Odeabank has increased its net assets by 12%, deposits by 9%, total credits by 15% and net profit by 93% in the first quarter of this year compared to the same period last year, continuing its fast and profitable growth.

Odeabank, a subsidiary of the Lebanon based Bank Audi in Turkey, has increased its net profit by 93% to 22.6 million TL in the first quarter of 2016 compared to the same period last year, in spite of the fluctuations in foreign currency and stagnation created by the uncertainty in the global markets. Odeabank's net assets have increased by 12% reaching 29.5 billion TL, deposits have increased by 9% reaching 23 billion TL and total credits have increased by 15% to 21.5 billion TL in the first quarter when compared to the same period last year.

Odeabank Board Member and General Manager Hüseyin Özkaya has said in his written statement: “As a bank established from scratch just three years ago, we continue our profitable growth in spite of our high investment costs and economic uncertainties. We are very happy about our financial achievements in the first quarter of the year. These achievements are a result of our customers' confidence in us.

'THE SECTOR HAS DECENT PROFITABILITY BUT WEAK GROWTH'

Özkaya also evaluated the performance of the Turkish banking sector in the first quarter, pointing out that the growth trend in the banking sector is mildly slowing down, adding: “According to the weekly results of the Banking Regulation and Supervision Agency, the annual growth rate of credits which was 20.7% at the end of 2015 has decreased to 14.9% at the end of March. The growth rate in deposits have decreased to 13.6% from 18.3% in the same period. This decline has pulled the Loan-To-Deposit ratio from 114.5% to 113.3%.

Özkaya added: “Due to the stark slowdown in the credit growth, the ratio of credits in follow up to total credits have continued to increase, raising from 3.14% to 3.35% in this period. We can say that profitability has a positive outlook, in spite of the relatively weak growth performance of the sector in the first quarter. According the the monthly results of the Banking Regulation and Supervision Agency, the net profits of the banking sector in the January-February period was 4.6 billion TL, increasing by 31.7% compared to the same period last year. We think that the growth performance of the banking sector might improve, when the recovery in the financial markets is reflected on the real economy in the coming days.