeabank, Beirut Stock Exchange
(*): Value as of March 2017