Bank of Valletta plc - Fitch confirms rating

Tuesday, January 21st, 2014

On 20 January, Fitch Ratings confirmed the credit rating of Bank of Valletta plc at ‘BBB+’ with a stable outlook on the back of the leading domestic franchise as well as a strong funding base and satisfactory liquidity position.

The international rating agency positively noted BOV’s strong revenue generating capacity which has shown resilience even in the prevailing scenario of low interest rates. Furthermore, Fitch noted that doubtful loans appear to have stabilized and the Bank has implemented an improved provisioning policy over the past two years.

BOV Chairman John Cassar White welcomed the report, saying it was an endorsement of the bank’s business model, which is based on prudent asset and liability management, and which is not dependent for its funding on volatile international money markets. Mr Cassar White further added that in the coming years the bank will focus on improving its customer service, enhancing operational efficiency, and building up stronger capital and liquidity buffers.

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