On 27 August, Lombard Bank Malta plc announced its 2009 interim results showing a 17% drop in pre-tax tax profits to €6.44 million. The decline in profitability was solely due to lower performance at the Group’s subsidiary MaltaPost plc. In fact, the banking operations of the Lombard Group saw its pre-tax profits rise by 5.7% to €5.41 million.
The postal services operator had recognised a number of one-time transactions in 2008 which were not repeated during the current financial year. The Directors reiterated that since MaltaPost became a subsidiary in 2007, a number of synergies were identified which stand to benefit the Lombard Group over the coming years.
The Directors concluded by stating that the Group is well positioned to continue to provide stakeholders with added value even in the present challenging times.
Similar to previous years the Directors did not declare the payment of an interim dividend.
Download a copy of the 2009 Interim Results.