Odeabank Continued Its Sustainable Growth in the Third Quarter​

Odeabank sustained its growth momentum into the third quarter. Odeabank’s net profit climbed from 703 million Turkish lira in the first nine months of 2022 to 1.61 billion Turkish lira in the same period of 2023, marking an impressive 129 percent increase year-on-year.

Türkiye's young, dynamic, and innovative bank, Odeabank, sustained its rapid growth into the third quarter of 2023. In the first nine months of 2023, Odeabank expanded its assets to 78.3 billion Turkish lira and its deposits to 60.4 billion Turkish lira. By the third quarter of 2023, total gross loans reached 37.4 billion Turkish lira, while non-cash loans surged to 14.7 billion Turkish lira, marking a 73 percent year-on-year increase. Additionally, total revenues rose to 5.3 billion Turkish lira, reflecting a 78 percent year-on-year growth.

Thanks to disciplined asset management and a robust equity structure, Odeabank maintained its core capital ratio and capital adequacy ratio above the industry average, at 10.3 percent and 20.2 percent, respectively. Driven by the diverse investment funds available to customers, Odeabank’s fund volume rose to 18.7 billion Turkish lira, with demand deposits making up 28 percent of total customer deposits. Odeabank achieved an increase in non-deposit assets under management to 24.1 billion Turkish lira through effective management and product diversification. Odeabank achieved a significant milestone by lowering the ratio of non-performing loans to total loans from 5.1 percent at the end of September 2022 to 3.9 percent by the end of September 2023.

Commenting on the third quarter financial results, Odeabank CEO Mert Öncü highlighted that the bank’s performance indicators confirm sustainable and profitable growth. He remarked, “Despite occasional economic uncertainties and fluctuations in exchange rates, Odeabank continues to grow steadily. The impressive financial results we have achieved since the start of 2023 serve as the clearest evidence of this progress. Odeabank delivers a next-generation service to its customers through a phygital banking approach that seamlessly blends our physical and digital experiences. As we enter our second decade, we have embraced an investment-focused banking approach. In alignment with this understanding, we designed and launched our new Odea app to complement our banking transactions with an integrated investment platform. We believe that the Odea application, in perfect alignment with our digital vision, has injected a breath of fresh innovation into the banking sector.”