HSBC Bank Malta has reported a pre-tax profit of €30.7m last year, a decrease of 20% (€7.8m) over the previous year owing to the impact of a one-off restructuring provision.

"The investment in restructuring will deliver sustainable cost savings going forward," the bank said. 

Excluding the extraordinary item, the profit was of €45.3 million.

The directors are recommending a gross final dividend of 2.1 cents per share.

The bank said that net loans and advances at the end of last year were €3,257m, up €147m, or 5% compared to the end of 2018.

Customer deposits increased by 2% to €4,977m. The advances to deposits ratio increased marginally to 65%.

The HSBC Bank restructuring plan, announced in October last year, includes shedding 180 members of staff as part of a voluntary retirement scheme. The bank had also announced it would close eight branches and increase its focus on digital banking services. 

Tuesday's results were announced against the background of an announcement by HSBC International that it plans to slash 35,000 jobs and slim operations in the United States and Europe, after profits slid by a third last year.