Addressing shareholders at Bank of Valletta’s 47th Annual General Meeting earlier today, BOV Chairman Dr Gordon Cordina stated that the bank “stands proud of the fulfilment of its commitments to continue to service its clients and the communities in which we operate during these trying times,” remarking that the COVID-19 event was prolonged beyond original expectations.
“We sensibly prioritised the health and well-being of our staff and customers while innovating to continue to offer the full range of the Bank’s products and services,” he continued, affirming that moving forward, BOV will continue to enhance its digital offering, so as to provide “a cheaper, safer and faster solution to its customers while decreasing the level of cross-subsidisation of its services and introduce a cost structure which reflects the underlying costs of providing particular services.”
The Chairman also stated, “we will shortly be introducing a customer charter which will govern the introduction of Bank fees and charges in line with the bank’s objectives and also oversee an extensive communication strategy to all stakeholders across the board.”
BOV CEO Rick Hunkin highlighted the Bank’s performance for 2020, noting that BOV Group’s reported profit before tax of €15.2 million stems from the Group’s operating profit of €100.7 following a €38.1 million adjustment in credit provisions predominantly attributed to COVID-19, as well as a further €39.8 million in impairment charges for long outstanding non-performing loans. The Bank’s total assets, meanwhile, reached €12.9 billion as at December 2020.
Looking ahead, Mr Hunkin said that the bank is “now placing more energy on the implementation of the BOV 2023, a strategy that is designed to make Bank of Valletta a more resilient and more profitable bank: better, simpler and faster.”
“The strategy will focus on the transformation and digitalisation of the operating model, the rebalancing of the Balance Sheet and to offering superior value to customers,” he continued.
At the same AGM, the Board of Directors appointed three new Non-Executive Directors, Kevin J Borg, Elizabeth Camilleri, and Godfrey Swain, all of which are subject to regulatory approval.
Kevin Borg, who was recently appointed CEO of Malta Maritime Forum, is an experienced professional with over 25 years of experience in leadership of the business community and is also Managing Director of Kamra Tal-Periti and former Director-General of The Malta Chamber.
Elizabeth Camilleri is a digital growth and transformation specialist, working with boards and C-Level executives across a number of B2C and B2B2C sectors worldwide, while Godfrey Swain is an international executive with 30 years of banking experience, recently serving as CEO of Myanmar Citizens Bank (MCB).
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Adrian Alejandro Gostuski was commenting on the group’s performance in 2022, which saw it record a €23 million pre-tax loss.