Odeabank Continues Its Growth in the First Quarter of 2022​

Odeabank continues its sustainable growth performance. Odeabank increased its net profit from 42 million Turkish lira in the first quarter of 2021 to 104 million Turkish lira in the first quarter of 2022, setting aside free reserves of 170 million Turkish lira in line with its precautionary principle. In the first quarter of 2022, Odeabank grew its assets to 58.3 billion Turkish lira, increased total loans to 28.7 billion Turkish lira, and expanded deposits to 40 billion Turkish lira. Odeabank CEO Mert Öncü remarked: “We are continuing the strong growth and financial performance we achieved during the two years of pandemic conditions into the first quarter of 2022. We achieved a significant year-on-year increase in profitability while upholding our precautionary principle.”

Odeabank, Türkiye’s young, dynamic, and innovative bank, has released its financial results for the first quarter of 2022. Continuing its stable growth performance with a robust equity structure and strong balance sheet, Odeabank recorded a net profit of 104 million Turkish lira in the first quarter of 2022. Additionally, in line with its precautionary principle, the bank allocated free reserves amounting to 170 million Turkish lira. In the first quarter of 2022, Odeabank grew its assets to 58 billion Turkish lira and its deposits to 40 billion Turkish lira.

Over the same period, the bank’s total gross loans reached 28.7 billion Turkish lira, while non-cash loans surged to 11.5 billion Turkish lira, marking an 80 percent year-on-year increase. The bank’s TRY non-cash loans rose to 6.4 billion Turkish lira with a year-on-year increase of 143 percent. The growth of Odeabank’s TRY loans continued in the first quarter of 2022, reaching 12.4 billion Turkish lira with a year-on-year increase of 21 percent.

With proper asset management and a strong equity structure, Odeabank maintained its core capital ratio and capital adequacy ratio above the industry average at 13.6 percent and 26.5 percent, respectively. Odeabank’s fund volume increased to 4.2 billion Turkish lira, thanks to the diverse investment funds offered to customers, while the share of demand deposits in total customer deposits reached 19.3 percent. Odeabank achieved an increase in non-deposit assets under management to 6.2 billion Turkish lira through effective management and product diversification.

Öncü: We Will Continue to Focus on Sustainable Growth

Odeabank CEO Mert Öncü commented on the bank’s balance sheet for the first quarter of 2022: “We continued to successfully implement our customer-oriented work strategy despite the rising inflation in Türkiye and around the world. By prioritizing efficiency and risk management, we achieved substantial growth in deposits and loans in the first quarter of 2022. We increased the share of demand deposits in total customer deposits to 19.3 percent. We increased the bank’s funds to 4.2 billion Turkish lira in the first quarter of 2022 by improving our efficiency in deposits; managing our total assets, funds, stocks, and bonds; and diversifying our sources of funding. At Odeabank, we provide personalized asset recommendations tailored to our customers’ needs. We continue to grow by exceeding our targets and investing in digital banking. In 2022, we will maintain our strategy of cautious and sustainable growth, while closely monitoring developments in global finance and managing our risks. We strive to be a bank that is ‘more than meets the eye,’ offering next-generation services through the phygital banking approach to best serve our customers by combining our physical and digital experiences. As Türkiye’s young, dynamic, and innovative bank, we will continue our efforts to provide the best savings and investment products in Türkiye and the region by leveraging the wide range of products we offer to our customers.”

We Have Undertaken Projects That Benefit Society

Mert Öncü commented on the bank’s sustainability and social efforts: “We put in significant effort during the first quarter of the year as part of our sustainability initiatives. This year, we will release our sustainability report, detailing Odeabank's environmental, social, economic, and governance efforts and results over the past year. In 2021, we significantly enhanced our social responsibility initiatives. We also carried out efforts to benefit society through various social responsibility activities with a range of NGOs. In 2022, with the volunteer teams we have established within the bank, we will continue to undertake various initiatives and host events centered on gender equality. This year, we will continue the Fair Tales social responsibility project, which we initiated to raise awareness about gender equality. We will also continue to present Fair Tales, our children’s play, which debuted last year.”