Malta’s main politically neutral and Nothing Ever Happens Bank posted its half-yearly results, yesterday. HSBC Malta posted increased profits due to higher interest rates and better trading activity.
HSBC’s profits from its loans to its customers increased by 15% while its loan volume to customers decreased by 3.4% from €3 billion to €2.9 billion. Despite the shrinking volume in loans to customers, HSBC has invested €6.6 million last year in upgrading its technology, training and on its currently developing HSBC Hub in Qormi. HSBC Chairman Geoffrey Fichte has also repeatedly claimed that HSBC is not interested in selling its Maltese arm.
HSBC Malta posted a profit €78 million and a net interest income of €106 million. The bank also increased its investment portfolio substantially, from around €400 million to €1.1 billion betting most probably on US Treasuries like BOV.
HSBC’s stock price rose up to 11% after BOV’s publication of its positive results and rose another 2.3% climbing to €1.74 following HSBC’s posting of its results.
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