Business

₺343 million net profit in 6 months from Odeabank

Odebank increased its net profit from ₺85 million in the first half of 2021 to ₺343 million in the same period of 2022. Evaluating the results, Odeabank General Manager Mert Oncu said, “We continue to grow steadily as a bank, despite the uncertainties in the world and in our country.”

Odeabank announced its financial results for the first half of 2022. According to the statement made by the bank, Odeabank increased its net profit from ₺85 million in the first half of 2022 to ₺343 million in the same period of 2022. Odeabank increased its assets to ₺62.2 billion and its deposits to ₺43.2 billion in the first half of 2022.

In the six months of 2022, Odeabank’s total gross loans reached ₺31.7 billion, and the volume of non-cash loans grew by 70% compared to the same period of the previous year, reaching ₺12.5 billion. The development in TL loans continued in the first half of 2022 and reached ₺14.5 billion with an increase of 29% compared to the same period of the previous year. Net interest income increased by 103% in the first half of 2022 compared to the same period last year, reaching ₺958 million.

The capital adequacy ratio of the bank continued to be above the sector average with 23%. While the fund volume increased to ₺4.4 billion, the share of demand deposits in total customer deposits reached 18.2%. Thanks to the right management and product diversity, Odeabank increased its non-deposit managed assets to ₺7 billion.

‘WE CONTINUE TO WALK WITH CONFIDENT STEPS’

Odeabank General Manager Mert Oncu, whose views are included in the statement, spoke as follows in his assessment of the bank’s balance sheet results for the first quarter of 2022:

“Despite all the uncertainties and difficulties experienced in both the global economy and Turkish conditions, we managed to maintain our strong growth and financial performance in the first half of 2022, which we have achieved in the last two years. As Turkiye’s young, dynamic and innovative bank, we take firm steps forward with our strong equity structure and solid balance sheet. By placing more emphasis on efficiency and risk management than ever before, we recorded significant growth in both deposits and loans in the first half of 2022. As Odeabank, we continue our growth by exceeding our targets, and in parallel, we continue our investments in the field of phygital banking. By blending our physical and digital experiences, we aim to provide a new generation service to our customers in the most correct way, with a digital banking approach. Since our establishment in 2012 as a bank, we have grown and changed with the world in line with the changing world, future expectations, technological and social trends and customer needs, while successfully progressing in the financial sector. In 2022, we will continue our cautious and sustainable growth-oriented strategy by closely monitoring the developments in global finance and managing our risks.”

Stating that they announced their new employer brand, Odealist, to the public this year as a result of long-term studies, Mert Oncu said the following about the innovative work culture and the efforts to strengthen the employer identity, which includes enriching the employee experience:

“According to the requirements of the age, while we have determined the purpose of our bank’s existence as “Increasing welfare with value-creating banking services” in order to give us the inspiration that will carry us to the future, we have determined our vision for the new period as “To be Turkey’s leading “phygital” bank that offers the best digital experience integrated with authentic physical services. We have defined our mission as ‘to facilitate banking with our unique products and expertise and to contribute to sustainable development with a sense of social responsibility’. We have also redefined our company vision and mission in order to realize our purpose of existence, which we have created, more easily. While creating our project, we aimed to enrich the experience of existing employees and to strengthen the perception of potential candidates and business partners, and we carried out all our employer branding activities under 4 main headings: originality, excitement, openness and respect. We have combined these 4 basic elements that make us who we are, that we need to protect and that will carry us to the future under the umbrella of our employer brand ‘Odealist’.”

Odeabank, which rose 20 places to the 49th place in Turkiye’s Most Valuable and Powerful Brands 2022 list announced by Brand Finance, became the second company that achieved the highest increase in the values of the top 100 brands with 48.1%.

Oncu made the following statement on the subject: “As Turkey’s youngest private deposit bank, achieving this success in a short time is only possible with great effort and vision. In addition to the excitement of celebrating our 10th anniversary this year, I would like to thank all my colleagues, customers and stakeholders who contributed to this great success. As Odeabank, we have continued to introduce an innovative and different banking approach to our customers since the day we were founded. We are happy that this understanding and our work has been confirmed by Brand Finance.”

Source: Haberturk / Translated by Irem Yildiz

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