- The number of active customers reached 347 thousand clients as of 31 March 2021, or 9% growth year over year.
- New financing in the first quarter of 2021 reached EUR 308 million and Baltic deposits continued to increase by EUR 172 million.
- Citadele has announced the acquisition of the majority of ABLV Bank’s mortgage portfolio with a total exposure above EUR 170 million.
“Business activity in the market continues to increase and sentiment in global economy is improving. It is rewarding to see, that Citadele has seen a strong start to the year being able to support the bank’s customers with record high lending and achieving strong financial results – the highest underlying operating income in a single quarter of EUR 36.7 million resulting in EUR 10.5 million in net profit. The acquisition of ABLV Bank high-quality mortgage portfolio, is another step in our growth journey and our commitment to support the local customers,” says Johan Åkerblom, Citadele CEO.
Stable client base and the highest volume of new lending in a single quarter
Active customers reached 347 thousand clients as of 31 March 2021, or 9% growth year over year. Mobile App users and Internet bank customers increased by 16% and 3% year over year, respectively, reaching 162 thousand active Mobile App users and 201 thousand active Internet bank customers.
EUR 308 million issued in new financing to Baltic private, SME, corporate and leasing customers
New lending to our customers reached record high number of EUR 308 million in the first three months of 2021, 104% or twice higher than in the previous quarter.
The total loan book as of 31 March 2021 was EUR 2,474 million, 61% higher vs. year-end 2020. Portfolio growth impacted by acquisition of 100% SIA UniCredit Leasing (now SIA Citadele Leasing) at the beginning of year.
The highest underling operating income in a single quarter and increase of deposit portfolio
Business activity resumed in the first quarter of the year. Net profit in the first quarter of 2021 reached EUR 10.5 million, as compared to EUR (7.5) million loss in Q1 2020 due to Covid-19 revised provisions reflecting macroeconomic expectations.
Citadele continues to operate with capital and liquidity ratios above regulatory requirements: CAR (including period’s result) of 18.0% and LCR of 214% as of 31 March 2021.
Customer deposits reached EUR 3,738 million as of 31 March 2021, stable increase of 2% compared to the end of 2020.
About the Citadele Group
Citadele’s mission is to modernise the banking sector and offer more opportunities to clients and businesses throughout the Baltics.
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. In 2020 one of Central and Eastern Europe’s leading customer service evaluation and improvement companies—Dive GROUP—recognised Citadele as the bank with the best customer service in Latvia and the second best in Lithuania.