For European business bank, which holds an ECB banking license and has been operating in Lithuania since 2019, last year’s results were the best in its history. The bank has improved significantly in all of its operating metrics, according to the Bank’s audited financial statements.
Last year, EMBank started building its business loan portfolio almost from scratch, eventually reaching 29.7 million euros by the end of 2021. In the same year, the bank generated an income of 4 million 286 thousand euros, almost 13 times more than in 2020. Total deposits for the year reached 75.9 million euros, double the amount compared to the end of 2020. In addition, European Merchant Bank managed to break even for the first time in mid-2021 since starting operations in Lithuania and managed to end the year with a loss of just EUR 605,000, 13% better than its planned budget.
“Last year was a period of strong growth for us, as we increased our revenue more than 10 times. There are several causes behind this remarkable growth. First, we worked to strengthen our brilliant team, which grew by 54% and reached up to 54 FTEs by the end of 2021. At the same time, the growth of our brand awareness has enabled us to attract reputable and experienced professionals to occupy key positions within of our agile organization. In addition, we have succeeded in strengthening our “great team” thanks to an efficient network of partners and correspondents. Secondly, our customer base has grown considerably since we have more than doubled our number of customers. the strengthening of our sales teams, this success is due to initiatives aimed at increasing the awareness of our brand in local and international markets through an active presence in associations and rooms, public communication and referrals from existing clients, event sponsorship and the application of top-notch digital marketing. We are seeing a strong trend of companies turning to us for financing services, which is evident from the rapid growth in the size of our assets. Finally, we have invested heavily in our structural fundamentals such as risk management, compliance, IT infrastructure, internal processes and improving our customer experience, which we consider extremely important to make our next big leap in before in 2022”, said Sarp Demiray, CEO of European Merchant Bank.
Last year, the European Investment Bank also focused on improving its anti-money laundering and risk assessment methodologies. The bank nearly tripled its AML and risk management departments by adding new talented and experienced people and new technology solutions, with a focus on strengthening its anti-money laundering and risk management solutions. risks.
EMBank provides working capital and investment loans for SMEs and plans to offer issue and acquisition, leasing and other financing products in the near future. The bank also provides account and payment services to international and local businesses and financial institutions as a direct member of SEPA, SWIFT and TARGET2, and provides Banking-as-a-Service (BaaS) products.
At the end of 2021, EMBank’s financing portfolio was dominated by real estate (27% of the total loan portfolio), transport and storage (17%), industry (17%), credit institutions (15 %), agriculture, forestry and fishing (7%) and the wholesale and retail sectors (6%).
“While we are still a relatively young digital bank, our strong performance over the past year shows that more and more companies see us as a reliable partner. This is a very encouraging result. With our international experience and financial services, we aim to help Lithuanian small and medium-sized businesses grow faster. These are the companies that can make a greater contribution to faster economic growth in Lithuania. At the same time, we have a strong local and international customer base with demand for our payment services. Therefore, European Merchant Bank will continue to actively invest in business development to continue to achieve corporate goals,” said Ekmel Cilingir, chairman of EMBank’s supervisory board.