Odeabank Continues Its Profitable and Rapid Growth​

Odeabank has released its financial results for the first half of 2022. Odeabank has maintained its profitable and stable growth, despite global uncertainties caused by rising inflation and commodity prices, boosting its net profit from 85 million Turkish lira in the first half of 2021 to 343 million Turkish lira in the same period of 2022. Odeabank CEO Mert Öncü: “Odeabank continues to grow steadily in the face of global and local uncertainties.”

Odeabank, Türkiye’s young, dynamic, and innovative bank, has released its financial results for the first half of 2022. Despite the uncertainties and fluctuations caused by rising global inflation and commodity prices, Odeabank maintained its stable growth, boosting its net profit from 85 million Turkish lira in the first half of 2021 to 343 million Turkish lira in the same period of 2022. In the first half of 2022, Odeabank grew its assets to 62.2 billion Turkish lira and its deposits to 43.2 billion Turkish lira.

Over the same period, the bank’s total gross loans reached 31.7 billion Turkish lira, while non-cash loans surged to 12.5 billion Turkish lira, marking a 70 percent year-on-year increase. The growth in TRY loans persisted in the first half of 2022, reaching 14.5 billion Turkish lira, marking a year-on-year increase of 29 percent. Net interest income surged by 103 percent year-on-year in the first half of 2022, reaching 958 million Turkish lira.

With proper asset management and a strong equity structure, Odeabank maintained its capital adequacy at 23 percent, a ratio above the industry average. Odeabank’s fund volume increased to 4.4 billion Turkish lira, thanks to the diverse investment funds offered to customers, while the share of demand deposits in total customer deposits reached 18.2 percent. Odeabank achieved an increase in non-deposit assets under management to 7 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: “Despite the numerous uncertainties and challenges faced in both Turkey and the global economy, we have managed to successfully extend our strong growth and financial performance from the past two years into the first half of 2022. As Türkiye’s young, dynamic, and innovative bank, we continue to make significant strides forward, backed by our robust equity structure and strong balance sheet. By prioritizing efficiency and risk management, we achieved substantial growth in deposits and loans in the first half of 2022. At Odeabank, we are exceeding our targets, sustaining our growth, and continuing to invest in the field of digital banking. Combining our physical and digital experiences, we strive to deliver next-generation services to our customers through a phygital banking approach. Since our establishment in 2012, we have successfully advanced in the financial sector, growing and evolving alongside the world in response to changing global dynamics, future expectations, technological and societal trends, and customer needs. In 2022, we will continue to closely monitor developments in the global financial arena, manage our risks, and maintain our focus on cautious and sustainable growth.

Öncü: We Launched Odealist, Our New Employer Brand

Highlighting the launch of Odealist, the bank’s new employer brand, after extensive efforts, Mert Öncü commented on initiatives to strengthen their employer identity, including fostering an innovative work culture and enhancing the employee experience. He stated, “Recognizing today’s necessities, we have defined our bank’s purpose as ‘increasing prosperity with value-added banking services’ and our vision for the coming period as ‘becoming Türkiye’s best phygital bank by offering the best digital experience integrated with unique physical services. We have also embraced the mission of simplifying banking with our unique products and expertise and contributing to sustainable development with a strong sense of social responsibility.

And to better realize our created purpose, we have redefined our company's vision and mission. In developing our project, we aimed to enhance the experience of our existing employees and strengthen the perception of potential candidates and business partners. We conducted all our employer branding activities under four main pillars: originality, excitement, openness, and respect. We have integrated these four fundamental elements that define us, that we must preserve, and that will propel us into the future, under the umbrella of our employer brand ‘Odealist.’”

Öncü: We Are Enhancing Our Brand’s Value Every Day

Odeabank climbed 20 spots to rank 49th in Brand Finance’s 2022 list of “Turkey’s Most Valuable and Strongest Brands,” making it the second-highest company among the top 100 to achieve a value increase of 48.1 percent. Commenting on this achievement, Öncü remarked: ”As Türkiye’s youngest private deposit bank, achieving this success in such a short time is only possible through great effort and vision. Along with the excitement of celebrating our 10th anniversary this year, I would like to thank all my colleagues, customers, and stakeholders who contributed to this tremendous achievement. At Odeabank, we have been providing an innovative and distinctive banking experience to our customers since day one. We are delighted to have our approach and efforts recognized by Brand Finance.”

About Odeabank:

Founded in 2012 with investment from Bank Audi Group, Odea Bank A.Ş. became the first bank to be granted a banking license after a 15-year period during which no new banking licenses were issued. As of June 2022, it operates in 16 provinces with 48 branches and a total of 1,083 employees. Odeabank is ranked 10th among Türkiye’s largest private deposit banks by asset size. Odeabank holds assets totaling 62.2 billion Turkish lira, with deposits of 43.2 billion Turkish lira, gross loans of 31.7 billion Turkish lira, and equity including supplementary capital amounting to 4.6 billion Turkish lira. As of August 2016, Bank Audi S.A.L. is the majority shareholder of Odea Bank A.Ş., joined by the International Finance Corporation (IFC) and the European Bank for Reconstruction and Development (EBRD) as shareholders.