HSBC Bank Malta plc - Interim Results

On 30 July, HSBC Bank Malta plc published its interim results as at 30 June 2010. The Board of Directors declared an interim gross dividend of €0.079 per share (June 2009: €0.077), payable on 24 August to those shareholders as at close of trading next Thursday 5 August. The shares will trade ex-dividend as from Friday 6 August 2010.

During the first six months of 2010, the HSBC Malta Group generated a pre-tax profit of €42.2 million, 21.4% higher than the comparative period last year mainly due to the improved level of revenues whilst the Bank kept its costs flat. Net interest income increased by 26.2% to €60.8 million (June 2009: €48.2 million) as a result of the re-pricing of loans during 2009 and the unwinding of term deposits. The Group however explained that liability margins remain under pressure due to the low interest rate environment.

On the Balance Sheet side, HSBC maintained a deposit level of €4.1 billion but loan and advances to customers fell by €22.1 million as in the current economic environment, borrowers looked to reduce debt levels.

HSBC CEO Mr Alan Richards explained that the Bank is encouraged by the strong performance registered during the first six months of the year and the local economy is showing signs of stability and continued growth. Mr Richards also assured investors that liquidity and capital ratios remain strong and well above regulatory requirements and the Bank remains “very much open for business”.

Download a copy of the HSBC Bank Malta plc 2010 Interim Results.

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