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)
|Loans and Receivables||6,478||6,876||-5.79%|
|Net Profit and losses||59.88||29.97||99.78%|
Source: Odeabank, Beirut Stock Exchange
(*): Value as of September 2016
1 Turkish Lira= $0.26