APS and BOV generate record H1 profits
The MSE Equity Price Index advanced by 0.15% 3,7853.843 points as the gains in BOV and Plaza outweighed the declines in GO and APS. Meanwhile, two other equities closed unchanged as the total trading activity amounted to €0.25 million. Download today’s Equity Market summery.
Bank of Valletta plc gained 2.4% to an over 4-year high of €1.28 across strong volumes totalling 181,466 shares. Today, BOV announced its interim financial statements for the six-month period ended 30 June 2023. As of June 2023, BOV increase its net interest income by 83.3% to €159.8 million compared to €87.2 million generated the first half of 2022, boosting net operating income for the period to €202.5 million (H1 2022: €131.3 million). BOV recorded a loan to deposit ratio of 47.6% (year-end 2022: 44.3%) fuelled by an increase in outstanding loans as well as a slight relative decrease in deposits. Shareholders’ funds at the end of the period tallied to €1.18 billion which translates to a net asset value per share of €2.026.
Plaza Centres plc surged by 6% to a one-month high at the €0.71 level on a single trade of 1,200 shares.
Meanwhile, APS Bank plc eased by 0.8% to the €0.61 level. Today, APS published its interim financial statements for the six-month period ended 30 June 2023. APS generated net interest income of €37.1 million, driving its net operating income for the period to €42.4 million (H1 2022: €26.9 million). Overall, APS posted a profit before tax for the period of €17 million and the net profit attributable to shareholders amounted to €10.8 million. APS recorded growth in both loans and deposits, with the loan-to-deposit ratio increasing to 87.3% from 87.1% as at the end of 2022. Shareholders’ funds as of June 2023 amounted to €264.4 million, which translates to a net asset value per share of €0.693. The board declared a net interim dividend of €0.0056 per share to all shareholders as at close of trading on 23 August 2023. Shareholders can elect to receive the dividend in cash or through the issuance of new ordinary shares at an attribution price of €0.57 per share. In his commentary, the CEO stated that later this year, APS will launch an issuance programme of Tier 2 debt instruments.
GO plc slumped by 3.3% to the €2.9 level on one trade of 750 shares.
Meanwhile, Malta International Airport plc held the €5.65 level across four deals totalling 402 shares. MIA is set to publish its interim financial statements for the six-month period ended 30 June 2023 on Tuesday 1 August.
Also among large equities by market cap, Simonds Farsons Cisk plc traded flat at the €7.00 level on two trades of 803 shares.
The RF MGS Index eased by 0.12% to 871.565 points. Yesterday, the US Federal Reserve increased rates by a further 25 basis points to a range between 5.25% and 5.50%, as expected. Likewise, the ECB announce another 25-basis point rate hike today, with the deposit rate going up to 3.75%. In its commentary the ECB maintained the door open for a possible pause in tightening further of the monetary policy.
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.