HSBC maintains 'good business growth'

HSBC Malta has maintained good business growth, continuing the positive profit and balance sheet trends reported in its first half of this year, the bank said yesterday.

As at October 31 this year, both customers' deposits and customers' loans increased strongly over the prior October end, while a steady and stable loans-to-deposits ratio was maintained.

The core income and profitability levels disclosed in this year's first-half results were sustained during this financial period.

There was no deterioration in the quality of credit lending while liquidity and solvency indicators remained sound and ahead of regulatory levels, the bank said in an interim report, the statement covering July 1 to October 31.

During the third quarter work on major projects progressed well.

In September, as a further part of the HSBC Group's initiative to "join up" the organisation, HSBC Malta participated in the first global product launch by HSBC - Global Premier - for its high value clients.

Shaun Wallis, director and CEO, HSBC Bank Malta plc, said the bank continues to deliver on its strategy of building sustainable growth by focusing on its main customer groups.

"HSBC Malta has a conservative balance sheet policy with relatively minimal funding from the wholesale markets, and minimal investment in non-government securities.

"Consequently, the uncertainty that has affected international markets over recent months has had no material impact on our business.

"We remain confident that we can continue to grow the business and revenues in a sustainable manner through the remainder of this year," Mr Wallis said.