Odeabank, Bank Audi’s Turkish subsidiary, released its financial statements for the first nine months of 2018. The bank revealed a net profit of $29.84 million (M), down from $41.95M recorded in Q3 last year.
As such, Net Interest Income and Net Fees and Commissions income both recorded downticks, slipping from $194.4M and $23.71M in Q3 2017 to $164.79M and $16.24M in Q3 2018, respectively.
As for Odeabank’s balance sheet, it revealed that the bank’s total assets increased from $6.03B in December 2017 to $6.75B in Q3 2018. Meanwhile, Loans and receivables slipped by 2.04% year-to-date (y-t-d) to settle at $4.04B by September 2018.
On the liabilities side, total deposits shrank by 2.91% y-t-d to stand at $4.23B, while shareholders’ equity added 4.81% y-t-d to reach $717.46M.
Odeabank’s Financial Highlights: Q3 2018
| millions of USD | 31/09/2018 | 31/12/2017 | YTD |
| Total Assets | 6,745 | 6,030 | 11.86% |
| Loans and Receivables | 4,038 | 4,122 | -2.04% |
| Total Deposits | 4,229 | 4,355 | -2.91% |
| Shareholders’ Equity | 717.46 | 684.54 | 4.81% |
| Net Profit | 29.84 | 41.95* | -28.87% |
(*): Value as of Sept. 2017
$1 = 5.49 Turkish Lira
Source: Odeabank, Beirut Stock Exchange