Citadele Reports Strong 2024 Performance with 50% Growth in New Financing

• New financing for private, SME, and corporate customers surged by 50% year-over-year, reaching EUR 1.3 billion.
• Citadele reaffirmed its position as the leading customer service bank in Latvia for the tenth consecutive year, securing top ratings across the Baltics in the Dive Group study.
• Introduced Adele, an AI powered virtual assistant, enhancing customer support and service efficiency.
• Launched an upgraded Citadele Mobile app with redesigned UX/UI and new features, including Request to Pay.
• Unveiled a new payment card design featuring accessibility elements such as Braille - made from 95% recycled plastic.
• Received Digital Banking Award at The Global FinTech Awards 2024 for a digital-first experience.

Citadele remains dedicated to supporting the Baltic business community and society by providing financing solutions that drive economic development and expansion. In 2024, new financing for private, SME, and corporate customers surged 50% year-over-year, reaching EUR 1.3 billion. In Q4 2024 alone, Citadele issued EUR 401.5 million in new financing, reinforcing its role as a key financial partner for business and individuals.

The loan portfolio expanded by 14% to EUR 3,3 billion as of 31 December 2024, a EUR 413 million increase from the previous year, supported by favourable macroeconomic conditions and shifting interest rate expectations. The deposit base grew by 5%, reaching EUR 4,0 billion, further strengthening the bank’s capacity to support sustained lending and growth.

"Citadele's achievements in 2024, including a 50% growth in new financing and continued digital advancements, underscore our commitment to innovation, customer satisfaction, and sustainable banking practices. Our global recognition and strong customer service ratings across the Baltics reflect our dedication to meeting exceeding client expectations. The introduction of our AI-powered virtual assistant, Adele, and the enhanced Citadele Mobile app are just a few examples of how we are evolving to serve our customers better. We look forward to building on this momentum and continuing to support economic development in the Baltic region,"- says Rūta Ežerskienė, CEO and Chair of the Management Board.

Innovating for a Digital-first Future

Citadele continues to prioritize digital transformation to enhance customer convenience and security. A major upgrade to Citadele Mobile app in Q4 2024 introduced a redesigned UX/UI, a Request to Pay feature, and verified calls to improve security and fraud prevention. The app maintained a 4.7-star customer review rating, reflecting high user satisfaction.

To further enhance customer service, Citadele introduced Adele, an AI powered virtual assistant capable of providing instant, personalized assistance 24/7.  This innovation has significantly improved response times and service efficiency.

Additionally, the process for opening children’s accounts in the Internet bank was significantly improved, making it more accessible and user-friendly.

Citadele also expanded its commitment to sustainable banking by launching a new payment card made of 95% recycled plastic. The card includes accessibility features such as cut-outs on the edge to help identify the correct side for insertion into an ATM or card terminal, and Braille printing to help users differentiate between cards.

Growth Across Lending Segments

Citadele maintained strong growth across all key lending segments in 2024. Business Loans accounted for 29% of total new lending, soaring 60% year-over-year to EUR 383.3 million. Leasing and Factoring increased 24.5% year-over-year to EUR 605.4 million and making up to 45% of total new lending. Mortgages saw the highest relative growth, up to 117% year-over-year to EUR 193.2 million, contributing 14% to total new lending. Consumer and Micro Loans (including Klix) nearly doubled, growing 104.4% year-over-year to EUR 149.6 million, representing 11% of total lending.

Klix by Citadele, the bank’s e-commerce checkout solution, experienced rapid adoption, surpassing 3,000 merchants and 447,000 registered users.  In 2024, Klix processed 20.2 million transactions, totaling EUR 720.8 million. Its "Buy Now, Pay Later" service grew nearly fourfold to EUR 42.6 million, up from EUR 11 million in 2023. Klix by Citadele was integrated into ESTO’s, Mobilly’s, and “Rīgas Satiksme” checkout solutions, expanding Citadele’s reach to over 5,500 points of sale. Adding Google Pay and Apple Pay solutions to Klix by Citadele made it the most comprehensive full-service banking payment solution in the Baltics.

Expanding Customer Base and Digital Adoption

Citadele continued to grow its active customer base, which increased by 6% year-over-year, to 400.7 thousand as of 31 December 2024. The number of active mobile app users reached 269.1 thousand, reflecting a 5.1% increase year-over-year. 89.3% of customers actively used digital channels, underscoring the bank’s continued success in driving digital adoption.

Recognized Leader in Customer Service for Over a Decade

For the tenth consecutive year, Citadele has been recognized as Latvia’s best bank for customer service by the Dive Group customer service study. The bank also secured first place in Lithuania for both in-branch and remote services, while achieving high ratings in Estonia. Citadele’s dedication to customer excellence, digital banking innovation, and a customer-first approach has set new industry standards, earning both regional and international recognition, including a Global FinTech Award in 2024.

Citadele’s Credit Ratings Upgraded by Moody’s

On 6 December 2024, Moody’s Ratings (Moody’s) announced an upgrade of Citadele’s long-term deposit rating to Baa1 from Baa2, and the senior unsecured rating to Baa2 from Baa3. Following these upgrades, Moody’s revised Citadele’s rating outlook to stable, reflecting the bank’s strong financial position and growth strategy.

Financial Highlights

Citadele delivered strong financial results in 2024, reporting an operating income of EUR 234.8 million while maintaining stability compared to the previous year. The bank achieved a return on equity (ROE) of 17.5% and continued to expand its loan portfolio, deposit base, and customer engagement.

In Q4 2024 alone, operating income reached EUR 60.0 million, reflecting a 2% increase quarter-over-quarter, with an ROE of 14.1%.

Citadele’s portfolio quality remains strong, supported by a Stage 3 loan ratio of 2.3% at year-end. The bank continues to maintain solid capital and liquidity positions, ensuring long-term financial resilience.

Key figures – Baltic operations