The Citadele banka Group’s Estonian branch, Citadele Bank continues to grow and contribute to the implementation of the Group’s strategy of increasing the amount of lending. In the first half of this year, Citadele Bank granted retail and corporate loans in amount of EUR 22,8 million, which is a 62% increase compared to the first half of 2015. The corporate loans granted in the first half of this year totaled EUR 12,2 million and retail loans – EUR 10,6 million.
“We can be satisfied with results of the first half of 2016 Citadele Bank has increased both in the number of customers as well as in size of the team. Success is mainly based on active corporate lending. Companies are evolving and dare to invest. We are glad that we can support micro and small enterprises in their development. We are very committed to find them the best solutions for daily banking and other financial services.” says Sofia Kirsimaa, the Head of Citadele Bank. At the present, Citadele in Estonia is offering loans to local companies for the development of their business and mortgage loans to individuals as well as leasing services.
The number of corporate loans granted by Citadele Bank in first half of 2016 is more than twice higher the number of loans granted at same time on 2015. This year, the average corporate loan amount was EUR 130 000. The largest amount of loans was granted to trading companies, which constituted 80% of all the corporate loans granted.
The average retail loan amount granted in first half of 2016 was EUR 103 000.
During the last 12 months, the loan portfolio of Citadele Estonian branch increased by 54% - to EUR 92 million at the end of the first half of 2016.
During the last 12 months, customer deposits in Citadele Pank have also increased. These have increased by 49% - from EUR 128 million at June 2015 to EUR 191 million at the end of June 2016.
About the Citadele Group
AS “Citadele Banka” group had a profit of 25.4 million Euro in the first half of the year which is 70% higher than the same period of 2015. Profit was significantly increased through the sale of Citadele's share in "Visa Europe" to "Visa Inc" for 11.3 million Euro.
The Citadele group's credit portfolio grew to 1.231 billion Euro in the first half of this year, an increase of 14% in one year, which is significantly higher than average in the banking sector. Active lending to SMEs in all three Baltic States, and retail lending in Latvia and Lithuania, shape the basis of the loan portfolio growth. In line with Citadele Group's strategy to facilitate access to funds for SME in Baltics, the amount of loans issued during the first half of 2016 to businesses increased by 19% in Latvia, by 94% in Lithuania and by 70% in Estonia.
Over the year, customers deposits at the group's banks have increased by 14% or 340 million and at the end of June this year the total deposits portfolio came to 2.75 billion Euro. Total deposits exceeded total loans issued by more than double, ensuring high liquidity indicators.
The Citadele Bank’s Estonian branch, Citadele Bank offers services ranging from accounts and payment cards to business loans and investment management. The office and Client Service Centre of the branch are located in the center of the Estonian capital city of Tallinn.
Citadele Bank (Citadele banka Eesti filial AS and its subsidiary Citadele Leasing & Factoring OÜ) is part of Citadele Group. Citadele Group is headquartered in Riga and its subsidiaries are located in Latvia, Lithuania, Estonia, and Switzerland. The vision of Citadele Group is to become the best financial service provider to retail clients and SME’s in the Baltic States. Citadele provides card payment, lending, deposit, investment, asset management and leasing services, and it offers a range of exclusive and unique products.
Citadele’s shareholders are a group of international and multinational investors with extensive experience in the banking sector across the world. The largest shareholder is the European Bank for Reconstruction and Development (EBRD) which possesses 25% minus one share, whereas the international group of investors, represented by Ripplewood Advisors LLC, owns the remaining 75% plus one share.