11 February 2005
The following is the text of an advertisement which is to be published in the press in Malta on 12 February 2005 by HSBC Bank Malta p.l.c., a 70.03 per cent indirectly-held subsidiary of HSBC Holdings plc.
The preliminary profit statement is published in terms of Listing Rule 9.53 of the MFSA Listing Authority. Figures have been extracted from HSBC Bank Malta p.l.c.’s Annual Report and Accounts that have been audited by KPMG.
Review of Performance
HSBC Bank Malta p.l.c. and its subsidiaries generated a profit on ordinary activities before tax of Lm33.0 million during the year ended 31 December 2004, an increase of Lm6.9 million, or 26.3 per cent, compared with the year ended 31 December 2003.
- Earnings per share increased from 46.0 cents in 2003 to 60.7 cents in 2004 with the pre-tax return on average shareholders’ funds increasing from 21.1 per cent in 2003 to 24.9 per cent.
- Net interest income grew by 13.8 per cent, compared with 2003, and contributed Lm39.5 million to total operating income. Local monetary policy conditions remained stable and the market was characterised by a general preference for shorter term liquidity with low international and local interest rates. There was significant growth in mortgage lending.
Non-interest income levels grew by 6.8 per cent, contributing Lm19.9 million to total operating income. - Administrative expenses reached Lm27.4 million, an increase of Lm0.1 million over 2003. Depreciation was 3.9 per cent higher as a result of the increased carrying cost of tangible fixed assets.
- The group’s cost:income ratio improved to 51.1 per cent from 56.8 per cent in 2003.
The directors are proposing a final gross dividend of 27.3 cents per share (17.7 cents net of tax). This follows the interim gross dividend of 19.4 cents and additional special dividend of 35.4 cents paid in August 2004. The special dividend to shareholders marked the fifth anniversary of HSBC Bank Malta p.l.c. The final dividend will be paid on 24 March 2005 to shareholders who are on the register of shareholders as at 16 February 2005.
Shaun Wallis, Director and Chief Executive Officer of HSBC Bank Malta p.l.c., said: “The year under review was very successful across many areas and we again produced record results. We are confident that there is good potential to continue to grow our business in Malta. We thank our shareholders, staff and customers for their support.”
HSBC Bank Malta p.l.c. is a member of the HSBC Group, whose ultimate parent company is HSBC Holdings plc. Headquartered in London, HSBC Holdings plc is one of the largest banking and financial services organisations in the world. The HSBC Group’s international network comprises about 10,000 offices in 76 countries and territories in Europe, the Asia-Pacific region, the Americas, the Middle East and Africa.
The full text of the news release can be downloaded using the link on the right.
Downloads
HSBC Bank Malta plc, results for 2004
(9 page pdf 38K)
