RNS Number : 6748U
HSBC Holdings PLC
16 May 2008
The following is the text of an announcement made today by HSBC Bank Malta plc, a 70.03
per cent indirectly held subsidiary of HSBC
Holdings plc.
16 May 2008
HSBC BANK MALTA PLC
INTERIM DIRECTORS' STATEMENT
HSBC Bank Malta plc (HSBC Malta) is required to publish the following Interim Directors'
Statement covering the period from 1 January
2008 to 16 May 2008 (the date of the Statement) under Listing Rules 9.51 and 9.53 of the Malta
Financial Services Authority.
HSBC Bank Malta plc has recorded satisfactory progress for the period 1 January 2008 to 16
May 2008. The period under review was
characterised by a general slowdown in business activity, primarily due to the currency
transition to the euro and the general elections.
Profit before tax was lower than for the period 1 January to 18 May 2007. Interest income
in the period was below expectations because
of tighter margins and heightened competition, while non-interest income was also lower,
primarily due to significantly reduced foreign
exchange dealing income as a result of Malta's adoption of the euro on 1 January 2008.
Operating expenses have been kept under tight control. While the Bank continues to upgrade
its systems and processes it is also reaping
the benefits of past investments which have increased operational efficiency and improved
customer service delivery.
The quality of the overall loan book remains good, with loans and advances to customers
continuing to increase. There was no
deterioration in the quality of credit lending whilst liquidity and solvency indicators remain
sound and above regulatory levels.
During the period under review, the Balance Sheet continued to grow at a steady pace. Good
growth was recorded in total assets and
customers' deposits also showed significant growth.
Alan Richards, Director and Chief Executive Officer of HSBC Bank Malta p.l.c. said: "The
first quarter of 2008 has been challenging,
however, we still managed to register satisfactory results amidst softer local market
conditions. The bank is financially sound and has a
conservative balance sheet policy with relatively low funding from the wholesale markets, and
minimal investment in non-government
securities. Hence, the turmoil that is being experienced in international markets has had no
material impact on our business.
"We remain focussed on supporting our customers, driving further improvements to cost
efficiency, and are confident that we will
continue to deliver sustainable growth throughout 2008."
Notes to editors
1. This statement is based on the unaudited management accounts of HSBC Bank Malta plc up
to 30 April 2008 and other financial
information.
2. HSBC Holdings plc
HSBC Holdings plc serves over 128 million customers worldwide through around 10,000 offices in
83 countries and territories in Europe, the
Asia-Pacific region, the Americas, the Middle East and Africa. With assets of some US$2,354
billion at 31 December 2007, HSBC is one of the
world's largest banking and financial services organisations.
This information is provided by RNS
The company news service from the London Stock Exchange
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