Lombard announces record 2002 performance

- 10c per share dividend approved

Lombard Bank Chairman Christian Lemmerich explained to the Annual General Meeting of shareholders how the Bank registered a record all-round performance in 2002, with strong improvement in operating income, profitability and balance-sheet growth. Lombard Bank achieved a record pre-tax profit of Lm1.41 million for the financial year ended 30 September, 2002.

The meeting approved the Directors’ recommendation to pay a dividend of 10c per share. The meeting also passed the resolution which called on the members to approve the option of receiving the dividend either in cash or by the issue of new shares. The Bank had announced some weeks back that the attribution price for the purpose of determining the new share allocation had been established at Lm 3.538.

The meeting was presented with a detailed overview of the financial and operating performance of the Bank for the year ended 30 September, 2002. The overview outlined how the Bank succeeded in achieving significant all-round growth in its activities, as reflected in increased revenue streams, operating income and the main balance-sheet headings. The Chairman also spoke about the role of Lombard Stockbrokers Limited and Lombard Asset Managers Limited, the Bank‚s subsidiaries active in stockbroking and fund management business respectively. The shareholders were also informed of the Bank‚s plans to move its financial year-end from 30 September to 31 December.

The Chairman welcomed Banca Unione di Credito, of Switzerland, which has taken over from CCF Holding (Suisse) S A as the Bank‚s largest shareholder. Banca Unione di Credito has nominated Dott Piero Raimondo, and Dott Gianfilippo Maiga as his alternate, as its representative on the Board of Directors.

JG Vassallo, who served as director of the Bank uninterruptedly since 1987, retired before the Annual General Meeting and did not seek re-election. During a short presentation, the Chairman thanked Mr Vassallo for his long and dedicated years of service to the Bank.

At the end of the meeting, Joseph M. Demajo and Mr Christian Lemmerich were elected as directors.