On 30 October Lombard Bank Malta plc issued its interim Directors’ statement covering the four months ended 30 October 2009. The Directors stated that despite the low interest rate environment, the net interest margin of the Bank during the four months under review remained largely unchanged when compared to the same period last year. The level of loans remained stable when compared to 2008 reflecting the subdued business climate and the prudent approach applied by the Bank. Furthermore, the Directors explained that no substantial additional impairments were recorded. Lombard’s Directors also stated that costs remained under control.
It was also reported that the Bank’s Balance Sheet continued to grow giving strong financial ratios (capital adequacy, liquidity and loans to deposits), which are well in excess of statutory minimum requirements.
The Directors concluded by reiterating their confidence that in spite of the uncertainty in the euro area and continued adverse effects on the local economy, the Bank will continue on course towards achieving a positive result for the financial year ending December 2009.