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