Odeabank Reports Significant Asset and Profit Growth in Q3​

Despite pandemic-related fluctuations in domestic and international markets, Odeabank maintained its steady growth in the third quarter of 2021. Odeabank increased its net profit from 103 million Turkish lira in the third quarter of 2020 to 141 million Turkish lira in the third quarter of 2021. Odeabank CEO Mert Öncü expressed satisfaction with the growth in key performance indicators, despite economic uncertainties both domestically and internationally. He added, “For the remainder of the year, we aim to enhance our support for customers and further improve our performance metrics.”

Odeabank, Türkiye’s young, dynamic, and innovative bank, continued its growth at full speed in the third quarter of 2021. Continuing to contribute to the growth of the Turkish economy despite the uncertainty in domestic and foreign markets, Odeabank increased its assets to 43.7 billion Turkish lira, while boosting its net profit from 103 million Turkish lira in the third quarter of 2020 to 141 million Turkish lira in the same period of 2021 with an increase of 37 percent.

Odeabank recorded 23.6 billion Turkish lira in gross loans and 7.5 billion Turkish lira in non-cash loans. Resources allocated to the real economy reached 31 billion Turkish lira, while deposits rose to 30.4 billion Turkish lira. Continuing its growth in commercial loans in the third quarter of 2021, Odeabank maintained a capital adequacy ratio of 19.7 percent, well above the industry average, due to effective asset management and a robust equity structure.

Thanks to a variety of investment fund options offered to customers, the bank’s fund volume reached 3 billion Turkish lira by the end of the third quarter, while the share of demand deposits in total customer deposits increased to 20.3 percent. And the number of non-deposit assets under management climbed to 4 billion Turkish lira.

Öncü: We Continue to Grow Profitably and Steadily

Commenting on the bank’s financial performance in the first nine months, Odeabank CEO Mert Öncü emphasized that Odeabank continued its growth despite the challenges: “We are pleased with the growth in key performance indicators despite the economic uncertainties in Türkiye and around the world. To further support our customers facing financial challenges, we maintained a firm stance on risk management to safeguard our earnings and enhance our profitability indicators. To further support our customers facing financial challenges, we maintained a strong stance on risk management to safeguard our earnings and enhance our profitability indicators. At Odeabank, we focus on savings, investments, and deposits in our retail banking activities. We offer personalized asset management solutions tailored to our customers' needs. We will maintain our focus on export-oriented investment and production in our Commercial Banking activities, giving priority to foreign trade and cash management. To achieve this goal, we continue to share our expertise with exporters through the Foreign Trade Meetings, which we have been conducting on the digital platform since March 2020. We integrate cutting-edge technology into our services and expand our stakeholder network, delivering our products and services to our customers in a creative format. 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. By leveraging our product diversity, we aim to become Türkiye’s and the region’s bank of choice for savings and investment products. We will continue our efforts to enhance our support to our customers and further improve our performance indicators throughout the remainder of the year.”

We Anticipate a Balanced Year for the Industry in 2021

Mert Öncü also addressed broader developments in the Turkish banking industry: “Like every sector, the banking industry faced various challenges in 2020 due to the pandemic, along with additional challenges in the first half of this year. Despite the challenges, the banking industry passed this test with flying colors. The dynamism of the Turkish economy played a crucial role in successfully navigating this period. The Turkish banking industry continues to maintain robust equity capital and strong balance sheets. This enables us to provide substantial financial support to our economy. For 2021, we anticipate a growth of 15 to 17 percent in total active loans and a growth of 26 to 28 percent in total customer deposits.”

Highlighting Odeabank’s commitment to making a difference not only through its financial success but also through projects that contribute to social development, Öncü stated, “We adopt an above-and-beyond approach in addressing societal issues. In addition to our financial success, we actively engage in social responsibility initiatives, collaborating with various NGOs to benefit society. As a signatory of the UN Women’s Empowerment Principles, we launched the ‘Fair Tales’ social responsibility project to promote gender equality, reaching 400,000 children.”