Mediterranean Bank has announced 2010 profits of €18.97 million, compared to €860,000 in 2009, and post-tax earnings of €15.04 million.
“2010 was a year of strong progress for Mediterranean Bank as it pursued its strategy to become a leading provider of savings and wealth management products in the Maltese market.
“A number of significant milestones were achieved through the course of the year including the opening of its first branch on Tigné seafront in Sliema and the issuance of its first bond listed on the MSE which was successfully placed to over 1,000 new customers. In order to complement the suite of attractive savings and deposit products, the parent company, Medifin Holdings, purchased a majority shareholding in Charts, one of the leading corporate and wealth broking businesses on the island,” the bank said in a statement.
Net Interest income for the year grew to €27.6 million, compared to €3.2 million in 2009, largely as a result of growth in the investment portfolio. Deposits for the year grew over €100 million to €179 million with customer numbers exceeding 3,000 across the group by year end. Financial ratios “continue to be robust” with the Tier 1 ratio of capital to risk weighted assets at 37 per cent and a liquidity ratio of 70 per cent. Total assets at year end stood at €1.39 billion.
Mediterranean Bank CEO Mark Watson said: “2010 was a highly important and successful year for the bank. We managed to produce a very solid set of financial results in our first full year of operation since the acquisition but as important as this has been the growth in our customer base and the development of our presence in the local market.
“As we enter 2011 various headwinds and challenges are apparent within the eurozone, however we remain cautiously optimistic that we will continue to see progress in our business. The response to our new savings product, the legacy savings account, which combines free life cover with an attractive savings rate, has far exceeded expectations and our recently opened branch in Paola is attracting a new clientele in ever increasing numbers.
“We have exciting plans for 2011 as we continue to integrate charts into our broader platform and are working hard to develop a new customer offering that we hope to roll out later this year. Additionally we hope to open at least two new branches in Malta this year. We are investing in cutting-edge technology to enrich our customer experience while providing a robust operating platform to support our growth.”
Mediterranean Bank has 75 employees, an increase of over 50 in the last 12 months, the majority of whom are Maltese.