Turkey helps drive Bank Audi’s 2014 net profit up 15 percent

ISTANBUL - Reuters

Lebanese lender Bank Audi reported a 15 percent rise in full-year net profit on late Jan. 26, saying its Turkish subsidiary Odeabank had helped boost earnings.

The lender’s net profit in 2014 was $350 million compared with $304 million a year earlier and it said business in Lebanon and Egypt as well as private banking had also contributed to the profit rise.

“Revenue growth in Turkey allowed Odeabank to report positive net profits after provisions and taxes starting the month of May 2014,” it said. It did not give any earnings estimates for 2015.

The bank, which operates in 13 countries, said its consolidated assets were $42 billion by the end of 2014, a 16 percent rise on the previous year. Its customer deposits rose 15 percent to $36.8 billion.