GO and HSBC report interim results
The MSE Equity Total Return Index started the month of August with a decline of 3.6%, as it reached 7,757.644 points. Out of 19 active equities, three registered gains while 15 lost ground. A total weekly turnover of €0.5 million was generated across 130 transactions – up from €0.4 million last week.
The week kicked off with HSBC Bank Malta plc announcing that the board approved the group and the bank interim condensed financial statements for the six-month period ended June 30, 2020.
Profit before tax declined by €19.1m to €1.8m due to higher expected credit losses and lower revenue reflecting the impact of the Covid-19 outbreak. Similarly, revenue was down by 16% mainly due to revaluation losses within the Life Insurance subsidiary following adverse market movements.
Profit attributable to shareholders of €1.2m for the six months ended June 30, 2020, resulted in earnings per share of 0.3 cents compared with 3.8 cents in the same period in 2019. Common equity Tier 1 capital ratio increased marginally to 16.6%, which is well above regulatory requirements. Total capital ratio increased to 19.3% compared to 19% at December 31, 2019. Meanwhile, return on equity for the first six...