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AS “Citadele banka” (“Citadele”) 3rd quarter and 9 months 2023 results
Emitents Citadele banka, AS (2138009Y59EAR7H1UO97)
Veids 2.2. Iekšējā informācija
Valoda EN
Statuss Publicēts
Datums 2023-11-16 21:27:16
Versijas komentārs
  • Citadele’s Baltic operations net profit for the first 9 months of 2023 reached EUR 100.2 million, representing a 29.0% return on equity and CIR of 42.2%; Q3 2023 Baltic operations net profit reached EUR 35.7 million, representing a return on equity of 29.6% and CIR of 40.6%
  • In the 9 months, ended 30 September 2023, Citadele issued EUR 621 million in new financing to support Baltic private, SME and corporate customers. EUR 192 million was issued in Q3 2023
  • Citadele’s customer deposit base remained stable at EUR 3,824 million as of 30 September 2023
  • Citadele continues to operate with more than adequate capital and liquidity ratios. The Group’s CAR (including net result for the period) was 24.8%, CET1 22.2% and LCR of 209% as of 30 September 2023
  • The review of strategic alternatives has been progressing and the bank has appointed advisors to support the work. Citadele is in the process of evaluating the options where a potential IPO (Initial Public Offering) is one strong consideration.

Strong financial result

Citadele has continued to support the business community with financing for growth and expansion. New financing to our private, SME and corporate customers reached EUR 621 million in the 9 months ended 30 September 2023, compared to 972 million in the 9 months ended 30 September 2022. Citadele’s total loan book as of 30 September 2023 was EUR 2,853 million, compared to EUR 2,966 million as of year-end 2022. This is against the backdrop of worsening macro-economic conditions as well as increased Euribor, both of which have an impact on our customers’ financial considerations.

Overall, the financial standing of our customers is reassuring, and portfolio quality is good. NPL ratio was 2.4% as of 30 September 2023, comparing to 2.7% as of year-end 2022.

In the 9 months ended 30 September 2023, Citadele’s operating income from continuous operations reached EUR 174.3 million, representing 49% growth year-over-year. Net profit from continuous operations reached EUR 100.2 million in the 9 months ended 30 September 2023 and return on equity was 29.0%. Q3 2023  operating income from continuous operations was EUR 60.6  million, representing 50% growth year-over-year. Q3 2023 net profit from continuous operations reached EUR 35.7 million and return on equity was 29.6%.

Customer deposits decreased by 5% in the 9 months ended 30 September 2023 compared to year-end 2022 and constituted EUR 3,824 million as of 30 September 2023. Loan-to-deposit ratio was 75% as of 30 September 2023.

Citadele continues to operate with more than adequate capital and liquidity ratios: CAR (including adjusted net result for the period) was 24.8%, tier 1 ratio was 22.2% and LCR was 209% as of 30 September 2023.

Review of strategic alternatives has been progressing

During the quarter a lot of work has gone into analysing the strategic options, with the support from the appointed advisors. The work is in process and the bank is evaluating different options. One plausible option is a potential IPO and here good progress has been made in preparation of the possible transaction. Public offering of Citadele, as one of the region`s leading banks, would be a remarkable milestone in developing the local capital markets and adding significant weight to the local stock exchange.

Innovations and development

In line with our commitment to support our customers in the transition to a low-carbon economy and seeing that sustainability initiatives are becoming increasingly important for our clients, Citadele has launched the first green savings account in the Baltic market. The green savings account is available to our Baltic retail customers, giving our clients the opportunity to be a part of the low-carbon economy transition at competitive rates. Deposited funds are used to support financing for projects that aim to reduce the Baltics’ carbon footprint, among which are the construction of Latvia's largest solar power plant in Brenguļi and the construction of a solar power plant in Inčukalns. As of 30 September 2023, green savings account deposits reached EUR 25.2 million.

Citadele continues to expand its insurance offering available through its mobile app. As of 30 September 2023, three insurance products are part of our “bank in your pocket” offering and easily available via a few clicks in the mobile app and payable through monthly subscription.

Klix, Citadele’s e-commerce checkout solution, exceeded 1,200 merchants and its registered user base surpassed 245 thousand as of 30 September 2023. In the 9 months ended 30 September 2023, 11.8 million transactions were processed via Klix, with a total value of EUR 400 million. 4.2 million transactions with a total value of EUR 140 million were processed in Q3 2023 alone.

Stable client base

Citadele continues to attract new clients and we are proud of our strong customer base who trust us with their financial service needs. Citadele’s active customers reached 374.0 thousand clients as of 30 September 2023, staying steady year-over-year. The number of active mobile app users as of 30 September 2023 reached 252.5 thousand, growing by 14% year-over-year.

Family Friendly Workplace recognition

Citadele’s success would not be possible without its employees, who devote their time and energy to ensuring high quality professional services and support to our customers. We consider employee well-being to be a critical aspect of sustainable operations, and accordingly aim to provide a working environment that motivates employees and makes them feel valued. In Q3 2023 we took part in the Society Integration Fund’s Family-friendly workplace' initiative, which aims to promote the development of an inclusive workplace culture in Latvia. Following evaluation of Citadele’s work environment, Citadele is proud to have received the status of "Family Friendly Workplace”.

About the Citadele Group

Citadele’s mission is to modernise the financial industry and offer more opportunities to private individuals and businesses throughout the Baltics. In 9 months 2023 Citadele issued €621 million in new loans, with its total loan portfolio reaching €2.9 billion, while total deposits reached €3.8 billion.

Alongside a modern universal banking platform, Citadele offers its clients a range of services based on next-generation financial technology, including its modern app, contactless payments and instant payments. Citadele was the first in the Baltics to introduce account opening with a selfie, payment rings and payments to mobile numbers. Meanwhile, businesses make active use of our remote account opening, Citadele Phone POS card acceptance app and Klix universal e-commerce tool, as well as applying for financing to develop their business.

Citadele Bank is the Group’s parent company in Latvia, and its subsidiaries and branches operate in Latvia, Lithuania and Estonia.


         Aiga Volksone
         Head of Marketing and Corporate Communications
         Email: Aiga.Volksone@citadele.lv
         Ilona Frīdmane
         Head of Investor Relations & ESG
         Phone: +371 29483327
         Email: IR@citadele.lv

Citadele_interim_report_9m_2023_EN.pdf (2889.89 kB)