The Bank of Valletta Group reported a profit before tax of
€80.7 million for the financial year ending 31 December
2021.
The Group's results were announced by BOV Chairman Dr
Gordon Cordina and Chief Executive Officer Rick Hunkin through an
online press conference.
Financial performance of the Group
- Profit before tax of €80.7 million (2020: €15.2
million)
- Pre-tax return on equity of 7.3% (2020: 1.4%) and earnings per
share of 9.6 cents compared with 2.4 cents in the same period
2020.
The underlying operating performance of the Bank demonstrates a
resilient income stream with good recovery from the impact of the
pandemic in 2020 and growth in some areas, partly offset by higher
costs. The much stronger profitability benefited from
a net release of Expected Credit Losses
(‘ECLs') reflecting better economic conditions relative
to 2020 and individual client asset improvements.
