On 1 November, Mediterranean Bank plc published its half-year financial statements showing a profit of €10.9 million for the six months ended 30 September 2012. The Bank registered €26.6 million in net operating income mainly comprising the €10 million in net interest income and other operating income of €16.8 million. On the other hand, operating expenses amounted to €10.3 million and the tax charge was €5.5 million. The results cannot be compared to the previous first half due to the change in the financial year end of the Bank.
In the same announcement, the Bank announced that it repurchased €1,336,000 (nom) of its 6.25% bonds 2015 as permitted in the Prospectus dated 13 September 2010. The Company explained that these bonds were repurchased from bondholders and subsequently cancelled. Following this buy back, the total amount of outstanding bonds has been reduced to €18.63 million.