Lombard Bank Malta plc approved the audited financial statements for the financial year ended December 31, 2020 and resolved that these statements be submitted for approval at the forthcoming Annual General Meeting, to be held on May 28, 2021.

Statement of profit or loss

Profit before tax

2019	2020	% Change
€15.3 million	€10.4 million	-32%

Operating income

2019	2020	% Change
€15.3 million	€10.5 million	-31%

Earnings per share

2019	2020	% Change
21c1	15c0	-29%

Statement of financial position

Total assets

2019	2020	% Change
€1.04 million	€1.13 million	+8.7%

Total liabilities 

2019	2020	% Change
€0.9 million	€1 million	+11%

CET1 ratio

2019	2020	% Change
16.01%	15.82%	-1.2%

Capital ratio

2019	2020	% Change
16.01%	15.82%	-1.2%

Dividends

The board resolved to recommend the payment of a final gross dividend of €0.03 (net dividend of €0.0195) per nominal €0.25 share which will be paid on June 9, 2021 to shareholders on the register as at April 28, 2021.  Moreover, the board also resolved to recommend a bonus share issues of one share for every seventy-five shares held which will be allotted on June 24, 2021 to shareholders on the register as at June 23, 2021. The bonus issue will be funded by the capitalisation of reserves amounting to €147,000.

Outlook

The Group’s underlying fundamentals remain strong and considering the challenges faced, the bank registered a satisfactory performance during 2020. The bank’s investment horizon seeks to go beyond the pandemic crisis and as a result remains determined to pursue the strategic priorities of the Business Plan 2020-2022, though always mindful of pandemic-related issues that are likely to persist during 2021.

Click here to download the full financial statement.