Citadele Bank posts EUR 9 million profit for Q1

Published date23 May 2022
Publication titleLETA

RIGA, May 23 (LETA) - Citadele Bank closed the first quarter of 2022 with EUR 9.015 million in profit, which is 2.8 times more than it made in the first quarter of 2021, according to the bank's financial report.

Meanwhile, Citadele Group netted EUR 11.561 million in the first quarter of this year, up 10.4 percent against the respective period a year ago.

In the first quarter of this year, Citadele extended EUR 297 million in new loans, which is about as much as a year ago. The bank's total loan portfolio grew by 3 percent from the end of 2021 to EUR 2.772 billion as at March 31, 2022.

Due to high energy prices and the war Ukraine, which worsened macroeconomic forecasts, the bank recognized a net loss of loans worth EUR 6.1 million in the first quarter of 2022, reflecting the underlying price risk. On the whole, the quality of the bank's loan portfolio continued to improve. As of March 31, the share of bad loans was down to 3.1 percent from 3.3 percent at the end of last year.

The deposit base remained stable...

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