![]() ![]() This follows the Government's decision to provide subsidies to cushion the impact such as on utility bills, fuel, and basic food items. So far, the overall price shock experienced by households and business in Malta has been less severe than in other European countries. The suite of real GDP growth forecasts available "for Malta all suggest that the country is expected to continue growing this year, albeit at a slower pace than in pre-pandemic years. This conflict hasĪmplified international inflationary pressures and dampened theĮconomic growth outlook among Malta's main trading partners. Provisioning which the Bank has cautiously undertaken to caterįor the new risks created by the war in Ukraine. However, this impact was outweighed by the additional credit risk The remaining credit risk provisions associated with COVID-19. Malta's progressive economic recovery from the downturnĬaused by the pandemic has enabled the Bank to release all of The Bank will continue to collaborate fully with authorities to strengthen Malta's AML/CFT regime and its implementation, and in this manner safeguard Malta's financial sector reputation, which is key to BOV's success. This has eliminated the risk of a prolonged grey listing status, which could eventually have impacted BOV's performance and its ability to service clients effectively. The announcement that Malta will no longer be subject to the FATF's increased monitoring process is also a positive development. Although this cost will condition the Bank's financials this year, the resolution of this case has eliminated a serious litigation risk, thereby allowing the Board to work in a more serene manner towards future dividend recommendations. The mid-year performance of the Bank was impacted by the out-of-court settlement of the Deiulemar case. I am pleased to present to our shareholders the Financial Statements for the first half of 2022. #THE VALLETTA GROUP DOWNLOAD#The Half Yearly Statements including the Interim Directors' Report for the period ended 30 June 2022, are available for view and download on the Bank's website under the Investor Relations section and are also attached herewith: This decision took account of the net loss reported for the period arising from the settlement of the Deiulemar litigation, and the need to remain aligned with regulatory expectations within this context. The Board has decided that, notwithstanding the resolution of the Deiulemar litigation and the sustained commercial performance of the Bank during the first half of 2022, no interim dividend is being declared. Excluding the impact of Deiulemar settlement, the interim results for the first six months of the year 2022 were €26.1 million profit before tax. This result includes €102.7 million in net settlement of the Deiulemar litigation which took place in May 2022. Loss before tax for the six months amounts to €76.6 million (June 2021: Profit before tax of €25.9 million). These financial statements have been reviewed by KPMG Malta in accordance with ISRE 2410 'Review of Interim Financial Information Performed by the Independent Auditor of the Entity'. approved the attached Group and Bank condensed Half Yearly Financial Statements for the six-month financial period commencing 1 January 2022 to 30 June 2022. ![]() pursuant to the Capital Markets Rules, issued by the Malta Financial Services Authority:ĭuring a meeting held on Thursday 28 July 2022, the Board of Directors of Bank of Valletta p.l.c. The following is a Company Announcement issued by Bank of Valletta p.l.c. ![]()
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