International rating agency Moody’s Investors Service has announced that increases Citadele Group’s outlook on all ratings from negative to stable. The Citadele Group’s existing rating, B2/Not Prime/E+, remains unchanged.
The revision of the outlook on all ratings to stable from negative reflects the progress the bank has made since its establishment in 2010, which has resulted in improvements in problem loan levels, capitalisation and profitability as well as the bank’s efforts to enhance its risk management capabilities. It also reflects the improved operating environment within Latvia that the bank benefits from, following several years of steady economic growth, falling unemployment levels and stabilised house prices.
The Citadele Group concluded the first half of this year with a profit of LVL 5.8 million, which was 26% more than during the first half of 2012 – this according to unaudited indicators. The group’s operational revenues rose by around 10% in comparison to the first half of last year, and the bank has also managed to maintain a good level of quality in its lending portfolio.
During the first half of 2012, the Citadele Group earned a profit of LVL 4.6 million.
The Citadele Group’s basic markets are in Latvia, Lithuania and Estonia, but it has a subsidiary in Switzerland, as well as representations 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 in the bank belong to the Latvian Privatisation Agency, while 25% plus one share belong to the European Bank for Reconstruction and Development.
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).