Bank of Valletta has today released its earnings for 2022. It reported higher revenues and profits from its operations as it increased its loan book but the net profit was less than last year due to its voluntary payment settlement of the Deiulemar case. Higher interest rates may have also been of great help to increase revenues.
Strangely enough, it did not declare the โฌ36 million Steward loan as an impairment so technically, BOV is saying there is no problem with this loan and its repayments. The bank did not declare a dividend, but this should have been expected – the bank is scandal-ridden and lacks capital to the extent that it had to shore up its reserves with a bond sale. The banking is spending significantly higher amounts on salaries and although the bank pays relatively low salaries compared to what is compared in the industry, the bank is over-staffed due to political nepotism.
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