HSBC Bank Malta plc – Interim Financial report for the period ended 30 June 2011

HSBC Bank Malta plc – Interim Financial report for the period ended 30 June 2011

HSBC Bank Malta plc announced that in a meeting held on 29 July 2011, the Board of Directors approved the Group and Bank Interim Unaudited Financial Statements for the six-month period ended 30 June 2011.

The Group registered a rise of 19.3 per cent in its Profit before tax, amounting to EUR 50.3m for the first six months ending 30 June 2011. Net interest income also increased for the Group, from EUR 60.7m in 2010 to EUR 64.2m in 2011. Earnings per share rose to EUR 0.112. Alan Richards, Director and Chief Executive Officer of HSBC Malta said: “A strong performance from the bank in the first half of 2011 which saw pre-tax profit increase by 19% and our cost efficiency ratio drop further to 43.9%. Return on equity improved to 18.5%. The local economy continues to perform relatively well although a prolonged crisis in Libya in particular and the eurozone sovereign debt crisis may yet affect projected GDP growth rates. Nonetheless, HSBC has made excellent progress during these six months as we continue to transform the bank, and we continue to emphasise our competitive advantages as an international bank. The fundamentals of HSBC remain in excellent shape. We remain strongly capitalised, liquid and well placed to service the needs of our customers and to support the local economy.”

The Board also declared the payment of an ordinary interim dividend of EUR 0.082 gross per share (EUR 0.053 net of tax).

To view the Interim Financial Statements, Click Here.