Volksbank, the parent company of the local commercial bank Volksbank Malta, has presented its review of a successful first half-year 2006.

“Volksbank AG reached a half- yearly result of EUR77 billion as per 30 June,” managing director Herbert Skok explained. “Compared to the total balance sheet sum as per 31 December 2006, this is a growth of EUR9.4 billion or 14 per cent.

‘This positive result shows that Volksbank is on the right track,” Group Chairman Franz Pinkl said. “We have set ambitious targets, and we’re on the way to reach them fast. Another positive aspect of the half-yearly financial results is that all of our five main sectors – retail, corporates, municipals, financial markets and real estate – have essentially contributed to this success. This shows the balance and stability of our new group structure, which was changed after the acquisition of Investkredit last year.”

The positive results are also reflected in the number of employees within the Volksbank Group. “Volksbank AG now has a network of more than 750 branches in Austria, Malta, Bosnia-Herzegovina, Croatia, Czech Republic, Hungary, Italy, Liechtenstein, Romania, Serbia, Slovakia, Slovenia, Switzerland and the Ukraine,” Mr Skok continued.

“Since the beginning of this year, over 100 new branches have been opened, especially in Central and Eastern Europe. At the end of June, the group employed 7.936 staff members, 17 per cent of whom joined the group since the beginning of the year. Volksbank AG is a very attractive employer, and our staff members are the people who contribute essentially to the success of the group.”