The Citadele Bank has continued stable development, concluding the first quarter of 2013 with a profit of LVL 5.5 million, which was 37% more than during the same period last year. The Citadele Group, in turn, concluded the quarter with a profit of LVL 6.6 million, or 27% more than the first quarter of 2012.
“We successfully managed the bank’s assets and implement our business strategy during the first quarter of 2013, and that allowed us to achieve considerably better financial indicators than during the same period in 2012,” says Citadele board chairman Guntis Beļavskis. “We’ve increased our revenues while maintaining level expenditures. Our results are continuing to improve, and the bank has healthy liquidity indicators.”
“This year we will continue to implement our strategy, which focuses on specific and basic areas of operations – retail services, services for small, medium and large companies, as well as our private capital management services,” the board chairman continues.
Beļavskis notes that net interest revenues during Q1 2013 rose from LVL 6.6 million during the same period last year to LVL 7.8 million, with net interest revenues for the Citadele Group increasing from LVL 8.3 million to LVL 9.5 million.
As of March 31, 2013, the Citadele Bank had total assets of LVL 1.3 billion (LVL 1.56 billion for the group), a lending portfolio of LVL 630 million (LVL 716.9 million), and capital and reserves amounting to LVL 95 million (LVL 97.7 million). Total deposits at the bank amounted to LVL 1.11 billion (LVL 1.38 million) during the first quarter of 2013.
Positive results for subsidiaries
The Citadele subsidiary IPAS “Citadele Asset Management” concluded the first quarter successfully, with managed assets increasing substantially from LVL 272.5 million last year to LVL 367.1 million during the first quarter of 2013.
Citadele Asset Management won a bid for tenders to manage the investments of the Latvian Guarantee Agency. This will continue until 2018, and it involves an investment portfolio worth more than LVL 100 million.
Another subsidiary, the Citadele Life handled 32.1% of all new life insurance premiums during the first quarter of the year – those linked to investment funds or the market.
Bank praised internationally
The global financial journal EUROMONEY has declared Citadele to be the best local bank in Latvia. The Citadele Group received 10 different awards from the journal in various categories such as private capital management, currency exchange, stock portfolios and debt security portfolios, among others. Nine of the awards related to the bank’s operations in Latvia, and one related to work in Lithuania.
Citadele is still in the running in the European Business Awards 2012/2013 competition, where it is one of five Latvian champions and has been nominated as one of the best 100 companies in Europe.
The Latvian Association of Commercial Banks organised the “Gold Coin 2013” competition, and the Citadele service “Concierge Services for Non-Residential Clients – Integrated with the VISA system” received the Client Award. The bank also received second place in the category “Export of Financial Services.”
About Citadele Bank
Citadele is a local Latvian bank that offers banking, financial and asset management services. Citadele group is represented in the Latvian market as well as in 9 other countries. Citadele Bank is the only collaboration partner of American Express in Latvia and Lithuania who is entitled to issue American Express credit cards. In 2012 the bank was recognized as the best-governed state-owned enterprise in the Baltic States according to a study conducted by the Baltic Institute of Corporate Governance. Citadele’s vision is to become the most valuable local financial group in the Baltic States. 75% minus one Citadele Bank’s shares are possessed by the State Joint Stock Company 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).