Odeabank’s Net Profit Increased to $59.88 Million by Q3 2017

Odeabank, Bank Audi’s Turkish subsidiary, released its financial statements for the first three quarters of the year, revealing a net profit of $59.88 million compared to $29.97 million in the same period last year.

Net Interest Income and Net Fees and Commissions Income both increased from $206.68 million and $21.73 million by Q3 of 2016 to $277.50 million and $33.85 million by Q3 2017, respectively.

Odeabank’s balance sheet revealed a 5.03% y-t-d drop in the bank’s total assets to $9.45 billion by September 2017. Similarly, loans and receivables fell by 5.79% year-to-date to $6.48 billion.

On the liabilities side, total deposits fell by 7.07% since year start to $7.07 billion and shareholders’ equity rose by 7.12% y-t-d to $958.96M.

Odeabank’s Financial Highlights by Q3 2017 ($M)


Total Assets 9,452 9,952-5.03%
Loans and Receivables 6,478 6,876-5.79%
Total Deposits 7,069 7,606-7.07%
Shareholders’ Equity 958.96 895.227.12%
Net Profit and losses 59.88 29.9799.78%

Source: Odeabank, Beirut Stock Exchange

(*): Value as of September 2016

1 Turkish Lira= $0.26

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