On 13 September 2021, the international credit rating agency Moody’s has upgraded the credit rating of AS “Citadele banka” to Baa2 with stable outlook.
Upon upgrade of the credit rating of Citadele banka, Moody's has taken into consideration the continued improvement in Citadele’s solvency position, with the bank significantly reducing the proportion of non-performing loans, supported by strengthened capital generation, following the acquisition of SIA UniCredit Leasing, and an improvement in the bank’s operating environment.
In the first half of 2021, Citadele Group’s capital adequacy ratio (CAR, including periods result) was 19.4%, Group’s deposits were EUR 3.8 billion, and the net loan portfolio reached EUR 2.5 billion. Asset quality continued to improve, with NPLs of 3.4% as of June 2021, down from 4.1% year on year and 9.1% at year-end 2018. Net profit reached EUR 32.6 million.
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.