Bank of Valletta plc

Bank of Valletta plc - Quote

30/09/2016      
Closing Price (€) 2.260 Change (€) 0.000
TWAP (€) 2.260 No. of Trades 15
Day's High (€) 2.260 Change (%) 0%
Day's Low (€) 2.260 Turnover (shares) 74,809
E.P.S (€) 0.204 Shares in issue (000) 390,000
P/E Ratio 11.08 Market Cap. (€000) 881,400
Gross Div. Yield (%) 5.04 Gross Dividend (€) 0.114
NAV per Share (€) 1.811 Indicative Div. Date May/December
Price to NAV (times) 1.250 Dividend Cover (times) 2.736
2016 High (€) 2.290 2016 Low (€) 2.169

Bank of Valletta plc - Profile

Bank of Valletta plc was established on 21 March 1974. However its roots date back to 1809, when a group of prominent Maltese and British businessmen founded the Anglo-Maltese bank. Subsequently, in 1946, the Anglo-Maltese Bank and Banco di Malta (established in 1812) merged and formed the National Bank of Malta. Three years later, Sciclunas Bank (set up in 1830) affiliated with the National Bank of Malta to form the National Bank of Malta Group. B. Tagliaferro & Sons (established in 1812) became part of the Group in 1969. In 1974, Bank of Valletta took over the business of the National Bank of Malta. In August 1992, Bank of Valletta plc listed its shares on the Malta Stock Exchange.

Presently, Bank of Valletta plc is authorised to carry on the business of banking under the Banking Act, Cap. 371 of the Laws of Malta, as a credit institution; it is also licensed to provide investment services in terms of the Investment Services Act, Cap. 370 of the Laws of Malta, and is a tied insurance intermediary in terms of the Insurance Intermediaries Act (Cap. 487 of the Laws of Malta).

The Bank is both the parent company and the principal operating arm of the BOV Group. The BOV Group has a diversified range of services including, personal and business banking, wealth management, fund management services and investment banking. BOV is also active in the insurance and life assurance business through its shareholding in Middlesea Insurance plc (31.08%) and MSV Life plc (50.%).

Currently, the Bank’s local branch network consists of 38 branches, a Corporate Centre, 6 Business Centres, 6 Investment Centres, a Trade Finance Centre, an International Corporate Centre, an International Personal Banking Centre and a Wealth Management arm. In addition, the Bank also has representative offices in Australia, Italy, Belgium and Libya.

BOV’s long-term issuer default rating (IDR) and viability rating stand at “BBB+ (Stable Outlook)” by Fitch Ratings.

Subsidiaries

Valletta Fund Management Ltd (60%): a leading provider of investment funds in Malta offering investors access to the domestic and international financial markets. VFM is an alliance between BOV and Insight Investment Management Holdings (Malta) Ltd.

Valletta Fund Services Limited (100%): incorporated in 2006 to take over all fund administration services from Valletta Fund Management Limited. This subsidiary provides a range of fund administration services including turnkey pre-registration assistance, fund accounting, registrar and transfer agency services as well as other peripheral services.

Associate and Jointly Controlled Companies

Mapfre Middlesea plc (31.08%) is a publicly listed company engaged in the business of insurance, including group life assurance and reinsurance. Further details are available at: http://rizzofarrugia.com/security-quotes/equities/c1400e/

MSV Life plc (50%) is a joint venture between Bank of Valletta plc and Middlesea Insurance plc. MSV Life plc operates as a life assurance company licensed under the Insurance Business Act, 1998 (Cap. 403 of the Laws of Malta).

Share Capital

In 1990, Bank of Valletta plc issued 4,900,000 ordinary “B” shares to the general public, which following the issue, held 28.2% of the Bank’s shares. In 1992, Bank of Valletta plc became the first public company to be listed on the Malta Stock Exchange.

In December 1994 Bank of Valletta plc split its shares on a 2 for 1 basis. Following this exercise, the issued share capital of €26,787,794 was composed of 46,180,218 shares of a nominal value of €0.5823 each.

In 1995, the Government of Malta sold 12,000,000 shares to the public, reducing its majority stake from 51.2% to 25.23%.

On 1 November 2002, Bank of Valletta plc announced a 1 for 5 bonus share issue to shareholders. The new shares were issued from the Bank’s share premium account on 3 January 2003. This bonus issue increased the Bank’s issued share capital from 46,180,218 to 55,416,441 fully paid up shares. Bank of Valletta plc had an authorised share capital of €116,468,670 and issued share capital of €32,261,822 divided into 55,416,441 ordinary shares of a nominal value of €0.5823 each.

On 28 October 2005, Bank of Valletta plc announced a 1 for 1 bonus issue which took place on 18 January 2006. Following this exercise, the Bank’s issued share capital increased to €64,523,643 divided into 110,832,882 shares of a nominal value of €0.5823 each. The amount of €32,261,822 was capitalised from the Bank’s retained earnings account.

Following the introduction of the Euro, with effect from 15 January 2008, the sum of €18,581,908 was capitalised from the Bank’s retained earnings to increase the nominal value of its shares from €0.582343 to €0.75 per share.

On 15 January 2008, Bank of Valletta plc allotted 22,500,451 shares to its shareholders, with a nominal value of €0.75 per share, by means of a 1 for 5 bonus issue. As a result, Bank of Valletta plc issued share capital increased to €100 million divided into 133,333,333 shares.

On 15 January 2009, Bank of Valletta plc capitalised €33,333,333 from its retained earnings to increase the nominal value of its shares from €0.75 to €1.00 per share.

Also on 15 January 2009, Bank of Valletta plc allotted 26,666,667 shares, by means of a 1 for 5 bonus share issue to shareholders. The new shares were issued from the bank’s share premium account. This bonus issue increased the Bank’s issued share capital from 133,333,333 to 160,000,000 ordinary shares with a nominal value of €1.00 each fully paid up.

On 15 January 2010, Bank of Valletta plc effected a 1 for 4 bonus issue through the capitalisation of €40,000,000 from the Bank’s reserves. This bonus issue increase the share capital of Bank of Valletta plc to €200,000,000 divided into 200,000,000 ordinary share with a nominal value of €1.00 each fully paid up.

On 29 October 2010, Bank of Valletta plc announced a 1 for 5 bonus issue. 40,000,000 new shares were issued through a further capitalisation of €40,000,000 from reserves on 12 January 2011. This bonus issue increased the bank’s issued share capital to 240,000,000 ordinary shares with a nominal value of €1.00 each fully paid up.

On 28 October 2011, Bank of Valletta plc announced a 1 for 8 bonus issue. 30,000,000 new shares were issued through a further capitalisation of €30,000,000 from reserves on 12 January 2012. This bonus issue increased the bank’s issued share capital to 270,000,000 ordinary shares with a nominal value of €1.00 each fully paid up.

On 26 October 2012, Bank of Valletta plc announced a 1 for 9 bonus issue. 30,000,000 new shares were issued through a further capitalisation of €30,000,000 from reserves on 18 January 2013. This bonus issue increased the bank’s issued share capital to 300,000,000 ordinary shares with a nominal value of €1.00 each fully paid up.

On 31 October 2013, Bank of Valletta plc announced a 1 for 10 bonus issue. 30,000,000 new shares were issued through a further capitalisation of €30,000,000 from reserves on 17 January 2014. This bonus issue increased the bank’s issued share capital to 330,000,000 ordinary shares with a nominal value of €1.00 each fully paid up.

On 31 October 2014, Bank of Valletta plc announced a 1 for 11 bonus issue. 30,000,000 new shares were issued through a further capitalisation of €30,000,000 from reserves on 16 January 2015. This bonus issue increased the bank’s issued share capital to 360,000,000 ordinary shares with a nominal value of €1.00 each fully paid up.

On 30 October 2015, Bank of Valletta plc announced a 1 for 12 bonus issue. 30,000,000 new shares were issued through a further capitalisation of €30,000,000 from reserves on 15 January 2016. This bonus issue increased the bank’s issued share capital to 390,000,000 ordinary shares with a nominal value of €1.00 each fully paid up.

News for Bank of Valletta plc

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Bank of Valletta plc
Total Acquisition of Valletta Fund Management Limited
Aug 18, 2016 | Read More
Bank of Valletta plc
Receipt of Proceeds from Visa Europe Transaction
Jun 22, 2016 | Read More
Bank of Valletta plc
Anti-Money Laundering Processes
May 26, 2016 | Read More
Bank of Valletta plc
Interim Results
Apr 29, 2016 | Read More
Bank of Valletta plc
Board Meeting
Apr 20, 2016 | Read More
Bank of Valletta plc
Allocation Policy
Mar 22, 2016 | Read More
Bank of Valletta plc
Details of New Note Issues
Feb 19, 2016 | Read More
Bank of Valletta plc
Allocation Policy
Dec 14, 2015 | Read More
Bank of Valletta plc
Fitch reaffirms ‘BBB+’ rating
Dec 03, 2015 | Read More
Bank of Valletta plc
Deadline for Preferred Applicants
Nov 30, 2015 | Read More
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Sector: Financial Services
ISIN: MT0000020116
Shares in Issue: 390,000,000
Nominal Value: €1.00
Trading Symbol: BOV
Listing: Official List
Main Subsidiaires:
  • Valletta Fund Management Ltd (60%)
  • Valletta Fund Services Limited (100%)
Top Shareholders:
  • The Government of Malta (25.23%)
  • UniCredito Italiano S.p.A (14.55%)
Website: www.bov.com
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