Full highlights

Group, EUR millions*

  12M`23 12M`22   Q4`23 Q3`23  
Net interest income 187.9 119.4   49.2 50.8  
Net fee and commission income 37.8 37.8   8.8 8.1  
Net financial and other income 8.2 5.4   1.6 1.8  
Operating income 233.9 162.6   59.6 60.6  
Operating expense (104.5) (73.5)   (31.0) (24.6)  
Net credit losses and impairments 4.5 (23.8)   (1.9) 2.8  
Net profit from continuous operations (after tax) 110.4 45.2   10.2 35.7  
Return on average assets (ROA) 2.2% 0.9%   0.9% 3.0%  
Return on average equity (ROE) 23.6% 11.1%   8.0% 29.6%  
Cost to income ratio (CIR) 44.7% 56.3%   52.0% 40.6%  
Cost of risk ratio (COR) (0.2%) (0.8%)   0.3% (0.4%)  

*Only continuous operations shown. Comparatives are restated for discontinued operations of Kaleido Privatbank AG (Swiss subsidiary bank of the Group) which is committed for sale and thus excluded from the presented key figures. Comparative figures for 2022 have been restated due to the adoption of IFRS 17, earlier comparative figures are not restated for IFRS 17.

Group, EUR millions

  31 Dec 2023 30 Sept 2023 31 Dec 2022   31 Dec 2021 31 Dec 2020 31 Dec 2019
Total assets 4,863 4,831 5,405   5,055 4,597 3,743
Loans to public 2,862 2,853 2,966   2,702 1,541 1,568
Deposits and borrowings from customers 3,830 3,824 4,026   3,814 3,671 3,290
Shareholders' equity 515 501 420   397 344 341
Loan-to-deposit ratio 75% 75% 74%   73% 42% 48%

 

Key figures and events of the Group

  • 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%; Q4 2023 Baltic operations net profit reached EUR 10.2 million, representing a return on equity of 8% and CIR of 52.0%.
  • In the 12 months ended 31 December 2023, Citadele issued EUR 897 million in new financing to support Baltic private, SME and corporate customers, compared to EUR 1.2 billion in the 12 months ended 30 December 2022. EUR 276 million in new financing was issued in Q4 2023.
  • Citadele’s deposit base totalled EUR 3,830 million as of 31 December 2023, reflecting a slight increase of EUR 5 million quarterover-quarter.
  • Citadele’s active customers remained steady year-over-year and constituted 378 thousand active clients as of 31 December 2023. The number of active mobile app users reached all time high of 257 thousand, growing by 9% yearover-year. Active digital channel users reached 96% of total customers.
  • Asset quality continued to improve with NPL of 2.1% as of 31 December 2023, on the back of recoveries and impairment reversals.
  • Citadele continues to operate with more than adequate capital and liquidity ratios. The Group’s CAR (including adjusted net result for the period) was 22.0%, CET1 19.6% and LCR of 206% as of 31 December 2023.
  • As of 31 December 2023, Citadele had 1,329 full time employees, of which 28 were with discontinued operations.
  • There has been a significant amount of economic and geopolitical uncertainty lately, but despite the volatility, the bank continues the path of evaluating strategic options, including a potential IPO.