On June 22, Lombard Bank Malta plc held its Annual General Meeting at the Malta Chamber of Commerce, Valletta. The meeting considered and approved all resolutions on the agenda, including also the annual report and financial statements, reappointment and remuneration of auditors and remuneration of directors; a bonus share Issue and also authority for the directors to issue new shares.

Answering questions by shareholders, the chairman expressed satisfaction at the 2022 results, which saw the bank return a record profit before tax of €28.8 million, the main drivers being improved interest income streams and the recovery of a non-performing commercial loan. 

With respect to the issue of new shares, it was recalled that the raising of fresh capital was intended for the bank to proceed with extending its activities in line with its vision of becoming a more meaningful player in the local community. 

The shareholders present at the meeting approved all the resolutions with no abstentions nor votes against. The bank expressed satisfaction at this outcome and in particular on that which authorises the directors to issue new shares, thereby allowing it to proceed with its plans for growth, in line with its strategic priorities. 

The board of directors of the bank is composed of chairman Michael C Bonello, Joseph Said, Kimon Palamides, Peter Perotti and Graham A Fairclough.

As had been communicated earlier by way of a Company Announcement the National Development & Social Fund has appointed John Bonello and Paul Abela as directors. These appointees will take office as non-executive directors once regulatory processes are undertaken and relative approvals received.