Bank Audi’s fully-owned Turkish subsidiary “Odeabank A.Ş.” published its unaudited financial statements conveying a net after tax profit of TRY 196.50 million (around $5.74 million) during the first nine months of 2024, compared to a profit of TRY 1,606.74 million (around $58.31 million) a year earlier. In details, the bank registered an 86.84% drop in net interest income to TRY 240.18 million ($7.02 million), coupled with some 35.14% decrease in net commission & fee income to TRY 558.56 million (around $16.33 million) and a 58.87% contraction in net trading income to TRY 210.81 million ($6.16 million). This more than outweighed the 15.94% rise in other operating income to TRY 2,401.73 million ($70.22 million) coupled with a 20.68% drop in allowances for expected credit losses to TRY 1,194.24 million ($34.92 million). In addition, total operating expenses (including staff expenses) rose by 68.86% to TRY 2,945.25 million ($86.11 million). Consequently, the bank registered a net operating loss of TRY 728.20 million ($21.29 million) compared to an operating profit of TRY 2,017.58 million ($73.21 million) a year earlier. On the balance sheet front, Odeabank A.Ş’s total assets widened by 6.19% in the first nine months of 2024 to TRY 88.89 billion (around $2.60 billion), while loans and receivables dropped by 2.86% to TRY 36.37 billion (around $1.06 billion). On the funding side, customer deposits also contracted by 7.13% up until September to TRY 54.08 billion (around $1.58 billion), increasing the ratio of net loans to customer deposits to 67.26%. On the capitalization front, the bank’s shareholders’ equity ended the first nine months of 2024 down by 0.36% at TRY 6.09 billion (around $178.00 million). It is worth noting that Bank Audi has recently entered into a definitive agreement with The Abu Dhabi Developmental Holding Company (ADQ) under the umbrella of which the latter will acquire 96% of Odeabank A.S.