AS “Citadele banka” 1st Quarter 2021 Financial Results

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Highlights

  • Highest underlying operating income in a single quarter of EUR 36.7 million resulting in EUR 10.5 million in net profit.
  • The number of active customers reached 347 thousand clients as of 31 March 2021, or 9% growth y-o-y.
  • Highest volume of new lending in a single quarter with EUR 308 million issued to Baltic private, SME, corporate and leasing customers in Q1 2021, or 104% growth q-o-q.
  • Baltic deposits continued to increase by EUR 172 million in Q1 2021, or 5% growth vs. year-end 2020.
  • Citadele has announced the acquisition of the majority of ABLV Bank’s mortgage portfolio with a total exposure above EUR 170 million. The transaction is expected to be completed in the second half of the year

Business activity in the market continues to increase and sentiment in the global economy is improving. Citadele has seen a strong start to the year being able to support the bank’s customers with record high lending and achieving strong financial results in Q1 2021.

Stable client base

Active customers reached 347 thousand clients as of 31 March 2021, or 9% growth y-o-y. Mobile App users and Internet bank customers increased by 16% and 3% y-o-y, respectively, reaching 162 thousand active Mobile App users and 201 thousand active Internet Bank customers.

EUR 308 million issued in new financing to Baltic private, SME, corporate and leasing customers

New lending to our customers reached a record high number of EUR 308 million in Q1 2021, twice higher than in the previous quarter.

The total loan book as of 31 March 2021 was EUR 2,474 million, or 61% higher vs. year-end 2020. Portfolio growth was impacted by acquisition of SIA UniCredit Leasing (now SIA Citadele Leasing) at the beginning of year. Portfolio quality remained stable and the NPL ratio stood at 3.9% as of 31 March 2021.

Strong financial results

Business activity resumed in the first quarter of the year. Net profit in Q1 2021 reached EUR 10.5  million, as compared to EUR (7.5) million loss in Q1 2020 due to Covid-19 revised provisions reflecting macroeconomic expectations.

Citadele continues to operate with capital and liquidity ratios above regulatory requirements: CAR (including period’s result) of 18.0% and LCR of 214% as of 31 March 2021.

Customer deposits reached EUR 3,738 million as of 31 March 2021, slight increase of 2% compared to the end of 2020.

Citadele Acquires Mortgage Portfolio from ABLV Bank, AS in liquidation

Citadele has announced the acquisition of the majority of ABLV Bank's, mortgage portfolio. The portfolio consists of several thousand mortgage loans with a total exposure above EUR 170 million. The planned completion date is in the second half of 2021. The acquisition will give additional positive financial impact from Q3 onwards.

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