Banks, Deposits, Financial Services, Latvia

International Internet Magazine. Baltic States news & analytics Monday, 06.07.2020, 11:44

Citadele posts EUR 7.5 mln loss for Q1

BC, Riga, 29.05.2020.Print version
Citadele Bank sustained a loss of EUR 7.5 million in the first quarter of 2020, LETA was told at the bank.

The bank's representatives indicated that the bank's core business was still strong and that operating income came to EUR 27.4 million in the first quarter of the year. Considering the forecasts of a worsening economic situation, Citadele put aside EUR 15.4 million in provisions, which resulted in the loss of EUR 7.5 million in the three-month period. 

Citadele Bank's capital adequacy and liquidity figures also remain strong and significantly exceed the required levels. At the end of March 2020, Citadele Group's capital adequacy ratio was 22.5 percent, common equity tier 1 (CET1) 19 percent and liquidity ratio 460 percent. The bank's management continues to proactively asses the current situation's potential effect on business operations and ensure the safety of clients and staff. 

During the first quarter of 2020 the bank saw increased demand for remote financial services. For instance, the number of people who became the bank's clients by filing their applications digitally tripled in March. 

In January-March Citadele extended EUR 119 million in new personal and corporate loans to clients in the Baltics.

Deposits at Citadele Bank grew by EUR 79 million, or 6 percent in the first quarter of 2020 to EUR 3.485 billion.

The number of active clients rose by 43,000 or 16 percent over year to 317,000 clients at the March 2020. During the three months 4,000 new clients joined the bank. 

At the end of September 2019, Citadele was the fourth largest bank in Latvia by assets. Citadele Bank has its headquarters in Latvia with branches in Lithuania and Estonia, as well as a subsidiary bank in Switzerland.

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