HSBC has announced a pre-tax profit on ordinary activities of Lm49.2 million (€114.7 million) in the year which ended in December 2007, an increase of Lm7.8 million (€18.3 million) or 19.0 per cent, compared to 2006.

Profit attributable to shareholders was Lm32.8 million (€76.4 million), an increase of Lm6.0 million (€13.9 million) or 22.2 per cent over prior year figures.

Earnings per share increased to 11.2 cents (€0.262) from a 2006 figure of 9.2 cents (€0.214).

The directors have recommended that the annual general meeting to be held on 4 April 2008 approves the payment of a final ordinary dividend of €0.148 (Lm0.064) gross per share (€0.096 (Lm0.041) net per share). This will be paid on 29 April 2008 to shareholders who are on the company’s register of shareholders as at 29 February 2008.

Commenting on the results, the bank’s CEO, Shaun Wallis, said:

“2007 has been a transformational year for HSBC Bank Malta p.l.c. Record volumes of business activity across all customer groups and businesses led to excellent results, and at the same time, the successful implementation of major projects and structural changes mean that the bank is well-positioned for the future.

“We continued to invest in our brand. As part of our corporate responsibility programme we donated Lm0.45 million (€1.0 million) towards our Children, Environment and Malta’s Heritage initiatives.

“2008 will be another challenging year, given the backdrop of current global market conditions, Malta's fuller membership of the EU and Eurozone, and the resulting increase in competition. In facing these challenges, we have an excellent position. We have a superb customer base, unparalleled local and global distribution network, a strong brand and the global advantages of the HSBC Group. We are confident that we are well-positioned to grow our business further in the future.”