APS more than doubles pre-tax profit to €23.9m in H1
Following last week's article detailing the performance of the S&P 500 index in 2025, it is worth devoting time to review the developments across the European equity markers in my last article of the year.
The MSE Equity Price Index moved higher for the first time in four sessions as it edged up by 0.14% to 4,105.5 points, with the gains in APS, AX Real Estate, BOV, and Malta Properties outweighing the declines in four other equities. Meanwhile, BMIT and Quinco closed the day unchanged as total trading value amounted to €0.67 million. Download today’s Equity Market Summary.
APS Bank plc surged by 7.3% to close at the day’s high of €0.59 across four deals totalling 23,659 shares. Today, APS published its interim financial statements for the six-month period ended 30 June 2026. Net interest income surged by 43% to €51.0 million reflecting both the growth in gross interest income of 12.8% to €67.8 million as well as the 31% drop in interest expenses to €16.8 million. Furthermore, non-interest income expanded by 49% to €7.7 million. Meanwhile, APS recorded a net impairment loss of €2.5 million, which is higher than the €0.45 million recognised in the first half of 2025 and primarily relates to the commercial and syndicated loan portfolios. On the expenditure side, total operating costs increased by 4.0% to €32.8 million. Profit before tax more than doubled to a record at interim stage of €23.9 million compared to €9.14 million in H1 2025. After accounting for a tax charge of €7.62 million and minimal profit attributable to non-controlling interests, the profit for the period attributable to shareholders amounted to €16.1 million (H1 2025: €4.87 million), which translates into an annualised return on equity of 9.2% (H1 2025: 3.3%). The Statement of Financial Position as at 30 June 2026, when compared to the end of 2025, shows that total assets increased by 3.2% (or €151 million) to €4.80 billion principally composed of customer loans which increased by 7.5% (or €253 million) to €3.63 billion. Total liabilities expanded by 3.3% (or €142 million) to €4.42 billion largely reflecting the 2.6% (or €108 million) increase in customer deposits to €4.24 billion. Consequently, the loan-to-deposit ratio (including syndicated loans) increased to 89.9% compared to 85.9% as at the end of 2025. Similarly, shareholders’ funds increased by 2.7% to €359 million which translates into a net asset value of €0.734 per share.
The Board of Directors of APS declared a net interim dividend of €4.0 million (H1 2025: €1.8 million), which is equivalent to €0.0082 per share and represents a payout ratio of 25%. This dividend in the form of scrip is payable to all shareholders as at close of trading on Tuesday 18 August 2026. The attribution price for the determination of the scrip dividend will be announced on 20 August 2026 and the payment date is set for 30 September 2026.
Bank of Valletta plc was today’s most actively traded equity with over €0.5 million changing hands across twelve deals totalling 235,077 shares, as it rebounded by 0.9% to the €2.15 level. Yesterday, BOV published its interim results for the six-month period ended 30 June 2026. Overall, operating income increased by 3% to €251 million. However, costs also increased to €129 million compared with €117 million in the first half of 2025. The net profit for the period fell by 11.8% to 79 million. The board of BOV declared a net interim dividend of €33.6 million, which is equivalent to €0.0523 per share payable to all shareholders as at close of trading on Tuesday 4 August 2026. The dividend will be paid on Friday 21 August 2026.
AX Real Estate plc regained the €0.49 level as it climbed by 4.3%, fully reversing yesterday’s drop.
Malta Properties Company plc added 2.4% to the €0.42 level, although on trivial volume.
In contrast, HSBC Bank Malta plc eased by 1.4% to the €1.41 level across ten deals totalling 58,803 shares.
GO plc shed 4.5% to the €2.52 level, albeit on muted activity.
PG plc (-3.1% to €1.55) and Simonds Farsons Cisk plc (-1.8% to €5.60) also ended the day lower.
BMIT Technologies plc traded flat at the €0.254 level, while Quinco Holdings plc similarly held the €0.88 level, both on negligible volume.
The RF MGS Index declined for the second consecutive session as it dropped by 0.27% to 888.3 points. US Treasury yields extended their rise after the Federal Reserve yesterday kept the federal funds target range unchanged at 3.50% to 3.75% for a fifth consecutive meeting, with three FOMC members dissenting in favour of a 25 basis point hike and Chair Warsh refraining from offering clear forward guidance. As a result, the US 10-year Treasury yield climbed to around 4.7%, its highest level since January 2025, while the 30-year yield touched a 19-year high of just above 5.2%. Within the eurozone, the German 10-year yield held close to last week’s 15-year high at around 3.2% as the euro area economy expanded by 0.4% in the second quarter, surpassing expectations, and German inflation accelerated to a three-month high of 2.8% in July, reinforcing expectations of another ECB rate hike.
This report contains only public information and is not to be construed as investment advice or an offer to buy or sell securities. Information contained herein is based on data obtained from sources considered to be reliable, but no representations or guarantees are made with regard to the accuracy of the data. Stock markets are volatile and subject to fluctuations which cannot be reasonably foreseen. Past performance is not necessarily indicative of future results. Rizzo, Farrugia & Co. (Stockbrokers) Limited is a company licensed to undertake investment services in Malta by the MFSA under the Investment Services Act, Cap. 370 of the Laws of Malta and a member of the Malta Stock Exchange.
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This article was produced by Edward Rizzo, Director at Rizzo Farrugia, which is a company licensed to undertake investment services in Malta by the MFSA under the Investment Services Act, Cap. 370 of the Laws of Malta and a member of the Malta Stock Exchange. The company’s registered address is at Airways House, Fourth Floor, High Street, Sliema SLM 1551, Malta.
The article contains public information only and is published solely for informational purposes. It should not be construed as a solicitation or an offer to buy or sell any securities or related financial instruments. No representation or warranty, either expressed or implied, is provided in relation to the accuracy, completeness or reliability of the information contained herein, nor is it intended to be a complete statement or summary of the securities, markets or developments referred to in this article. Rizzo, Farrugia & Co. (Stockbrokers) Ltd (“Rizzo Farrugia”) is under no obligation to update or keep current the information contained herein. Since the buying and selling of securities by any person is dependent on that person’s financial situation and an assessment of the suitability and appropriateness of the proposed transaction, no person should act upon any recommendation in this article without first obtaining investment advice. Rizzo Farrugia, its directors, the author of this article, other employees or clients may have or have had interests in the securities referred to herein and may at any time make purchases and/or sales in them as principal or agent. Furthermore, Rizzo Farrugia may have or have had a relationship with or may provide or has provided other services of a corporate nature to companies herein mentioned. Stock markets are volatile and subject to fluctuations which cannot be reasonably foreseen. Past performance is not necessarily indicative of future results. Foreign currency rates of exchange may adversely affect the value, price or income of any security mentioned in this article. Neither Rizzo Farrugia, nor any of its directors or employees accepts any liability for any loss or damage arising out of the use of all or any part of this article. Additional information can be made available upon request from Rizzo, Farrugia & Co. (Stockbrokers) Ltd., Airways House, Fourth Floor, High Street, Sliema SLM 1551. Telephone: +356 2258 3000; Email: info@rizzofarrugia.com; Website: www.rizzofarrugia.com © 2021 Rizzo, Farrugia & Co. (Stockbrokers) Ltd. All rights reserved. This article may not be reproduced or redistributed, in whole or in part, without the written permission of Rizzo Farrugia. Moreover, Rizzo Farrugia accepts no liability whatsoever for the actions of third parties in this respect.
This article was produced by Edward Rizzo, Director at Rizzo Farrugia, which is a company licensed to undertake investment services in Malta by the MFSA under the Investment Services Act, Cap. 370 of the Laws of Malta and a member of the Malta Stock Exchange. The company’s registered address is at Airways House, Fourth Floor, High Street, Sliema SLM 1551, Malta.