During Bank of Valletta’s 51st Annual General Meeting, BOV shareholders approved a record dividend payout, a share buyback programme, and a bonus share issue.

The Bank’s Chairperson Dr Gordon Cordina and CEO Kenneth Farrugia addressed the shareholders present, highlighting the Bank’s positive performance for 2024 and outlined the Group’s plans for the year. At the meeting, shareholders approved:

a record gross dividend payout of €0.2238 per share for the Financial Year 2024, totalling €130.7 million. This dividend is the highest in the past ten years;

a Share Buyback Programme that could involve buying up to 2,800,000 shares (pre-bonus issue) from shareholders to enhance trading liquidity. Further information on this program, which is still subject to regulatory approval, will be issued by the Bank over the coming months; and

a bonus share issue where shareholders listed on the register as at 26th June 2025 will receive one additional share for every ten shares they hold. This initiative aims to further enhance shareholder value.

This year’s AGM also saw the appointment of two new non-executive directors to the board.

Addressing shareholders, Chairperson Dr Gordon Cordina commented on the Bank’s strong, sustainable market position as Malta’s leading financial services institution. He explained that the Bank has generated value to its shareholders in excess of €520 million since 2020, mainly due to dividend payouts and a notable increase in BOV’s share value.

The Chairperson also thanked the outgoing board members for their contribution to the work of the Board over the past years.

In his address to shareholders, Bank of Valletta CEO Kenneth Farrugia provided key highlights of the Bank’s strong financial performance for 2024 and highlighted several key strategic and business initiatives that were implemented over the period under review and others that are currently being taken forward by the Bank.

The new Board will be composed as follows:

GORDON CORDINA CHAIRPERSON AND NON-EXECUTIVE DIRECTOR

NICOLA ANGELI NON-EXECUTIVE DIRECTOR

INGRID AZZOPARDI* NON-EXECUTIVE DIRECTOR

CHRISTIAN BONNICI WEST NON-EXECUTIVE DIRECTOR

DIANE BUGEJA NON-EXECUTIVE DIRECTOR

KENNETH FARRUGIA EXECUTIVE DIRECTOR

ANATOLI GRECH EXECUTIVE DIRECTOR

ANITA MANGION NON-EXECUTIVE DIRECTOR

HADRIAN SAMMUT NON-EXECUTIVE DIRECTOR

DEBORAH SCHEMBRI NON-EXECUTIVE DIRECTOR

JONATHAN SPITERI NON-EXECUTIVE DIRECTOR

ROBERT SUBAN NON-EXECUTIVE DIRECTOR

SUE VELLA* NON-EXECUTIVE DIRECTOR

* Subject to regulatory approval and the appointment date shall be deemed to be the date of receipt of regulatory approval.

Photo: BOV

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