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Over the first half of 2004, HSBC Bank Malta registered a pre-tax operating profit of Lm19.9 million, an increase of 56.5 per cent over the same period last year, the Bank’s board of directors have announced.
The Board also approved a gross interim dividend of 19.4 cents per share and additionally a special dividend of 35.4 cents per share, giving a total gross interim dividend of 54.8 cents per share. The special dividend marks the fifth anniversary of HSBC Bank Malta and the payment of Lm8.4 million that this represents is covered by current year earnings.
Commenting on the favourable results, Bank Chairman Albert Mizzi, explains, "The Group’s interim results have been obtained despite a relatively weak economic climate. These excellent results reflect good growth in both net interest income and non-interest income, bolstered by significant one-off recoveries from loan impairments recovered from provisions for bad debts set aside in previous years and other one-off gains from securities holdings."
Martin Wilkins, Director and Chief Operating Officer of HSBC Bank Malta, said: "Our results for the first six months are very encouraging. We are pleased to see solid growth in operating income lines and further improvement in our commercial loan book. We look forward to seeing an economic recovery, both locally and in the wider international markets which drive our business and income growth. Our focus for the second half of 2004 is to continue to improve the high quality of service we provide to our customers and to grow our core lines of business. This means allocating resources to those areas that offer the greatest opportunities for growth while developing our expense discipline and risk management."
During the board meeting, HSBC’s Directors also noted the overall progress which HSBC has made in Malta since its arrival five years ago. The Board of Directors would like to take this opportunity to reaffirm its commitment not only to remain a positive, constructive and dynamic factor in the development of Malta’s economy but also its determination to keep Social Corporate Responsibility at the top of its agenda.
HSBC Bank Malta is now well and truly integrated into the global HSBC group with the Maltese management team and staff complement performing exceptionally well and meeting the HSBC's Group's highest international standards.
Donates Lm50,000
As part of its fifth anniversary in Malta celebrations, HSBC made a presentation of Lm50,000 to the HSBC Cares For Children Fund, presented by Chief Executive Officer Michael Geoghegan.
Mr Geoghegan, said: “Since arriving in Malta, HSBC has continually been involved in helping disadvantaged children. This effort has focused on educational, recreational and rehabilitational projects run by NGOs, Government, and Church, that is very much in line with HSBC Group’s Corporate Social Responsibility initiatives. These are based on backing educational and environmental projects. The feedback from these organisations is a very positive and significant one.”
“Also, the fact that Mrs Catherine Gonzi has accepted the invitation to become Chairperson of the HSBC Cares For Children Fund is another step forward for the Fund. Her wealth of experience in the social sphere will undoubtedly be a great asset to the Fund in ensuring that money and resources continue to be delivered where they are most needed,” continued Mr Geoghegan.
Since being set up to celebrate HSBC’s first anniversary in Malta, the HSBC Cares For Children Fund has already distributed some Lm180,000 in Malta and Gozo. “This is only a part of HSBC’s contribution. It is however a bit more difficult to quantify the exact amount of time dedicated by volunteers from among HSBC employees who have helped and carried out admirable work on a wide variety of different projects,” said Mr Geoghegan.
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