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 * Blog
 * Fintech
 * Banking as a Service
 * Open Banking
 * Glossary
 * Press Releases
 * News and Articles
 * LT


EMBANK DOUBLES ITS REVENUE IN THE FIRST HALF OF THE YEAR WHILE POSTING A PROFIT
IN JUST ITS THIRD YEAR OF OPERATION

Aug 9, 2022

European Merchant Bank (“EMBank”) started its third year of operations in
Lithuania profitably, earning a net profit of EUR 131 thousand over the first
half of the year, compared to a EUR 709 thousand net loss over the same period
last year. These improved results were determined by the successful recruitment
of the best talent, development of a partner network and investments in advanced
IT solutions, as well as close attention to risk management and creating a
positive customer experience.

EMBank’s other performance indicators also improved: its gross income in the
first half of the year almost doubled to EUR 3.1 Mn, while the number of
business loans signed by the bank increased by 20 % for a total of EUR 24 Mn,
increasing the bank’s net interest income to EUR 684 thousand  – nearly 250 %
more than during the same period last year. The asset size of the bank reached
EUR 114 Mn, while the number of deposits increased by 37 % to reach a total of
EUR 95 Mn within the same period.

EMBank CEO, Sarp Demiray, said that although there have been limitations due to
the complex geopolitical and economic situation, these results were in line with
the bank’s ambitious projections. “The fact that we have become a profitable
bank is a great achievement for our brilliant team, and it is also a
justification of our business plan and its execution. Within this short period,
we have successfully completed major projects to strengthen our payment
capabilities, extended our range of financing products and completed significant
platform-level improvements. We’ve also managed to establish strong risk
management in every dimension of our operations. With our marketing initiatives,
we now have much more established brand recognition and we succeeded in doubling
the number of our customers compared to the same period of last year. Our
continuous dedication to recruiting the best talent has enabled us to achieve
strong results even in these turbulent times, and gives us the strength to reach
our ambitious growth targets,” said Mr Demiray.

The CEO predicts that the bank’s business loan portfolio will reach over EUR 30
Mn by the end of this year, and will almost double to approach over the EUR 60
Mn mark in the next two years. He also revealed that EMBank is planning to reach
an operating income of over EUR 16 Mn, while increasing its number of customers
by more than 20-fold in the next four years.

The bank will soon introduce new products such as a leasing service, as well as
additional payment options and credit card services, in order to strengthen its
ability to serve small and medium-sized businesses (SMEs). At the same time,
EMBank is expanding its BaaS capabilities and payment services, to further
support its position in serving the needs of FinTechs and global corporations,
while also investing in its mobile banking platform and flexible decision-making
systems.

The Chairman of the EMBank Supervisory Board, Ekmel Cilingir, emphasised that
the bank will continue to focus on its SME customers. “Our improved results in
the first half of the year were greatly influenced by the fact that we managed
to secure the trust of our customers. This means a lot to us. We are on the
right track, so small and medium-sized businesses will remain our target segment
in the Lithuanian market, and we will remain ready to help them choose the
financial solutions that best meet their needs. We offer what is most important
for these companies – personal attention, high-quality services and financial
solutions that are easy to understand,” said Mr Cilingir.

EMBank is licensed by the European Central Bank (ECB) and is a member of SEPA,
SWIFT and TARGET2. The bank provides working capital and investment loans,
especially for SMEs, the bank also offers Banking as a Service (BaaS) solutions.
EMBank’s main customers operate in the fields of manufacturing, agriculture,
wholesale and retail trade, transport, rent and leasing, real estate and
construction.

2022 Copyright © European Merchant Bank UAB. All rights reserved.
European Merchant Bank UAB is licensed by European Central Bank (License No. 3)
Swift BIC: EUEBLT22
Bloomberg Dealing Code: EUEB

2022 Copyright © European Merchant Bank UAB. All rights reserved.
European Merchant Bank UAB is licensed by European Central Bank (License No. 3)
Swift BIC: EUEBLT22
Bloomberg Dealing Code: EUEB


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