in 2023 “European Merchant Bank” (“EMBank”) in Lithuania had a period of record growth – the bank recorded a significant growth of all its financial indicators. Compared to 2022, the bank’s net profit has more than tripled, and the number of customers, small and medium enterprises, has also grown.
in 2023 EMBank data shows a strong upward trend. The bank’s net profit increased more than three times (from 312 thousand euros in 2022 to 1.1 million euros in 2023). At that time, net interest income increased more than twice (from 1.4 million to 3.4 million euros). Bank assets in 2023 increased by 29 percent (from 115 million to 148 million euros). Also, the general income of the bank grew by one and a half times (from 7.2 million to 10.8 million euros). in 2023 the bank has also significantly expanded its customer base.
CEO Sarp Demiray: “We’re looking forward to growth in 2023.”
According to Sarp Demiray, the bank’s general director, EMBank’s flexibility and modern approach to the client’s needs helped to achieve record financial results: “We are pleased with the bank’s growth in 2023. Last year, small and medium-sized businesses faced many challenges. From the first days of our activity, we have told ourselves that a good financial partner is one who not only does not turn away from difficult situations, but also helps to find the best solution. While overcoming our clients’ challenges together, we have found ways to turn our services into convenient everyday financial tools.”
Demiray notes that last year the portfolio of loans granted to business clients increased by 50 percent. (from 24 million to 36 million euros). He notes: “The consistent growth of the loan portfolio shows the confidence of small and medium-sized businesses in the bank and its services. By signing new guarantee programs, EMBank aims to reach 2026. increase the loan portfolio to 75 million euros. Based on the encouraging results of 2023 results, the goal is to double the value of the bank’s assets in the next few years.”
The bank’s deposit base also increased significantly, which increased by almost a third over the past year (from 102 million to 134 million euros). Demiray says: “Such deposit growth shows that the bank’s customers are not only looking for convenient day-to-day financial services, but are also willing to trust EMBank with their savings.” One of the incentives for business to choose our bank is the interest paid on the balance in the bank’s current account. A business with an account at European Merchant Bank can now earn 3 percent. from the amount in the account.”
Speaking about the reasons for the bank’s success, Sarp Demiray adds: “We pay a lot of attention to the convenience of services, such as API sets, mobile platforms. This year, we plan to introduce new innovative solutions, further improve the functionality of our API solution EMBank Connect and release at least two new financing products. Taking into account our growth strategy, we will continue to invest in additional risk management tools, strengthen our team of experts, increase marketing communication, and support well-known Lithuanian organizations.”
Supervisory Board Chairman Ekmel Cilingir: “Technology and mutual growth are the most important things.”
According to Ekmel Cilingir, Chairman of the Supervisory Board of EMBank, EMBank and Lithuanian small and medium-sized businesses have two characteristics in common – universality and innovativeness: “This business sector is versatile. More than 80 percent Lithuanian businesses are small or medium-sized, and they employ from a few to 250 employees. This means that banking services must be balanced, encouraging growth, which is one of the main goals of EMBank. We pay a lot of attention to the quality of customer service and to creating and improving the most attractive financial tools in this sector. We are constantly interested in technological innovations, as we strive to be the most technologically advanced and reliable financial partner for our clients.”
Founder dr. Ozan Ozerk: “We’re here for the long haul.”
Speaking about the future of the bank, EMBank founder dr. Ozan Ozerk said: “As we celebrate the five-year anniversary of EMBank, we can clearly see that we are just getting started. We have established ourselves in Lithuania – for the long term and are determined to grow together with the Lithuanian and EU economy. Our journey so far has been promising, but European Merchant Bank is just one chapter in a long and productive history. We are excited about the future, committed and ready to continue moving forward together.”
Last year’s results are hopeful that EMBank will continue to grow and meet the changing needs of its customers by providing innovative and reliable financial solutions.
About EMBank
EMBank is licensed by the European Central Bank (ECB) and a member of SEPA, SWIFT and TARGET2. Provides modern payment services for business, loans, accepts term deposits, advises on financial issues and helps to find the most optimal financial solutions for its clients. Combining financial knowledge with innovative technological solutions, the bank is constantly creating a more convenient financial environment.
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