HSBC Malta cautious but on track
Despite the economic crisis, both the group and the bank in Malta remained in remarkably good shape but falling revenue and lower profits were, for the time being, a reality of the current market place, HSBC Malta CEO Alan Richards told...
Despite the economic crisis, both the group and the bank in Malta remained in remarkably good shape but falling revenue and lower profits were, for the time being, a reality of the current market place, HSBC Malta CEO Alan Richards told shareholders.
"In spite of difficult market conditions, HSBC Bank Malta has continued to deliver strong results for its shareholders where profitability relative to history and peers remains attractive with a return on equity of 15 per cent and a cost-to-income ratio of 52.5 per cent," he said.
Mr Richards said that, while there were clear signs that markets were stabilising internationally, the outlook for the Maltese economy and general impairment levels in 2010 remained challenging. HSBC was, however, liquid, well capitalised and well-positioned to support future growth for customers and the local economy.
He explained that, within the context of the prevailing challenging circumstances, HSBC Malta continued to pay an attractive dividend ratio of 65 per cent of profit after tax without compromising a healthy level of capital investment to support future growth.