Bank of Valletta plc - Half-Year Results

Bank of Valletta plc published its interim results to 31 March 2010 following a Board of Directors’ meeting held on Friday 30 April. During the first six months of BOV’s financial year, the Group generated a pre-tax profit of €47.5 million, substantially higher than the €6.3 million recorded in the comparative 6-month period to 31 March 2009. The Directors explained that the retail and corporate businesses of the Bank have continued to perform well and BOV has seen a further modest claw-back of the unrealized fair value mark downs on its Financial Markets portfolio. During the 6-months to 31 March 2010, BOV increased its shareholding in its jointly controlled company – Middlesea Insurance plc – to 31.077% following the Rights Issue launched in November 2009. Bank of Valletta plc’s share of loss of from Middlesea amounted to €3.6 million which includes the impact on Middlesea’s results of the write-off of its entire investment in Progress Assicurazioni SpA following the decision that was taken to wind up the operations of the company.

The Directors also stated that during the period under review the Bank continued to manage its balance sheet in a deliberate and prudent manner. Liquidity remains strong with a capital ratio position at 14.4%. The BOV Group expects that the general economic environment will continue to improve however this recovery will be slow and somewhat erratic.

The Directors declared a gross interim dividend of €0.075 (net: €0.049) per share to those shareholders as at close of trading on Friday 7 May 2010. This dividend will be paid on 28 May 2010.

A copy of the Preliminary Profits Announcement can be downloaded from here.

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