HSBC lends €656m in 2011

HSBC Bank Malta’s gross new lending to customers last year amounted to €656 million, HSBC’s new chief executive officer Mark Watkinson said last Friday as details were released of HSBC’s financial results for the year ending December 31. The bank has...

HSBC Bank Malta’s gross new lending to customers last year amounted to €656 million, HSBC’s new chief executive officer Mark Watkinson said last Friday as details were released of HSBC’s financial results for the year ending December 31.

The bank has reported profit before tax amounting to €88.3m for 2011, an increase of €5.2m, or 6.3 per cent , over 2010.

“During 2011 we delivered a solid performance, despite the difficult market conditions and the concerns surrounding the eurozone debt. The fact that our new loan volume commitment was a significant €656m is a demonstration of our commitment to Malta,” Mr Watkinson said.

A new banking computer system costing €10m was introduced last year, and the roll-out of €11m worth of upgraded branches and new ATMs will continue.

The bank disposed of its card acquiring business in line with HSBC Group’s global strategy for this business. The €11m cost of the voluntary retirement scheme was broadly offset by the proceeds from the sale of the card-acquiring business.

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