ODEA Bank’s Net Profits Reached $54.10M end of 2016

Bank Audi’s Turkish subsidiary, ODEA Bank, announced its results for the year-end. The Bank’s financial statements revealed an increase in its net profits to $54.10M compared to $13.58M during the same period in 2015. This was mainly driven by the growth in net interest income and net fees and commissions’ income, which increased by 17.90% and 6.79% to $310.82M and $28.43M, respectively.

On the balance sheet, total assets witnessed a yearly rise of 19.31% to $10.34B by December 2016, and loans and receivables increased by 21.28% to $7.14B. Moreover, on the liabilities’ side, total deposits grew 15.48% to $7.90B.

As for shareholders’ equity, it witnessed an upsurge to $929.65M by the end of the year, compared to $363.73M end of 2015.

Odea Bank’s Financial Results (in $M)

Dec-16 Dec-15 YTD
Total Assets          10,335.16             8,662.33 19.31%
Loans and Receivables            7,140.90             5,887.86 21.28%
Total Deposits            7,898.69             6,840.04 15.48%
Total Shareholders’ Equity                929.65                363.73 155.59%
Profit for the Year                  54.10                   13.58 298.40%

Source: BSE News

Conversion done according to 1 Turkish Lira= 0.27 USD

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