The bank's interest income increased by 10% compared with the first half of 2017 to 39.9 million euros. The loan portfolio has increased by EUR 29 million since 31 December 2017. In turn, since 30 June 2017, EUR 480 million has been allocated to new loans.
The share capital of Citadele grew to 13.1%, compared with 11.5% in the same period last year. The solvency ratio of Citadele Group is 18%.
The Bank explained that the performance of the Citadele group in the first half of this year was mainly due to an increase in net interest income from the increase in the volume of the Baltic loan portfolio, as well as higher portfolio requirements. The interest result of the Group increased by 10%.
In the first half of this year, Citadele Group also increased the size of its companies, small and medium-sized businesses and individuals in all three Baltic countries. The total loan portfolio increased by 3% compared to the first half of 2017 and amounted to 1.36 billion euros. In the first half of this year, Citadele Group provided a total of 221 million euros in new loans in the Baltic States.
In the first half of this year, Citadele Group provided new loans of 126 million euros. In Lithuania, € 69 million has been allocated to new loans. In Estonia, EUR 26 million were allocated for new loans.
The solvency ratio of Citadele Group on 30 June of this year was 18%. At the end of the first half of the year, the Group's liquidity coverage amounted to 279% and the loan-to-deposit ratio was 51%.
Between 31 December 2017, domestic deposits grew by 131 million euros. The volume of transactions with foreign customers continued to decline in the first half of 2018, causing total group customer deposits to fall. On 30 June 2018, the deposit portfolio of the group amounted to 2.65 billion euros, down 9% compared to 31 December 2017.
The shareholders of Bank Citadele are the European Bank for Reconstruction and Development and an international group of investors with expertise in the banking sector worldwide. Citadele Group is managed from Latvia with its subsidiaries and branches in Latvia, Lithuania, Estonia and Switzerland.
Citadele offers payment and payment card payments, loans, deposits, investments, asset management and leasing services, as well as a range of other products.