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At a meeting held on 22 July 2005, the Board of Directors of HSBC Bank Malta p.l.c. approved the Group and Bank Interim Accounts for the six-month period to 30 June 2005.
During the first half of 2005, HSBC Bank Malta registered a pre-tax operating profit of Lm18.5 million. Operating profit before net loan impairment releases is recorded at Lm17.5 million and represents an increase of 14.3 per cent over the Lm15.3 million earned last year. Tax on profits was Lm6.4 million resulting in a Net Profit of Lm12.1 million for the first six months of the year. Capital increased to LM139 million and the Capital Ratio was 13.5 per cent.
The Board recommended an interim dividend of 19.1 cents gross per share and additionally a special dividend of 27.4 cents gross per share, giving a total interim dividend of 46.5 cents gross per share. This represents a yield of 8.9 per cent on current share price of LM5.20. This will be payable to shareholders who are on the company’s register of shareholders as at 29 July 2005. The ordinary dividend payment of LM9.1 million is 75 per cent of current year earnings, while the special dividend payment of LM13 million is paid out from retained reserves from earnings built up over the last five years and considered surplus to local Regulatory Capital Ratio requirements (8 per cent), internal capital plans and normal global banking practice.
HSBC Bank Malta p.l.c. Chairman, Mr Albert Mizzi, said: "The Group's excellent interim results reflect the continued strength and growth of the Bank. The focus on the high quality of service we provide our customers and their own financial well-being underpins that growth.”
Shaun Wallis, Director and Chief Executive Officer of HSBC Bank Malta p.l.c., said: "Our results for the first six months confirm the business momentum we have been building up, with solid growth in all three customer business lines. Our focus is geared towards maximizing existing customer relationships and achieved through a clear understanding of clients’ needs, delivering appropriate products and services together with the identification of new cost efficiencies within our core processes.”
The Board of Directors reaffirmed HSBC’s commitment to remaining a strong participant both in the development of Malta's economy and financial services sector and in being a responsible contributor to the Community at large. The Board advised that HSBC will be making a separate announcement on a major new Community initiative and sponsorships of LM100,000 in the coming days.
“We would like to thank our customers for their support during the first six months of this year and to thank our staff for their continued high level of commitment to customer service.
We remain optimistic about economic activity in Malta for the remainder of the year and our own future business prospects” concluded Mr Wallis.
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