Group, EUR millions*
| |
6M`24 |
6M`23 |
|
Q2`24 |
Q1`24 |
Q2`23 |
Q1`23 |
|
12M`23 |
12M`22 |
| Net interest income |
95.6 |
88.0 |
|
48.6 |
47.0 |
47.5 |
40.5 |
|
187.9 |
119.4 |
| Net fee and commission income |
17.2 |
21.0 |
|
8.3 |
8.9 |
12.7 |
8.2 |
|
37.8 |
37.8 |
| Net financial and other income |
3.3 |
4.7 |
|
1.4 |
1.9 |
1.5 |
3.3 |
|
8.2 |
5.4 |
| Operating income |
116.1 |
113.7 |
|
58.3 |
57.8 |
61.7 |
52.0 |
|
233.9 |
162.6 |
| Operating expense |
(56.6) |
(48.9) |
|
(28.9) |
(27.7) |
(25.2) |
(23.7) |
|
(104.5) |
(73.5) |
| Net credit losses and impairments |
7.0 |
3.7 |
|
4.1 |
2.9 |
5.0 |
(1.3) |
|
4.5 |
(23.8) |
| Net profit from continuous operations (after tax) |
50.9 |
64.5 |
|
25.4 |
25.6 |
38.5 |
26.0 |
|
110.4 |
45.2 |
| Return on average assets (ROA) |
2.2% |
2.6% |
|
2.2% |
2.2% |
3.2% |
2.0% |
|
2.2% |
0.9% |
| Return on average equity (ROE) |
19.8% |
29.2% |
|
19.2% |
19.4% |
33.8% |
24.1% |
|
23.6% |
11.1% |
| Cost to income ratio (CIR) |
48.8% |
43.0% |
|
49.6% |
48.0% |
40.8% |
45.6% |
|
44.7% |
56.3% |
| Cost of risk ratio (COR) |
(0.5%) |
(0.2%) |
|
(0.5%) |
(0.4%) |
(0.7%) |
0.2% |
|
(0.2%) |
(0.8%) |
*Only continuous operations shown. Comparatives are restated for discontinued operations of Kaleido Privatbank AG (Swiss subsidiary bank of the Group) which is committed for sale and thus excluded from the presented key figures. Comparative figures for 2022 have been restated due to the adoption of IFRS 17, earlier comparative figures are not restated for IFRS 17.
Group, EUR millions
| |
30 Jun 2024 |
31 Dec 2023 |
31 Dec 2022 |
31 Dec 2021 |
31 Dec 2020 |
31 Dec 2019 |
| Total assets |
4,684 |
4,863 |
5,405 |
5,055 |
4,597 |
3,743 |
| Loans to public |
3,049 |
2,862 |
2,966 |
2,702 |
1,541 |
1,568 |
| Deposits and borrowings from customers |
3,694 |
3,830 |
4,026 |
3,814 |
3,671 |
3,290 |
| Shareholders' equity |
515 |
515 |
420 |
397 |
344 |
341 |
| Loan-to-deposit ratio |
83% |
75% |
74% |
73% |
42% |
48% |
Key figures and events of the Group
- Citadele’s operating income in H1 2024 reached EUR 116.1 million, representing a 2% increase yearover-year. Return on equity reached 19.8%, and the cost-to-income ratio (CIR) was 48.8%. Q2 2024 operating income was EUR 58.3 million, 1% increase quarter-over-quarter.
- Citadele's ambition for growth has materialized in H1 2024, as evidenced by the growing loan book. In H1 2024, the loan portfolio increased by 7% and reached EUR 3,049 million as of 30 June 2024.
- EUR 621 million was issued in new financing to support Baltic private, SME, and corporate customers in H1 2024. EUR 366 million were issued in Q2 2024, 43% increase quarterover-quarter.
- The overall credit quality of the loan book was good. The Stage 3 loans to public gross ratio was 2.2% as of 30 June 2024, compared to 2.1% as of 31 December 2023.
- Citadele’s deposit base totalled EUR 3,694 million as of 30 June 2024, reflecting a 4% decrease since year end 2023.
- Citadele’s active customers increased by 2% year-over-year, reaching 386 thousand as of 30 June 2024. The number of active mobile app users reached 258 thousand, growing by 8% year-over-year. Active digital channel users accounted for 88.9% of total customers.
- Citadele continues to operate with adequate capital and liquidity ratios. The Group’s CAR was 22.7%, CET1 was 19.7%, and the LCR was 170% as of 30 June 2024.
- As of 30 June 2024, Citadele had 1,378 full-time employees, of which 31 were associated with discontinued operations.
- In spite of some economic and geopolitical uncertainty, the bank continues to assess various strategic options, including the possibility of an IPO.