Odeabank, Bank Audi’s Turkish subsidiary, released its financial statements for the first half of the year, revealing a net profit of $42.08 million compared to $16.89 million in the same period last year.
Net Interest Income and Net Fees and Commissions Income both increased from $139.57 million and $16.97 million in the first half of 2016 to $212.26 million and $25.62 million in H1 2017, respectively.
Odeabank’s balance sheet revealed a 2.19% y-t-d drop in the bank’s total assets to $10.48 billion in H1 2017. Loans and receivables grew by 1.26% year-to-date to $7.50 billion.
On the liabilities side, total deposits fell by 2.98% since year start to $7.95 billion and shareholders’ equity rose by 5.01% y-t-d to $1.01 billion.
Odeabank’s Financial Highlights – H1 2017
| 31/06/2017 | 31/12/2016 | YTD | |
| Total Assets | 10,483 | 10,718 | -2.19% |
| Loans and Receivables | 7,499 | 7,405 | 1.26% |
| Total Deposits | 7,947 | 8,191 | -2.98% |
| Shareholders’ Equity | 1,012.41 | 964.08 | 5.01% |
| Net Profit and losses | 42.08 | 16.89* | 149.19% |
Source: Odeabank, Beirut Stock Exchange
(*): Value as of June 2016
1 Turkish Lira= $0.28