FFA Private Bank’s research team published a flash note commenting on Bank Audi’s Q2/2013 financial results. Net profits came at USD 103 million in Q2/13 (9% higher YoY excluding proceeds from discontinued operations) while EPS was USD 0.26 in line with FFA estimates. The analysis notes that this increase in the bottom line can be attributed to higher net interest income from expansion in earning assets driven by Turkey and higher financial gains in the context of a roughly stable income from fees and commissions. On the balance sheet side the analysis mentions that key indicators grew robustly YTD driven by Turkish operations and offsetting shrinkage seen elsewhere and values a superior asset quality as highlighted by the NPL ratio at a relatively low level in comparison to peers. The full flash note is available on our website under the following link: ffaprivatebank/library/files/pdf/FFA%20Private%20Bank%20-%20Bank%20Audi%20Q22013%20flash%20note.pdf
Posted on: Wed, 24 Jul 2013 08:40:55 +0000
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