Odeabank, the Youngest in the Industry, Continues Its Profitable and Rapid Growth​

Odeabank, Turkey's young, dynamic, and innovative bank, continued its rapid and profitable growth, increasing its net profit from 343 million Turkish lira in the first half of 2022 to 1.09 billion Turkish lira in the first half of 2023. The bank achieved a 44 percent year-on-year rise in net interest income in the first half of 2023, reaching 1.38 billion Turkish lira.

Odeabank’s total assets grew by 19 percent year-on-year, reaching 73.8 billion Turkish lira. In the same period, the bank’s gross loans grew by 13 percent, reaching 36 billion Turkish lira, while its deposits surged by 31 percent, totaling 57 billion Turkish lira. The bank’s TRY non-cash loans soared by 82 percent year-on-year, reaching 14.1 billion Turkish lira.

Odeabank, Türkiye’s young, dynamic, and innovative bank, saw its swap-adjusted net interest margin rise from 3.87 percent in the first half of 2022 to 4.20 percent in the first half of 2023. With an equity and supplementary capital of 10.9 billion Turkish lira, Odeabank boosted its funds to 11.5 billion Turkish lira by offering a variety of investment options to customers. Odeabank achieved a significant milestone by lowering the ratio of non-performing loans to total loans from 5.6 percent at the end of June 2022 to 3.7 percent by the end of June 2023.

Commenting on the first half of 2023’s successful results, Odeabank CEO Mert Öncü said, “Despite the economic fluctuations both globally and in our country, we at Odeabank achieved growth in the first half of 2023 by adhering to our phygital banking approach and customer-focused strategy. Thanks to disciplined asset management and robust equity structure, we have maintained our core capital ratio and capital adequacy ratio above the industry average at 9.6 percent and 22.3 percent, respectively. Thanks to the range of investment funds available to customers, the volume of our bank’s non-deposit managed assets rose to 16.1 billion Turkish lira, while the proportion of demand deposits within total customer deposits reached 20.6 percent. In the second half of the year, we anticipate achieving even greater success, buoyed by the positive developments on the horizon for both Türkiye and the world. I would like to extend my heartfelt thanks to all my colleagues for their contributions to these achievements, and to our customers for their continued trust and support.”

Over the past 10 years since it began operations in Türkiye, Odeabank has delivered strong financial results, establishing itself as the 10th largest bank in deposits and the 11th largest in total assets among private deposit banks.
Odeabank climbed 20 positions to the 49th spot in Brand Finance’s 2022 ranking of Turkey’s Most Valuable and Strongest Brands, with a 48.1 percent value increase, making it the second-highest gainer among the top 100 brands.