May 8, 2024

EMBank (European Merchant Bank) Reports Stellar Growth in 2023

Home » EMBank (European Merchant Bank) Reports Stellar Growth in 2023

2023 marked a period of significant growth for the European Merchant Bank (EMBank) in Lithuania, which reported a substantial increase in all its financial metrics. The bank’s net profit more than tripled versus 2022, and its client base grew among global fintechs and Lithuanian SMEs.

The annual figures for EMBank showcased a solid upward trend. The bank’s net profit grew more than threefold from EUR 312 thousand in 2022 to EUR 1.1 million in 2023. Similarly, its net interest income rose from EUR 1.4 million to EUR 3.4 million. The bank’s assets grew 29% in 2023, from EUR 115 million to EUR 148 million. Additionally, the bank’s total income increased by over half, reaching EUR 10.8 million from the previous year’s EUR 7.2 million. The bank also expanded its client base significantly during the same period.


CEO Sarp Demiray: “We’re encouraged by our growth in 2023.”

According to its CEO, Sarp Demiray, EMBank’s flexibility and modern approach to meeting its clients’ needs helped achieve these financial results. He commented, “We’re encouraged by our growth in 2023. Small and medium-sized businesses were faced with numerous challenges last year. From the very first days of our business activities, we have believed that a good financial partner is one who not only doesn’t turn away from difficult situations but also assists in finding the best solutions. Working together to overcome our customers’ challenges, we found ways to turn our services into convenient everyday financial tools.”

Demiray noted that the bank’s business loan portfolio increased by 50% last year, from EUR 24 million to EUR 36 million. He added, “The consistent growth of this loan portfolio demonstrates the trust that small and medium-sized businesses place in the bank and its services.” With new guarantee programs being signed, EMBank aims to expand its loan portfolio to EUR 75 million by 2026. Demiray also mentioned, “Building on the promising results of 2023, we aim to double the value of the bank’s assets in the next couple of years.”

The bank also recorded a notable increase in the volume of deposits, which rose by almost a third over the past year, from EUR 102 million to EUR 134 million. Demiray stated, “This increase in the volume of deposits shows that the bank’s customers are not only looking for convenient daily financial services but are more inclined to entrust EMBank with their savings.” He further highlighted the introduction of interest returns on the current account balance as an incentive for businesses, saying, “A company with an EMBank account can now earn 3% even on the amount in its account.”

Discussing the fundamentals of their success, Demiray remarked, “We pay great attention to the convenience of our services, such as our APIs and mobile platforms,” when discussing the bank’s strategic focus. “We plan to announce new innovative solutions, further enhance the functionality of our API solution, EMBank Connect, and release at least two new financing products this year. Considering our growth strategy, we will keep investing in additional risk management tools, strengthening our brilliant team, and increasing our marketing communication, including sponsorships of the country’s most reputable organisations.”


Chairman Ekmel Cilingir: “Technology and mutual growth are key.”

According to  Ekmel Cilingir, Chairman of the Supervisory Board of EMBank, EMBank shares two characteristics with small and medium-sized Lithuanian businesses to their mutual advantage–being versatile and innovative: “This business sector is very multifaceted. More than 80% of Lithuanian businesses are small or medium-sized, with workforces ranging from just a few up to 250 employees. This means that the bank’s services must be balanced and encourage mutual growth, which is one of our main goals at EMBank. We pay great attention to the quality of our customer services and the creation and development of this sector’s most attractive financial tools. We are constantly interested in technological innovations, aiming to be our clients’ most technologically advanced and dependable financial partner.”


Founder Dr Ozan Ozerk: “We’re here for the long haul.”


Reflecting on the institution’s foundation and future, Dr. Ozan Ozerk, founder of EMBank, said, “As we celebrate five years of EMBank, it’s clear we’re just getting started. We are rooted in Lithuania, here for the long haul, and committed to growing alongside the Lithuanian and EU economies. Our journey so far has shown promise, yet for EMBank, it’s one chapter in a long and productive story. We’re excited about the future, committed and ready to keep moving forward together.”

This past year’s performance sets a promising stage for EMBank’s continued growth and commitment to serving its customers’ changing needs with innovative and reliable financial solutions.


About EMBank

EMBank, which started providing services in Lithuania in the autumn of 2019, is one of the country’s most successful financial partners of small and medium-sized businesses. EMBank is licensed by the European Central Bank (ECB) and is a member of SEPA, SWIFT and TARGET2. The bank provides businesses with modern payment services and loans, accepts term deposits, advises on financial issues, and helps find optimal financial solutions for its clients. The bank constantly creates a more supportive financial environment by combining financial knowledge with innovative technological solutions.

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