In its latest Interim Directors’ statement, HSBC Bank Malta reported achieving a ‘good’ third-quarter performance after registering a profit before tax of €25.2 million during the nine-month period which ended 30th September 2021.
This represents an increase of €13 million over the same period last year.
Adjusted profits, i.e. reported profits excluding significant items, amounted to €28.6 million compared to €12.2 million reported in the same period last year. HSBC Bank Malta’s year-to-date revenues were also €5.8 million higher than those reported in Q3 2020.
“Whilst we reported a good performance during the nine-month period ended 30th September 2021, delivering strong growth in profitability, we retain a cautious outlook on the external risk environment,” HSBC Bank Malta CEO Simon Vaughan Johnson said.
“We remain determined to pursue our safe growth strategy and to continue supporting our customers and the community that we serve as we emerge from the pandemic,” Mr Vaughan Johnson continued.
The bank attributed this quarter’s increase in revenue to higher insurance income, partially offset by a decrease in interest income.
“Sustainability is a key element of [our safe growth strategy] and we are fully committed both to providing our customers in Malta with sustainable investment choices and to facilitating the transition to net zero,” the HSBC Bank Malta CEO concluded.
Family businesses account for more than 70% of Malta’s SMEs, and are hence vital components of the local economy.
Astrid and Juanito Camilleri said the strong reviews are resulting in steady export growth.
The bank also appointed a new Head of Internal Audit.
He has also been appointed Board Member at JA Europe.