The 2007 annual general meeting of Lombard Bank Malta plc approved a final gross dividend of 12c5 per share, representing a gross payment of Lm1,066,793 (net Lm693,415), either in cash or through new shares. In a company announcement issued previously, the bank had announced that the attribution price for the purpose of determining the new share allocation had been established at Lm5.233.

By means of a separate resolution, the shareholders also approved the re-appointment of KPMG as auditors of the bank, as well as the remuneration of the directors for the holding of their office.

The meeting was held at the Chamber of Commerce in Valletta, and the shareholders approved the financial statements of the Lombard Bank Group for the year ended 31 December 2006.

These statements show a record profit before tax of Lm3.867 million, compared to Lm3.666 million for the 12 months ended 31 December 2005.

The chairman advised the members that while net interest income had risen by 10 per cent, largely driven by a 14.4 per cent growth in credit activity, net fee and commission income had increased by 10.5 per cent. A very satisfactory Cost to Income Ratio of 35.1 per cent had been achieved, despite the absence of significant economies of scale.

Furthermore, the chairman emphasised the bank’s determination to continue to apply prudent credit policies at all times. He advised that shareholders’ funds had increased by 14.9 per cent, earnings per share stood at 29c5 (2005: 28c3) and total assets had increased by 9.5 per cent to Lm206 million (2005: Lm188 million).

The bank’s board of directors is made up of Mr C. Lemmerich (chairman), Mr J.M. Demajo, Mr G.A. Fairclough, Dr G. Maiga, Mr J. Said, Mr S. Loffredi and Mr M. Zammit.