Mediterranean Bank will soon be launching, in Malta, its retail eBanking offering, which will be the second phase of the bank’s internet offering, coming shortly after the successful launch of its corporate eBanking offering.

This was announced by the bank in its condensed financial statements dated 30 September, which were announced as a company announcement last week.

The retail eBanking offering, the bank announced, will be launched in conjunction with its new internet-based platform for investment services, which will provide ‘cost efficient, transparent solutions, in an information-rich environment of (the bank’s) mass affluent customer base’.

The bank said it is its intention, through this offering, to both grow and diversify the income generation of the bank.

The bank also announced it intends to launch its services in another European jurisdiction around the end of the bank’s financial year.

During the first six months of this financial year, the group and bank recorded a profit before tax of €16.356m and €18.443m respectively.

This was driven through the bank’s focus on its treasury management capabilities which, combined with its low cost base and superior customer service, has enabled it to position itself as a market leading provider of savings and term deposit products, primarily in the Maltese market.

During the six months ended 30 September, the bank witnessed a 10% growth of its investment securities portfolio to €1.56bn (31 March 2012: €1.42bn).

During the same period, corporate lending activities grew by €178.2m and at 30 September the balance stood at €205.9m (31 March: €27.7m).

During the six months ended 30 September, the bank registered a net increase income of €10.1m (30 June 2011: €13.5m) and other operating income of €16.8m (30 June 2011: €1.3m) resulting in a net operating income of €26.6m (30 June 2011: 15.3m). Total operating expenses amounted to €10.3m (30 June 2011: €13.7m).

The average number of employees increased from 81 for the period to 30 June 2011 to 152 during the period ended 30 September, with a corresponding increase in personnel expenses which amounted to €5.2m for the six months ended 30 September (30 June 2011: €2.8m. The number of employees increased from 88 as at 30 June 2011 to 160 at 30 September.

The directors anticipate continued stable but growing revenues for the remainder of the financial year.