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)
| Sep-16 | Dec-15 | YTD | |
| Total Assets | 9,942.35 | 9,625 | 3.30% |
| Loans and Receivables | 7,056.79 | 6,542 | 7.87% |
| Total Deposits | 7,664.74 | 7,600 | 0.85% |
| Total Shareholders’ Equity | 1,014.22 | 404.14 | 150.96% |
| 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