Bank of Valletta’s will not to declare an interim dividend, and will not be recommending the payment of a final cash dividend, its chairman, Deo Scerri, said on Tuesday.
He was speaking as the bank recorded a pre-tax profit of €13.5 million, after recognising a provision against litigation losses of €75 million.
The bank announced its half-yearly results for the six months which ended June 30. Profit before litigation provisions amounted to €88.5 million, 30% more than the €67.8 million recorded for the same period last year. It was the highest ever half-yearly profit reported by the group.
Total income for the group, comprising interest margin, fees and trading income, amounted to €127.9 million, compared to €115.5 million last year, an increase of 11%. Costs were kept under control, rising by 2% to reach €63.9 million. The group also benefited from an improvement in the credit quality of its loan book, which led to a reversal of impairment provisions of €20.2 million.
The results were impacted by a provision of €75 million against potential losses arising on significant litigation cases which arose in previous years in which BOV is involved. The board of directors kept these…
