Envisioning Malta’s Climate Future: Event Sparks Conversations on climate adaptation

Climate change has emerged as one of the defining challenges of the 21st century. From rising temperatures to extreme weather events, its effects are no longer distant possibilities but immediate, pressing realities. Navigating this evolving landscape can often feel overwhelming. Recognizing the need for deeper dialogue and clearer foresight, EY Malta, in collaboration with The Malta Chamber of Commerce, Enterprise and Industry and the Climate Action Authority, hosted an event on Tuesday, 29th April, titled ‘CHANGE: Envisioning Malta’s Four Climate Futures’. Held at The Malta Chamber in Valletta and moderated by Rachel Attard Bondi from The Malta Chamber, the event offered an eye-opening and thought-provoking journey through the potential climate futures of Malta.

The event was opened by The Malta Chamber President William Spiteri Bailey, explaining how the business community feels the need to play its part in Malta’s climate adaptation challenge. He stated that the green transition should not be about ticking boxes, dishing taxes, or greenwashing. “It is about making alternatives possible (fuels and technology), for a practical, affordable transition,” he stated. The event continued with a statement from Ing. Abigail Cutajar, CEO of the newly set up Climate Action Authority, emphasising the importance of three key qualities for successful climate action: courage, conviction, and cooperation. She invited all stakeholders to engage actively and work together towards a common goal, stressing that only through collective effort can Malta secure a resilient climate future.
This was followed by an opening statement by Chris Meilak, partner at EY, who laid the groundwork for the discussions to follow. He acknowledged the growing global uncertainty around climate priorities, stressed the importance of futures studies as a tool for navigating an unpredictable landscape, and emphasized the need for scenario thinking to prepare for multiple possible outcomes.

Providing critical context, Dr Jeanelle Arpa from EY delivered a technical presentation unpacking the complex factors driving climate change. The session detailed key trends and vulnerabilities, and the scientific projections that framed the day’s Futures-building exercise. This analytical backdrop offered attendees a foundation to understand the choices and trade-offs Malta may face over the coming decades.


Bringing the realities closer to home, video compilations featuring Maltese residents from different sectors and walks of life shared first-hand accounts of how climate change is already reshaping their work and our lives. From shifts in weather patterns affecting agriculture, to the impacts of rising sea levels on coastal communities, to emerging health challenges linked to environmental changes, the stories painted a vivid and urgent picture of a nation already feeling the strain of a changing climate.

The heart of the event was the presentation of Malta’s Four Climate Futures, developed through EY Malta’s detailed scenario analysis and disruption mapping techniques. Drawing on the framework created by futurist Jim Dator, the four scenarios — Business as Usual (BAU), Collapse, Constrain, and Transform — were tailored specifically to Malta’s unique circumstances. The analysis incorporated local trends, historic events, and global weather patterns to provide compelling visions of what Malta’s future could look like in 30 years, focusing particularly on adaptation.

To bring these futures to life, the presentation included a wide array of imagery, including AI-generated visuals, designed to immerse attendees in the atmosphere, challenges, and opportunities of each possible future. Participants were invited to step into these contrasting realities, reflecting not only on the risks, but also on the pathways to resilience and innovation that could emerge. The scenarios were intended to provoke strategic thinking across public, private, and civil society sectors, encouraging deeper engagement with the urgent choices that lie ahead.

The event concluded with a fireside chat featuring Margaret Cassar, Chief Policy and Strategy Officer from the Climate Action Authority, taking the audience through the role of the Authority, its pillars for action, and how its remit also includes top-down and bottom-up stakeholder involvement and consultations.

As the event drew to a close, one thing was clear: while the future remains uncertain, the actions taken today will define Malta’s trajectory in the face of climate change. The Malta Chamber, together with EY Malta and other stakeholders, reaffirmed its commitment to continuing this critical conversation, supporting organisations and policymakers in building adaptive, forward-looking strategies.

PwC unveils new brand positioning that better reflects how the network mobilises experience and technology to support clients

PwC has today unveiled a new brand positioning, visual and verbal identity. PwC’s new brand positioning and identity better reflect how it works today to support clients to unlock and protect value and to ensure its identity provides the right platform for the future.

At the heart of the new positioning is the idea that PwC helps clients to build, sustain and accelerate momentum. Changes to the visual identity include an updated logo with a new ‘ark’, a new signature colour of orange and new imagery. Alongside visual changes, there is a new verbal identity with a clear tone of voice based around the new personality traits of being bold, collaborative and optimistic.

The new positioning, which was developed with FutureBrand and McCann, can be seen from today on pwc.com and is being rolled out across the network in the coming months.

Antonia Wade, Global Chief Marketing Officer at PwC, said, “PwC is constantly evolving how we bring technology and expertise to help our clients create and protect value. Now, we are evolving another important part of who we are: our brand. As technology and other megatrends continue to transform the economy, it is important that our identity provides the right platform for the future.

“Today we are unveiling a new brand positioning, logo visual and verbal identity. At the heart of it all is greater clarity about the role we play for clients. In the environment our clients operate in, they need to work with a company that will help them build, sustain and accelerate momentum. That’s where PwC comes in.”

David Valenzia, Territory Senior Partner at PwC Malta went on to say how locally “we have the people, skill and experience to support our clients in making the most of the opportunities in a rapidly changing environment. Our brand will position these capabilities in a manner where both our clients and our people can develop a deeper insight as to how the firm can help them achieve the momentum that is necessary in today’s world.”

The brand update coincides with PwC sharing several initiatives to support clients in unlocking the value of AI at enterprise scale and advance to the leading edge of their industry. This includes activity around agentic AI, technology alliances and leveraging deep industry insights, processes, technology & data models to deliver industry specific transformation.

BOV announces profit before tax of €67.1 million for first quarter of 2025

Bank of Valletta announced a strong profit before tax of €67.1 million for the first quarter of 2025, an increase of 5.3% over the same period in 2024. These results for the BOV Group were the outcome of a positive performance on both the revenue side and operational costs. It reflects the Bank’s focus on strengthening income from its key lines of business, increasing net fee and commission income, its strategic push to reallocate funds from liquid cash assets to the Bank’s investment portfolio, as well as the strategic balance sheet repositioning effected by the Bank since 2022.

During this period the Bank continued its efforts on increasing shareholder value, enhancing its capital structure and market position through the initiatives announced earlier this year, including a proposed bonus issue, a share buyback, and a bond issuance planned for the coming months. The Group remains on track to sustain its performance and deliver a profit before tax for 2025 in a range between €200 million and €250 million.

Financial Performance

Bank of Valletta registered a total operating income of €118.0 million for this period, which is marginally higher than that of 2024 (€117.4 million). Total costs for the first quarter amounted to €52.8 million, which was 7.5% above the same period in 2024, with personnel costs remaining the primary cost driver, followed by higher regulatory costs due to increases in the Bank’s deposit base and continued investment in technology-related expenses supporting the Bank’s drive for digitalisation.

The Group’s commitment to enhance the credit quality of its loan portfolio has led to a reduction in the non-performing loans ratio, closing at 2.5% at the end of the first quarter of 2025 compared to 2.7% at the end of December 2024.

The key highlights of the Group’s performance are shown below:

Performance MetricQ1 2025Q1 2024
Profit Before Tax€67.1 m€63.7 m
Net Interest Income€92.5 m€98.3 m
Net Fee & Commission Income€20 m€18.7 m
Cost to Income Ratio44.7%41.8%
ROAE Ratio (pre-tax)18.8%19.8%
Earnings Per Share€0.076€0.072
Net Asset Value per Share€2.49€2.41
Gross Loan-to-Deposits Ratio56.7%54.5%   (Dec 2024)
Profit from Insurance Associates€2.0 m€1.9 m

The Group’s total assets increased by €549.2 million from year end 2024 to €15.6 billion as at end March 2025. Deposits experienced a slight increase of €2.9 million and the Bank’s Treasury Portfolio has seen significant growth, with a 9.5% uplift in investments during the period under review to reach €6.9 billion. The Group’s total equity closed at €1.5 billion, with capital ratios remaining strong and above regulatory requirements.

Strengthening Balance Sheet and operational systems to provide secure, reliable and innovative banking services – Chairman Dr Gordon Cordina

BOV Chairman Dr Gordon Cordina, stated that “The results obtained during the first quarter of 2025, both from an operational and financial perspective, indicate that the Bank is well-positioned to meet the targets for this financial year. Our focus on technological innovation, strategic balance sheet management and enhanced income diversification positions us favourably for sustained growth going forward. These results affirm our resilience and preparedness to capitalise on emerging opportunities whilst mitigating potential risks.

Our primary objective remains to provide shareholders with sustained and stable returns. We continue to maintain high capital and liquidity buffers, while adopting a proactive balance sheet management approach to optimise income and profitability levels. This strategy will be reinforced by additional long-term debt issuances in the coming months to support our growth strategy and the resultant need for increased risk-weighted assets.

Bank of Valletta has the necessary means and resources to continue to support the stable and sustained growth of the Maltese economy going into the future. In a situation of turbulence in the international scenario, with potential effects on national economic activity, as well as in the context of fundamental changes in the banking sector in Malta, Bank of Valletta will continue to remain strongly capitalized and active in servicing existing and new business and personal clients through a variety of products and channels. The Bank is making significant investments in the strength and quality of its balance sheet, as well as in its operational systems, to provide secure, reliable and innovative banking and financial services to its growing customer base.

I would like to thank our various stakeholders, including our loyal shareholders for their unwavering trust and support, as well as our employees for their continued drive and commitment.”

BOV sustains momentum with notable improvements in its core lines of business – CEO Kenneth Farrugia

Echoing Dr Cordina’s remarks CEO Kenneth Farrugia stated, “I am extremely pleased with the Bank’s performance for the first quarter of 2025, as we continue sustaining the momentum gained at the end of 2024. The Bank registered growth across its core lines of business, with notable improvements in credit-related activity including business, home and personal loans, increases in card-related fee income and also a significant growth in investments business.

We are now entering the second year of our current strategy, with a commitment to sustaining these results while transforming our business and operations to enhance the experience for both our personal and business customers, as well as our employees. To sustain this, we have launched a number of new initiatives covering customer engagement, business process re-engineering, IT and Cyber Security, as well as regulatory compliance.

It gives me great pleasure to see the Bank’s efforts recognised internationally, especially with Fitch Ratings announcing an upgrade of BOV’s Long-Term Issuer Default Rating and Viability Rating. This positive development follows the recent credit rating upgrade by Standard and Poor’s at the end of last year. I take this opportunity to thank our leadership team and employees for their dedication in pursuit of excellence, which augurs well for the continued success and growth of the Bank in the coming months.”

Embedding the values of sustainability in decision-making

During this period under review the Bank continued to make progress in its sustainability journey, building on its foundation for long-term sustainability and financial resilience by embarking on various initiatives aimed at the reduction of carbon emissions. The Bank has set ambitious scope 1 and scope 2 emission reduction targets, with the ultimate aim of leaving a positive impact on the environment and on society at large. 

In addition to the internal operational initiatives, the Bank is actively promoting green financing and investment products. The CEO went on to say that “over the last few years we have launched several initiatives aimed at encouraging sustainable practices among our clients, including offering preferential loan rates for environmentally-friendly projects and investments in renewable energy. By embedding the values of sustainability in our decision-making processes, the Bank is not only supporting the green economy but also ensuring that our growth strategy aligns with global efforts to combat climate change. These initiatives reflect Bank of Valletta’s commitment to drive positive environmental impact while fostering long-term economic stability and growth”.

BOV employees showcase their photography talent

At the conclusion of the celebrations commemorating its 50th anniversary, Bank of Valletta provided its employees with a chance to showcase their photography skills. Eleven employees were selected to exhibit their works at an exhibition held on the ground floor of the Bank of Valletta Centre in Santa Venera.

Bank of Valletta encourages the artistic expression of its employees

Ernest Agius, Chief Operations Officer, emphasised that although art and banking may seem to belong to disparate worlds, creativity is an essential skill in both fields because it drives innovation, helps solve problems, and improves communication.

Events like this exhibition play a crucial role in fostering a sense of community among employees. “The main goal of this exhibition is to bridge the gap between the work that employees do outside of their jobs and their professional lives,” stated Mr. Agius.

Bank of Valletta actively supports art and culture in Malta

Bank of Valletta has played a significant role in supporting art and culture in Malta for decades. This exhibition showcases the bank’s ongoing commitment to staying vibrant and dynamic. The photographs, taken by eleven employees, are organised into themes that reflect BOV’s Corporate Social Responsibility (CSR) initiatives and focus on various subjects, including art and culture, architecture, history, the environment, and social issues. The employees showcasing their work include Brian Agius, Michelle Attard, Kurt Mario Bonello, Georges Boulanger, Robert Bugeja, Claudine Despott, Tonio Ellul, Ivan Gatt, Clare Piscopo, Carmela Loredana Umbro, and Ryan Zammit.

Charles Azzopardi, Head of CSR, noted that there is a dedicated space on the ground floor of the BOV Centre in Santa Venera, specifically designed to display the talents of employees, among other initiatives. In the past months, the Bank hosted an art exhibition featuring sixteen artworks created by its own employees.

Bank of Valletta’s CSR strategy emphasises dedication and commitment to cultural initiatives. This exhibition is open to Bank employees and all visitors attending appointments at the BOV Centre in Santa Venera. The Centre has undergone renovations in recent months.

The Malta Chamber and Zampa Partners sign Strategic Alliance Agreement to promote the core principles of VAT

The Malta Chamber of Commerce, Enterprise and Industry has entered into a strategic alliance agreement with Zampa Partners to promote greater understanding and implementation of VAT (Value Added Tax) principles across Malta’s diverse business sectors.

This new collaboration seeks to reinforce the core principles of VAT by delivering tailored information sessions that are specific to various industries. These sessions will aim to equip businesses with practical insights and guidance on VAT compliance and application, contributing to enhanced financial literacy and operational efficiency within the private sector.

Speaking on the significance of the agreement, William Spiteri Bailey, President of The Malta Chamber, stated that “as the national voice of business, The Malta Chamber is committed to supporting enterprises through expert knowledge and strategic collaboration. This partnership with Zampa Partners reflects our continued drive to provide businesses with the tools they need to grow sustainably and remain compliant in an increasingly complex regulatory landscape.”

“At Zampa Partners, we see this alliance as an opportunity to actively contribute to The Malta Chamber’s mission by offering our technical expertise where it matters most. As VAT specialists, we understand the challenges businesses face in dealing with complex and evolving tax frameworks. Our aim is to support The Malta Chamber members by helping simplify VAT, promote sound compliance, and offer clarity on practical matters that impact day-to-day operations. We are committed to working closely with the Chamber to deliver meaningful initiatives whether through technical sessions, tailored guidance for specific sectors, or by contributing to The Malta Chamber’s thought leadership on tax matters. This is about equipping businesses with the tools they need to operate with confidence. We look forward to a long and fruitful relationship,” stated Matthew Zampa, Managing Partner at Zampa Partners.

Through this initiative, both parties aim to create a platform for continuous learning and open dialogue, enabling businesses to better navigate VAT obligations while fostering a more transparent and informed economic environment.

The agreement was signed by William Spiteri Bailey and Dr Marthese Portelli, President and CEO respectively at The Malta Chamber, and Matthew Zampa, Managing Partner at Zampa Partners.

BOV champions sustainability on Earth Day 2025

As the world came together to mark Earth Day 2025 on the 22nd April, Bank of Valletta reaffirms its commitment to sustainability – not just as a business priority, but as a shared responsibility embedded in its culture and day-to-day operations.

This year’s Earth Day theme, Our Planet, Our Power, places the spotlight on the collective responsibility to protect natural resources – a responsibility that BOV has embraced, not just in principle, but in practice. In fact, the Bank is not only investing in sustainable operations and products, but also in educating and empowering its people to make greener choices – both at work and beyond.

“Sustainability is not something we talk about on Earth Day. It’s a mindset that drives how we work, think and lead,” said Ernest Agius, Chief Operations Officer at Bank of Valletta. “We’ve built our green strategy around long-term value, not just for the Bank, but also for the communities we serve, and the environment we all share. Our role as a founding member of the Malta ESG Alliance also reflects our commitment to real, measurable change — both in reducing our own footprint and in supporting customers and partners on their green journey.”

The Bank has introduced numerous eco-efficiency projects aligned with international ESG standards, including efforts to reduce Scope 1, 2, and 3 emissions. In recent years, BOV has significantly cut its energy and paper use, such as digital signatures and streamlined printing that continue to significantly cut down resource consumption. It has also modernised its workspaces with energy-efficient infrastructure, and developed financing solutions that support clean technologies and sustainable investments.

The Bank is also focusing on raising awareness, engaging employees, and driving education around environmental responsibility in practice. Through internal campaigns, and team initiatives, employees are encouraged to think green and act responsibility. Every member of staff is also given a day of paid volunteering leave annually, empowering them to contribute to environmental and community-focused projects.

Earlier this year, the Bank also supported Earth Hour on the 22nd March, continuing its efforts to align with global campaigns that highlight the importance of environmental action.

“We are proud of the progress we’ve made – but more importantly, we are excited about what lies ahead,” added Mr Agius. “We are committed to leading by example, learning as we go, and encouraging others to join us on this journey.”

With a clear roadmap, measurable goals, and a culture that prioritises sustainable growth, the Bank is determined to drive meaningful change – for its people, the planet, and future generations.

10 students inducted in faculty of arts dean’s list

10 students were inducted into the Dean’s List within the Faculty of Arts at the University of Malta. This is the 29th consecutive year that eligible students have been inducted into this prestigious list, which has enjoyed Bank of Valletta’s support since its inception.

Eligibility for the Dean’s list is very stringent where students must complete a minimum of 120 ECTS in their first two years of studies. Students must obtain a minimum 80 ECTS with a grade ‘A’ or better, 20 ECTS with a Grade B+ and 20 Passes with no fails.

The 10 eligible students were invited to celebrate their achievement at the Faculty of Arts Library with the Dean of the Faculty of Arts Prof Dominic Fenech and Charles Azzopardi, Head CSR at Bank of Valletta. All inductees were presented with a commemorative certificate as well as a monetary donation by the Bank.

“This is the sixth consecutive year that the number of students inducted in the Dean’s list is in double figures, testament to the dedication and hard work of both these exceptional students as well as to the academic staff at the Faculty,” said Prof Fenech. “When considering that 10 students, from a faculty boasting around 300 graduates a year, made it into the Dean’s list, we must really appreciate the magnitude of their achievement. Still, the number attests to the improving quality of the Faculty’s undergraduates, when one considers the lower numbers of past years.  Joining the Dean’s List, besides bringing personal satisfaction in itself, opens doors for excellent career opportunities as it demonstrates a strong work ethic and commitment.”

“This long-term partnership between Bank of Valletta and the University of Malta underscores the Bank’s commitment to fostering educational excellence and supporting the next generation of leaders in their respective fields”, said Charles Azzopardi. The success of these students is an inspiration to all, and we take this opportunity to congratulate them on their fantastic work and we are sure they will continue to strive for greatness in all their endeavours.

The 2025 inductees into the Dean’s List are:

  • Abela Marlena (B.A. Psychology/Sociology)
  • Amin Omran Fatima (B.A. Hons Anthropology with Psychology)
  • Borg Aimee (B.A. European Global History/Knowledge and Information Management)
  • Brincat Francesca (B.A. French/German)
  • Cachia Bradley (B.A. Hons Maltese with Communications)
  • Camilleri Tyler Luke (B.A. Hons German with International Relations)
  • Ellul Luca (B.A. Hons Linguistics with Maltese)
  • Polidano Jonathan (B.A. Hons Geography with Arabic)
  • Porter Nicole (B.A. French/Spanish)
  • Spiteri Nathania (B.A. Hons Sociology with Philosophy)

BOV Asset Management supports Puttinu Cares

BOV Asset Management made a meaningful gesture to Puttinu Cares through a philanthropic donation made on behalf of their institutional clients. The donation was presented during a client appreciation event held at the Bank’s Premium Centre in Santa Venera.

This initiative, now in its second edition, forms part of Bank of Valletta Group’s broader ESG and social impact goals and highlights the Bank’s commitment to support causes that enrich the lives of the vulnerable and the wider community. It is an innovative way of replacing corporate gifts normally associated with events such as Christmas with charitable donations, thereby giving clients the opportunity to be part of a wider purpose in supporting families in need.

Speaking at the event, Peter Paul Cilia, the newly appointed Head of BOV Asset Management, remarked, “This initiative goes beyond simple gestures; it is a practical way of making a real difference, supporting Puttinu Cares and helping families during difficult moments in their lives. Our clients’ support in this makes it all the more meaningful.”

Kenneth Farrugia, the Bank’s CEO added, “Puttinu Cares represents the very best that local community organisations offer – compassion, strength and unwavering support for the vulnerable. We are proud to stand by them and help ease the burden for those families going through unimaginable challenges. This donation reflects not just our values as a company, but also those of our clients, who continue to embrace and support this initiative”.

The donation was presented to Angele Cuschieri, President, Rennie Zerafa, CEO, and Malcolm Custo, vice-President of the Puttinu Cares Foundation. On accepting the donation, Angele Cuschieri expressed heartfelt thanks on behalf of the foundation and stated that “We are incredibly grateful for the continued support from Bank of Valletta. Donations like these allow us to keep offering hope to patients and their families. As we look ahead to our annual Good Friday Night Walkathon, this gesture strengthens our mission and reminds us that we are never alone in this journey.”

This year’s Good Friday Night Walk marks its 20th edition. This popular activity remains one of Puttinu Cares’ most significant fundraising events, seeing thousand of people walking from Mellieħa to Floriana during the night between Maudy Thursday and Good Friday. In support of this cause, the Bank’s Sports and Social Club will be organising a group of employees and friends to take part in the night walk, with several employees already signed up to participate.

HSBC Malta Foundation and JA Malta Foundation organise financial literacy hackathon for young teens

As part of the celebrations for Global Money Week 2025, themed “Protect your money, secure your future”, the HSBC Malta Foundation and JA Malta teamed up once again to deliver an energetic, hands-on financial literacy experience for local students.

The Economics of Life Hackathon, hosted at St Clare’s College Pembroke, brought together 22 teams of young teens aged 12 to 14 who were eager to test their skills in budgeting, planning, and real-life money decisions. With creativity and energy buzzing in the room, students were challenged to work through a “Teen Life Planner” scenario—balancing a budget, making smart choices, and staying focused on a future goal.

It wasn’t just about numbers. The hackathon pushed students to think on their feet, work as a team, and present their strategies with confidence. Throughout the event, Duncan Triganza from HSBC Malta and Petra Ellul Mercer from JA Malta maintained high energy levels, fostering a dynamic and competitive atmosphere.

By the end of the event, it was clear that these young minds are more than capable of making savvy financial decisions when given the chance. Big congratulations go to Newark School, St Augustine School, and St Benedict School, who claimed the top three spots with their smart, strategic, and creative solutions.

Reflecting on the initiative, Matthew Caruana, CEO JA Malta commented, “Financial Capability is more than just understanding money—it’s about building a mindset that helps young people protect their future. This hackathon provides a practical and engaging platform for students to apply economic concepts in real-world scenarios which they are accustomed to.”

Glenn Bugeja at HSBC Malta Foundation added: “At HSBC Malta, we believe that financial literacy should be nurtured from an early age, giving young people the tools they need to make informed and responsible financial decisions. The enthusiasm and ingenuity displayed by the students during this hackathon are a testament to the importance of such initiatives in shaping future generations.”

This hackathon aligns with the broader efforts of HSBC Malta Foundation and JA Malta to prepare today’s youth for tomorrow’s financial realities. With the talent and energy displayed during this event, the future looks promising and financially secure. By investing in knowledge and fostering critical thinking, HSBC Malta continues to play a key role in preparing students for the financial challenges and opportunities ahead.