Simon Vaughan Johnson

Earlier today, HSBC Malta published its interim condensed financial statements for the first six months of 2021 which, amongst other things, show that the company registered a €15.6 million profit increase when compared to the first half of 2020.

This means that from 1st January 2021 to 30th June 2021, HSBC Malta registered €17.5 million in profit before tax. The company attributed this increase to the positive performance reported by its life insurance subsidiary as well as its lower expected credit losses (ECL) in relation to the bank’s lending portfolio.

“During the first half of the year, we continued to provide stability and continuity of service to our customers in a highly uncertain environment,” HSBC Malta CEO Simon Vaughan Johnson said.

“We have invested in new customer journeys with the aim of improving customer experience and successfully launched two-factor authentication via HSBC Malta’s existing mobile banking app, thereby providing customers with ease of execution,” he continued.

Compared to the same period last year, HSBC Malta also registered a 16 per cent revenue increase. The company said that this was driven by favourable market movements positively impacting the life insurance and subsidiary results.

Excluding the insurance subsidiary, HSBC Malta’s revenue decreased by five per cent because of lower interest rates and subdued demand for corporate borrowing, credit cards, and personal loans.

Mr Johnson maintained a positive outlook for the rest of the year, saying that “despite the challenging external environment, there are many opportunities ahead for a bank with HSBC’s competitive strengths.”

“We remain focused on delivering these services to the Maltese market, as we strive to open up a world of opportunity,” the CEO concluded.

Featured Image:

Simon Vaughan Johnson / LinkedIn

Related

Maria Micallef replaces Sue Vella as non-executive Director at HSBC Bank Malta

5 December 2022
by Bernice Camilleri

She currently also serves the same role at PG plc.

Anthony Coleiro to serve as Chairman of the Executive Board of Global Urban Development Malta

5 December 2022
by Bernice Camilleri

GUD is a worldwide non-profit organisation consisting of more than 700 dynamic urban leaders and experts in 60 countries.

Daniel Borg highlights relevance of ‘island dimension’ in policy-making at INSULEUR General Assembly

5 December 2022
by Bernice Camilleri

The Gozo Business Chamber CEO recently spoke at two events, one locally and another in Gran Canaria, Spain.

Sparkasse Bank Malta – first credit institution in the EU approved as Validation Agent for LEI

5 December 2022
by Bernice Camilleri

The LEI is a code that is required for legal entities to fulfill their regulatory obligations and to participate in ...

Close Bitnami banner
Bitnami