Net Profit of OdeaBank Plunged to $1.82M in H1 2019

Odeabank, Bank Audi’s Turkish subsidiary, released its financial statements for the first half of 2019.

The bank’s income statement revealed a net profit of $1.82M, down from $29.23M recorded in H1 last year. The decline in profits mainly came on the back of a yearly 17% down tick recorded in the bank’s Net Interest Income which stood at $92.48M in H1 2019. In turn, Net Fees and Commissions recorded an incremental uptick of 1% year-on-year to $10.62M in the same period.

Meanwhile, Odeabank’s balance sheet revealed the bank’s Total assets declined by 2.46% year-to-date (YTD) to $5.47B in H1 2019. Moreover, Loans and receivables slipped by 1.86% YTD to settle at $3.59B by June 2019.

On the liabilities side, Total deposits at the bank shrank by 7.05% YTD to stand at $3.58B, while Shareholders’ equity remained unchanged at $587.29M.

 

Financial Highlights of Odeabank:  H1 2019

in millions of USD 30/06/2019 31/12/2018 YTD
Total Assets                                                5,469                                             5,607 -2.46%
Loans and Receivables                                          3,592.37                                             3,660 -1.86%
Total Deposits                                                3,579                                             3,850 -7.05%
Shareholders’ Equity                                              587.29                                           587.29 0.00%
Net Profit                                                  1.82                                             29.23 -93.76%

 (*): Value as of June 2018

$1 = 5.60 Turkish Lira

 

 Source: Odeabank; Beirut Stock Exchange

 

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