Daily Market Highlights (10.03.2022)

APS Bank posts net profit of €15m in 2021


The MSE Equity Price Index retracted by 0.48% to 3,723.64 points as the declines in the share prices of MIA, BOV and MIDI outweighed the uplifts in GO and Harvest. Overall trading activity in equities remained subdued as only €0.07 million worth of shares changed hands. Download today’s Equity Market Summary.

Malta International Airport plc was the most actively traded equity today as it dropped by 2.5% to the €5.85 level on volumes totalling 6,700 shares having a market value of just under €0.04 million.

Also among the large companies by market value, Bank of Valletta plc moved back to the €0.78 level (-1.3%) on 19,480 shares.

MIDI plc shed 5% to the €0.38 level albeit on shallow volumes.

In contrast, GO plc recaptured the €3.20 level (+0.6%) on a total of 3,000 shares.

A single deal of 1,700 shares lifted the share price of Harvest Technology plc 2.1% higher to the €1.49 level.

Today, Malita Investments plc announced that its Board of Directors is scheduled to meet on Friday 18 March to consider and approve the financial statements for the year ended 31 December 2021. The Board of Directors will also consider the payment of a final dividend. Malita’s equity remained inactive today.

Today, APS Bank plc published the results for the 2021 financial year. Net interest income increased by 13.3% to €55.4 million on the back of substantial growth of almost 15% in the loan book. Furthermore, non-interest income also registered an improvement from the previous year, largely due to the 34.3% upsurge in net fee and commission income to €7 million. Meanwhile, operating expenses increased by 21% to €40.6 million reflecting further substantial investments in HR, compliance, and technology. Overall, APS reported a net profit of €15.1 million (2020: €10.1 million) which, in turn, translates into a return on average equity of 7.1% (2020: 5.1%). The Bank added that it will soon approach the market to raise fresh equity capital with a view of sustaining its growth trajectory and also diversify its shareholder base.

The RF MGS Index moved lower for the third consecutive day as it slid by a further 0.59% to 1,047.114 points. Sovereign bond yields in the euro area extended their recent gains after the ECB announced that it will wind down its asset purchases faster than previously planned despite the economic fallout from the war in Ukraine which is also contributing to higher inflation. Indeed, in its statement, the central bank noted that “if the incoming data support the expectation that the medium-term inflation outlook will not weaken even after the end of our net asset purchases, the Governing Council will conclude net purchases under the Asset Purchase Programme in the third quarter.” In this context, the ECB raised its inflation outlook for this year to 5.1% (from the previous estimate of 3.2%) before easing to 2.1% in 2023 and 1.9% in 2024. Meanwhile, the central bank left its key interest rates unchanged and added that any adjustments in this regard would be “gradual” and only take place “some time” after the end of asset purchases.


This report contains public information only and is not to be construed as investment advice or an offer to buy or sell any 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.