The Bank of Valletta Group has reported a profit before tax of €104.1 million for the financial year ended September 30. This represents a drop of €12 million when compared to the €115.8 million pre-tax profit for financial year 2013.

The board of directors recommended a final gross dividend of 9c25 per share which, taken together with the gross interim dividend of 4c25 per share paid in May, makes a total gross dividend of 13c5 per share.

The total dividend for the year represents a gross yield of 6.05 per cent by reference to the closing share price of €2.23 per share at September 30 and a net dividend cover of 2.4 times.

Similar to previous years, the board also recommended a bonus issue of one share for every 11 held on January 16, 2015 by capitalisation of reserves amounting to €30 million, increasing the permanent capital from €330 million to €360 million.

In a statement on the Malta Stock Exchange, the bank said its result was achieved in the context of a turbulent international environment characterised by a stagnant euro area economy and by rising geo-political risk in North Africa and Eastern Europe, significant regulatory changes as well as a historically low yield environment.

“As a result of restrained market sentiment the BOV Group did not benefit from the higher favourable market movements experienced during the previous year."

 

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