Odeabank Achieved Growth in 2019

Odeabank Achieved Growth in 2019​

Odeabank Achieved Growth in 2019

In 2019, Odeabank quadrupled its net profit compared to the previous year, reaching TL 71 M. As of the end of December 2019, the Bank's assets reached TL 32.7 Bn, total net loans TL 17.1 Bn, and total deposits TL 22.1 Bn. Odeabank's loan-to-deposit rate is 77%.

As of the end of 2019, Odeabank’s assets reached TL 32.7 Bn with a 4% increase compared to the end of 2018. The Bank's cash loans reached TL 17.1 Bn and non-cash loans TL 3.8 Bn. Client deposits reached TL 22 Bn with an increase of 8%. As of the end of 2019, Odeabank’s total capital adequacy ratio was 21.7% and main capital adequacy ratio 14.1%.

The reorganization process which started in 2018 was completed in 2019 and Odeabank reduced costs from TL 658 M in 2018 to TL 636 M in 2019 with a management focused on efficiency.

Mert Öncü: “Odeabank reached its objectives in 2019” Odeabank General Manager Mert Öncü evaluated the financial results in 2019 and said: "2019 was a year of success for us. We reached all organizational and financial objectives and secured strong performance indicators. We reached positive results in 2019, in terms of both the industry and the Bank."

Öncü continued as follows: “Despite the local and international developments within the year, we successfully implemented a customer-focused strategy and continued to operate considering the priorities of the company with a sharper focus on efficiency and risk management. During the process, we focused on improving customer satisfaction and maintaining the level of quality of our assets. We achieved a strong growth in financing foreign trade, asset management and investment products along with a high level of customer satisfaction. In line with its business strategies, Odeabank offers services for industries and companies which operate in exports and manufacturing with high-added-value products. The Bank welcomes 2020 with confidence, strong assets and a solid capital structure. We closely monitor global financial developments and will continue to manage our risks and implement a cautious and sustainable growth strategy. We will invest more in digitalization to offer retail and commercial banking solutions that make life easier for our customers."

Öncü: “We have positive expectations regarding the industry in 2020”

Odeabank General Manager Mert Öncü also talked about the Turkish banking industry: “As a result of macroeconomic measures, the inflation rate started to decrease in the second half of 2019, With the Turkish Central Bank making a decrease of 12 points in the interest rate, the interest rates also dropped significantly. This resulted with an increase in loans in the final quarter. With the improvements in finance and the recovery of domestic demand, we expect that 2020 will be a better year for the industry in terms of the balance of income and expenditures as a result of the increased volume and improved asset quality.