Bank of Valletta plc yesterday announced that the group registered a profit before taxation of €81.80 million for the year ended September 30 compared to €40.6 million in 2008. This staggering rise of 101.51 per cent in profitability resulted from the gradual stabilisation of conditions in the global financial markets in the second half of the year, and the consequent write back of some of the unrealised fair value markdowns on BOV's financial markets portfolio previously recognised in the bank's accounts for the financial year of 2008 and the first six months of the financial year of 2009. Earnings per share for the financial year increased from €0.163 to €0.306.
The board of directors further resolved to recommend for the approval of the annual general meeting the payment of a final gross dividend of €0.215 per share making for a final net dividend of €0.13975 per share which, if approved by the annual general meeting, would make for a total gross dividend for the year of €0.25 per share (total net dividend per share €0.1625). The final dividend, if approved at the annual general meeting, will be paid on December 17, to the shareholders on the bank's share register, at the central securities depository of the Malta Stock Exchange as at the close of business on Tuesday, November 10.
A bonus share issue of one share for every four shares held which will be allotted to shareholders on the bank's share register as at close of business on January 15, 2010. The bonus issue will be funded by a capitalisation of reserves amounting to €40 million.
Meanwhile, the Malta Stock Exchange index gained 0.31 per cent this week, closing the week at 3,123.837 points. The index had a mixed week, registering gains on three trading sessions. The highest rise was registered yesterday, an increase of 0.939 per cent, while the highest loss was registered on Tuesday, with a decline of one per cent. Nine equities were traded this week, with three closing in positive territory, one remaining unchanged, and five closing in negative territory.
A total of 309 deals were registered over the week with a turnover of over €5.39 million. In the equity market 148 deals were executed for a total value of €419,271. This week, the corporate bonds exceeded both in volume and value traded government bonds. In the corporate bond market, 110 transactions were registered for a value traded of over €1.08 million, while a total of 43 deals were registered in the government bond market for a value of €776,980. In the Treasury bills market, a total of eight transactions were registered for a total value of over €3.11 million.
FIMBank plc was the best performing equity this week, recouping 3.64 per cent from last week's loss. FIMBank share price increased on Monday despite having traded on Tuesday and Thursday. The equity closed the week at $1.14, a rise of $0.04, as 34,105 shares changed hands on 19 deals.
The share price of Bank of Valletta plc registered gains throughout the week, with a total gain on the week of almost three per cent. The closing share price for the week was €3.449, as the equity registered the most trades, with 47,237 shares changing hands on 47 deals, for a total value of €160,297.
This week, HSBC Bank Malta plc lost a marginal 0.04 per cent, with 39,652 shares changing hands on 35 deals. HSBC closed the week at €2.749, a marginal decline of €0.001. The equity registered three consecutive losses of 0.04 per cent, 2.15 per cent, and 1.12 per cent from Monday to Wednesday, while rising by 1.13 per cent and 2.19 per cent on Thursday and yesterday.
GlobalCapital plc registered an overwhelming loss of 33.33 per cent on just three trades of 950 shares, closing at €1.00, a decline of €0.50.
Meanwhile Go plc continued its positive run despite an increase of just €0.01 as it closed the week at €1.63. Go increased only on Tuesday by 0.62 per cent, remaining unchanged on the other trading session, as 51,484 shares changed hands over 26 transactions.
RS2 Software plc remained unchanged at €0.62, as 1,000 changed hands on a single deal.
The share price of Maltapost plc registered a massive decline of seven per cent, with 4,277 shares changing hands on a single transaction, closing the week at €0.651, a decrease of €0.049.
International Hotel Investments plc registered a marginal decrease of €0.001, closing the week at €0.82, as 12,345 shares changed hands on six deals.
Malta International Airport closed the week at €2.101, 4.5 per cent less than last week, having registered declines of 6.52 per cent and 2.28 per cent on Wednesday and Thursday respectively, while registering an increase of 4.55 per cent on Tuesday.
The Treasury of Malta announced that the accountant general will be offering an aggregate of €80 million of Malta Government Stocks, which are being offered and made available in any combination of the following issues: i) 3.6% MGS 2013 (IV) F.I. (November'09); (ii) 4.6% MGS 2020 (II) and (iii) Floating Rate MGS 2015 (V) Linked to the six Month Euribor. The issue is subject to an over-allotment option of €20 million.
This article, which was compiled by Jesmond Mizzi Financial Services Ltd, does not intend to give investment advice and the contents therein should not be construed as such. JMFS is licensed to conduct investment services by the MFSA.
The directors or related parties, including the company, and their clients are likely to have an interest in securities mentioned in this article. For further information contact JMFS at 67/3, South Street, Valletta or on telephone 2122 4410 or e-mail jmizzi@jmfs.net.