Bank Audi released the financial statements of its Turkish subsidiary Odeabank which showed an increase in net profit from $52.59 million in 2016 to $84.14 million in 2017. In fact, the net interest income rose from $301.37 million in 2016 to $356.66 million in 2017.
Earlier in December, Reuters reported that the subsidiary was undergoing a restructuring that entailed a cut of 100 employees.
The balance sheet revealed that total assets declined from $10.05 billion in 2016 to $8.69 billion in 2017 on account of a fall in loans and receivables from $6.94 billion in 2016 to $5.94 billion in 2017.
As for shareholders’ equity, it rose by an annual 9.1% to $986.39 million in 2017.
Odeabank Financial Highlights
| In 000s of USD | Dec-17 | Dec-16 | YOY |
| Loans and Receivables | 5,940,027.82 | 6,941,676 | -14.4% |
| Total Assets | 8,688,812 | 10,046,824 | -13.5% |
| Total Deposits | 6,275,692 | 7,678,319 | -18.3% |
| Shareholders’ Equity | 986,386 | 903,715 | 9.1% |
| Net Profit | 84,140 | 52,586 | 60.0% |
Source: Bank Audi
$1 = 3.81 Turkish Lira