The Citadele Group concluded the third quarter of this year with nearly EUR 23 million in unaudited profits, or 56% more than during the same period last year. The group’s financial results are much better than last year, too.
“The cornerstone to our achievements in 2014 has been a clear strategy in the main segments of our bank, as well as the fact that our employees feel a sense of belonging to Citadele’s developmental vision,” says Guntis Beļavskis, Chairman of the Board of Citadele Bank. “A clear movement toward finding a private shareholder has been one of our main jobs this year, and despite the time resources that this has demanded, Citadele has developed very successfully. The bank’s balance sheet is becoming stronger, and profitability is increasing. In 2014, the bank increased the share of lending, and one of our main goals after attracting the private shareholder is to maintain this tempo, because availability of financing is very important for the Latvian economy at this time.”
Citadele is one of just a few banks in Latvia that are expanding their credit portfolio by financing corporate development. In 2014, the Citadele Bank signed new lending agreements for EUR 157 million, and the lending portfolio increased to EUR 956 million.
Unaudited data from the Citadele Group indicate that during the third quarter of 2014, the group’s total assets amounted to EUR 2.6 billion, among which EUR 1.4 billion are highly liquid assets consisting of deposited money and securities.
“Although the investors will only become full shareholders in the bank during the first half of next year, clarity about the status of the shareholders would be a benefit for the bank,” says Beļavskis. “The involvement of the private investor will allow us to increase equity capital and develop in a stable way. Given ideas from experts and consultants, as well as our own experience with potential investors and benefits for the bank’s clients and the Latvian economy, we support the desire of the shareholders to deal with technical issues and sign the government-approved agreement. Of key importance is the fact that only after the agreement is signed will the potential investors finally be able to tell the public about their plans and the shareholders. We’re sure that there will be a lot of good and interesting news in this regard.”
About Citadele Bank
Citadele is a local Latvian bank that offers banking, financial and asset management services. The core market of Citadele Group is the Baltic States: Latvia, Lithuania and Estonia. Citadele Bank is the only collaboration partner of American Express in Latvia and Lithuania who is entitled to issue American Express credit cards. The bank is 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.