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