Odeabank Begins 2023 on a Strong Note, Following Last Year's Impressive Start​

Türkiye’s young, dynamic, and innovative bank Odeabank has begun 2023 on a Strong Note Amid cyclical fluctuations in the global economy, Odeabank has made a confident start to 2023, boosting its net profit from 104 million Turkish lira in the first quarter of 2022 to 287 million Turkish lira in the same period of 2023. In the first quarter of 2023, Odeabank reported a significant expansion in its financial metrics, with total assets reaching 65.2 billion Turkish lira, deposits rising to 48 billion Turkish lira, and gross loans growing to 36.5 billion Turkish lira.

Marking its 10th anniversary in 2022, Odeabank, one of the youngest players in the Turkish banking sector, outpaced industry growth averages throughout the year. As of March 2023, Odeabank boosted its Turkish lira deposits to 30.3 billion, outpacing the combined growth of other private banks.

Despite cyclical fluctuations in global markets, Odeabank stood out with successful financial results, increasing its Turkish lira non-cash loans by 38 percent year-on-year to 15.9 billion Turkish lira in the first quarter of 2023. In the first quarter of 2023, Odeabank’s net interest income surged by 133 percent year-on-year, reaching 640 million Turkish lira. The bank’s swap-adjusted net interest margin saw a remarkable increase, rising from 2.57 percent in the first quarter of 2022 to an impressive 4.13 percent in the first quarter of 2023.

Odeabank achieved a significant milestone by lowering the ratio of non-performing loans to total loans from 6.5 percent at the end of March 2022 to 3.9 percent by the end of March 2023.

“Odeabank’s achievements are a testament to the trust our customers place in us”

In his statement on Odeabank’s first-quarter 2023 financial results, CEO Mert Öncü emphasized the bank’s commitment to active engagement across various banking sectors and sustainable profitability. He stated, ‘Odeabank remains dedicated to becoming a preferred banking partner, meeting the diverse needs and expectations of our industry. Thanks to disciplined asset management, a robust equity structure, and profitable growth, we have maintained our core capital ratio and capital adequacy ratio above the industry average at 9.7 percent and 19 percent, respectively. Our bank’s fund volume has reached 9.5 billion Turkish lira, driven by the broad selection of investment funds we offer to customers. Demand deposits constitute 24.6 percent of total customer deposits. As of March 2023, non-deposit assets under management reached a value of 13.1 billion Turkish lira. This successful performance motivates us to reach even greater heights. Inspired by this success, we continue to deliver precise, next-generation services to our customers through a phygital banking approach that seamlessly blends our physical and digital experiences. Celebrating our 10th anniversary in 2022, Odeabank concluded the year with outstanding success, highlighted by impressive figures. Our first-quarter 2023 financial statements reflect our continuing upward trajectory. We are confident that we will propel this momentum even further with new investments. I view this success as a testament to the trust our customers have in us, and I extend my heartfelt gratitude to all our employees who made this achievement possible.”

Over the past 10 years since it began operations in Türkiye, Odeabank has delivered strong financial results, establishing itself as the 10th largest bank in deposits and the 11th largest in total assets among private deposit banks. Odeabank climbed 20 positions to the 49th spot in Brand Finance’s 2022 ranking of Turkey’s Most Valuable and Strongest Brands, with a 48.1 percent value increase, making it the second-highest gainer among the top 100 brands.