Bank of Valletta was named Bank of the Year in Malta for 2006 by The Banker, the Financial Times Group monthly banking title. This is the second consecutive year and the fourth time in the past six years that Bank of Valletta has won this prestigious award.
The award was presented to Tonio Depasquale, BoV chief executive officer by Stephen Timewell, The Banker editor-in-chief, during the annual awards ceremony, held last Thursday at The Dorchester Hotel in London. BoV chief finance officer, Mario Mallia, was also present for the event.
The Banker has been a trusted source of global financial intelligence since 1926 and the Bank of the Year Awards listing has become not only essential reading, but also a key indicator of financial performance. This year is The Banker's seventh awards listing and covers a record of 137 countries. For the country assessments, The Banker's global editorial team reflects not only on the latest results, growth and banking data but also technology and strategic developments. The award is presented to the bank in each country with the best overall performance in the previous period, incorporating both performance criteria and qualitative achievements.
Mr Depasquale said that this prestigious award consolidates a year of successes for BoV. "This award is testimony to management's successful efforts to continue generating business growth. Indeed, notwithstanding strong competition, 2006 has seen BoV grow its market share right across the product range - from deposits and lending, to life assurance and fund management, the latter a fast growing business sector.
"2006 was an outstanding year for BoV, during which we are able to report an excellent set of financial results to our shareholders. In a scenario that was increasingly challenging and characterised by unprecedented competitive pressures, we have managed to grow our pre-tax profit by 44 per cent for FY 2006, reporting an all-time-high Lm38.4 million figure. We have continued to strengthen our balance sheet, widen our customer base and improve on the key performance indicators," he said.
He explained that during the past year, BoV strengthened its Wealth Management, set-up to offer trustee services and a wide range of financial planning and investment services to top and high net worth customers. "The recent set up of Valletta Fund Services Ltd confirms the bank's commitment to play an active role in the provision of a wider range of fund services to international fund promoters".
Mr Depasquale added that BoV continues to focus on being supportive to its customers. "Looking forward, we are determined to continue embracing change, accepting challenges and seeking out and then seizing opportunity - a philosophy that today sees BoV positioned as the leading organisation within Malta's financial services sector," he said.
Winners in The Banker Awards receive the prestigious Bracken Award, named after Brendan Bracken, the founding editor of The Banker in 1926 and the chairman of the modern-day Financial Times from 1945 to 1958. Brendan Bracken epitomises the global spirit, vision and integrity of The Banker and the FT Group, and the winning of a Bracken is a fitting accolade for the performances of the world's top financial institutions.