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AS “Citadele banka” 4th Quarter 2020 Financial Results
Emitents Citadele banka, AS (2138009Y59EAR7H1UO97)
Veids 2.2. Iekšējā informācija
Valoda EN
Statuss Publicēts
Datums 2021-02-26 16:21:57
Versijas komentārs


  • Business activity returned during the second half of the year and number of active customers reached all-time high for Citadele with 326 thousand clients as of 31 December 2020, 4% growth y-o-y
  • Strong loan origination resulting in EUR 151 million new financing issued to Baltic private, SME and corporate customers in Q4 2020. New lending in 12 months 2020 reached EUR 477 million.
  • Baltic deposits continued to increase by EUR 482 million in 2020, 18% growth vs. year-end 2019
  • The Bank continues to operate with strong capital and liquidity ratios. Group’s CAR reached 26.0%, and LCR was 356% as at 31 December 2020
  • Net profit in Q4 2020 reached EUR 24.1 million. Year 2020 was closed with EUR 3.6 million in net profit

The Covid-19 pandemic continued to impact global economy in Q4 2020. The Baltic region has fared better than many other countries, resulting in smaller GDP decline than rest of euro area so far.

Strong client base

Overall business sentiment in Q4 2020 was positive. Active customers reached all time high of 326 thousand clients as of 31 December 2020, or 4% growth y-o-y. Mobile App users and Internet bank customers increased by 9% and 1% y-o-y, respectively, reaching 143 thousand active Mobile App users and 195 thousand active Internet Bank customers.

EUR 477 million issued in new financing to Baltic private, SME and corporate customers

New lending to Baltic private, SME and corporate customers reached EUR 477 million in 2020 where Q4 was the strongest quarter with EUR 151 million in issued financing, 7% increase q-o-q. The total loan book as of 31 December 2020 was EUR 1,541 million. Portfolio quality continued to improve and NPL ratio stood at 3.5% as of 31 December 2020.

Strong liquidity and capital ratios

Citadele continues to operate with capital and liquidity ratios well above regulatory requirements: CAR of 26.0% and LCR of 356% as of 31 December 2020.

Customer deposits reached EUR 3,671 million as of 31 December 2020, an increase of 12% compared to the end of 2019, indicating the financial strength of our customer base.

The consequences of the Covid-19 pandemic have had a negative impact on 12 months 2020 results and year was closed with EUR 3.6 million net profit. Business activity resumed in the second half of the year. Net profit in Q4 2020 reached 24.1 million, and the Bank also expects year 2021 to result in improved financials.

Credit rating upgrade to investment grade

On 29 September 2020, Moody’s has upgraded Citadele’s credit rating to Baa3 with stable outlook. On 17 February 2021, the rating was affirmed changing the outlook to positive.

Bank with the best customer service in Latvia

Our commitment of providing the best customer service was once again confirmed by Dive’s annual customer service evaluation survey. Citadele was named the bank with one of the best customer service in the Baltics, coming first in Latvia for the sixth time.

Citadele acquisition of SIA UniCredit Leasing in the Baltics has been completed

Citadele has become the 100% owner of SIA UniCredit Leasing (including its Estonian and Lithuanian branches), along with its 100% owned subsidiary SIA UniCredit Insurance Broker (including its Estonian branch). The acquired entity is part of the Citadele Group as of beginning of 2021. The acquisition will give additional positive financial impact in 2021. As of February 2021, SIA UniCredit Leasing is rebranded to SIA Citadele Leasing and SIA UniCredit Insurance Broker is re-named to SIA CL Insurance Broker.

About Citadele Bank

Citadele’s mission is to modernise the banking sector and offer more opportunities to clients and businesses throughout the Baltics.

Alongside traditional banking services, Citadele offers its clients a range of services based on next-generation financial technology, including, among other things, a modern mobile banking app, contactless and instant payments, modern client onboarding practices and technologically-enabled best-in-class customer service.

Citadele is the second largest bank in Latvia by assets. The Citadele Group is managed from Latvia. Its subsidiaries and branches operate in Latvia, Lithuania and Estonia.


         Kristīne Mennika
         Head of Corporate Communications
         Phone: +371 26528533
         Email: Kristine.Mennika@citadele.lv
         Ilona Frīdmane
         Head of Investor Relations
         Phone: +371 29483327
         Email: IR@citadele.lv

Citadele_Q4_2020_EN.pdf (1741.87 kB)