Odeabank realized healthy growth in all balance sheet items in 2016, increasing its net profit by 298% to 200.4 million TL.

Odeabank completed the year 2016 that was full of difficulties for both the Turkish economy and global economy, growing with sure steps and increasing its capital strength, thanks to its innovative and dynamic banking approach. Odeabank increased its net assets by 19.3% to 38.3 billion TL, its deposits by 15.5% to 29.3 billion TL, its total credits by 21.3% to 26.4 billion TL and its net profit by 298% to 200.4 million TL compared to 2015.

A subsidiary of Lebanon based Bank Audi in Turkey and a young player in the Turkish banking sector, Odeabank has achieved growth performance above the sector average throughout the year, increasing its capital by 1 billion TL with the participation of international investors and continuing its contribution to the Turkish economy. With the successful financial results it achieved in the four years since its establishment in Turkey, Odeabank ranks in 8th place amongst private banks in Turkey terms of deposits and 9th place in net assets.

'WE'VE SURPASSED OUR GOALS'

Odeabank Board Member and General Manager Hüseyin Özkaya evaluated the financial results of 2016, declaring “For us, 2016 has been a year we have strengthened our position in the Turkish banking sector, diversified and expanded the scope of our services and added value to the Turkish economy, despite the global conjuncture full of uncertainties. We have surpassed all the goals we have set at the beginning of our fourth year in Turkey. Moreover, this year we have increased our capital, reassuring all our shareholders, investors and our customers.” He added:

‘WE HAVE REASSURED INVESTORS WITH OUR CAPITAL INCREASE'

“In the year 2016, with the contribution of respected international financial institutions like IFC and EBRD along with our main shareholder Bank Audi, we have realized a successful capital increase of 1 billion TL in the month of July when Turkey was going through a sensitive period. This capital increase displayed our faith in the future of the Turkish banking sector and our sustainable growth perspective. Moreover, it was a continuation of the foreign financial flow which has played a significant role in the growth of Turkish banking system.”

“Our capital increase completely funded by international investors was an indication of the confidence in our technology-focused, innovative and profitable growth strategy in the international markets. Our financial results since the beginning of the year prove that Odeabank deserves this confidence. Despite the fluctuations in the foreign currency rates and the economic stagnation caused by the uncertainties in the global markets, we have increased our net profit by 298% to 200.4 million TL in 2016, compared to the same period of the year before. In the same period, our total credits have reached 26.4 billion TL, our deposits 29.3 billion TL and our net assets 38.3 billion TL.”

‘WE ARE ACTIVE IN ALL SEGMENTS'

“In the projects we have realized in the year 2016, we have succeeded in becoming one of the first banks that come to mind in all banking services. In Corporate and Commercial Banking segments, we have played a significant role in the realization of numerous projects in Turkey, with the financing we provide catered to customers' needs in areas ranging from energy to real estate development, from iron and steel to communication, from retail to construction and contracting, and reached a substantial cash credit volume. We have paid utmost attention to support SMEs, whose financing needs have increased even more with the slowdown in the growth of the Turkish economy, and to provide more support to the real sector.”

“In Retail banking, 2016 has been a year we introduced new innovations to our customers. We have launched our “Private Card” product, offering many distinctive benefits to its customers to improve and make their lives easier, to the credit card market in June. In November we have joined forces with Atlasglobal for a co-branded credit card that combines shopping and airline miles”

“In addition to credit cards, we have continued to offer new capabilities to our customers, redesigning our web site to be full compatible with our mobile application . We have adopted a “simple and interactive design” policy on our new web site. Our new design enables our customers to carry out all internet banking transactions on a single site regardless of the device (smartphone, tablet or laptop) they are using.”

“Within our Asset Management services, we have achieved successful results with our Oxygen Account that has enabled a substantial increase in the current account volume and largely bolstered customer numbers and loyalty. We have diversified savings alternatives and made them more interesting to customers with new account alternatives offered under the umbrella of Odeabank Asset Management services, in line with current circumstances such as Private Pension, Funded Deposit Connected to Fund Distribution Channel, Withdrawable Annual Time Deposit. Within this scope, we have once again lead the way in investment banking by collaborating with the leading portfolio management companies of Turkey.”

‘NOT JUST BANKING’

“In the year 2016, we have distinguished ourselves not only with our contributions to the economy and the banking sector, but also in the social life of Turkey. We have reinforced our years of support for basketball with the motto “the bank of basketball” by sponsoring the EuroLeague and Final Four. Fenerbahçe and Galatasaray teams supported by the sponsorship of Odeabank have achieved successful results in the European basketball arena. We have demonstrated our support of the sports further with the sports school we have established. This year, we have added tennis and judo branches to our school which had initially began with only basketball. We also continued our support for the culture and arts. Our art platform O'Art has hosted significant events in 2016.”

‘OUR ACHIEVEMENTS ARE RECOGNIZED WITH NUMEROUS AWARDS’

“Our continuous diversification of products and services, technological investments, and its support for arts and sports have enabled us to receive numerous awards in the international arena in 2016 as in previous years. In the 13th Stevie Awards organized in 2016, we received 4 golden, 1 silver and 1 bronze awards adding up to a total of 13 awards, including the “Bank of the Year” award in Banking category. Our bank received the most number of awards not just within the banking sector, but also among all participating companies from Turkey. One of the most prestigious banking awards in the world, Global Banking & Finance Review also awarded Odeabank in 3 different categories. We also won 5 awards in the '2016 World's Best Digital Banks' organized for the 17th time by the esteemed financial publication Global Finance. We are proud of all of these awards.”

‘THIS YEAR, WE WILL CONTINUE TO GROW’

Özkaya, emphasizing that they will continue to grow and be active in all banking segments in 2017 just like the year before, stated:

”The resources we obtained through the capital investment makes us stronger and more robust in terms of new investments and growth. We will get one step closer to the major league of the Turkish banking sector by expanding our customer penetration in retail banking, connecting with even the smallest enterprises in corporate and commercial banking” He added:

“We continue our activities with the goal of becoming one of the first banks that come to mind in all banking needs. Odeabank is moving with sure steps to this goal with its strong shareholders, efficient technological infrastructure, effective risk management policy, experienced and ambitious human resources and customer-focused service approach.”