Bank of Valletta has announced an interim cash dividend of €0.0462 gross per share (€0.03 net of tax), subject to regulatory approval.

This dividend, which amounts to a gross payout of €26.9 million, is the result of the financial performance of the BOV Group for the six months ending June 2023, where the bank reported a profit before tax of €105.1 million, compared to a pre-tax loss of €72.1 million (restated) during the first half of last year.

BOV chairman Dr Gordon Cordina said that this dividend is the result of an in-depth analysis carried out by the bank on forward-looking data. He explained that the bank’s this decision meets important risk and other regulatory criteria, which focus on the strength and viability of the bank’s future business. This is essential to safeguard the best interest and expectations of shareholders and other stakeholders, he said.

Bank CEO Kenneth Farrugia added that this dividend is evidence that the bank is “on the right track and is delivering solid financial performance”. The bank is committed to continue strengthening its position as a leading financial institution in Malta, focused on customer-centricity, excellence and innovation, in an ever-evolving industry landscape, Farrugia continued.

Subject to regulatory approval, the dividend is planned to be paid on December 6, 2023 to those members appearing on the bank’s Register of Members, as maintained at the Central Securities Depository at the Malta Stock Exchange, as at the close of business of November 21, 2023.