HSBC Bank Malta plc - Interim Directors’ Statement

Friday, May 15th, 2015

On 15 May, HSBC Bank Malta plc published its Interim Directors’ Statement covering its performance during the first few month of 2015.

During the period under review, notwithstanding the challenging economic and market conditions characterised by the prevailing record-low interest rates, HSBC’s performance was in line with that achieved in the same period of 2014. HSBC’s revenues were higher, aided by growth in insurance and trading income and a fall in cost of funding, which offset the lower interest income earned from its lending activities. 

The Group incurred a rise in operating expenses largely reflecting the costs related to risk management and compliance as well as adverse currency movement on the cost of offshored services. 

Loan impairment charges were marginally higher than the same period of last year, reflecting the challenging environment that the bank continues to operate in. 

In conclusion, the HSBC Group CEO, Mr Mark Watkinson, said that while operating conditions remain difficult the underlying performance of the three main business segments of the Group – retail banking and wealth management, commercial banking and global banking – was positive in the first quarter, characterised by good activity levels.

Print This Page Print This Page