Large operating expenses continued to weigh on the income of Bank Audi’s Turkish subsidiary – ODEABANK. The subsidiary recorded a net loss of $4.84M in the first 3 quarters of 2014 compared to $48.07M in the same period last year.
As for total assets, they rose from $5.44B in December 2013 to $7.84B by September 2014 with loans and receivables growing by 35.80% to $6.78B.
On the liabilities side, customers’ deposits advanced from $5.44B in December 2013 to $7.84B.
Total shareholders’ equity remained almost the same, ticking down by 0.15% to $584.78B.
Odeabank Financial Highlights
| Sep-14 | Dec-13 | % change | |
| Total Assets | 7.84 | 5.44 | 44.03% |
| Loans and Advances to Customers | 6.78 | 4.99 | 35.80% |
| Customers’ Deposits | 9.68 | 7.09 | 36.52% |
| Shareholders’ Equity (in $M) | 584.78 | 585.65 | -0.15% |
| Profit/Loss (in $M) | 4.84 | 48.07* | -89.93% |
(*): Value of September 2013
Source: BSE News, Audi Website