Audi’s results up in Egypt and down in Turkey

Significant assets increases in both countries

Financial statements of Bank Audi Egypt show that its net profits rose by 65 percent to $43 million for the first nine months of 2013, compared to the same period, last year.

The bank’s total assets reached $3.1 billion at end of the third quarter, up from $2.7 billion, at end December 2012. Customers’ deposits reached $2.7 billion up from $2.3 billion, while loans and facilities to customers rose to $1.4 billion up from $1.3 billion.

Odeabank, Bank Audi’s fully-owned subsidiary in Turkey, has incurred net losses of $53 million during the first nine months of 2013. However, total assets of Odeabank reached $6.5 billion at end of the third quarter, almost four times their level at the end of December 2012. Deposits have followed the same trend reaching $4.9 billion, and loans have increased fivefold to $4.1 billion. According to Freddie Baz, Group Chief Financial Officer and Strategy Director at Bank Audi, it is normal for Bank Audi to register a flat growth in earnings given the large expansion taking place in Turkey. Therefore, there is a lack of time between the costs and revenues in every new startup.

Note that these official figures published by Bank Audi and released by the Beirut Stock Exchange follow the Turkish accounting standards which are different from the International Financial Reporting Standards applied by Lebanon and most other countries. Converting figures to the international standards might give slightly different numbers.