Audi eyes capital raise

Profits affected by launch of Turkish subsidiary

Bank Audi plans to raise its capital through the issuance of two new preferred shares series. The bank will issue 1.5 million ‘Series G’ preferred shares and 750,000 ‘Series H’ preferred shares at an effective value of $100 per share.

The schedule for subscribing to the new issuance starts as of June 3 until June 6.
Bank Audi’s capital currently stands at $2.68 billion, the highest among local banks. The capital raise will increase this amount by 8.3 percent.

At end-March 2013, Bank Audi maintained its first place locally in terms of assets, deposits, and loans which scored respective totals of $33.28 billion, $28.7 billion, and $11.6 billion. But its net profits ranking fell to second place (after BLOM Bank), to $86 million in the first quarter. The bank attributed the drop to the initial launching stages of Odeabank, its fully-owned subsidiary in Turkey.