ODEA Bank’s Net Profits Reached $3.02M in Q3 2016

Bank Audi’s Turkish subsidiary, ODEA Bank, announced its results for the third quarter of 2016. As a result, the Bank’s financial statements revealed an increase in its net profits to $3.02M compared to a $3.18M loss during the same period in 2015. This was mainly driven by the growth in net interests’ income and net fees and commissions’ income, which increased from $213.99M and $22.16M end of September 2015 to $239.16M and $24.40M end of September 2016, respectively.

On the balance sheet, total assets witnessed a year-to-date (y-t-d) rise of 3.30% to $9.94B by September 2016, while loans and receivables increased by 7.87% to $7.06B. On the liabilities’ side, total deposits dropped 0.85% y-t-d to $7.66B.

As for shareholders’ equity, it witnessed an upsurge to $1.01B by Q3 2016, compared to $404.14M end of 2015.

Odea Bank’s Financial Results (in $M)

Total Assets                                     9,942.35                      9,6253.30%
Loans and Receivables                                     7,056.79                      6,5427.87%
Total Deposits                                     7,664.74                      7,6000.85%
Total Shareholders’ Equity                                     1,014.22                          404.14150.96%
Profit for the Year                                           3.02                  (3.18)*195.11%


* Value of September 2015


Source: BSE News

Conversion done according to 1 Turkish Lira= 0.30 USD

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