An exercise by the European Central Bank shows that Malta’s Mediterranean Bank is on a sound financial footing and that it is able to resist unpredicted shocks.
According to the ECB, the bank’s capital level at the end of its comprehensive assessment shows that no further capital enhancing measures are required.
The ECB acknowledged that by the end of last September, the Mediterranean Bank had a capital surplus of €23.1 million over the minimum capital requirement.
Med Bank chairman Francis Vassallo said the overall result emanating from the ECB’s exercise confirmed the group’s solid capital position.
Announcing its interim financial results for the six month period ended last September, the Bank said it registered consolidated profits after tax of €20.1 million and €12.3 million for the Medfin group and the Med Bank group respectively.