The world's local bank
HSBC Bank Malta p.l.c. preliminary profit statement for the year ended 31 December 2007
18 February 2008
The preliminary profit statement is published pursuant to Listing Rule 9.35 of the MFSA Listing Authority and Article 4 (2) (b) of the Prevention of Financial Markets Abuse (Disclosure and Notification) Regulations, 2005. Figures have been extracted from HSBC Bank Malta p.l.c.'s Annual Report and Accounts which have been audited by KPMG.
These financial statements have been prepared and presented in accordance with the provisions of the Banking Act, 1994 and the Companies Act, 1995 which requires adherence to International Financial Reporting Standards.
All figures are stated in Maltese lira, the functional currency of HSBC Bank Malta p.l.c. during the year under review. The euro exchange rate ruling on 31December 2007 was €1 = Lm0.4293. The US dollar and sterling exchange rates ruling on the same day were US$1 = Lm0.2912 and £1 = Lm0.5817. Average exchange rates for 2007 for euro, US dollar and sterling were €1 = Lm0.4293, US$1 = Lm0.3132 and £1 = Lm0.6274.
Overview
During the year ended 31 December 2007, HSBC Bank Malta p.l.c. and its subsidiaries generated a profit on ordinary activities before tax of Lm49.2 million (€114.7 million), an increase of Lm7.8 million (€18.3 million) or 19.0 per cent, compared to 2006.
Profit attributable to shareholders was Lm32.8 million (€76.4 million), an increase of Lm6.0 million (€13.9 million) or 22.2 per cent over prior year figures.
Earnings per share increased to 11.2 cents (€0.262) from a 2006 figure of 9.2 cents (€0.214).
Commentary by Shaun Wallis, Director and Chief Executive Officer, HSBC Bank Malta
"2007 has been a transformational year for HSBC Bank Malta p.l.c. Record volumes of business activity across all customer groups and businesses led to excellent results, and at the same time, the successful implementation of major projects and structural changes mean that the bank is well-positioned for the future.
"We continued to invest in our brand. As part of our Corporate Responsibility programme we donated Lm0.45 million (€1.0 million) towards our Children, Environment and Malta's Heritage initiatives.
"2008 will be another challenging year, given the backdrop of current global market conditions, Malta's fuller membership of the EU and Eurozone, and the resulting increase in competition. In facing these challenges, we have an excellent position. We have a superb customer base, unparalleled local and global distribution network, a strong brand and the global advantages of the HSBC Group. We are confident that we are well-positioned to grow our business further in the future."
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