HSBC Bank Malta reports record profits for 2024 interim results

HSBC Bank Malta reported record half year profits reflecting revenue growth, investment in people and technology as well as strong credit quality of the loan book. A record profit performance of €78.6m in the first half of the year has enabled us to continue the trend of rewarding our shareholders with the highest interim dividend over the last 10 years. The Directors are recommending a gross interim dividend of 10 cents per share.

Financial performance

  • Profit before tax increased by €19.3m to €78.6m, mainly driven by an increase in revenue due to the higher interest rate environment and higher credit recovery which was partially offset by higher costs as the bank continued to invest.
  • Revenue increased by €21.5m or 20% driven by rising interest rates and a 34% increase in trading income. Progress was also reported in net fee income and income from the insurance subsidiary.
  • A release of €7.0m was reported on expected credit losses (‘ECL’) in view of curing of non-performing loans and releases of overlays held by the bank in relation to inflationary pressures.
  • Costs are €6.6m higher than the same period in 2023. This increase was largely driven by the investment in people, technology as well as the new headquarters in Qormi, ‘HSBC Hub’.
  • During the first six months, loans to customers and deposits were slightly lower than those reported at 31 December 2023.  
  • Profit attributable to shareholders of €50.7m for the six months ended 30 June 2024 resulted in earnings per share of 14.1 cents which compared favourably with 10.7 cents in the same period in 2023.
  • An interim gross dividend of 10 cents per share is being recommended.
  • Return on equity of 18.3% for the six months ended 30 June 2024 compared favourably with 16.2% for the same period in 2023.
  • Cost efficiency ratio (‘CER’) improved to 43.9% from 46.6% in the same period last year as the increase in revenue outweighed the increase in costs.
  • The bank maintained a strong liquidity and capital position as at 30 June 2024, with a   Liquidity Coverage Ratio of 552% and Tier 1 Capital of 21.1%.

Financial performance

Profit before tax for the six months ended 30 June 2024 was €78.6m, an increase of €19.3m from the same period in 2023. Higher profits reflect an improvement in all revenue lines as well as a higher recovery of expected credit losses (‘ECL’). These positive variances were partially offset by higher costs as the bank continued to invest.

Net interest income (‘NII’) increased by €17.0m to €106.6m compared with €89.7m in the same period in 2023. The increase in NII was driven by the higher interest environment as the average interest rates in H1 2024 were higher than those prevailing in H1 2023.

Non-funds income (fees and commissions and trading income) increased by €1.3m reflecting a rise in both trading and new fee income. Trading income increased by 34% compared to the same period last year driven by higher foreign exchange income generated from the strong relationship with corporate customers.

Operating expenses increased by €6.6m to €56.1m, compared with €49.5m in the same period in 2023. While there were several contributors to the movement in operating expenses, the most material drivers were increases in staff costs, IT expenses and real estate costs as the bank continues to invest in its people, technology, and new headquarters in Qormi. Releases in litigation provisions reported in H1 2024 were roughly of the same value to a refund from insurance in relation to operational losses reported in 2023.

During the six months, there was a release of ECL of €7.0m, compared to a release of €2.6m reported in the same period last year. Both the retail and corporate business lines contributed to the release. The release in the corporate business line was mainly a result of amounts recovered from non-performing loans and an improvement in the credit quality. On the other hand, the release in the retail business was mainly driven by a release of provisions held for inflationary pressures which did not materialise.

HSBC Life Assurance (Malta) Ltd reported a profit of €4.5m compared to €1.6m reported in the same period last year. The increase in profits is a result of an improvement in the composition and volume of new business together with yield curve and positive movements on the financial securities’ prices.

The effective tax rate was 35% in both periods. This translated into an interim tax expense of €27.9m.

Financial Position and Capital

Net loans and advances to customers amounted to €2,981m, a decrease of €103m or 3% when compared to 31 December 2023. The bank continued to improve asset quality by reducing non-performing loans by 28% while retaining a prudent credit policy to ensure long term sustainability of its service proposition.

The bank’s investment portfolio increased by €394m to €1,710m as the bank invested in longer tenure assets to strategically hedge against future movements in interest rates. The investment portfolio is composed of highly rated securities and continues to be conservatively positioned with the lowest investment grade of A-.

Customer accounts were €6,058m as at 30 June 2024, a decrease of €83m or 1.4% compared to 31 December 2023. The bank had a satisfactory advances-to-deposits ratio of 49%, and its liquidity ratios were well in excess of regulatory requirements.

The bank continued to strengthen its capital ratios and is fully compliant with the regulatory capital requirements. The bank’s common equity tier 1 capital was 21.1% as at 30 June 2024, compared to 20.6% at the end of 2023. The total capital ratio increased to 24.1% compared to 23.5% as at 31 December 2023.

The bank continued its trend in rewarding its shareholders with the highest interim dividend over the last 10 years. The Board has thus recommended an interim gross dividend of 10 cents per share which amounts to a gross dividend of €36.0m. The interim dividend will be paid on 17 September 2024 to shareholders who are on the bank’s register of shareholders on 16 August 2024.

Geoffrey Fichte, the Chief Executive Officer of HSBC Malta, said:

“HSBC is celebrating 25 years in Malta. Our results for the first half of the year reflect the strong relationship with customers built over these years as part of Malta’s economic transformation, as well as the continued success of our turn-around strategy announced early last year. We’re growing revenue across all of our businesses and continue to invest for the long term. HSBC’s robust management of risk and focus on high-quality and long-term customer relationships continues to deliver results.

“This year we signed an ambitious and ground-breaking three-year collective agreement to energise our talent on customer service excellence. We inaugurated our new headquarters, HSBC Hub, in Qormi, a €30m investment in the future of work. We accelerated investments in technology, sustainability and new ATMs to support customers.

“We thank our customers and shareholders for their support and are recommending a gross interim dividend of 10 cents per share which is the highest dividend over the last 10 years. Our capital and liquidity remain strong, and we continue to pursue growth opportunities in Malta.”

Government Needs to Address Abuses, Enforce Laws, and Ensure Transparency

Clear distinction between ethical and unethical businesses

The Malta Chamber of Commerce, Enterprise and Industry is acutely aware of the ongoing issues surrounding the employment of Third-Country Nationals (TCNs) in Malta. The Malta Chamber emphasizes the necessity of employing TCNs only where there is a demonstrable need within the labour market, and similarly, the employment in jobs directly or indirectly associated with the government should be justified by genuine need.

Critical Reliance on Migrant Workers Across Sectors
Many key sectors in Malta, including healthcare, elderly care, tourism, manufacturing, tech and financial services rely heavily on migrant workers due to a significant shortage in the local workforce. This reliance underscores the importance of a strategic workforce plan that addresses these shortages, ensuring a balance between human resource needs and the country’s capacity to accommodate them sustainably.

Government needs to Address Abuses
The Malta Chamber condemns the unethical practices observed in certain businesses, which exploit TCN workers. Recent investigations have uncovered instances where companies have illegally employed TCNs, engaged in contract violations, and subjected workers to poor working conditions. Such practices not only violate the rights of the workers but also create unfair competition for businesses that adhere to legal and ethical standards.

There have been news reports of exploitation, such as workers being charged exorbitant fees by recruitment agencies or being subjected to underpayment and inadequate working conditions. For instance, a number of companies have been found to employ TCNs without proper contracts, leading to instances where workers were paid less than the minimum wage or were denied basic rights and protection.

Clear Distinction between Ethical and Unethical Businesses
The Malta Chamber calls for a clear distinction to be made between ethical businesses which comply with employment laws and standards, and those that exploit legal loopholes to the detriment of workers and fair competition. The role of entities like Jobsplus, Identita’ and the Department of Industrial and Employment Relations (DIER) which are collectively responsible for the issue of work permits, regulation and monitoring of employment practices, is crucial in identifying and addressing these abuses. We urge continued vigilance and robust action to ensure that all businesses operate on a level playing field, respecting both legal standards and the rights of workers.

Government needs to Enforce and be Transparent
In light of these issues, The Malta Chamber invites the government to enhance transparency by releasing the data from the recent skills survey, which identifies the specific needs of the country’s labour market. Additionally, we advocate for stronger enforcement of labour laws and increased dialogue with stakeholders, including the Malta Council for Economic and Social Development (MCESD), to ensure that the implementation of policies is fair and effective. This collaborative approach is essential to create a sustainable and equitable environment for all sectors of the economy.

BOV reports profit before tax of €148.2 million for first half of 2024

In the first half of 2024, the Bank of Valletta Group delivered a strong financial performance, with pre-tax profits of €148.2 million, representing an increase of 40.9% over the same period last year. The increase in profitability resulted from strong growth in interest income, and to a lesser extent, from net fee and commission streams, underpinned by sustained efforts to improve cost effectiveness and efficiency. In tandem, the Bank continued to pursue a balance sheet optimisation strategy, shifting short-term liquidity into long-term assets to ensure longer term profitability.

The Bank registered Net Interest Income (NII) of €193.6 million, representing an increase of 21.1% when compared with the same period last year. Net Fee and Commission Income increased by 6.5%, reaching €36.7 million, with positive results registered in core income areas including credit-related and trade finance business, as well as brokerage and other investment related activities.

Operating costs registered a decrease of €2.3 million, down to €90.7 million, with costs of human capital the primary driver, followed by technology-related expenses. The Bank’s efforts to manage its costs resulted in cost reductions in the majority of cost categories, with the Cost-to-Income ratio reducing sharply from 47.9% in June 2023 to 40.7% in June 2024.

The Group’s strategy to optimise the balance sheet continued to be centred on its core financing business and management of excess liquidity. The Group’s treasury continued to perform well on the strength of increased volumes and improvements in the net interest margin on the investment portfolio, as well as interest being derived on the cash deposits held with the Central Bank. While cash and short-term funds decreased by €1.1 billion compared to end December 2023, investments in the treasury portfolio increased by €723.2 million.

Loans and advances to customers amounted to €6.6 billion at the end of the first half, resulting in a net increase of €374 million, with high growth levels on both business and retail advances. On the liabilities side, customer deposits experienced a marginal increase of €14.9 million, reaching €12.2 billion. This led to a favourable increase in the Group’s gross loan-to-deposits ratio from 51.7% at end 2023 to 54.7% at end of June 2024, in line with the Bank’s long-term direction.

Following these developments, the Bank retained a comfortable Liquidity Coverage Ratio of 357% as at 30 June 2024. With a continued focus on asset quality and related impairments, the non-performing exposure ratio moved below the 3% mark by June 2024. Total Group Equity stood at €1.3 billion, an increase of €68.7 million, while the net asset value per share at the end of June 2024 stood at €2.3 per share (December 2023: €2.2 per share).

Reinforcing our aspirations to be leaders and innovators in the financial sector – Dr Gordon Cordina, Chairman

“I am pleased to report yet another strong financial performance by the BOV Group for the first six months of 2024. This is all the more significant within the context of a weak international economic scenario clouded with uncertainty. BOV’s profitability continued to benefit from the environment of high international interest rates and our decision to maintain interest rates unchanged for most clients while maintaining a very strong capital base.

We registered a solid performance in most of our core areas of business. We have seen growth in customer lending, contained movements in customer deposits and have continued to expand our bond portfolio with the aim to lock in returns over the longer term. The BOV Group’s balance sheet figures are extremely encouraging, with pre-tax return on average equity (ROAE) of 22.8% and the Group’s Common Equity Tier 1 Capital (CET1) ratio in June 2024 at 22.3%.

In the months to come we will strengthen our resolve to continue along this trajectory. We will endeavour to sustain the Bank’s performance, renew our resolve to become ever more customer centric, improve our digital maturity and continue to engage with our stakeholders to highlight the importance of ESG and instigate behavioural change particularly through pricing incentives to boost the attractiveness of ESG for businesses and households alike. The Bank’s financial performance reinforces our aspirations to be leaders and innovators in the financial sector and a catalyst for positive change.”

We continue to strengthen our position as Malta’s Leading Bank – Kenneth Farrugia, CEO

“During the first half of 2024, the BOV Group maintained its strong financial standing, building on the excellent performance registered in 2023 and sustained in the first quarter of 2024.  The positive performance was characterised by strong growth in our operating income, across our interest and non-interest income driven lines of business, while also maintaining a strong focus on our costs. We continued to gain traction in both commercial and retail financing, and I am pleased to note the continued interest in our green financing solutions. On the net fee and commission income side, the Bank has continued to register positive traction across a number of business areas.

Reflecting on this performance, I cannot but reaffirm our unwavering commitment to continue strengthening the quality of our customer service experience across our channels. We continue to invest in our digital service offering and will also shortly be initiating the process to modernise our ATM fleet across Malta and Gozo.

I am pleased to note that our efforts in improving the customer experience is bearing fruit. Our ongoing customer panels are showing improvements in our net promoter scores and our customer service ratings, with customers mentioning good service and overall touchpoint satisfaction as key factors to this improvement. The current ratings are in line with our ambitious targets for the year, and the insights garnered are providing us with further opportunities to keep enhancing our service offer, particularly in digital services and in speed of service, to further align with customer expectations.

The Bank’s performance registered so far is the result of the ambitious strategy that we are taking forward, a strategy aimed at positioning Bank of Valletta as Malta’s leading and go to Bank. Over the coming months we will continue taking on the challenges of a modern and fast-paced financial industry as we continue our journey that is taking this Bank from good to great.”

BOV Inaugurates Art Exhibtion – “Inwaħħdu xbihat minn kullimkien”

As part of Bank of Valletta’s 50th Anniversary celebrations, an art exhibition titled “Inwaħħdu xbihat minn kullimkien” was inaugurated at the Museum of Fine Arts in Valletta. The exhibition is a showcase of the Bank’s vast collection of modern and contemporary artworks. The title “Inwaħħdu xbihat minn kullimkien” is taken from Achille Mizzi’s poem “Skorfon” (Il-Kantiku tad-Demm), reflecting the vast collection of artwork on display, and drawing its imprint from the nature of the exhibits and the way the Bank’s art collection evolved over the years.

Bank of Valletta’s collection is, by Maltese standards, a very large one, counting over 900 pieces. It is a collection that has evolved rather randomly, with works that were primarily meant to decorate reception areas, offices, and boardroom walls. They largely date from the 1970s to the early 2000s and most works were purchased directly from the artists.

In its vastness, the Bank of Valletta’s collection provides a snapshot of Maltese art, with works by both prominent and less prominent artists. The works reflect the realities of the Maltese art scene and understandably vary in style and significance. The collection is largely composed of landscape paintings and abstract works of small to medium size. They are mostly executed in traditional media, without breaking much into experimental forms.

Whilst inaugurating the exhibition and also welcoming all those present, Dr Gordon Cordina, BOV’s Chairman, stated that the Bank has always been at the forefront in supporting the community at large and supporting the local art and culture scene. “This is yet another event where the Bank is looking to the past but investing in the future, seeking to leave behind a better world for those who come after us. Curator Prof Keith Sciberras did a sterling job in identifying and highlighting the work of the protagonists in a curated display that mirrors much of the artistic concerns and production of modern and contemporary art in Malta.”

Mr Kenneth Farrugia, the Bank’s Chief Executive Officer, said that during its 50-year history, BOV has also provided continuous support to the local artistic scene since this forms part of BOV’s community investment in arts and culture. “As the leading Bank in Malta, we are constantly committed in nurturing artistic talent, for the benefit of the local community. We are proud to host this event and give the visiting public a unique opportunity to experience local art at its best. These initiatives are supportive of our ESG strategy which resides at the core of the Bank’s strategic initiatives. It is the firm intent of the Bank to continue investing in the local talent in the years ahead of us.”

Mr Farrugia continued by making reference to the Bank’s social initiatives, forming part of the Bank’s CSR programme. “These initiatives are aligning with other efforts we are taking to support our ESG strategy to give back to the local community. This is highly important for us, and we will continue to focus our efforts on unique opportunities that will be of benefit to the community that we service.”

During the selection process for “Inwaħħdu xbihat minn kullimkien”, Prof Sciberras identified and highlighted the work of the protagonists in a curated display that mirrors much of the artistic concerns and production of modern and contemporary art in Malta. In their attempt to embrace international references, the works on display dialogue, albeit sometimes hesitantly, with artistic realities primarily in England, Italy, and France, where several of these Maltese artists trained or studied.

Prof. Sciberras stated that “the concept of the exhibition entitled flows through three main chapters, or rooms, set out in the Camerone of MUŻA – the National Museum of Arts, Valletta. They are respectively dedicated to works on paper (Karta / Paper), landscapes (Art / Earth), and abstract works (Ħsieb / Mind). A smaller, but significant, room is dominated by one single, large figurative work by Anton Calleja. The exhibition also combines art and poetry in a dialogue that mirrors the ‘ut pictura poesis’ tradition, where poetry and painting engage in a dialogue or friendly ‘paragon’. The poet of choice is Achille Mizzi, and extracts from his work, selected by Immanuel Mifsud, accompany the titles of exhibition rooms.”

Prof. Sciberras continues that the fifty-eight works from 32 artists on exhibit display considerable visual coherence, but at the same time underline individual interests and idioms. The concerns here are mainly with aesthetics and rendering and notably do not engage in depth with commentary on political and social controversies and debates of that time. Colour, light, form, and expression unite (iwaħħdu) this exhibition. In many ways, this reflects the general character of Maltese modern art.

BOV invites the general public to visit this unique exhibition which will be on display until Sunday, 8th September, 2024, at MUŻA, the National Museum of Art in Valletta.

The Malta International Business Awards 2024 Announce Finalists

The Malta International Business Awards (MIBA) 2024 has just revealed the finalists, marking a significant milestone in this prestigious competition. Organised by TradeMalta, the third edition of the MIBA awards attracted an impressive array of entries from Malta-based exporters, highlighting the vibrant and diverse nature of the nation’s international business community.

The quality of the submissions was outstanding, making it a challenging task for the adjudication panel to shortlist the finalists. All entries were meticulously evaluated to ensure they met the application guidelines and criteria. The shortlisted companies were then invited to deliver presentations to the judging panel, who will now be determining
the winners for each category.

The awards feature four categories: Best SME Exporter, Best Large Exporter, Best High Potential Exporter and Best Emerging Markets Exporter. The finalists come from a wide array of industries underscoring the robust capabilities of Malta’s exporters including manufacturing, research and development, training, software, and AI technology, maritime, 3D printing, and web design as follows:

Best SME Exporter: Pet Nutrition House Ltd; International Safety and Training College, IoT Solutions Ltd, MMRTC Co-operative Society Ltd.

Best Large Exporter: Magro Brothers (Foods) Ltd; Simonds Farsons Cisk plc; SIGMA Group; Salvu Grima Group, AquaBioTech Group

Best High Potential Exporter: 9H Digital Ltd; Thought 3D Ltd; EBO Ltd; Central Mediterranean Business School, IoT Solutions Ltd.

Best Emerging Markets Exporter: Pet Nutrition House Ltd; Simonds Farsons Cisk Plc; SIGMA Group; Salvu Grima Group; Central Mediterranean Business School; MMRTC Co. Operative Society Ltd; AquaBioTech Group.

The winners of each category, along with the overall winner, will be announced during a prestigious gala dinner at the Radisson Golden Sands Hotel on Friday, 29 November 2024.

The MIBA awards are organised by TradeMalta, with HSBC Bank Malta p.l.c. as the strategic partner, and Emirates and Grant Thornton as supporting partners. The awards are endorsed by the Ministry for Foreign and European Affairs and Trade, as well as the Malta Chamber of Commerce, showcasing a united front in championing Malta-based businesses trading internationally. The Times of Malta is the media partner.

For more information and updates on the Malta International Business Awards 2024, please click here or contact TradeMalta at info@trademalta.org or call 22472400.

The potential for business growth when investing in technology and digitization cannot be underestimated

During this year’s Tech.mt AGM, CEO Dr Portelli highlighted that Malta is well-positioned to be an incubator for innovative tech ideas. “The small size of the market can be an advantage in this sense. Another advantage is the high degree of diversification of our relatively small economy. This provides endless possibilities for product and service development. Whether it’s tourism, financial services, manufacturing, transportation, media, telecoms, energy, health – the Maltese economy provides ample opportunities for highly diverse economic activities, all of which can be enhanced through creative digital solutions.”

She added that “This does not mean that we do not have our challenges. One of the obstacles to our progress with digitization is a shortage of properly skilled staff in the subject area. Modernising current employment and skills regulations is also critical to meeting the demands of a digitally transformed world. Regardless of the industry or nature of the job, competency with digital tools and services is required. The Malta Chamber argues that one critical prerequisite is for the school system to provide all pupils with a basic awareness of technology, which is unfortunately still lacking today.”

The Malta Chamber has a proven track record of over 176 years representing commerce, enterprise and industry – our commitment remains and we will continue giving all our energy to see continued success.

Balancing Act: Europe’s Strategy for Economic Resilience and Openness

MICHELE AGIUS – POLICY ADVISOR – MBB

In recent years, Europe has faced unprecedented challenges that have tested the resilience and security of its economy. The global pandemic, Russia’s invasion of Ukraine, and escalating geopolitical tensions have exposed vulnerabilities across supply chains and critical infrastructures that Europe had not anticipated. These events have underscored the need for a robust strategy to shield the European economy from external shocks and hostile actions. The European Economic Security Strategy (EESS) emerges as a response to these multifaceted risks, aiming to secure the economic foundations of the EU while maintaining its openness and competitiveness on the global stage.

The primary aim of the EESS is to enhance the economic security of the EU by making it more resilient to external shocks and reducing dependencies of critical sectors on foreign partners. The strategy is structured around three main pillars, the first of which is to promote the Single Market, by enhancing the EU’s competitiveness and economic resilience through investments in industrial capabilities and the economy of the future, such as advanced semiconductors, quantum computing, biotechnology, and clean energy. Moreover, the EESS includes measures to encourage the extraction, processing, and recycling of these materials within the EU, thereby reducing dependencies on non-EU countries. This approach is expected to strengthen the EU’s autonomy in key technological areas and support its long-term economic security.

The second pillar is to protect the Single Market, and here the EESS focuses on safeguarding the EU’s economic interests by enhancing defences against various economic security risks. Central to this pillar is the strengthening of trade defences and the rigorous application of Foreign Direct Investment (FDI) screening mechanisms, to prevent potentially harmful investors and trade practices that could threaten the national security of Member States. Additionally, it prioritizes enhancing cybersecurity measures across critical infrastructures, employing robust legislative tools such as the ‘NIS 2 Directive’ to bolster digital and physical infrastructures against cyber-attacks and espionage. The pillar also intensifies controls on exports of sensitive technologies and dual-use goods to prevent technology leakage that could inadvertently boost the military capabilities of adversarial states.

Finally, the EESS emphasizes on strengthening international alliances and partnerships by seeking to diversify and secure supply chains through enhanced cooperation with a broad range of countries that share the EU’s economic and security values and concerns. It involves actively pursuing free trade agreements, fostering resilient and sustainable value chains, and ensuring robust economic ties with key strategic partners. Additionally, the EU aims to leverage initiatives like the Global Gateway to invest in secure links worldwide, which support sustainable development and enhance the EU’s influence in shaping the global economic framework.

The discussion around an EESS anchored in the principles of competitiveness and openness is a welcomed development. However, the protection of vital security interests must not serve as cover for disguised protectionism, nor should it endanger the integrity of the Single Market. To ensure the strategy’s success, there needs to be a right balance between economic and national security objectives. This requires a thorough assessment of the different risks identified under the strategy before adopting new EU tools, which must be precise, proportionate, and predictable. These risk assessments should be conducted in close cooperation with business representatives and other key stakeholders.

Collaboration with new non-EU partners is also a very positive development, but each partnership should be carefully assessed to ensure it brings concrete benefits for European business. Benefits such as new international markets and strengthened supply chains, will mitigate the risk of critical goods shortages in essential industries such as automotives and pharmaceuticals. Advanced technology collaborations in industries such as AI, biotechnology, and quantum computing will also reinforce the R&D capabilities of the Single Market in the coming years.

Lastly, renewed partnership and cooperation between the Commission, Member States, and the private sector will be essential. This should come in the form of further intelligence sharing to protect companies from emerging security risks. More coordination and cooperation at EU level is also instrumental in areas such as export controls and FDI screening. One potential option could be the EU setting stricter licensing requirements for exports of quantum computing technologies to countries where there is a risk of these technologies being diverted to develop military capabilities, ensuring that exports do not compromise EU’s strategic interests. Foreign investment in private enterprises operating in critical infrastructure such as energy, telecommunications, and ports, could require thorough assessments to ensure it does not pose a security risk to the strategic autonomy of the EU.

This article was first published on The Malta Independent on the 21st July, 2024.

The BOV Volleyball Marathon in aid of id-Dar tal-Providenza gets underway

H.E. Dr Myriam Spiteri Debono, officially inaugurated the 14th edition of the BOV Volleyball Marathon in aid of Id-Dar tal-Providenza. Forty players, selected from a total of seventy applicants, started the challenge of fifty-three hours of non-stop volleyball for a noble cause.

Present for the inauguration ceremony were Hon. Julia Farrugia Portelli, Minister for Inclusion and Volunteering, Hon. Keith Azzopardi Tanti, Parliamentary Secretary for Youth, Research and Innovation, Hon. David Agius, Deputy Speaker and Shadow Minister for Sports, Hon. Graziella Galea, spokeswoman of the Opposition for the Inclusion of the Voluntary sector, Mr Kenneth Farrugia, the CEO of the Bank of Valletta the main sponsor of the marathon, and Siġġiewi Mayor Julian Borg.

In his welcome speech, Fr Martin Micallef while greeting the President of Malta, on her first visit to Id-Dar tal-Providenza, said that the commitment of the players and volunteers sends a beautiful message to Maltese society that it is rewarding to give.  He added that it is wonderful to see young people filled with a great sense of generosity and altruism, who are ready to commit themselves in favour of initiatives in favour of people who need some kind of support, solidarity, or help. He reminded that Dar tal-Providenza, which this year is on the threshold of its 60th anniversary, needs a lot of funds to continue offering the residential services it offers to people with disabilities. “The help that the Maltese and Gozitan people will be giving through this marathon will continue to fill us with the courage to continue this work in the years to come.”

In her brief address at the opening of the marathon, the President of Malta H.E. Myriam Spiteri Debono mentioned that “by opening the Dar tal-Providenza nearly sixty years ago, Mgr Mikiel Azzopardi filled a significant gap, that existed at the time, in society by providing care and support for people with disabilities and their families.” She said that this started to raise public awareness about the importance of providing the necessary help to these people so that they have an opportunity to reach their full potential. Above all, so that they avoid unnecessary suffering. President Myriam Spiteri Debono explained that the costs are substantial and constantly increasing and appealed to the generosity of the people of Malta and Gozo.

Mr. Kenneth Farrugia, BOV’s Chief Executive Officer, stated that the Bank’s relationship with id-Dar tal-Providenza goes back years, with over 10 years of collaboration, and this year, as part of our Bank’s 50th anniversary, BOV is proud to continue building on this relationship. “As the leading bank in Malta, we are constantly committed in nurturing such partnerships that help the most vulnerable, also as it is one of our main strategic objectives to be more present in our community.

“The BOV Volleyball Marathon is a clear representation of what makes us Maltese, being there for one another through sport. This marathon also represents the power of volunteering, something which we at BOV are also encouraging with the introduction of the Volunteering Leave for all our employees.”

Mr. Farrugia continued that “Id-Dar tal-Providenza provides a vital service to our community and as BOV we want to continue expanding our work with the community to help all our citizens achieve a better quality of life. We truly hope that this relationship can grow further in the coming years and decades to come, and BOV will keep enhancing its CSR programme through such initiatives for the benefit of the local community.”

Mr. Ernest Agius, the Bank’s Chief Operations Officer, commented that “we are incredibly proud to support the BOV Dar tal-Providenza Volleyball Marathon, a remarkable event we have been backing for over a decade. Supporting this Marathon showcases our commitment to the community in which we operate. Continuously we are growing our presence so that we are truly a bank which is made by the people and for the people. This marathon is not just a testament to our community engagement but also demonstrates our ethos, which emphasizes playing an active role in the communities we serve. The work that Fr. Martin and his team do is invaluable, and we are proud to support such organisations. It is heartening to see our people actively participating as players and volunteers, embodying the spirit of solidarity and service that infuse our CSR efforts and embody our Bank’s culture.”

In the evening during the three days of the marathon there will be live music on the main stage. On Friday evening from 9:00 pm to midnight, the band Zone 5 will be invited, on Saturday the band Kantera, while on Sunday, the Spiteri Lucas Band.

The marathon will be broadcast on the local TV channels. The public can help by calling the numbers below, using BOV Mobile Banking or PayPal and Revolut or donating online to Dar’s bank accounts. For more information about this activity you can visit the site: www.sabihlitaghti.org or call one of the numbers below:

€10         5160 2011
€15         5170 2012
€25         5180 2013
€50         5190 2070
€100       5130 2044

Pledge Line: 2146 3686
BOV Mobile  7932 4834

HSBC Malta welcomes summer interns with exciting future skills programme

HSBC Malta recently welcomed this year’s summer interns, providing them with a memorable start to their internship experience. Qualifying students from the JA Malta Foundation, MCAST’s Institute of Business Management and Commerce, and the University of Malta were greeted with a warm welcome that included a delightful breakfast. The interns met members of our leadership team as we shared our values through an induction meeting. They also were taken for a comprehensive tour of the new HSBC Malta HUB offices in Qormi.

One of the day’s highlights saw Matthew Mamo, Deputy Head of Human Resources at HSBC Malta, introduce the interns to the bank’s inaugural Future Skills Intern Programme. Over the summer, the programme will provide the interns with access to mentors, online courses, and numerous opportunities to enhance their skills in alignment with their career aspirations.

Matthew Mamo expressed his enthusiasm for the programme, stating, “At HSBC Malta, we are committed to investing in the future of our young talent. Our Future Skills Intern Programme is designed to provide interns with invaluable experiences and resources that will help them develop the skills necessary for their future careers. We are excited to see the growth and progress of our interns over the summer.”

The success of the welcome day was made possible by the collective efforts of HSBC Malta’s dedicated colleagues. Special thanks were given to Beverley Spiteri for capturing the memorable moments from the day.

HSBC Malta remains committed to fostering the development of future professionals through innovative programmes and supportive initiatives.