Odeabank’s Net Profit Down by 19% y-o-y to $17.26M in Q1 2018

Odeabank, Bank Audi’s Turkish subsidiary, released its financial statements for the first three months of 2018. The bank revealed a net profit of $17.26 million (M) compared to $21.33M recorded in Q1 2017.

As such, Net Interest Income and Net Fees and Commissions income both declined from $89.6M and $11.43M in the first quarter of 2017 to $65.83M and $7.51M in Q1 2018, respectively.

Odeabank’s balance sheet revealed that the bank’s total assets slid from $7.58B in December 2017 to $7.33B in Q1 2018. In their turn, Loans and receivables also slipped by 3.76% year-to-date (y-t-d) to settle at $4.98B by March 2018.

On the liabilities side, total deposits shrank by 6.59% y-t-d to stand at $5.11B while Shareholders’ equity added 2.86% y-t-d to $884.58M.

Odeabank’s Financial Highlights:  Q1 2018 (in USD)

Total Assets 7,3277,575-3.27%
Loans and Receivables 4,9845,179-3.76%
Total Deposits5,1115,471-6.59%
Shareholders’ Equity 884.58859.982.86%
Net Profit 17.2621.33(*)-19.05%

 Source: Odeabank, Beirut Stock Exchange

(*): Value as of March 2017


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