Odeabank Marks Its 10th Anniversary With Continued Profitable Growth​

As it celebrates its 10th anniversary, Odeabank continues to stride confidently toward the future. Odeabank aims to create sustainable value for its stakeholders and the national economy through its activities in the banking sector, and it continues to inspire confidence with its financial results. Having boosted its profits in the first half of 2022, Odeabank extended its strong performance into the third quarter. Odeabank sustained its steady growth into the third quarter of 2022. Odeabank CEO Mert Öncü highlighted that in just ten years, they have managed to become one of Türkiye’s top 10 private deposit banks. He said, “Our unwavering commitment to a customer-focused strategy and significant investment in human resources have made us a trusted and preferred institution, standing out in the banking sector.”

Odeabank, Türkiye’s young, dynamic, and innovative bank, continued its growth at full speed in the third quarter of 2022. Despite global market uncertainties, Odeabank has continued to contribute to the growth of the Turkish economy, increasing its net profit from 141 million Turkish lira in the third quarter of 2021 to 703 million Turkish lira in the third quarter of 2022. In the first nine months of 2022, Odeabank expanded its assets to 63.7 billion Turkish lira and its deposits to 44.8 billion Turkish lira.

By the third quarter of 2022, total gross loans reached 32.5 billion Turkish lira, while non-cash loans surged to 8.5 billion Turkish lira, marking a 170 percent year-on-year increase. Net interest income surged by 152 percent year-on-year in the first nine months of 2022, reaching 1.83 billion Turkish lira.

With proper asset management and a strong equity structure, Odeabank maintained its capital adequacy ratio above the industry average at 22.5 percent. Odeabank’s fund volume increased to 5.3 billion Turkish lira, thanks to the diverse investment funds offered to customers, while the share of demand deposits in total customer deposits reached 19.5 percent. Odeabank achieved an increase in non-deposit assets under management to 8.1 billion Turkish lira through effective management and product diversification.

Mert Öncü: We continue to grow profitably and steadily on our 10th anniversary

Odeabank CEO Mert Öncü, reflecting on the bank’s third-quarter 2022 financial results, remarked: “Embarking on our journey in the Turkish financial sector in 2012, we take pride in celebrating our 10th anniversary today as one of Turkey’s top 10 private deposit banks by asset size. In just ten years, our customer-focused approach and commitment to human resources have enabled us to become a bank that develops innovative and swift solutions in commercial and retail banking, is trusted by customers, and stands out in the industry. We have established ourselves as one of Türkiye’s most innovative and competitive banks. At Odeabank, we have been providing an innovative and distinctive banking experience to our customers since day one. Combining our physical and digital experiences, we strive to deliver next-generation services to our customers through a phygital banking approach. We have consistently prioritized creating value for our country, customers, shareholders, colleagues, and stakeholders in all areas. At Odeabank, we will continue to serve society by blending the enthusiasm of our youth with cutting-edge technology, while engaging our stakeholders in the journey. We aim to continue offering “more than meets the eye” with continuous renewal. As a bank committed to enhancing convenience and promoting sustainable social welfare through innovative, simple, and efficient services in our core areas, we are dedicated to contributing to the economic development of our country. Achieving this remarkable success in such a brief period as Türkiye’s youngest private deposit bank is only possible through significant effort and the invaluable support and appreciation of our customers. I wish to thank all my colleagues, customers, and stakeholders whose efforts made this tremendous achievement possible.”

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 September 2022, it operates in 16 provinces with 48 branches and a total of 1,105 employees. Odeabank is ranked 10th among Türkiye’s largest private deposit banks by asset size. Odeabank holds assets totaling 63.7 billion Turkish lira, with deposits of 44.8 billion Turkish lira, gross loans of 32.5 billion Turkish lira, and equity including supplementary capital amounting to 9.8 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.