Bank of Valletta (Group) continued posting good results as it announced its first quarter results yesterday afternoon stating it made a revenue of €67.1 million, 5.3% higher than the last year’s quarter. BOV Group’s balance sheet grew by 3.6% to €549 million.
The bank has also announced a share buyback, but the buyback will be offset with an increase in the float of shares as the bank will be issuing additional shares in the forms of dividends. The bank will be issuing one share for each ten shares held.
The bank’s revenue in net interest income increase by 6.31% from €92.45 million to €98.28 million compared to the same quarter last year while fees and commissions increased slightly from €16.6 million to €17.8 million. The bank’s operating income also increased from €119.8 million to €120.2 million. Operating profit increased from €65.2 million to €68.3 million, up by around 4.75%. Profit for the bank increased from €42.5 million to €44.4 million and the earnings per share increased from 7.3 cents to 7.6 cents per share. The bank’s total assets increased from €15 billion to €15.6 billion.
The bank’s stock price opened down by 2.53% from €1.98 to €1.93 in early trading on the Malta Stock Exchange this morning. Bank of Valletta’s stock remains the best-performing stock on the MSE as of last year, in addition to being the most traded
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