Odeabank, Bank Audi’s Turkish subsidiary, released its financial statements for the first three months of the year, revealing a net profit of $25.96 million compared to $6.31 million in the same period last year.
Net Interest Income and Net Fees and Commissions income both increased from $65.19 million and $9.62 million in the first quarter of 2016 to $109.09 million and $13.92 million in the first quarter of 2017 (Q1 2017), respectively.
Odeabank’s balance sheet revealed an increase in the bank’s total assets from $10.66 billion in 2016 to $11.01 billion in Q1 2017. Loans and receivables grew by 2.33% year-to-date to $7.54 billion.
On the liabilities side, total deposits increased by 3.69% since year-start to $8.45 billion and shareholders’ equity rose by 3.37% year-to-date to $991.43 million.
Odeabank’s Financial Highlights – Q1 2017
| In millions of USD | 31/03/2017 | 31/12/2016 | YTD |
| Total Assets | 11,007 | 10,663 | 3.23% |
| Loans and Receivables | 7,539 | 7,367 | 2.33% |
| Total Deposits | 8,450 | 8,149 | 3.69% |
| Shareholders’ Equity | 991.43 | 959.10 | 3.37% |
| Net Profit | 25.96 | 6.31 (*) | 311.67% |
(*): Value as of March 2016
Source: Odeabank, Beirut Stock Exchange