BOV ANNOUNCES INTERIM DIVIDEND OF €0.0924 GROSS PER SHARE
October 17, 2024
Bank of Valletta has just announced an interim dividend of €35 million for the first half of the year 2024, equivalent to a gross dividend of €53.8m. This amounts to a dividend of €0.0924 gross per share (€0.06 net of tax).
The dividend payout announced by the Bank follows the positive financial performance reported by the BOV Group during the first six months of 2024, for which the Group reported a profit before tax of €148.2 million, representing an increase of 40.9% over the same period in 2023. The dividend is planned to be paid on 27th November 2024 to those members appearing on the Bank’s Register of Members.
BOV Chairman Dr Gordon Cordina commented on the Bank’s latest announcement. “As we had announced during our market briefing on the BOV Group’s financial performance for the first six months of 2024, an in-depth analysis regarding the possible distribution of dividends to the Bank’s shareholders was carried out, taking into consideration important risk and other regulatory criteria that focus on the strength and viability of the Bank’s future business. The dividend we are proposing today is the result of our efforts to safeguard the best interests of our shareholders and wider stakeholders, and it is with pride that I can announce a dividend that is a just reward to our shareholders for the renewed trust they keep placing in this Bank.”
Echoing the Chairman’s comments, Bank of Valletta CEO Kenneth Farrugia stated, “This announcement is proof of the Bank’s commitment to continue strengthening its position as a leading financial institution in Malta. I am pleased to note that the decisions we have been taking over the past few years, coupled with a prudent but forward-looking approach to maintaining a healthy Balance Sheet are delivering the expected results. The proposed interim dividend is the result of the various strategic initiatives being implemented by the Bank across our customers, operations, governance and our valued people where, in the process, we are embedding ESG considerations. These initiatives are in turn strengthening the Bank’s financial position, enabling the distribution of dividends to our esteemed shareholders, and at the same time ensuring that we are meeting, and possibly exceeding, the service expectations of both our personal and business customers.”
The dividend payout announced by the Bank follows the positive financial performance reported by the BOV Group during the first six months of 2024, for which the Group reported a profit before tax of €148.2 million, representing an increase of 40.9% over the same period in 2023. The dividend is planned to be paid on 27th November 2024 to those members appearing on the Bank’s Register of Members.
BOV Chairman Dr Gordon Cordina commented on the Bank’s latest announcement. “As we had announced during our market briefing on the BOV Group’s financial performance for the first six months of 2024, an in-depth analysis regarding the possible distribution of dividends to the Bank’s shareholders was carried out, taking into consideration important risk and other regulatory criteria that focus on the strength and viability of the Bank’s future business. The dividend we are proposing today is the result of our efforts to safeguard the best interests of our shareholders and wider stakeholders, and it is with pride that I can announce a dividend that is a just reward to our shareholders for the renewed trust they keep placing in this Bank.”
Echoing the Chairman’s comments, Bank of Valletta CEO Kenneth Farrugia stated, “This announcement is proof of the Bank’s commitment to continue strengthening its position as a leading financial institution in Malta. I am pleased to note that the decisions we have been taking over the past few years, coupled with a prudent but forward-looking approach to maintaining a healthy Balance Sheet are delivering the expected results. The proposed interim dividend is the result of the various strategic initiatives being implemented by the Bank across our customers, operations, governance and our valued people where, in the process, we are embedding ESG considerations. These initiatives are in turn strengthening the Bank’s financial position, enabling the distribution of dividends to our esteemed shareholders, and at the same time ensuring that we are meeting, and possibly exceeding, the service expectations of both our personal and business customers.”