BOV share prices surges over 6%

The MSE Equity Price Index approached the 4,700 mark as it jumped by just over 1% to 4,691.124 points.

Most of Friday's attention was directed towards the publication of the 2018 financial results by Bank of Valletta plc, which showed that the bank registered a net profit of €51.4 million when including a €75 million litigation provision which had already been disclosed in the 2018 interim report.

Overall, the bank reported growth across most of its business segments, particularly interest income as well as net fee and commission income. In fact, excluding the €75 million litigation provision, adjusted operating profits of almost €138 million were 11.3% higher than the annualised figure of €124.4 million for the 2016/17 financial year.

The board of directors are recommending a bonus share issue of one bonus share for every 10 shares held which will be allotted to shareholders as at close of trading on June 6, 2019. The bonus share issue will be funded by a capitalisation of reserves amounting to €53.1 million. Furthermore, BOV noted that it intends to issue an instrument, eligible for additional Tier 1 capital, to institutional investors. Moreover, the bank intends issuing a new...