ODEABANK Posted Positive Results in 2014 Following 2013’s Loss

ODEABANK, Bank Audi’s Turkish subsidiary, recorded a year end net profit of $132,443 in 2014 compared to a net loss of $52.31M witnessed in 2013. In details, interest income surged by 143.30% year-on-year (y-o-y) to $625.12M, outpacing the annual 97.80% growth in interest expense to $403.79M.

In the balance sheet, total assets rose from $6.15B in 2013 to $9.78B by December 2014.In addition, “total loans and receivables” recorded a yearly 58.77% increase to $6.87B.

On the liabilities side, 2014’s year-end deposits amounted to $8.04B comparing to $4.72B recorded in 2013.

Total Shareholders’ equity remained almost constant above the $500M mark.

2014’s Financial Highlights

Dec-14Dec-13% change
Customer’s deposits ($B)8.044.7270.23%
Net Loans & advances to customers ($B)6.874.3358.77%
Total assets ($B)9.786.1559.05%
Total Sharholders’ Equity ($M)510.40508.030.47%
Net Profit/Loss ($M)0.132(52.31)100.25%

Source: BSE News, Audi Website

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