Bank Audi loans rose by 41 percent

Profits fell due to expansion in Turkey

Bank Audi’s net earnings in 2013 dropped by 15.6 percent, down to $305 million. “This fall is due to the initial launching stages of the Turkish banking subsidiary, whose network encompasses 31 branches,” according to a statement by the bank.

The bank’s consolidated assets reached $36.1 billion at the end of December 2013, reporting a growth of 15.4 percent, relative to 2012. “An increase by $4.8 billion was sourced principally from Odeabank, the fully-owned subsidiary in Turkey,” said the statement.

Customers’ deposits reached $31.1 billion, increasing by $4.3 billion. Consolidated net loans also increased by $4.3 billion, an increase of 41 percent, annually. The consolidated shareholders’ equity reached $2.7 billion.

“The 2013 results reflected fairly the strategic orientations set by management; the Group remains ready to seize opportunities for the development of activities in better rated new countries,” said the bank.

Bank Audi will expand to Iraq in order to open seven branches and launch banking operations in Baghdad, Irbil, Basra, Najaf, Suleymanieh, Salaheddine and Mosul. “A team from the group is currently laying the organizational and operational grounds of this network in the aim of launching operations in Iraq during the course of 2014,” said the bank.