BoV chairman meets licensed stockbrokers, financial intermediaries

Bank of Valletta chairman Joseph F.X. Zahra today hosted a business breakfast meeting for licensed stockbrokers and financial intermediaries at the Corinthia Palace Hotel, Attard.

During this meeting, which was also attended by the bank's management team, Mr Zahra delivered a presentation on the bank's financial performance for the financial year ended September 30, 2003, and to explain in detail and discuss the bank's major strategic orientations for the current financial year.

"We are extremely satisfied with the results we have achieved over the past year," said Mr Zahra, who explained that BoV had not only increased its operating profit, but also managed, for the first time in over ten years, to achieve a decrease in operating costs.

"An operating profit before tax of Lm14.8 million shows that BoV's business fundamentals are strong, especially when one considers the market conditions in which these results were achieved."

The chairman also explained that BoV had registered an increase of 13.2 per cent in operating income.

Mr Zahra spoke about the new BoV Processing Centre, currently under construction in St Venera, which should be completed by December 2004. He said that during the current financial year the bank would continue to work on its brand promise and to focus on quality cross-selling and product development.

He announced that BoV is continuing to refine its multi-channel delivery package and would be launching other new, innovative service solutions in the near future. The bank will also be focusing on consumer lending and particular attention is being given to SMEs.

The chairman's presentation was followed by an informal discussion during which the licensed stockbrokers and financial intermediaries had the opportunity to discuss in depth specific aspects of the bank's financial results.

Mr Zahra thanked all those present for attending and stressed on the importance Bank of Valletta places on fostering open lines of communication with stockbrokers and financial intermediaries.