Bank Audi released the financial statements of its Turkish subsidiary Odeabank which showed a slump in its Net profit from $28.9M in Q3 2018 to $3.91M in Q3 2019. In fact, the Net interest income fell by an annual 16.5% to $133.8M in Q3 2019 while Net Fees and Commissions also declined by a yearly 6.1% to $14.8M.
Moreover, it is worthy to note that the bank’s total Trading Profit fell from $12.5M in Q3 2018 to $3M in Q3 2019. This mainly came on the back of Profit/losses from derivative financial transactions which went from $143.1M in profit by Sept. 2018, to $1.5M in losses, over the same period of 2019.
In turn, the Odeabank’s balance sheet revealed that Total assets climbed by a marginal 1.09% since year start to $5.6B in Q3 2019. In details, Loans fell by 6.93% since year start to $3.4B in Q3 2019. However, Net financial assets grew from $1.4B in Q3 last year, to $1.7B in Q3 this year. On the liabilities side, total Deposits decreased by 4.83% since year start (YTD) to $3.6B over the same period.
In turn, Shareholders’ equity rose by incremental 0.07%YTD to $570.3M by Sept. 2019.
Odeabank Financial Highlights
|millions of USD||30/09/2019||31/12/2018||YTD|
|Loans and Receivables||3,376||3,628||-6.93%|
|*Losses from derivative financial transactions||(1.48)||143.14|
$1 = 5.65 Turkish Lira
Source: BSE, Bank Audi