As of September, Bank of Valletta’s profit before tax reached €223.7 million for the first nine months of the year, the Bank announced.
Bank of Valletta said that the figure was up by 36.9% over the same period last year. “This positive performance is the result of the continuous expansion of loan portfolios, a drive to improve and diversify net fee and commission income, as well as the Bank’s continued focus on its balance sheet optimisation strategy.”
The Bank went on to say that the Group’s operating income increased from €315.9 million to €359.2 million compared to the same period in 2023. This is reflected in a 14.5% rise in Net Interest Income and a 5.4% increase in Net Fee and Commission income over the same period in 2023.
“The credit portfolio has also shown consistent growth, resulting in a 9.1% increase primarily due to sustained growth across all segments including business loans, home loans and personal loans,” BOV said.
It noted that the positive performance was also prevalent on the asset quality side, where the overall non-performing exposures ratio decreased to 2.8% of total balances, as compared to 3.1% in December 2023.
Photo: BOV