Bank of Valletta
Amid stiff competition, Malta’s largest bank produced improved results in 2005 with a 35.4% increase in net profits and a rise in RoE to a record 19.1% from 15.1% the previous year.
The improvement in performance, which was reflected in an upgrading by Fitch in September 2005, has continued into 2006 with record interim results for the first quarter, and half yearly operating profits up 92%. Also, for the financial year to the end of September, operating profits were up a record 44%.
The bank has undergone a complete reorientation of its governance structure, strengthened its risk management and operational risk management systems as well as developing its wealth management services with new products such as capital-guaranteed and index-linked deposit products along with new collective investment schemes, including a property-based fund. Asset quality has also improved significantly.
CEO Tonio Depasquale says: “Bank of Valletta [BOV] is delighted to be named Bank of the Year for the second consecutive year and for the fourth time in the past six years. This award acknowledges the management’s successful efforts to continue generating business growth. Indeed, notwithstanding strong competition, BOV has managed to hold on to, and indeed to grow, its market share right across the product range – from deposits and lending to life assurance and fund management, the latter a fast-growing business sector. During the past year, BOV has strengthened its wealth management set-up to offer a wide range of investment services to top and high net worth customers.”
