Odeabank has increased its assets by 39% in the first quarter compared to the same period last year

Odeabank has increased its assets by 39% in the first quarter compared to the same period last year

Odeabank, a subsidiary of Lebanon based Bank Audi in Turkey and a young player in the Turkish banking sector has increased its assets by 39%, to 26.3 billion TL, as of the 1st quarter of 2015, compared to the same period last year. The bank, performing successfully in the 2.5 years since its opening, declared 11.7 million TL net profit as of the end of March 2015 and secured a 48.8 million TL of increase in profits since the 1st quarter of last year.

Odeabank, the first bank to acquire a new license after 15 years in Turkey and starting its operations in 2012, continues its healthy growth despite fluctuations in foreign currency and uncertainty in global markets, finishing off the first quarter of the year with a net profit of 11 million 757 thousand TL. The bank has increased its profitability by 48.8 million TL compared to the same period last year.

In the first quarter of this year, Odeabank has increased its assets by 39% to 26.3 billion TL, total credits by 45% to 18.7 billion TL and total deposits by 41% to 21.2 billion TL compared to same period last year. One of the most important indicators of Odeabank's sustainable growth performance is the 1.73% ratio of credit in collections to total credit that is far below the sector average of 2.5%.

Odeabank Board Member and General Manager Hüseyin Özkaya points out that the results of the first quarter confirms their success and in his written statement states that they aim to increase their service quality in each everyday, also extending their customer focused service approach to the general public. He adds: “Realizing our targets without sacrificing our principles will bring further improvements in our key performance indicators in the remaining part of the year. We are very pleased with our financial achievements in the first quarter of the year. These achievements are a result of our customers' confidence in us. We do and will do our best to deserve this confidence.”

Özkaya, stating that they have signed nearly 2.5 billion TL worth of credit commitments in 18 long-term transactions in a wide range of sectors varying from renewable energy to commercial real estate, service industry to heath sector, adds: “We will continue to work with the aim of becoming one of the main players of the sector in investment financing, commercial credits, consumer loans and credit cards.”

“I would like to point out that factors like investment structure, the strength of investors, team and human resources excellence are crucial for the success of a bank. As Odeabank, our greatest advantages are the strength and continuous support of our investors, the confidence of our customers and our young, dynamic, ambitious and success-oriented team. What we achieved in this short period of time are indicators of our potential to reach our goals with resolve.​​​