Citadele Kicks Off 2025 with Robust Growth in Financing and Digital Services

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  • New financing for private, SME, and corporate customers increased by 36% year-over-year, reaching EUR 350 million
  • EUR 46 million dedicated to green and transition financing, reflecting Citadele’s commitment to sustainability
  • Customer base reached 403,000, with 89% customers actively engaging through digital channels
  • Mobile app rating rose to 4.8 stars; peer-to-peer payments launched in Lithuania
  • Klix, Citadele’s e-commerce checkout solution, continued strong growth, processing EUR 239.3 million across 6.1 million transactions

Citadele has reported a strong start to 2025, underscoring its growing role in driving economic development and digital innovation across the Baltics. In Q1 2025, new financing for private, SME, and corporate customers reached EUR 350 million, 36% increase compared to the same period last year. Of this amount, EUR 46 million was allocated to green and transition financing, reflecting Citadele’s commitment to advancing sustainable economic development.

"In a world where uncertainty often dominates headlines, stability and progress are more important than ever. At Citadele, we’ve built momentum by staying focused on our customers - helping them grow, adapt, and plan ahead. Whether it’s financing a green mortgage or making it easier to pay with your phone, we’re committed to delivering long-term value and empowering individuals and businesses across the Baltics." - says Rūta Ežerskienė, CEO and Chair of the Management Board.

Innovations and development

In Q1 2025, we prioritized digital service parity across the Baltics. A key milestone was the launch of peer-to-peer payments (payments to mobile numbers) within the mobile app in Lithuania. In Estonia, we introduced a partner API for consumer loans, enhancing digital access to financing solutions.

The Citadele mobile banking application saw continued improvement in user satisfaction, now rated 4.8 stars - a reflection of our dedication to intuitive and customer-centric digital banking.

Growth Across Lending Segments

Citadele maintained strong growth across all key lending segments in Q1 2025. Retail Private and Affluent new lending reached EUR 121 million, up 25% year-over-year. SME new lending totalled EUR 145 million, a 25% increase compared to the same period last year. Corporate new financing amounted to EUR 84 million, representing a 85% increase year-over-year. Notably, green mortgage loans within the Retail segment reached EUR 13.4 million, accounting for 30% of all new mortgages in Q1 2025. These figures reflect robust demand across segments and continued support for sustainability-focused lending.

Klix, Citadele’s e-commerce checkout solution, expanded to over 3,200 merchants by 31 March 2025. The platform reached 492,000 registered users, including 187,000 active users. In Q1 2025, Klix processed 6.1 million transactions totaling EUR 239.3 million. "Buy Now, Pay Later" volumes rose to EUR 10 million, up from EUR 7.7 million a year earlier. Klix added several high-profile clients during the quarter, including one of the leading telecom operators in Latvia for billing transactions.

Expanding Customer Base and Digital Adoption

Citadele continues to expand its customer base, earning the trust of more individuals and businesses across the region. As of 31 March 2025, our active customer base reached 403 thousand, marking a 6.2% year-over-year increase. Digital engagement remains strong, with 88.9% of customers actively using digital channels. The number of active mobile app users rose to 272.9 thousand, reflecting a 5.1% year-over-year increase. While the majority of digital customers prefer the mobile app, others continue to use internet banking services.

Financial Highlights

In Q1 2025, Citadele delivered solid financial results, achieving operating income of EUR 53.4 million and a return on equity of 15.0%.

Citadele's total loan book amounted to EUR 3,366 million as of 31 March 2025, marking a 3% increase (EUR 92 million) compared to 31 December 2024. The loan-to-deposit increased to 87%, up from 81% at year-end 2024, highlighting strong lending activity supported by a sound deposit base.

The financial standing of banks’ customers remains stable, and the quality of the loan portfolio continues to be strong. As of 31 March 2025, the non-performing loan (NPL) ratio stood at 2.3%, unchanged from year-end 2024.

Citadele’s deposit base decreased by 4% since year end 2024 and reached EUR 3,879 million as of 31 March 2025. As of 31 March 2025, Citadele continues to operate with strong capital and liquidity ratios. The total capital adequacy ratio (CAR) stood at 22.2%, the Tier 1 ratio was 19.9%, and the liquidity coverage ratio (LCR) remained robust at 185%, ensuring a solid financial position to support future growth.

Dividend payment

Citadele has distributed dividends totalling EUR 44.8 million, equivalent to EUR 0.282 per share. This dividend payout is in line with Citadele’s 50% dividend policy. The payment serves as confirmation of the bank's sustained growth, robust capital position, and stable balance sheet.

Key figures – Baltic operations

 

EUR millions Q1 2025 Q4 2024 Q1 2024
Operating income 53.4 60.0 57.8
Operating expense (25.6) (32.1) (27.7)
Net credit losses and impairments (0.6) (1.9) 2.9
Net profit from continuous operations (after tax) 21.5 19.4 25.6
Return on average equity (ROE) 15.0% 14.1% 19.4%
Cost to income ratio (CIR) 47.9% 53.5% 48.0%
Cost of risk ratio (COR) 0.1% 0.2% (0.4%)

 

  31 Mar 2025 31 Dec 2024
Loans 3,366 3,275
Deposits 3,879 4,023
Loan to deposit ratio 87% 81%
Common equity Tier 1 (CET1) capital ratio 19.9% 19.2%
Total capital adequacy ratio (CAR) 22.2% 21.4%
Non-performing loan (NPL) ratio 2.3% 2.3%
Liquidity coverage ratio (LCR) 185% 181%

About Citadele

Citadele’s, rated Baa1 (stable) by Moody’s, mission is to modernise the financial industry and offer more opportunities to private individuals and businesses throughout the Baltics. In 2024, Citadele issued EUR 1.3 billion in new loans, with its total loan portfolio reaching EUR 3.3 billion, while total deposits reached EUR 4.0 billion. Alongside a modern universal banking platform, Citadele offers its clients a range of services based on next-generation financial technology, including its modern app, contactless payments and instant payments. Citadele was the first in the Baltics to introduce account opening with a selfie, payment rings and payments to mobile numbers. Citadele Bank is the Group’s parent company in Latvia, and its subsidiaries and branches operate in Latvia, Lithuania and Estonia.

 

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