Odeabank’s Net Profit Plunged to $3.91M in Q3 2019

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 30/09/201931/12/2018YTD
Total Assets 5,6185,5581.09%
Loans and Receivables 3,3763,628-6.93%
Total Deposits3,6323,816-4.83%
Shareholders’ Equity 570.30569.880.07%
*Net Profit 3.9128.99-86.50%
*Trading Profit 3.0012.46-75.92%
*Losses from derivative financial transactions (1.48)143.14


$1 = 5.65 Turkish Lira

Source: BSE, Bank Audi


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