The Bank of Valletta Group reported a profit before tax of €15.2 million for the financial year which ended 31 December 2020.
The Group’s results were announced by BOV Chairman Dr Gordon Cordina and Chief Executive Officer Rick Hunkin through an online press conference held in line with current COVID-19 restrictions.
Financial Performance of the Group
Balance Sheet Position
In line with the regulators’ recommendation, the Board has responsibly decided not to declare distribution of dividends for year 2020.
Strategic Plan – BOV 2023
BOV embarked on a forward-looking strategy for the BOV Group to ensure a best possible plan of action for its long-term sustainability.
The retail banking business model is changing rapidly as the record low interest rates continue to exert pressure on the net interest margin - the largest share of income.
Technological innovation across most business lines and steep regulatory demands for systemic banks such as Bank of Valletta, are changing the traditional banking landscape. BOV is not only accepting these changes but is using them as catalyst for a major shift from the use of cash and cheques to the use of electronic banking channels.
Chairman and CEO thank all employee and BOV front liners
The Chairman and the CEO thanked all Bank employees wholeheartedly for adapting to the current challenging situation and walking the extra mile to provide, COVID-19 permitting, continuous services to the Bank’s customers. Special appreciation went to all BOV front liners, our heroes who have manned our face-to-face channels providing personalised services to customers who required their assistance.
2020 will go down in history as one of the most turbulent years of our times but it has also been a remarkable year for those sectors that have shone and contributed to economic and social resilience. Adapting to change is far from easy but it is the only way forward. The Bank’s Board of Directors and Executive Committee are confident that the ambitious strategic plan BOV 2023 will deliver marked improvements in the ways the Bank operates and in the quality of service that the Bank offers to its customers.
The audited financial statements will be submitted for the approval of shareholders at the forthcoming Annual General Meeting being held remotely in terms of legal Notice 288 of 2020 on Thursday, 20 May 2021. Click here to download the BOV Annual Report for 2020
Issued by Bank of Valletta p.l.c., 58, Triq San Zakkarija, Il-Belt Valletta VLT 1130. Bank of Valletta p.l.c. is a public limited company regulated by the MFSA and is licensed to carry out the business of banking in terms of the Banking Act (Cap. 371 of the Laws of Malta).