Odeabank, Bank Audi’s Turkish subsidiary, released its financial statements for the first three months of 2019. The bank revealed a net profit of $0.64M, down from $12.07M recorded in Q1 last year. This large drop can be mainly explained by the $14.63M in provision expenses recorded in the first quarter.
The decline in profits came on the back of downticks recorded in both, the Net Interest Income and Net Fees and Commissions. These slipped from $45.79M and $5.23M in Q1 2018 to $36.71M and $4.74M in Q1 2019, respectively.
As for Odeabank’s balance sheet, it revealed that the bank’s total assets fell by 1.09%, year-to-date (ytd) to $4.97B in Q1 2019. Moreover, Loans and receivables slipped by 2.90% y-t-d to settle at $3.19B by March 2019.
On the liabilities side, total deposits shrank by 4.97% y-t-d to stand at $3.28B, while shareholders’ equity added 3.27% y-t-d to reach $509.02M.
Odeabank’s Financial Highlights: Q1 2019
| millions of USD | 31/03/2019 | 31/12/2018 | YTD |
| Total Assets | 4,970 | 5,024 | -1.09% |
| Loans and Receivables | 3,185 | 3,280 | -2.90% |
| Total Deposits | 3,278 | 3,450 | -4.97% |
| Shareholders’ Equity | 509.02 | 526.21 | -3.27% |
| Net Profit* | 0.64 | 12.07 | -94.66% |
(*): Value as of March 2019
$1 = 6.25 Turkish Lira
Source: Odeabank