BOV registers improved underlying performance

The MSE Equity Price Index on Thursday erased some of Wednesday's sharp drop as it rebounded by 0.27% to 3,614.457 points. The uplift reflected the positive performances of BOV and APS whilst IHI, PG and Farsons ended the day unchanged. Overall trading activity in equities eased to €0.16 million compared to €0.19 million on Wednesday.

Bank of Valletta plc advanced by 1.1% to regain the €0.91 level across 50,500 shares. On Thursday, BOV reported a 3% increase in pre-tax profits to €47.8 million in the nine-month period up to September 2022  when excluding the impact from the settlement of the Deiulemar case. The growth in income reflecting the more favourable interest rate scenario coupled with the increase in lending and non-interest income activity offset the higher level of operating costs and impairment charges as well as the lower contribution from the bank’s insurance associates.

BOV also reiterated its intention of materially strengthening its capital base with a view of expanding its lending book and treasury operations.

Also in the retail banking segment, APS Bank plc surged by 2.5% to the €0.625 level albeit on trivial volumes.

A single deal of 8,767 shares left the...