NEWS | Wednesday, 21 November 2007

HSBC Bank Malta plc maintains “good business growth”

In an interim Directors’ Statement covering the period 1 July to 31 October published under the Malta Financial Services Authority (MFSA) Listing Rules, HSBC Bank Malta plc announced it “has maintained good business growth to date in 2007, continuing the positive profit and balance sheet trends reported in its first half 2007 results as reported in the Company Announcement of 30 July 2007.”
As at 31 October this year, “both customers’ deposits and customers’ loans increased strongly over the prior October end, whilst maintaining a steady and stable loans to deposits ratio.
“The core income and profitability levels disclosed in the first half 2007 results were sustained during this financial period. There was no deterioration in the quality of credit lending whilst liquidity and solvency indicators remained sound and ahead of regulatory levels,” the directors’ said in their statement.
During the third quarter, work on major projects progressed well, including the adoption of the euro, implementation of SEPA, Basel 2 and ‘Chip and Pin’ card functionality.
In the period under review, “HSBC Malta continued to work on client-focused initiatives, which improve customer experience and satisfaction, and on operational processes,” the statement added.
The HSBC Group’s second generation Personal Internet Banking and Business Internet Banking facilities were launched in August improving Direct Channels and making it easier, and more convenient for customers.
In September, as a further part of the HSBC Group’s initiative to ‘join up’ the organisation, HSBC Malta participated in the first global product launch by HSBC – Global Premier – for its high value clients.
In addition, HSBC Malta has utilised the HSBC Group’s technology platforms to launch HSBCnet and Global Links systems for Institutional and Corporate customers to help them with international business.
Shaun Wallis, Director and Chief Executive Officer, HSBC Bank Malta plc, commented: “The Bank continues to deliver on our strategy of building sustainable growth by focusing on our main customer groups – putting them at the centre of everything we do.
“By leveraging the HSBC Group’s global expertise, we have increased business efficiency to support our increased client base and business volumes, and to reduce our unit costs.
“HSBC Malta has a conservative balance sheet policy with relatively minimal funding from the wholesale markets, and minimal investment in non-government securities.
“Consequently, the uncertainty that has affected international markets over recent months has had no material impact on our business.
“We remain confident that we can continue to grow the business and revenues and in a sustainable manner through the remainder of this year,” Wallis concluded.
In the first six months of the year, HSBC Bank Malta p.l.c. and its subsidiaries posted another record profit before tax of Lm25.3 million (€58.9 million), which represents an increase of 23.1 per cent over the Lm20.6 (€ 47.99) million earned during the same period in 2006.