Bank of Valletta’s stock price has risen by 6.7% from €1.48 to €1.58 after announcing its half of the year earnings report. Profits for the bank surged by 40.9% compared to the first half of last year.
The bank’s stock price has been on a slow grind up ever since it bottomed in March 2022 after it had settled the Deiulemar case.
The bank’s profits increased from most of its activities including with a higher volume of loans issued out making the total outstanding private and credit to its clients at around €6.5 billion, most of these being composed of property loans. The bank has also moved €1 billion of its cash from the Central Bank to other investments, most probably gaining a higher yield out of them. Client deposits at the bank have remained the same at €12.16 billion compared to €12.15 billion last year. Clients may also be taking on more debt and this is something I have asked the bank along with other questions.
You can download the full report from the bank’s website here.
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