HSBC profitability levels 'satisfactory'
Despite challenging global and local market conditions, core income and profitability levels at HSBC Bank Malta p.l.c. remained satisfactory for the period July 1 to September 30, an interim directors' statement said. As at September 30, both...
Despite challenging global and local market conditions, core income and profitability levels at HSBC Bank Malta p.l.c. remained satisfactory for the period July 1 to September 30, an interim directors' statement said.
As at September 30, both customers' deposits and customers' loans increased in line with expectations over the prior September end. In this period there was no deterioration in the quality of the lending portfolio whilst liquidity and capital ratios remained strong and ahead of regulatory requirements.
Furthermore, these trends have been sustained into the fourth quarter of 2008.
HSBC Bank Malta plc issued a €30 million 5.9 per cent subordinated bond to support future business growth. Alan Richards, director and chief executive officer of HSBC Bank Malta plc said: "The third quarter of 2008 has been challenging, but we have made good progress given the circumstances and results to date remain satisfactory.
"HSBC's commitment to strong capital and liquidity will stand the bank in good stead. The bank is financially sound, liquid and has a conservative balance sheet policy with relatively low reliance on funding from the wholesale markets. We have limited investments in corporate securities.
"Although the banking system in Malta is in good shape, the consequences of a pronounced world economic slowdown is bound to leave its mark on the local economy."
As at September 30, both customers' deposits and customers' loans increased in line with expectations over the prior September end. In this period there was no deterioration in the quality of the lending portfolio whilst liquidity and capital ratios remained strong and ahead of regulatory requirements.
Furthermore, these trends have been sustained into the fourth quarter of 2008.
HSBC Bank Malta plc issued a €30 million 5.9 per cent subordinated bond to support future business growth. Alan Richards, director and chief executive officer of HSBC Bank Malta plc said: "The third quarter of 2008 has been challenging, but we have made good progress given the circumstances and results to date remain satisfactory.
"HSBC's commitment to strong capital and liquidity will stand the bank in good stead. The bank is financially sound, liquid and has a conservative balance sheet policy with relatively low reliance on funding from the wholesale markets. We have limited investments in corporate securities.
"Although the banking system in Malta is in good shape, the consequences of a pronounced world economic slowdown is bound to leave its mark on the local economy."