During a meeting with licensed stockbrokers and financial intermediaries held this week, Roderick Chalmers, chairman of Bank of Valletta, announced that BOV had not only registered record results for the financial year ended 30 September, but had also held or gained market share right across its range of products..

Mr Chalmers was addressing a business breakfast meeting during which he gave a detailed presentation on the financial results of the BOV Group for financial year 2006, following the publication of the preliminary profit statement last week. BOV has registered a record pre-tax profit of Lm38.4 million for FY 2006, an increase of 44 per cent over the previous year – results that led the Board of Directors to recommend a final gross dividend of 11 cents per share, which makes for a total gross dividend of 16.5 cents for the year, an increase of 47 per cent over last year.

“This was a record year during which our total assets increased by an impressive Lm212.5 million; customers’ deposits were up by Lm165 million; while net advances increased by Lm149 million,” Mr Chalmers said.

The results Bank of Valletta has announced were underpinned by increases in revenues across the board, coupled with the successful containment of costs. Mr Chalmers said that the main drivers of profitability were an improved margin contribution through quality growth in the credit book and good performance from Financial Markets & Investments, an outstanding year for Fund Management business, and strong results from Bancassurance and stockbroking. At the same time, the bank’s strategic investments performed well and it was able to report a decrease in the net impairment charge.

Following the presentation, the chairman answered a number of questions asked by the stockbrokers present.