Citadele has increased new financing to clients in 2022, reaching EUR 1.2 billion


  • In 2022, the bank issued EUR 1.2 billion in new financing to support Baltic private, SME and corporate customers; EUR 231 million were disbursed in Q4.
  • The deposit base remained stable at EUR 3 980 million as of 31 December 2022.
  • On the back of attractive digital solutions and services the bank’s active customers reached an all-time high of 374 thousand active clients as of 31 December 2022, a 4% growth year over year.
  • Baltic operations net profit reached EUR 50.8 million in 2022, which translated into 12.4% return on equity. Q4 net profit was EUR 13.3 million, translating into 12.9% return on equity.

“Last year the world as we know changed and the global economic environment became even more challenging. In first half of the year the focus was on helping entrepreneurs navigate sanctions applied to Russia and Belarus and making financial solutions for Ukrainian people accessible also remotely. Despite the uncertainty, increase in inflation and rising interest rates, we continued to support our clients by financing their growth plans and increased new financing by 8%. In autumn energy prices and inflation increased the cost of living, therefore Citadele started a support program for its employees, paying out benefits each month,” says Johan Akerblom (Johan Åkerblom), Citadele CEO. “We are humbled by the unchanging trust of our customers - reaching a record number of 374,000 clients and highest rated customer service in Latvia, Lithuania, and Top3 in Estonia,” adds Johan Akerblom.

EUR 1.2 billion issued in new financing to Baltic private, SME and corporate customers

In 2022 we have continued to support the business community with financing for growth and expansion. New financing to our customers reached EUR 1 203 million in 2022, 8% increase year over year. EUR 231 million were issued in Q4 2022.

The total loan book as of 31 December 2022 was EUR 2 966 million, 10% higher vs. the year-end 2021.

Overall, the financial standing of our clients is reassuring, and portfolio quality continued to improve and the NPL ratio stood at 2.7% as of 31 December 2022, vs. 3.3% at the end of 2021.

Bank with one of the best customer service in the Baltics

Our commitment of providing the best customer service enabled Citadele to maintain the top position among banks in the Baltics, according to the annual mystery shopper survey conducted by international customer service evaluation company DIVE. We are pleased that our efforts are recognized by Dive and our customers, and that our service has earned the 1st place both in Latvia and Lithuania and Top 3 in Estonia. 

Growing client base

The bank continues to attract new clients and we are proud that a record number of active customers trust us with their financial service needs – reaching 374 thousand clients as of 31 December 2022, 4% growth year over year. The number of active Mobile App users was 235 thousand, a 13% increase year over year.

Innovations and development

During Q4 bank continued to work on digital onboarding improvements and introduced SMEs Digital Onboarding in Estonia. Now simple 10-minute process for account opening for SMEs is available across all Baltic countries including possibility to activate temporary accounts.

Bank also started factoring product digitalization with the new solution being launched in Lithuania.

Consumer lending digitalization was launched in full in Estonia, now all three Baltic countries have digital solution that allows any customer to apply to the product instantly.  

Klix, the bank’s e-commerce checkout solution, exceeded 800 merchants, and 10 million transactions were processed in 2022 with total value of EUR 336 million.

Strong financial results

In 12 months, 2022 operating income reached EUR 168.2 million, 12% growth year over year. In Q4 operating income was EUR 46.4 million, 10% growth year over year. Given the increased uncertainty in macroeconomics the bank continued to take a more conservative approach and has made impairments in amount of EUR 23.8 million in 2022 (EUR 8.8 million in Q4). Baltic operations net profit reached EUR 50.8 million in 2022, which translated into 12.4% return on equity. Q4 net profit from continuous operations was EUR 13.3 million, translating into 12.9% return on equity

Customer deposits increased by 4% vs. the year end 2021 and constituted EUR 3 980 million as of 31 December 2022.

Loan-to-deposit ratio was 75% as of 31 December 2022, compared to 73% as of the year end 2021.

Citadele continues increase its capital and liquidity ratios: CAR, transitional (including period’s result) increased to  20.1% and LCR to 176% as of 31 December 2022.

Support to Ukraine

Citadele condemns Russian invasion of Ukraine and from the beginning of the war has supported Ukraine by donating to the Samaritan Association of Latvia for refugee accommodation and meals, as well as for the delivery of humanitarian aid packages to Ukraine. In 2022 Citadele has donated EUR 125 000 in direct donations and together with its clients via loyalty program X REWARDS.


Citadele is committed to developing its business with long term perspective and in line with banks’ environmental, social, and economic goals. This includes respect for the natural environment, and responsible and ethical practices in the decisions Citadele makes, products it offers and services bank provides. Citadele is committed to support its clients in the transition to a low-carbon economy and reduce the negative impacts on society and the environment in banks’ own business activities and operations. 7% of new financing was disbursed to green lending in 2022 and is planned to be doubled in 2023.

In 2022 Citadele has become official signatory of the UN Principles for Responsible banking, hence showing its commitment to continue adapting the Bank’s business strategy to align and contribute to the UN Sustainable Development Goals and the Paris Climate Agreement. 

Sale of Swiss subsidiary

In January 2022 AS Citadele banka announced that it has entered into a binding agreement with Trusted Novus Bank Limited regarding 100% sale of its Swiss subsidiary - Kaleido Privatbank AG. The closing of the transaction was expected by year end 2022. Long stop date has been extended and closing is pending, subject to regulatory approvals.

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