Citadele Bank (Lithuania)

“Citadele” bankas observed stable growth in all business areas in the first quarter of 2018

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Over the first three months of 2018, “Citadele” bankas observed stable growth in all business areas. On 31 March 2018, net loan portfolio of “Citadele” bankas” was EUR 259.7 million, i.e. 7.1 percent higher than in the same period of 2017. Corporate loan portfolio amounted to EUR 165 million, i.e. 11.6 percent more compared to 2017. Over the first quarter of 2018, “Citadele” bankas issued EUR 3.5 million in consumer loans, which is 40.6 percent more than in the first three months of 2017.

“Stable growth of financial results shows that our strategy works, and we are able to offer services best suited to the needs of our customers,” says Jūratė Jazukevičienė, Chairwoman of the Board and Head of Administration of “Citadele” bankas in Lithuania.

Over 2018 first three months deposits in “Citadele” bankas reduced by 2.6 percent and on 31 March 2018 amounted to EUR 422.2 million. The bank’s net income from commission and interest increased by 17.8 percent and reached EUR 4 million. Over the first quarter of 2018, “Citadele” bankas in Lithuania earned EUR 1.1 million in net profit.

According to Mrs. Jazukevičienė, the growth of profit was the result of significantly more active use of private banking services and increased borrowing by private customers.

Results of Citadele Group

First quarter 2018, the Citadele Group continued to expand in its core business segments in the Baltic region with improved daily banking services for our customers. The Group’s net profit for the first quarter 2018 was EUR 9.4 million, representing a 3% increase year-on-year. Capital adequacy ratio (CAR) increased to 18.7%. Citadele continued to increase its lending footprint in both personal and commercial banking sectors, achieving 4% growth year-on-year in the Group’s net loan portfolio reaching EUR 1.32 billion. As of March 31, 2018, the Group’s customer deposits were EUR 2.7 billion. 

About Citadele Group

Citadele Group is managed from Latvia, while its subsidiaries and branches operate in Latvia, Lithuania, Estonia and Switzerland. Citadele provides transactions and card payments, loans, deposits, investments, asset management and leasing services, as well as a range of exclusive, unique products. In 2017 one of the leading customer service evaluation and improvement companies in Central and Eastern Europe, Dive, acknowledged Citadele as the bank with the best customer service in Latvia and Lithuania. The mission of Citadele Group is to provide our clients with wide-ranging and best-in-class financial services, and to become the primary bank of choice for aspiring retail and small business customers across the Baltics.