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HSBC Bank Malta registers pre-tax profit of €83.1 million in 2010
HSBC Malta Chief Executive Officer, Alan Richards has told shareholders that the bank had delivered strong results during 2010, registering a profit before tax of €83.1 million, a 16.7 per cent increase over 2009.
“The year was characterised by greater competition, increasing regulation, continued low interest rates, some softening of demand for lending, and ongoing volatility in the investments markets.” Alan Richards told shareholders during the Bank’s Annual General Meeting.
Richards said this year the Maltese economy is expected to perform relatively well with a projected GDP growth higher than the EU average, but reiterated that global and euro-zone challenges remain. Interest rates are expected to remain relatively low, impairments will be monitored closely and there will be tighter regulation on capital and liquidity. “Competition continues to increase and the Bank is not immune to international developments. HSBC has a clear strategy in place, our capital is comfortably in excess of regulatory requirements and we remain well-placed to support our customers and the local economy,” he said.
The Bank’s Chief Financial Officer, Josephine Magri, provided a detailed analysis of the 2010 financial results, explaining the Bank’s strong performance. She also updated the shareholders on developments within the regulatory environment, the Bank’s share price and dividend policy.
The AGM confirmed the Directors appointed by the majority shareholder HSBC Europe BV: Albert Mizzi (Chairman), Alan Richards (Chief Executive Officer), Philip Farrugia (Chief Technology & Services Officer), Peter Boyles,Philip Farrugia Randon and Charles J Farrugia. James Dunbar Cousin, Peter Paul Testaferrata Moroni Viani and Sonny Portelli were re-confirmed by the minority shareholders as non-Executive Directors.
The shareholders approved all ordinary resolutions presented during the meeting. The audited accounts for the year ended 31 December 2010 were approved. A final ordinary gross dividend of 7.7 euro cent per share was approved, to be paid on 21 April 2011. This together with the gross interim dividend of 7.9 euro cent per share results in a total gross dividend for the year of 15.6 euro cent. The shareholders approved also the re-appointment of KPMG as auditors.
“The AGM provides an appropriate platform for shareholders to be updated on the Bank’s performance and strategy and to also share their views and concerns with the Board,” said HSBC Malta Chairman Albert Mizzi.”
