Citadele Bank has completed the 3rd quarter of 2011 with a profit of 3.4 million Lats, achieving better results than planned previously in the restructuring plan – informs Juris Jākobsons, Chairman of Citadele’s Board of Directors.
“Regardless of the fact that economy in Latvia is growing slower than anticipated previously, we have been able to turn Citadele into a profit bearing enterprise during these difficult times in the market,” says Juris Jākobsons.
“Citadele has substantially increased net interest income in comparison to 2010. Simultaneously we are now regularly working on the efficiency of our activity and we are keeping the Bank’s expense base under strict scrutiny. The fact that the Bank exercises a cautious approach to making accruals is also of great importance,” explains J. Jākobsons.
Citadele Bank’s total assets amount were 1.2 billion Lats (1.4 billion Lats for the group) as of 30 September 2011. The Bank’s loan portfolio is 621 million Lats (the group’s – 713 million Lats) and the amount of capital and reserves is 85.3 million Lats (the group's - 83.0 million Lats). The total amount of deposits with Citadele Bank reached 980 million Lats (the group’s – 1.2 billion Lats) at the end of the third quarter of 2011.
The Bank’s capital asset ratio is 13.2% (the group’s – 11%) and its liquidity ratio is a healthy 62.8% which is higher than the 8% determined by the State legislation, and it is relevant to the average indices on the market.
As announced previously, Citadele Bank has repaid 48.7 million Euros (34.2 million Lats) to the Ministry of Finance of the Republic of Latvia during the 3rd quarter. The repaid sum splits up as follows: 46.6 million Euros, or 32.8 million Lats, is the funding that the State had invested in the shape of term deposits, and 2.1 million Euros, that is 1.5 million Lats, is the interest for the third quarter due by the Bank. This was the third instalment paid back by Citadele during the course of the last year.
About Citadele Bank
Presently 75% minus one Citadele Bank’s shares are possessed by the Privatization agency on behalf of the Latvian State and the owner of 25% plus one share is the European Bank for Reconstruction and Development (EBRD).
The Bank has 44 branch offices in Latvia and 7 other countries – Estonia, Germany and Sweden. It has 19 subsidiaries which work in various sectors of the financial market. The Bank is represented in the Baltic States, Sweden and Ukraine; representative offices in Azerbaijan, Kazakhstan, Ukraine, Russia, Belarus and a subsidiary in Switzerland.
Citadele Bank's group provides an extensive range of financial services the main types of which are bank accounts, payment cards, deposits for retail customers and enterprises, consumer loans and mortgage loans, corporate lending, guarantees and letters of credit, leasing and factoring, distribution of American Express credit cards in Latvia and Lithuania, private capital management services and Concierge Service, life insurance, asset management incl. management of 2nd and 3rd level pension funds as well as closed 3rd level pension funds for enterprises.
Citadele Bank was founded on 30 July 2010 and launched its activity on 1 August 2010.