Bank of Valletta plc approved the audited financial statements for financial year ended December 31, 2020. The Board resolved that these audited financial statements be submitted for the approval of the shareholders at the forthcoming Annual General Meeting (AGM) being held on May 20, 2021.

Statement of profit or loss

Profit before tax

2019	2020	% Change
€89.2 million	€15.2 million	-83%

Operating profit

2019	2020	% Change
€73.3 million	€4.7 million	-94%

Earnings per share

2019	2020	% Change
€10.9c	€2.4c	-78%

Statement of financial position

Total assets

2019	2020	% Change
€12.3 billion	€12.9 billion	+5%

Total liabilities 

2019	2020	% Change
€11.3 billion	€11.8 billion	+4%

CET1 ratio

2019	2020	% Change
19.5%	20.9%	+1.4%

Capital ratio

2019	2020	% Change
23.1%	24.5%	+1.4%

Dividends

In line with the regulators’ recommendation, the board has responsibly decided not to declare distribution of dividends for year 2020.

Outlook

2021 is shaping up to be another challenging year with the ongoing pandemic, once again, taking front and centre stage. Malta also awaits the outcome of the MONEYVAL assessment and the extent of Brexit on the economy, all against the persistent low interest rate scenario. The Bank is committed to emerge from this episode in a position of strength and is confident that the strategy will put the Bank in the best position to do so. The Bank’s effort to increase the penetration of assets-under-management products will offer its customers the opportunity to earn a better return on their funds. The renewed focus on pricing aims to reflect the underlying risks and costs of the services offered. The new business banking and consumer finance solutions will bring superior value to customers. Finally, the transformation and digitisation of the Bank’s operating model aims to bring everything together and places BOV nearer to its customers than ever before.

 

Click here to download the full financial statement.