Group, EUR millions*
| |
Q1`24 |
Q4`23 |
Q1`23 |
|
12M`23 |
12M`22 |
| Net interest income |
47.0 |
49.2 |
40.5 |
|
187.9 |
119.4 |
| Net fee and commission income |
8.9 |
8.8 |
8.2 |
|
37.8 |
37.8 |
| Net financial and other income |
1.9 |
1.6 |
3.3 |
|
8.2 |
5.4 |
| Operating income |
57.8 |
59.6 |
52.0 |
|
233.9 |
162.6 |
| Operating expense |
(27.7) |
(31.0) |
(23.7) |
|
(104.5) |
(73.5) |
| Net credit losses and impairments |
2.9 |
(1.9) |
(1.3) |
|
4.5 |
(23.8) |
| Net profit from continuous operations (after tax) |
25.6 |
10.2 |
26.0 |
|
110.4 |
45.2 |
| Return on average assets (ROA) |
2.2% |
0.9% |
2.0% |
|
2.2% |
0.9% |
| Return on average equity (ROE) |
19.4% |
8.0% |
24.1% |
|
23.6% |
11.1% |
| Cost to income ratio (CIR) |
48.0% |
52.0% |
45.6% |
|
44.7% |
56.3% |
| Cost of risk ratio (COR) |
(0.4%) |
0.3% |
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
| |
31 Mar 2024 |
31 Dec 2023 |
31 Dec 2022 |
31 Dec 2021 |
31 Dec 2020 |
31 Dec 2019 |
| Total assets |
4,783 |
4,863 |
5,405 |
5,055 |
4,597 |
3,743 |
| Loans to public |
2,911 |
2,862 |
2,966 |
2,702 |
1,541 |
1,568 |
| Deposits and borrowings from customers |
3,737 |
3,830 |
4,026 |
3,814 |
3,671 |
3,290 |
| Shareholders' equity |
541 |
515 |
420 |
397 |
344 |
341 |
| Loan-to-deposit ratio |
78% |
75% |
74% |
73% |
42% |
48% |
Key figures and events of the Group
- Citadele’s Baltic operations' operating profit before bank tax in Q1 2024 reached an all-time high of EUR 32.9 million, representing a 22% increase year-over-year. Return on equity reached 19.4%, and the cost-to-income ratio (CIR) was 48.0%.
- Citadele's ambition for growth has materialized over the last two quarters, as evidenced by the growing loan book. In Q1 2024, the loan portfolio increased by 2% and reached EUR 2,911 million as of 31 March 2024. EUR 256 million was issued in new financing to support Baltic private, SME, and corporate customers in Q1 2024.
- The overall credit quality of the loan book was good. The Stage 3 loans to public gross ratio was 2.3% as of 31 March 2024, compared to 2.1% as of 31 December 2023.
- Citadele’s deposit base totalled EUR 3,737 million as of 31 March 2024, reflecting a slight decrease of 2% quarter-over-quarter.
- Citadele’s active customers increased by 1% year-over-year, reaching 380 thousand as of 31 March 2024. The number of active mobile app users reached an alltime high of 260 thousand, growing by 11% year-over-year. Active digital channel users accounted for 97% of total customers.
- Citadele continues to operate with more than adequate capital and liquidity ratios. The Group’s CAR was 21.6%, CET1 was 19.3%, and the LCR was 206% as of 31 March 2024.
- As of 31 March 2024, Citadele had 1,371 full-time employees, of which 30 were associated with discontinued operations.
- Economic and geopolitical uncertainty has led to a slower pace in evaluating strategic options. Nonetheless, despite the volatility, the bank continues to assess various strategic options, including the possibility of an IPO.