Citadele Bank

Citadele Group Completes First Half of 2013 with LVL 5.8 Million in Unaudited Profits

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The Citadele Group completed the first half of this year with a profit of LVL 5.8 million, which was 26% more than during the first half of last year – this according to unaudited indicators of Citadele operations.

“We achieved this substantial increase in profits thanks to the fact that the bank and its subsidiaries have successfully developed the provision services in all three of Citadele’s operational directions and in accordance with our business plan,” says Citadele board chairman Guntis Beļavskis. “This relates to services that are provided to residents, small and medium companies and large companies. We also manage private capital. Along with the development of our services, we have managed to preserve unchanging costs and to continue to improve the effectiveness of our work.”

The unaudited results for the Citadele Group show that operational revenues increased by around 10% during the first half of this year, as compared to the same period in 2012. The quality of the bank’s lending portfolio has been preserved at a good level.

During the first half of 2012, the Citadele Group earned a profit of LVL 4.6 million.

The main services that are provided by the Citadele Group include payment accounts for people and companies, payment cards, consumer loans, mortgage loans, term deposits, savings accounts, corporate loans, issuance of guarantees and letters of credit, leasing and factoring services, administration of 2nd and 3rd level pension plans, 3rd level closed pension funds for companies, life insurance with savings, private banking services, concierge services, and investment of money in more than 20,000 local and foreign investment funds.

The Citadele Bank is the exclusive American Express® partner in Latvia and Lithuania, with the right to emit American Express credit cards.

The Baltic Corporate Governance Institute conducted a study titled “Governance of State-Owned Companies in the Baltic States,” and last year the Citadele Bank received top marks and was declared to be the best-governed state-owned company in the Baltic States. Citadele was nominated among Europe’s 100 best companies in the prestigious European Business Awards competition, eventually being declared to be one of the 10 best companies in Europe in the category “Infosys Business of the Year Award” (with revenues between EUR 26-150 million). It is presented for rapid business growth, good financial results and innovations.

The basic market for the Citadele Group is Latvia, Lithuania and Estonia, but it also has a subsidiary bank in Switzerland, as well as offices in Russia, Ukraine and elsewhere.

Citadele’s vision is to become the most valuable local financial group in the Baltic States. 75% minus one share belongs to the Latvian Privatisation Agency, and 25% plus one share belong to the European Bank for Reconstruction and Development.

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