HSBC Bank Malta held its annual general meeting recently to provide shareholders with an overview of the Bank’s results in 2011, update them with a market and performance outlook for this year and to approve a number of resolutions.

During a presentation HSBC Malta chief executive officer Mark Watkinson explained to shareholders how, in 2011, HSBC had delivered solid financial performance in very challenging market conditions. The Bank registered a profit before tax of €88.3 million increased by 6.3 per cent, or €5.2 million, over the comparable period in 2010.

Mr Watkinson said: “HSBC Malta’s capital and liquidity position remained strong and we have a firm grip on both our risks and costs. While we are well placed for the challenging environment in 2012, we will continue to focus on improving productivity and cost effectiveness to ensure long-term business sustainability. The Bank’s strategy is clear, and we will continue to emphasise our competitive advantage as an international bank and as an important member of HSBC, one of the world’s largest, best capitalised and strongest financial institutions in the world.”

The AGM confirmed the directors appointed by the majority shareholder HSBC Europe BV: Albert Mizzi (chairman), Mark Watkinson (chief executive officer), Philip Farrugia (chief technology and services officer), Peter Boyles, Philip Farrugia Randon and Charles J Farrugia. James Dunbar Cousin, Peter Paul Testaferrata Maroni Viani and Sonny Portelli were elected as non-executive directors.

All the ordinary resolutions presented during the meeting were approved by the shareholders in accordance with the company’s Memorandum and Articles of Association.