On 18 May, Lombard Bank Malta plc published its Interim Statement informing the market that since the start of 2012 the Bank has continued to uphold prudent practices in the management of its Balance Sheet as reflected in its sound financial fundamentals, namely the Liquidity and Capital Adequacy Ratios both of which remain well above regulatory requirements.
Lombard Bank noted that while loans and advances to customers have increased marginally over the corresponding period last year, the deposit base has stayed at the same level with profitability levels also corresponding to those of the same period in 2011.
However, Lombard Bank indicated that the drop in profits registered by MaltaPost plc during the first half of their financial year to 31 March 2012, as well as a one-off trading gain registered by the Bank in the first half of 2011, are likely to negatively impact the Group’s consolidated comparative financial results for the half year to 30 June 2012.
Lombard Bank once again re-iterated that it holds no exposure whatsoever to financial instruments of non-Maltese sovereign or corporate entities.
The Directors explained that they remain confident that the Bank is on course towards achieving a positive result for their 2012 financial year.