During the third quarter of this year, European Merchant Bank (EMBank’s) net profit nearly doubled compared to last year. Net interest and net income increased by almost 40% and 20%, respectively. The bank has maintained steady growth throughout the year, and the economic situation provides a healthy optimism for the future.
In the third quarter of this year, EMBank’s net profit reached EUR 1 million, compared to around EUR 550 thousand in the same period last year. The bank’s net income increased by 20% in the same period, reaching EUR 8 million. EMBank’s assets grew by 51%, in the third quarter compared to the same period last year, reaching EUR 186 million.
The total deposit amount saw perhaps the most significant growth over the year, increasing by 71%. In the third quarter of this year, it reached EUR 168 million, compared to EUR 98 million in the same period last year. Net interest income also increased notably by nearly EUR 1 million over the year.
Sarp Demiray, the CEO of EMBank: “We have observed consistent growth across various key performance metrics throughout the year. As a result, an increasing number of small and medium-sized enterprises view us as a trusted, professional, and modern financial partner. This growing confidence is reflected in the robust expansion of our business loan portfolio, which surged by 25% in the third quarter compared to the same period last year, reaching EUR 42 million. As we approach the final months of the year, we are encouraged by signs of a strengthening business recovery, a trend further corroborated by the European Central Bank’s recent data, marking the first increase in business loans in two years, observed this past August”.
Mr. Ekmel Cilingir, Chairman of the EMBank’s Supervisory Board, also highlights the growing role of banks in the economic recovery. The financial expert asserts that this period is significant for the bank’s expansion, as more and more of its clients are returning from economic stagnation and require a reliable financial partner to continue their business growth.
Mr. Cilingir emphasises that the bank aims to be a strong partner for small and medium-sized businesses. To achieve this, EMBank invests in team growth and development and seeks advanced technological solutions that ensure clients’ financial security and facilitate convenient financial transactions.
E. Cilingir concludes: “Since the beginning of the summer, the situation on the loan market has been very dynamic. The European Central Bank has already lowered the base interest rate three times, and it seems this may not be the end. We understand that increased business activity must be matched by bank decisions that align with current economic realities. We are expanding our team and continuing to integrate technology solutions to ensure financial security and operational functionality for our clients. For example, recently EMBank has launched SEPA Instant Transfers, enabling clients to send and receive euro payments within seconds across the Eurozone”.
