The bank’s markdowns amounted to less than 0.5% of funds under management, a tribute to the way in which BOV has positioned its portfolio.
“This has been a landmark year in the Maltese economy and one where Bank of Valletta featured prominently as official partner bank for the Euro Changeover Committee,” says CEO Tonio Depasquale. “We strove to fulfil our role as business enablers by ensuring a smooth currency transition for our entire client-base.
“With worldwide economic turmoil as a backdrop, we remain the largest and most trusted financial institution in Malta, one that has remained strongly capitalised and that is reaping the benefits of our efforts to retain excellent liquidity. We are now looking at a future in which turning Malta into a centre of financial excellence is topmost on the national agenda. The bank has shared almost two centuries of economic development and is set to face the challenges and make the most of the opportunities that this endeavour has in store.”
In 2007, BOV increased its permanent paid up capital to €100 million, continuing to strengthen its balance sheet while enhancing the affordability and liquidity of the bank’s shares. The capital increase was funded by a capitalisation of reserves. Last year, BOV also set up an A&L management committee focused on optimising return on risk capital.
