Full highlights

Group, EUR millions

  6m`23 6m`22     12M `22 12M `21
Net interest income 88.0 54.2     118.8 107.0
Net fee and commission income 21.0 21.5     37.6 34.1
Net financial and other income 4.7 1.1     11.7 8.6
Operating income 113.7 76.8     168.2 149.7
Operating expense (48.9) (44.9)     (91.6) (84.1)
Net credit losses and impairments 3.8 (12.8)     (23.8) (1.6)
Net profit from continuous operations (after tax) 64.5 18.9     50.8 62.2
Return on average assets (ROA) 2.51% 0.75%     1.00% 1.33%
Return on average equity (ROE) 29.2% 9.5%     12.4% 16.8%
Cost to income ratio (CIR) 43.0% 58.4%     54.45% 56.19%
Cost of risk ratio (COR) (0.2%) 0.9%     0.8% 0.1%

*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 2023 31 Dec 2022   31 Dec 2021 31 Dec 2020 31 Dec 2019
Total assets 4,884 5,405   5,055 4,597 3,743
Loans to public 2,927 2,966   2,702 1,541 1,568
Deposits and borrowings from customers 3,872 4,026   3,814 3,671 3,290
Shareholders' equity 465 420   397 344 341
Loan-to-deposit ratio 76% 74%   73% 42% 48%

 

Key figures and events of the Group

  • In H1 2023, Citadele issued EUR 429 million in new financing to support Baltic private, SME and corporate customers; EUR 239 million were disbursed to such customers in Q2 2023.
  • Citadele’s deposit base remained stable at EUR 3 872 million as of 30 June 2023.
  • On the back of attractive digital solutions and services, Citadele’s active customers reached 374 thousand active clients as of 30 June 2023, a 2% growth year over year.
  • Citadele’s Baltic operations net profit for H1 2023 reached EUR 64.5 million, representing 29.2% return on equity and C/I of 43.0%; Q2 2023 Baltic operations net profit reached EUR 38.5 million, representing return on equity of 33.8% and C/I of 40.8%.
  • Asset quality improved with NPL of 2.4% and positive CoR on the back of credit loss reversals. The Bank continues to operate with more than adequate capital and liquidity ratios. Group’s CAR (including net result for the period) was 22.5%, CET1 20.0% and LCR of 182% as of 30 June 2023.
  • The focus on customer services and digital solutions resulted in continued strong Retail NPS results of 43% in Latvia and 41% in Lithuania. As of 30 June 2023, Citadele had 1,329 full time employees.