5/19/2023 0 Comments Hotels in vallettaNew market opportunities have eased excess liquidity from €4.6 billion in 2021 to €3.4 billion in 2022 and as a result led to growth in investments of 27% compared to the previous year.ĭuring the fourth quarter of 2022, the Bank issued €350 million Callable Senior Non-Preferred Notes maturing within 5 years at a coupon rate of 10% per annum. Customer deposits have seen a growth of 3% compared to December 2021. Group total assets stood at €14.5 billion as at 31 December 2022, a marginal increase compared to 2021 which stood at €14.4 billion. The Group’s share of the insurance associates’ results was €1.9 million (2021: €14.5 million), a significant decline, largely driven by the volatility of global financial markets during the year and the rising of interest rates. Net release of ECLs amounted to €49.1 million compared to a net release of €18.9 million in the previous year mainly as a result of COVID-19 provisions release (€24.9 million) accounted for in previous years. The growth in employee costs was more than offset by slowed strategic investment from €23.1 million in 2021 to €7.8 million in 2022 and reprioritisation of other projects as the Bank balanced its efforts to deliver superior controls in line with regulatory requirements. The Group has also introduced a voluntary pensions scheme and stepped up its early retirement scheme (an increase of €5.6 million vs prior year). Employee compensation and benefits increased by €18.5 million or 23% driven by human capital requirements in specialised areas and associated growth rate in the average compensation. Total costs amounted to €192.6 million resulting in a 2% decrease or €3.0 million (2021: €195.6 million), inclusive of Strategy initiatives. Positive performance was also registered on the cost side. Net Commissions stood at €76.6 million, increasing by 3% year on year (2021: €74.6 million). Net interest income of €201.9 million increased by 29% compared to 2021 as a result of a healthy growth in lending portfolios supported by rising interest rates which further reduced the burden of interest expense. The most significant growth was in net interest income (‘NII’). Total operating income increased by 21% or €50.4 million to €293.4 million compared to €242.9 million in 2021. The Group delivered solid revenue growth with client-driven activities and positive interest rate dynamics, supported by lower costs and net release of Expected Credit Losses (‘ECLs’). Solid Revenue Growth and Management of Costs Excluding the one-time impact of Deiulemar settlement, ROE was 13.3%. Pre-tax return on equity (‘ROE’) was 4.3% (2021: 7.3%) and earnings per share €5.3 cents compared with €9.6 cents in the comparative year. Excluding the effect of the Deiulemar settlement, the adjusted profit before tax was €151.7 million, an increase of €71.0 million or 88% compared to FY2021. The city also has a bus route that travels through the area, while horse carts offer an atmospheric way to see the sights.Last Updated on Thursday, 30 March, 2023 at 3:08 pm by Andre Camilleri Bank posts robust performance in its core banking businessīank of Valletta Group today announced the financial results for Financial Year ended 31 December 2022, reporting a profit before tax of €48.7 million. The Valletta peninsula is only a couple of kilometres in length, so the most convenient way of getting around is on foot. Looking for an underwater adventure? Malta has some of the best diving opportunities in the Mediterranean, where you’ll discover a colourful landscape of sea life and shipwrecks. Walk along the picturesque Grand Harbour or ride on a traditional dghajsa, a wooden boat that was used to ferry sailors from ship to shore. You can attend live performances between September and May and watch classical music concerts and traditional opera from plush velvet chairs. Take a self-guided tour of Manoel Theater, one of the oldest theatres in Europe. The National War Museum is another highlight, with halls dedicated to Malta’s role in World War I and II. Admire the beautiful facade of Saint John’s Co-Cathedral, where the opulent interior features gilded walls, marble tombstones and stunning ceiling paintings.įor a dose of culture, visit the National Museum of Fine Arts, where you can browse a collection of rare antique maps and works of art that date back to the 16th century. ![]() Here grandiose hallways lead to State Rooms adorned with 18th-century Baroque ceiling paintings. Start your journey at the Grand Master’s Palace, which sits in the city centre on Palace Square. From the Renzo Piano-designed City Gate and prehistoric temples to the stone fortresses and quaint shops and cafes, Valletta is “a city built by gentlemen for gentlemen”. Retaining its 16th-century elegance, Valletta is a World Heritage Site packed full of timeless cultural attractions.
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