- New financing in 2021 reached EUR 1.1 billion and client`s deposits reached EUR 3.8 billion
- The number of active customers reached 361 thousand clients as of 31 December 2021, 11% growth year over year
- Citadele has entered into a binding agreement with Trusted Novus Bank Limited regarding the sale of its Swiss subsidiary
“The geo-political situation today has dramatically changed since we ended 2021 and today our thoughts are with the citizens of Ukraine. In the Baltic's we feel an emotional impact and we are closely following the developments and are taking action to the best of our abilities to care for our employees and our customers. Our 2021 results are important, and we are proud to deliver on many dimensions but in the light of the recent events we are humble," says Johan Åkerblom, Citadele CEO.
In 2021 Citadele continued its commitment to provide the best customer service that 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 being in TOP 3 in Lithuania and Estonia.
Number of active customers reached 361 thousand clients as of 31 December 2021, 11% growth year over year. The number of active Mobile App users reached 207 thousand, a 41% increase in comparison with 2020.
EUR 1.1 billion issued in new financing and customer deposits reached EUR 3.8 billion
New financing to our Baltic private, SME, corporate and leasing customers reached a record high of EUR 1.1 billion in 12 months 2021, 2.3 times higher than in 2020. EUR 293 million were issued in fourth quarter 2021, 9% growth in comparison with the previous quarter.
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.
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.
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
At the beginning of 2022, Citadele 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.
Strong financial results
Strong financial performance with net profit reaching EUR 55.0 million in 2021, which translated into 14.9% return on equity. Net profit in fourth quarter was EUR 10.3 million with Q4 ROE of 10.5%.
Citadele continues to operate with adequate capital and liquidity ratios: CAR (including period’s result) of 18.9% and LCR of 207% as of 31 December 2021.
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