AS “Citadele banka” Audited Annual Report for 2023


AS “Citadele banka” audited Annual Report for 2023, Sustainability Report for 2023 and Corporate governance statement for 2023 has been published and are available on the Group's website


  • Citadele’s Baltic operations net profit for the 12 months ended 31 December 2023 reached EUR 110.4 million, representing a 23.6% return on equity and CIR of 44.7%
  • In the 12 months ended 31 December 2023, Citadele provided EUR 897 million in new financing to support private, SME, and corporate customers in the Baltic region. EUR 115 million was disbursed to loans facilitating the transition to a green economy.
  • Citadele’s customer deposit base was EUR 3,830 million as of 31 December 2023, reflecting an increase of EUR 5 million quarter-over-quarter
  • Citadele continues to operate with more than adequate capital and liquidity ratios. The Group’s CAR (including net result for the period and expected dividends) was 22.0%, CET1 19.6% and LCR of 206% as of 31 December 2023
  • There has been a notable level of economic and geopolitical uncertainty lately, but despite the volatility, the bank continues on the path of evaluating strategic options, including a potential Initial Public Offering (IPO)

Strong financial result

In 2023, Citadele’s operating income from continuous operations reached EUR 234 million, representing a 44% year-over-year growth. Net profit from continuous operations reached EUR 110 million in the same period, with a return on equity of 23.6%.

Citadele’s total loan book as of 31 December 2023 was EUR 2,862 million, marking a EUR 9 million increase compared to 30 September 2023. The quality of our portfolio remains strong. The non-performing loan (NPL) ratio was 2.1% as of 31 December 2023, compared to 2.7% as of 31 December 2022.

Customer deposits amounted to EUR 3,830 million as of 31 December 2023, reflecting a slight increase of EUR 5 million quarter-over-quarter. Loan-to-deposit ratio stood at 75% as of 31 December 2023.

Citadele continues to operate with more than adequate capital and liquidity ratios: CAR (including net result for the period and expected dividends) was 22.0%, Tier 1 ratio was 19.6% and LCR was 206% as of 31 December 2023.

Bank with one of the best customer service in the Baltics

Our commitment to providing the best customer service has enabled Citadele to maintain the top position among banks in the Baltics, as revealed by the annual mystery shopper survey conducted for year 2023 by international customer service evaluation company DIVE. The banking sector in the Baltics was evaluated across two channels – remote and face-to-face service. 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.

Stable client base

Citadele continues to attract new clients, and we are proud of our strong customer base who trust us with their financial service needs. As of 31 December 2023, Citadele's total customers reached 494.2 thousand clients. Active customer base reached 377.5 thousand clients, representing increase of 1% year-over-year. Active digital channel users reached 96% of total customers, representing clients who use Citadele digital channels, the majority of which giving preference to our mobile app, the rest using i-Bank. The number of active mobile app users as of 31 December 2023 reached 257.2 thousand, marking a 9% year-over-year growth.

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 our '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 1,300 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.  Klix continues to expand its Buy Now, Pay Later solutions, launching several strategic partnerships in 2023, such as Varle in Lithuania and RD Electronics in Latvia and Lithuania.


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

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. Our total green lending to businesses and private sector amounted to EUR 115 million in 2023, comprising 13% of new lending.

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

About the Citadele Group

Citadele’s mission is to modernise the financial industry and offer more opportunities to private individuals and businesses throughout the Baltics. In the 12 months ended 31 December 2023, Citadele issued EUR 897 million in new loans, with its total loan portfolio reaching EUR 2.9 billion, while total deposits reached EUR 3.8 billion.

Alongside a modern universal banking platform, Citadele offers its clients a range of services based on next-generation financial technology, including its modern app, contactless payments and instant payments. Citadele was the first in the Baltics to introduce account opening with a selfie, payment rings and payments to mobile numbers. Meanwhile, businesses make active use of our remote account opening, Citadele Phone POS card acceptance app and Klix universal e-commerce tool, as well as applying for financing to develop their business.

Citadele Bank is the Group’s parent company in Latvia, and its subsidiaries and branches operate in Latvia, Lithuania and Estonia.

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