Odeabank’s Net Profit Shrank by 28.87% y-o-y to $29.84M in Q3 2018

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 31/09/201831/12/2017YTD
Total Assets                                             6,745                                            6,03011.86%
Loans and Receivables                                                4,038                                            4,122-2.04%
Total Deposits 4,229                                            4,355-2.91%
Shareholders’ Equity                                              717.46                                          684.544.81%
Net Profit                                                29.84                                            41.95*-28.87%

(*): Value as of Sept. 2017

$1 = 5.49 Turkish Lira

 Source: Odeabank, Beirut Stock Exchange


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