Citadele bank earned €53.625 million in the first half of the year, which is four times more than in the first half of 2022, according to the bank's financial report, LETA, a Latvian newswire, and BNS, a pan-Baltic newswire, reported on August 16.

Citadele was the third largest bank by assets in Latvia at the end of 2022. Citadele's bonds are quoted on the Nasdaq Riga Bond List. The bank's shareholders are RA Citadele Holdings LLC, a subsidiary pf US investment company Ripplewood (75% plus one share), and the European Bank for Reconstruction and Development (25% minus one share).

The net profit of the Citadele group grew 3.6 times to €60.735 million in H1 2023.

The bank said that overall operating profit from operations (after taxes) in the Baltic States was €64.5 million in the first half of the year, which is 3.4 times higher than in the first half of 2022.

Citadele has issued €429 million in new loans to individual, small and medium companies and corporate customers in the Baltic States in the first half of 2023, of which €239 million were issued in the second quarter of 2023.

Citadele's customer deposit base remained stable, with deposits reaching €3.872 billion as of June 30, 2023.

The number of Citadele's active customers as of June 30, 2023, amounted to 374,000, which is 2% more than in the previous year.

The bank's average return on equity in the first half of the year was 29.2% and the cost-income ratio was 43%.

Citadele's total loan portfolio stood at €2.927 billion on June 30, 2023, compared to €2.966 billion at end-2022. The trend is linked to the deterioration of the macroeconomic situation as well as higher Euribor rates.

In the first half of 2023, operating income from continuing operations amounted to €113.7 million, up 48% y/y.

Customer deposits remained stable, down 4% y/y to €3.872 billion as of June 30, 2023, from the end of 2022. The loan-to-deposit ratio stood at 76%, LETA said.