Citadele delivered resilient financial performance in Q1 2026, with operating income of EUR 52.1 million and net profit of EUR 19.0 million. Strong capital and asset quality supported EUR 332 million in new financing, with the loan portfolio reaching EUR 3.8 billion, while continued investment in digital solutions drove high customer engagement and an expanding digital user base.
- Citadele reported solid financial results, with operating income of EUR 52.1 million, net profit of EUR 19.0 million, return on equity of 13.1%, and a cost‑to‑income ratio (CIR) of 51.6%.
- The Group provided EUR 332 million in new financing. Activity was particularly strong in the private and SME segments, with volumes increasing by 8% and 9% year‑on‑year, respectively. The loan portfolio reached EUR 3.8 billion, reflecting the Group’s role as a trusted financial partner.
- Customer engagement continued to support the Group’s deposit position, with the deposit base increasing by 11% year‑on‑year to EUR 4.3 billion and remaining broadly stable since year‑end. Liquidity also remained strong, with the liquidity coverage ratio (LCR) at 191%.
- Citadele maintained a strong capital position, underscoring its financial resilience amid market volatility, with the total capital adequacy ratio (CAR) at 22.4% and the CET1 ratio at 18.4%.
- The active customer base reached 413.2 thousand; mobile app users grew 5% year-on-year to 286 thousand.
“Economic conditions became more demanding towards the end of Q1, driven by rising tensions in the Middle East, which renewed pressure on headline inflation. Despite this environment, Citadele made a resilient start to 2026, continuing to expand its product suite in line with our focus on digital solutions and customer experience. Key launches included the C lite virtual card, enabling immediate use in response to growing demand for digital and contactless payments, and a full‑service leasing solution with a fixed monthly fee that brings key vehicle‑related costs into a single offering. With a strong regional presence, expanding next-generation digital capabilities and a robust balance sheet, we remain well positioned to support our customers and the economies we serve during periods of uncertainty,” says Citadele CEO and Chair of the Management Board Rūta Ežerskienė.
Resilient Financial Performance
Citadele delivered solid financial performance in Q1 2026, with operating income of EUR 52.1 million, net profit of EUR 19.0 million and return on equity of 13.1%, despite more demanding market conditions towards the end of the quarter. Interest income remained broadly stable in a lower interest rate environment.
The loan portfolio reached EUR 3.8 billion, representing a 13% year‑on‑year increase, supported by EUR 332 million in new financing, with stronger activity in private and SME segments. Asset quality remained sound, with the Stage 3 loans ratio at 1.9%.
Citadele maintained a strong capital position, with CAR at 22.4% and CET1 at 18.4%. Deposits increased by 11% year-on-year to EUR 4.3 billion, supported by strong customer engagement, while liquidity remained robust with LCR at 191% and NSFR at 140%.
Client Base Growth, Service Excellence and Digital Innovation
Citadele continued to expand its customer base, reaching 413.2 thousand active customers as of 31 March 2026, a 2.4% increase year-on-year. Strong customer engagement remained central to the Bank’s digital innovation agenda, with 87.2% of customers actively using digital channels. The mobile app active user base grew to 286 thousand, up 5% year-on-year.
Innovations and Development
Innovation remains a key strategic priority for Citadele, with continued investment in digital solutions to enhance customer experience. In Q1 2026, the Group advanced its digital agenda, reflecting growing demand for simple and efficient services.
Citadele launched its first C lite virtual card, enabling immediate use and offering full functionality while reducing environmental impact as a fully digital, plastic-free solution. The Group also introduced a full-service leasing solution with a fixed monthly fee, bundling key vehicle-related costs into a single offering.
Artificial intelligence capabilities continued to expand, with the virtual assistant Adele handling 40% of digital customer requests. Usage increased significantly, with chat volumes rising by 89% year-on-year in March, while maintaining high response quality.
Klix, Citadele’s e-commerce checkout solution, maintained strong growth, reaching 3.7 thousand merchants and 600 thousand users, reflecting a 22% year-on-year increase. During the quarter, it processed 7.4 million transactions with a total value of EUR 332.8 million, a 39% increase year-on-year.
Moody’s updates Citadele’s ratings
On 21 April 2026, Moody’s Ratings upgraded Citadele’s long-term deposit rating to A3 following EU regulatory changes introducing full depositor preference. The senior unsecured debt rating was reverted to Baa2, in line with the level at the Bank’s latest EUR 300 million MREL issuance in September 2025. The stable outlook reflects expectations of continued financial stability.
Key Figures – Baltic Operations
| EUR millions | Q1 2026 | Q4 2025 | Q1 2025 |
| Operating income | 52.1 | 54.5 | 53.4 |
| Operating expense | (26.9) | (29.3) | (25.6) |
| Net credit losses and impairments | (2.4) | 2.7 | (0.6) |
| Net profit from continuous operations (after tax) | 19.0 | 20.9 | 21.5 |
| Return on average assets (ROA) | 1.4% | 1.6% | 1.7% |
| Return on average equity (ROE) | 13.1% | 14.3% | 15.0% |
| Cost to income ratio (CIR) | 51.6% | 53.7% | 47.9% |
| Cost of risk ratio (COR) | 0.3% | (0.3)% | 0.1% |
| 31 Mar 2026 | 31 Dec 2025 | |
| Loans, EUR bn | 3.8 | 3.8 |
| Deposits, EUR bn | 4.3 | 4.3 |
| Loan-to-deposit ratio | 88% | 87% |
| Common equity Tier 1 (CET1) capital ratio | 18.4% | 18.2% |
| Total capital adequacy ratio (CAR) | 22.4% | 22.3% |
| Non-performing loan (NPL) ratio | 1.9% | 1.7% |
| Liquidity coverage ratio (LCR) | 191% | 181% |
About Citadele Group
Citadele’s mission is to modernise the financial sector by offering a range of next-generation financial technology-based services alongside traditional banking products, serving both private individuals and entrepreneurs across the Baltics. In 2025, Citadele issued EUR 1.6 billion in new loans, with the total loan portfolio reaching EUR 3.8 billion and deposits growing to EUR 4.3 billion. Citadele Bank is the Group’s parent company in Latvia, and its subsidiaries and branches operate in Latvia, Lithuania and Estonia.