Addressing a business breakfast for licensed stockbrokers and financial intermediaries recently, BOV chairman, Roderick Chalmers gave a detailed presentation of BOV’s interim results.

The half yearly results were published the previous week following a meeting of the board of directors.

“Over the past months, Bank of Valletta has been focusing hard on big ticket issues and the benefits of this focus are now showing through in terms of much improved results, and, in particular, a reduced impairment charge. Indeed, the Lm18.8 million profit before tax for the six-month period ended 31 March 2006 is the highest ever interim result registered by the BOV Group. It represents an increase of Lm9.0 million, or 92.2 per cent, over the half yearly profit, (as restated), registered last year,” Mr Chalmers said.

“In view of these good results, the board of directors has declared an interim dividend of 5.5 cents per share, gross of tax, an increase of 46.7 per cent on the interim dividend of 3.75 cents per share declared last year, as restated following the bonus issue,” the BOV’s chairman added.

Mr Chalmers answered a number of questions put forward by analysts present at the business breakfast. He said that, looking ahead, the board hopes that, barring unforeseen circumstances, the group should be able to sustain the rate of profitability achieved in the first six months through the second half of FY2006.

“The expectation, therefore is that the two halves of FY2006 were likely to be in closer equilibrium than was the case in 2005,” said Mr Chalmers who explained that whereas the results for the first six months were up 92 per cent, in such a projected scenario, the increase for the current year as a whole would be more modest.

In his presentation, Mr Chalmers emphasised that nearly all divisions in the bank did well; Financial Markets and Investments performed strongly, Credit grew the loan book with quality business, Fund Management had a great half year, as did Bancassurance and Stockbroking.