The Bank of Valletta Group has announced a profit of €13.5 million in the first six months of the year, after recognising a provision of €75million against potential losses arising from three litigation cases in which BOV is involved.
It was also announced that the bank has resolved not to declare an interim dividend, and will not be recommending the payment of a final cash dividend, choosing instead to re-invest profit rather than paying it out in cash.
The three cases relate to Deiulemar Group, La Vallette Multi Manager Property Fund and the Falcon Fund.
Profits have increased from last year and Deo Scerri, the Bank’s CEO, said that this confirms “the strength of the bank”.
Currently the bank has €10 billion in deposits and has lent around €4.5 billion.
Filming: Miguela Xuereb