Lombard Bank Malta plc - Interim Directors’ Statement

Wednesday, November 14th, 2012

On 14 November, Lombard Bank Malta plc published its Interim Directors’ Statement covering the period from 1 July 2012 to mid-November. During this period, the Bank’s net interest income remained at the same levels as that for the corresponding period last year. On the other hand, non-interest income is marginally lower due to last year’s gain on disposal of securities which was not repeated this year. Overall, the pre-tax profit of Lombard was lower than last year’s comparable figure but ahead of predictions.

Lombard also reported that customer loans and deposits registered satisfactory increases. Moreover, Lombard Bank continues to pursue its long-established strategy of maintaining a highly prudent approach to Risk Management, thus assuring retention of the robust financial fundamentals in particular the Bank’s Capital Adequacy, Liquidity as well as Loan to Deposit ratios.

The Directors also explained that no material changes are expected up to the financial year end on 31 December 2012. Lombard reported that profits will continue to be negatively impacted by the exceedingly low interest rates at which the Bank can employ its excess liquidity as it insists on adhering to its policy of investing only in instruments of the highest possible quality.

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