Citadele Bank

In 2023 Citadele has issued 897 million euros in new loans for Baltics

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In 2023, Citadele has continued to support Baltic business community with financing for growth and expansion. New financing to support private, SME and corporate customers in the Baltic region has reached EUR 897 million, with EUR 276 million issued in Q4 2023. EUR 115 million was provided to loans facilitating the transition to a green economy. Citadele also raised customer deposit rates several times, and the amount of deposits reached EUR 3.830 million.  

“We are proud that despite the challenging economic environment in 2023, we have continued to provide our customers with best-in-class financial services. We had record high results, the portfolio quality has improved further. Given the economic and geopolitic we ensured that the bank operates with even stronger capital and liquidity ratios. A lot of work has gone into analysing strategic options and we continue on the path of evaluating possible scenarios, including a potential IPO,” says Johan Åkerblom, Citadele CEO.  

Innovations and development  

In 2023, Citadele continued its commitment to providing a seamless digital banking experience by enriching its mobile app with new features. As part of 'bank in your pocket' offering, customers can now easily access five insurance products with just a few clicks in the mobile app, payable through a monthly subscription.  

Klix, Citadele’s e-commerce checkout solution, exceeded 1300 merchants and its registered user base surpassed 280 thousand as of 31 December 2023. In the 12 months ended 31 December 2023, 16 million transactions were processed via Klix, with a total value of EUR 560 million.  In Q4 2023 alone, 4.2 million transactions, totalling EUR 159 million, were processed. Klix continues to expand Buy Now, Pay Later solution, launching several strategic partnerships in 2023, such as Varle in Lithuania and RD Electronics in Latvia and Lithuania.  

First green savings account in the Baltic market  

Aligned with dedication to support customers in transition to a low-carbon economy and recognizing the growing significance of sustainability initiatives for clients, in 2023 Citadele persisted in developing and introducing new offerings.  

In Q3 2023, Citadele launched the first green savings account in the Baltic market. Deposited funds are directed towards financing projects aimed at reducing the carbon emissions. As of 31 December 2023, the funds in the green savings account reached EUR 36.3 million. Additionally, in Q4 2023, the bank introduced a green mortgage loan product, designed to finance homes that adhere to the highest energy efficiency standards. Total green lending to businesses and private sector amounted to EUR 115 million in 2023, comprising 13 % of new lending. 

Bank with outstanding customer service in the Baltics 

In the annual "Dive" customer service study, Citadele is consistently recognized as a bank with one of the best customer service in the Baltics, demonstrating higher results compared to the overall market average. As part of the research, both "secret customer" calls to remote customer service centers and visits to bank’s branches were made. Citadele achieved the highest rankings in both categories – for servicing clients remotely (1st place in Latvia and Lithuania, 2nd place in Estonia) and in-person (1st place in Latvia and 2nd place in Lithuania and Estonia). In Latvia, Citadele has been ranked as the best for the 9th  year in a row, and it has consistently been in the top 3 in all the Baltic countries for the past 3 years. 

Giving back to the community 

To promote a positive workplace culture and make a meaningful impact on the community, Citadele has also launched volunteer days giving opportunity to its employees contribute three working days each year for social volunteering.  

Financial indicators in the 12 months of 2023: 
Operating income – EUR 234 million.  
Net profit – EUR 110 million.  
Citadele’s total loan book – EUR 2,862 million.  
Customer deposits – EUR 3,830 million

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