Bank of Valletta has achieved a “record performance” for financial year 2024, with profit before tax of €302.4 million, representing a growth of 20.2% when compared to FY2023.

This was announced during a press conference hosted by BOV Chairperson Dr Gordon Cordina, CEO Kenneth Farrugia and CFO Kevin Cardona.

The Bank said that the main highlights are as follows:

Profit before Tax: Profit before tax for FY2024 amounted to €302.4 million, up from €251.6 million in 2023, reflecting a 10.1% increase in operating revenues and contained cost growth.

Dividend: The Board of Directors will be recommending a final gross dividend of €0.1314 per share, bringing the total dividend for FY2024 to €0.2238 per share, up by 92.5% from the 2023 level; this equates to a distribution of €76.7 million from H2 profits (€49.9 million net). Combined with the interim distribution, the total gross dividend payout amounts to €130.7 million (€84.9 million net).

Bonus Issue: The Board will also recommend a bonus share issue of one (1) share for every ten (10) shares held. This is subject to regulatory approval.

Share Buy-Back: The Board will be proposing a share-buyback initiative to increase the liquidity of the Bank’s equity instrument in the market, without cancelling shares. This is subject to regulatory approval.

Bond Issue: The Board will also be considering a further issuance of Bonds (Tranche 2) out of the Euro Medium Term Bond (EMTB) programme of up to €250 million, the Bank said.

Balance Sheet Growth: The Bank said that its balance sheet expanded to €15 billion (67.1% of GDP, and 107% that of all other domestically oriented institutions taken together), while credit grew by €700 million during the year, with the Bank’s interest rates remaining among the lowest in the euro area.

Photo: BOV

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