Citadele Group posts record profit of 32.4 mln EUR

Apr 01, 2015
Citadele Group has earned the highest profit in its history. The Group closed the year 2014 with an audited profit of 32.4 million euros, 138% more than in 2013, and the bank posted audited profits of 29.2 million euros, exceeding the 2013 result by 91%.

„In 2014 Citadele reached the best results since its very beginnings. During four years Citadele, the company which started its operation in 2010 in the red, has become one of the banks with the highest earning capacity in Latvia, one of the most active lenders to the Latvian economy, a stable employer and taxpayer," says Klāvs Vasks, the Chairman of Citadele banka's Supervisory Board.

He underlines that "Citadele has consistently managed from year to year to boost its earning capacity and competitive edge. From investment in Citadele's creation the Latvian state has derived 758 million euros for crediting the economy, over 69 million euros by virtue of tax paid by the bank. Citadele has repaid the state the entire liquidity support in the amount of 203.66 million euros and in addition interest payments of 46.32 million euros on the state aid. Citadele's development into a strong market player in the Latvian banking sector makes competition in the financial segment even tougher, thus providing more favourable financial offers for the population and entrepreneurs in Latvia and the Baltics".

„Citadele under various circumstances has been the only bank being able to lend a helping hand to Latvian entrepreneurs and population in critical and tough moments: it was the only bank capable of arranging the disbursement of deposits to Latvijas Krājbanka's clients within a few days; it was the first bank in the Baltics joining the non-recourse loan program for mortgage borrowers; Citadele was the first bank issuing mortgage loans guaranteed by the state for families with children to buy a dwelling under the state support programme. Citadele is the company which has been recognised as the best governed state-owned company in the Baltics," says K. Vasks.

„The bank's Supervisory Board conveys its gratitude to the bank's employees and management for their excellent performance, the bank's clients, stakeholders, Latvian taxpayers and the state for their trust and contribution in the stabilisation of the Latvian financial system, thus laying stable foundations for the bank's successful growth in the future.

Given the hard work dedicated to the bank's development the Supervisory Board is satisfied that the state has managed to find respectable international investors who will be able to raise Citadele's development to an even higher level and make it the national champion in the Latvian banking sector in terms of its quality and product diversity. Citadele is on its way to comprehensive growth opportunities," says Klāvs Vasks.

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