Lombard Bank Malta plc – Approval of Financial Statements
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.