On 28 October 2011, Bank of Valletta plc published its full-year results for the financial year ended 30 September 2011. The results reveal a 34.3% drop in profitability to €42.1 million. The Bank explained that whilst the retail and corporate businesses of the Group continued to perform steadily, the uncertainty in the financial markets (particularly in the second half of the year) resulted in an overall drop in fair value of €24.9 in the international bond portfolio held by BOV’s Financial Markets Division. The Bank stated that the financial statements were also impacted by the charge of €15 million relating to the settlement to investors of the La Valette Multi Manager Property Fund.
The Directors recommended a final gross dividend of €0.08 (net: €0.052) per share to shareholders as at close of trading on 11 November 2011. Together with the gross interim dividend of €0.0625 per share, the total dividend of €0.1425 represents a 27.2% drop from the previous full-year dividend of €0.196 per share. The final gross dividend will be paid on 17 December 2011 following approval during the upcoming Annual General Meeting.
The Directors also recommended a 1 for 8 bonus issue to shareholders as at close of trading on 9 January 2012. This bonus issue will be funded through the capitalisation of €30 million of reserves.
Download a copy of the September 2011 Bank of Valletta plc Preliminary Results.