Bank Audi performs well despite challenging operating environment in Lebanon and Turkey – FY18 Credit Report
16 April 2019 | 04:46 BST
Bank Audi, the largest Lebanese bank by assets, reported its FY18 annual results on 21 March 2019. The bank managed to weather through tough operating conditions in two of its major divisions: Lebanon and Turkey, represented by Odea Bank. Although Lebanese entities take up 75% of Bank Audi’s assets, Odea Bank dampened its performance in 2018 the most due to challenging operating environment in Turkey. Lebanon and Egypt divisions saw a rise in net loans, deposits and assets. To compensate for the asset contraction in Turkey, Bank Audi increased its exposure to Lebanon sovereign assets, allowing for higher liquidity and better capital adequacy metrics.
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