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AS “Citadele banka” Annual report 2021 published
Emitents Citadele banka, AS (2138009Y59EAR7H1UO97)
Veids 1.1 Gada finanšu pārskati un revīzijas ziņojumi
Valoda EN
Statuss Publicēts
Datums 2022-03-10 19:57:42
Versijas komentārs

AS “Citadele banka” audited Annual Report for 2021 and Sustainability Report for 2021 has been published and are available on the Group's website www.cblgroup.com.


  • Strong financial performance with net profit reaching EUR 55.0 million in 2021 and 14.8% return on equity. 
  • The number of active customers continued to grow and reached an all-time high of 361 thousand clients as of 31 December 2021, 11% growth y-o-y.
  • In 2021 EUR 1.1 billion in new financing was issued  to private, SME, corporate and leasing customers, 2.3 times higher than 2020.
  • Baltic deposits continued to increase by EUR 363 million in 2021, or 11% growth vs. year-end 2020.
  • The Bank continues to operate on the back of  prudent capital and liquidity ratios. Group’s CAR (including period’s result) was 18.8% and LCR of 207% as of 31 December 2021.

EUR 1.1 billion issued in new financing to Baltic private, SME, corporate and leasing customers

New financing to our customers reached a record high of EUR 1.1 billion in 12 months 2021, 2.3 times higher than in 2020. The total loan book as of 31 December 2021 was EUR 2,702 million, 75% higher vs. year end 2020. Portfolio growth was impacted by acquisition of the SIA UniCredit Leasing (rebranded to SIA Citadele Leasing) at the beginning of year. Portfolio quality continued to improve and the NPL ratio stood at 3.3% as of 31 December 2021, vs. 3.5% at the end of 2020.

Strong financial results

Strong financial performance with net profit reaching EUR 55.0 million in 2021, which translated into 14.8% return on equity. Citadele continues to operate with adequate capital and liquidity ratios: CAR (including period’s result) of 18.8% and LCR of 207% as of 31 December 2021.

Customer deposits reached EUR 3,814 million as of 31 December 2021, increase of 4% compared to the end of 2020. Baltic deposits continued to increase by EUR 363 million in 2021, or 11% growth vs. year-end 2020. Loan-to-deposit ratio was 71% as of 31 December 2021, compared to 42% as of year-end 2020.

Bank with one of the best customer service in the Baltics

Our commitment of providing the best customer service enabled Citadele to maintain the top position among banks in the Baltics, according to the annual mystery shopper survey conducted by international customer service evaluation company DIVE. Citadele was announced as the bank with the best customer service in Latvia for the seventh time and was in TOP 3 in Lithuania and Estonia.

Citadele raises funds in the international and local financial markets

Citadele completed issuance of EUR 200 million of senior unsecured preferred bonds, rated Baa3 by Moody’s in November 2021. The purpose of the issuance is to meet Minimum Requirement for own funds and Eligible Liabilities (MREL). In December Citadele completed an oversubscribed issuance of EUR 40 million bonds under the Fourth Unsecured Subordinated Bonds Programme. The bonds were issued with 10Y maturity, with issuer’s optional redemption date after five years and with fixed interest rate of 5% per annum. The bonds are listed on the Baltic Bond List of Nasdaq Riga. These deals are a testimony of our improved business quality which facilitates placement capabilities both in and outside the Baltic market.

Citadele has agreed to sell its Swiss subsidiary

AS Citadele banka has entered into a binding agreement with Trusted Novus Bank Limited regarding the sale of its Swiss subsidiary - Kaleido Privatbank AG. Trusted Novus Bank Limited will acquire 100% of Kaleido Privatbank AG. The closing of the acquisition is expected by year end 2022, subject to regulatory approvals. The sale of Kaleido is a further step focusing on Citadele’s core activities in the Baltics to support the local economies.

Recent events in Ukraine and Russian sanctions

Management is closely monitoring fast-changing and uncertain situation in Ukraine. A crisis group has been set up within Citadele. All new laws, policies and sanctions, including sanctions imposed on Russia, are diligently implemented. Consistently with long standing Citadele’s objective to become the leading financial services provider in the Baltics, internal risk exposure limits with Russia, other CIS countries and Ukraine are limited. Therefore, as of today, the Bank and the Group has not experienced any material impact from the recent events in Ukraine or from Russian sanctions. The indirect impact from these events is monitored, as Citadele’s clients and global markets adjust to the new economic realities.


         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

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Citadele_banka-2021-12-31-en.zip (23401.25 kB)
Sustainability_report_2021.pdf (848.24 kB)
Citadele_Annual_report_2021.pdf (7470.64 kB)
Citadele_Corporate_governance_2021.pdf (85.31 kB)