Fitch confirms BOV's ratings

Bank of Valletta has received another vote of confidence as the international rating agency Fitch confirmed its ratings at Issuer Default A- with Stable Outlook, Short-term F2, Individual C and Support 2.

Fitch said that "the ratings reflect BOV's position as the largest bank in Malta, improving profitability and sound capitalisation", and the progress achieved so far in reducing its impaired loans.

It added that "BOV's profitability has been improving in the past three years. During the financial year to September 2006, BOV's performance was satisfactory, with a generalised increase in all sources of income and improved cost efficiency".

The bank's chief executive officer, Tonio Depasquale, expressed satisfaction at the fact that BOV maintained all its ratings as well as the stable outlook following the upgrade it had received last year.

"We are pleased to note that our focused approach to grow the business is being acknowledged even by this important international rating agency.

"The fact that Fitch is once again underlining that Bank of Valletta is the largest bank in Malta, having sound capitalisation and improving profitability is testimony to the successes that BOV has been registering over the past years," he said.

Mr Depasquale said BOV's management is determined to continue to focus on business growth.

He said he was pleased that Fitch had acknowledged that despite the strong competition, BOV has successfully managed to defend and also increase its market shares. The ratings further confirm BOV's strong business franchise, robust profitability and improving efficiency, he said.