Citadele Bank doubles profit

Mar 31, 2014
Citadele Bank concluded 2013 with a net profit 15.2 million euros (10.7 million lats) and has managed to nearly double its profit in comparison with 2012. Citadele Group concluded the year with a profit of 13.7 million euros (9.6 million lats), that is better than in 2012.

Consistent with previous years, in 2013 Citadele Bank delivered another year of strong growth and improved performance. Operating income for Citadele Group's was up by 10.2%, thus reaching 107.6 million euros (75.6 million lats). Conversely, the Bank's operating income increased by 20.7% and reached 88.4 million euros (62.1 million lats).

During the year, the Group's loan portfolio increased by 36.6 million euros (25.7 million lats) and reached 1.05 billion euros (742 million lats). Citadele Bank's loan portfolio increased by 30.2 million euros (21.2 million lats) and reached 924.9 billion euros (650 million lats).

"Issuing new loans and the increase in clients' activity fostered by the stable growth of the economy in the Baltic states ensured successful financial results," explains Guntis Beļavskis, Chairman of the Board of Citadele Bank. "Our attention was mainly focused on developing new business directions and products as well as risk management thus ensuring the Bank's profitability and stable liquidity; as a result the Bank's liquidity ratio was 56% in the end of 2013," continues Mr. Beļavskis.

According to the Latvian Association of Commercial Banks, Citadele is the third largest of all banks operating in Latvia in terms of the number of clients (284 thousand). Likewise, Citadele Bank ranked third according the number of payment cards as of 31 December 2013. Citadele is the fifth largest bank in terms of attracted deposits (9.6% of the total market). Possessing 168 ATMs, Citadele currently has the third largest ATM network in Latvia.

Read the entire press release here.

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