HSBC Bank Malta plc

HSBC Bank Malta plc

In an Interim Directors’ Statement HSBC Bank Malta plc stated that despite challenging global and local market conditions, core income and profitability levels at the Bank remained satisfactory for the period 1 July 2008 to 30 September 2008.  As at 30 September 2008, both customers’ deposits and customers’ loans increased in line with expectations over the prior September end. During this period there was no deterioration in the quality of the lending portfolio whilst liquidity and capital ratios remained strong and ahead of regulatory requirements.  These trends have been sustained into the fourth quarter of 2008.

Alan Richards, Director and Chief Executive Officer said that the Bank is financially sound, liquid and has a conservative balance sheet policy with relatively low reliance on funding from the wholesale markets and that it has limited investments in corporate securities.  He also stated that although the banking system in Malta is in good shape, the consequences of a pronounced world economic slow down is bound to leave its mark on the local economy.

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