Bank of Valletta plc issued a Company Announcement on 24 July 2007 in compliance with Listing Rules 9.51 and 9.53.
Bank of Valletta announced that during the second half of their financial year which commenced on 1 April 2007, no material events and/or transactions have taken place that would have an impact on the financial position of the Bank or the Group, such that they would require specific mention, disclosure or announcement pursuant to the applicable Listing Rule.
During the period under review, the Group’s financial performance has been much in line with expectations, and showed improvement over the equivalent period last year. The Group continued to record increases in overall Operating Income, while growth in costs was contained. The Group also continued to maintain strong capital adequacy and liquidity positions, and the credit quality of its assets registered further improvement. International and local capital market conditions remain volatile.
The Board of Directors expects that, barring unforeseen circumstances, the profits in the second half of the current financial year will be marginally below that achieved during the first six months, but will show an improvement on the profits achieved in the second half of financial year 2006.