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Author: Mel Chamber

BOV Foundation launches funding call to build financial confidence

Posted on by Mel Chamber

The BOV Foundation has launched a new Call for Applications focused specifically on financial capability, inviting eligible organisations to propose practical initiatives that can strengthen financial knowledge, and decision-making across communities in Malta and Gozo.

The call forms part of the Foundation’s Education Pillar and reflects the growing importance of financial capability as an essential life skill. From budgeting and saving to understanding credit, preparing for retirement and navigating an increasingly digital financial environment, people today are required to make financial decisions that can have long-term consequences for their well-being and financial resilience.

The call identifies five broad priority groups: children aged 11 to 16; young people aged 17 to 25; adults aged 26 to 64; older adults aged 65 and over; and other groups requiring more accessible or culturally tailored approaches to financial education. Across these groups, the emphasis is on measurable outcomes and lasting impact rather than simply delivering activities. Projects should demonstrate the change they aim to achieve, how that change will be measured, and how the resulting resources or learning can continue to benefit communities beyond the funding period.

Proposals can address a wide range of real-life financial challenges. These include helping young people understand budgeting; supporting young adults as they move into work and independent living; strengthening retirement planning; tackling digital exclusion among older adults; and developing accessible financial tools for communities whose needs may not be adequately served through traditional financial education.

Preference will be given to projects co-designed with the communities they aim to serve and to accessible, interactive approaches rather than traditional lecture-style instruction.

Ernest Agius, Deputy Chair of the BOV Foundation and the Bank’s Chief Operations Officer explained, “Financial literacy is ultimately about giving people greater confidence and capability to deal with the decisions they encounter in everyday life. Those decisions change as we move through different stages of life, but the need to understand our choices and their implications remains. Financial capability contributes not only to individual well-being, but also to greater inclusion and resilience within our communities.”

The call provides for indicative grants of €2,000 to €15,000 per project, with between four and eight grants expected, depending on demand and project scale. Applications will be assessed on their strategic fit, evidence of need, expected outcomes, delivery capability, risk and value for money.

Applications open on 6 November 2026 and must be submitted by Friday, 18 December 2026. Applicants will be notified of the outcome by Friday, 26 February 2027. The Call for Applications and accompanying Guidance Note set out the application process, forms and detailed submission requirements. To qualify, projects must be offered on a non-commercial basis, without the promotion of specific financial products or services, and must provide appropriate safeguarding, accessibility and data-protection arrangements where applicable.

Applications should be submitted through the online form Volunteer Application that is found on the Bank’s websitehttps://www.bov.com   by the closing date. Prospective applicants who have read the call and guidance and require further clarification may contact the Foundation at bovfoundation@bov.com

The Malta Chamber and MAPFRE Malta Group renew Bronze Collaboration Agreement

Posted on by Mel Chamber

The Malta Chamber of Commerce, Enterprise and Industry and MAPFRE Malta Group have renewed their Bronze Collaboration Agreement, reaffirming their commitment to maintaining a strong relationship and supporting the local business community.

Through this renewed collaboration, MAPFRE Malta Group will continue to support The Malta Chamber in its efforts to represent and engage with businesses across Malta, contributing to an environment that encourages collaboration, growth and the continued development of the business community.

William Spiteri Bailey, President of The Malta Chamber, welcomed the renewal, highlighting the importance of maintaining strong relationships with organisations that share an interest in supporting Malta’s business sector. “Collaborations such as this are important in strengthening the relationships between The Malta Chamber and the organisations that support its work. We value MAPFRE Malta Group’s continued commitment and look forward to building on this relationship as we continue working towards a stronger, more competitive and sustainable business environment for Malta,” he noted.

Etienne Sciberras, CEO of Mapfre Malta, said: “We are pleased to renew our collaboration with The Malta Chamber, an organisation that plays a vital role in representing and strengthening Malta’s business community. As a leading insurer, we believe in supporting initiatives that foster sustainable economic growth, encourage innovation, and help businesses navigate an ever-evolving environment. We look forward to continuing this valued partnership and contributing to the success of Malta’s business sector.”

Elvira Lopes de Lara Merida, CEO of Mapfre MSV Life, added: “At Mapfre MSV Life, we are committed to creating long-term value for individuals, businesses and the wider community. Our continued support for The Malta Chamber reflects our shared commitment to promoting resilience, financial wellbeing and sustainable development. We are proud to stand alongside an organisation that actively champions the interests of Maltese businesses and contributes to the country’s economic progress.”

The renewal reflects the continued importance of collaboration between The Malta Chamber and its partners in supporting its ongoing work, strengthening engagement with the business community and contributing to Malta’s economic development.

Bank of Valletta & Karl Vella Foundation bring employee well-being into the workplace

Posted on by Mel Chamber

Bank of Valletta, in collaboration with the Karl Vella Foundation, organised a well-being workshop that brought together employees from across the Bank to explore compassion, grief and psychological safety. The event encouraged open conversation about experiences that are often difficult to discuss, while highlighting the importance of creating supportive environments at work and in their personal lives.

Held in Rabat, the workshop featured two sessions delivered by Mark Calleja, a qualified professional in Training and Human Resources Management with expertise in Consciousness and Transpersonal Psychology from the Karl Vella Foundation.

The first session, “Grief – The Price of Love,” explored how individuals and families experience loss differently and highlighted the importance of support during difficult times. The second session, “Psychological Safety and Compassion at the Workplace,” examined how compassion, trust, and connection can strengthen well-being, relationships, and the workplace. BOV employees had the opportunity to speak openly about grief, challenge the stigma surrounding it, and take part in meaningful conversations about a subject that is often avoided. The sessions resonated strongly with attendees, many of whom highlighted the value of creating a safe space in which to explore and better understand the grieving process.

Mr Calleja encouraged more organisations to hold similar events for employees’ well-being, not only to raise awareness on sensitive topics, but also to give employees a safe space to come together and discuss experiences such as grief.

This initiative forms part of Bank of Valletta’s ongoing collaboration with the Karl Vella Foundation. The Bank has proudly supported the Foundation’s “Because You Matter” programme for years. To date, the programme has supported more than 400 people, with 254 beneficiaries currently receiving emotional support and one-to-one or family therapy. This service offers emotional and psychological support to patients, donors, and carers who travel abroad for specialised medical treatment. Support includes scheduled phone calls, check-ins, individual therapy, and crisis intervention by mental health professionals.

This collaboration between Bank of Valletta and the Karl Vella Foundation reflects both organisations’ commitment to making a positive impact in the community and supporting initiatives that promote well-being.

Coordinated by the BOV Corporate Social Responsibility Team, the workshop gave employees an opportunity to pause, connect, and openly discuss grief, mental health, resilience, and emotional well-being. It also reflected the shared commitment of Bank of Valletta and the Karl Vella Foundation to foster a workplace where people feel understood, supported, and comfortable seeking help.

Economic Transformation Requires Careful Calibration of Economic Policies

Posted on by Mel Chamber

The Malta Chamber of Commerce, Enterprise and Industry, the Malta Hotels and Restaurants Association (MHRA), the Malta Chamber of SMEs and the Malta Employers’ Association (Malta Employers) have consistently advocated for a well-planned, holistic economic transformation that steers the country decisively towards an economy driven by higher productivity and of value over volume. Real, lasting progress requires moving up the value chain through strategic investments, workforce upskilling, and enterprise modernisation. This demands a comprehensive, long-term plan underpinned by carefully calibrated policy decisions that give enterprise the ability, certainty and stability required to restructure.

The measures announced in Budget 2027 for Third-Country Nationals (TCNs) fall short of the careful planning and calibration required. We have consistently supported rigorous, evidence-based initiatives, notably the national Labour Migration Policy, developed through months of constructive social consultation to better manage labour migration. We are therefore concerned that these measures were announced without prior stakeholder consultation or a comprehensive socio-economic impact assessment. While recognising the need for a well-regulated labour market, decisions affecting business costs, labour availability and competitiveness should be evidence-informed and developed through genuine social dialogue before they are introduced.

While we stand fully prepared to endorse balanced and well-considered measures that guide Malta towards a higher-productivity economy, we cannot support rushed policy decisions, introduced overnight without any consultation, that will bring significant instability to the business community and ultimately affect consumers and the general public.

Introducing substantial cost increases, covering increased permitting & renewal fees, public transport and childcare charges, without accounting for practical operational challenges, risks seriously undermining business continuity across several sectors. These measures will inevitably raise operating costs and fuel inflation in the domestic market, leaving businesses to either absorb the additional expense and restricting capital investment in productivity transformation, or pass it on to consumers.

These measures give the impression of a Government urgently seeking fresh revenue to honour its electoral commitments.

Meaningful economic transformation requires a carefully calibrated balance between incentives and disincentives. There must be readily accessible support that enables businesses to digitalise, automate routine tasks and substantially enhance workplace productivity. Tangible initiatives to improve productivity and efficiency, incentives supporting digitalisation, automation, and workforce upskilling are essential to facilitate the transition towards a less labour-intensive economic model. These supporting measures need to be rolled out very quickly and not just presented, whilst targeting the wider pool of companies, to achieve a well calibrated and balanced approach to better align cost increases with effective and timely support for productivity.

Equally important is the need for Government to lead by example. Government should seek to improve the efficiency of public services rather than employing additional people, thereby creating a greater strain on the resources that can be taken up by private enterprise. A comprehensive review of processes across ministries, departments and public entities aimed at eliminating duplication, reducing bureaucracy, containing recurrent expenditure and improving efficiency is required. Such an exercise would also identify opportunities for the redeployment of human resources towards the private sector.

The four organisations therefore encourage Government to engage constructively with social partners, reconsider the implementation of the proposed measures and work towards a coordinated approach that provides businesses with the certainty and support required to adapt.

A successful economic transformation requires shared responsibility, effective social dialogue and a long-term commitment to sustainable growth.

Issued jointly by:

  • The Malta Chamber of Commerce, Enterprise and Industry
  • Malta Hotels and Restaurants Association (MHRA)
  • Malta Chamber of SMEs
  • Malta Employers’ Association (Malta Employers)

Beyond Awareness: Empowering Businesses to Tackle Gender-Based Violence

Posted on by Mel Chamber

Gender-based violence is not solely a social issue; it is also a workplace and business concern that requires awareness, understanding and proactive action from employers. Recognising this, The Malta Chamber brought together professionals and key stakeholders for an information session entitled ‘Do Not Look Away – Gender-Based Violence is also a Business Issue’, highlighting the important role businesses can play in preventing violence and supporting employees who may be affected, both within and beyond the workplace.

The event formed part of the project ‘Strengthening Employer Response to Gender Based Violence’, led by The Malta Chamber Foundation and funded by the Commission on Gender-Based Violence and Domestic Violence through the Together We Empower programme.

The session opened with addresses by Hon. Rosianne Cutajar, Minister for Equality and Civil Rights; Rachel Bondi Attard, Head – Media and Communications Strategist at The Malta Chamber; and Samantha Pace Gasan, Commissioner for Gender-Based Violence and Domestic Violence. Their contributions underlined the importance of collective responsibility and the need for stronger awareness and engagement across different sectors of society, including the business community.

Moving beyond awareness, the session provided participants with practical insights into the responsibilities employers have in creating safe and supportive working environments.

Dr Matthew Brincat, Partner at Ganado Advocates, explored the legal obligations of employers in ensuring workplaces are free from harassment. His contribution highlighted the importance of understanding the relevant legal framework and taking appropriate measures to protect employees, while ensuring that workplace policies and practices address harassment effectively.

The discussion then turned to the realities faced by victims of gender-based violence. Louise Calleja, Assistant Commissioner at the Malta Police Force, provided an overview of the different forms of violence experienced by victims and how these continue to evolve. Her contribution reinforced the importance of recognising that violence is not always visible and that its effects can extend into an individual’s professional life, affecting their wellbeing, safety and ability to work.

A panel discussion, moderated by Rachel Bondi Attard, brought together perspectives on how employers and Human Resources professionals can translate awareness into meaningful action. The discussion explored how organisations can better recognise potential signs of gender-based violence, respond sensitively to employees who may be experiencing it, and provide appropriate support and protection.

Ultimately, businesses have an important role to play in fostering a culture where employees feel safe, respected and supported. This requires more than policies on paper; it calls for informed leadership, clear procedures, appropriate training and a willingness to act when concerns arise.

Through the ‘Strengthening Employer Response to Gender Based Violence’ project, The Malta Chamber Foundation continues to encourage employers to recognise their influence in addressing this issue. By equipping businesses with the knowledge and tools to respond effectively, the initiative seeks to make workplaces part of the solution.

Because creating safer workplaces is not simply a matter of compliance – it is a shared responsibility. And when it comes to gender-based violence, looking away should never be an option.

The Malta Chamber and M. Demajo Group Renew Bronze Sponsorship Agreement

Posted on by Mel Chamber

The Malta Chamber of Commerce, Enterprise and Industry and M. Demajo Group have renewed their Bronze Sponsorship Agreement, reaffirming their commitment to supporting Malta’s business community, with a particular focus on encouraging the uptake of digitalisation across the country.

The renewed agreement reflects the importance of collaboration between established businesses and business organisations in helping Malta’s enterprises embrace digital transformation, improve operational efficiency and strengthen their competitiveness in an increasingly technology-driven economy.

As businesses face growing pressure to adapt to evolving technologies and changing market demands, digitalisation remains a key driver of productivity, innovation and sustainable growth. Through this collaboration, The Malta Chamber and M. Demajo Group aim to contribute towards greater awareness of the opportunities digital transformation presents for businesses operating in Malta.

Commenting on the renewed agreement, William Spiteri Bailey, President of The Malta Chamber, said that “digitalisation is no longer an option for businesses seeking to remain competitive; it is a necessity. Malta must continue to encourage enterprises of all sizes to embrace technology, streamline their operations and invest in solutions that drive productivity and innovation. Partnerships such as this one with M. Demajo Group are important in supporting our efforts to build a more agile, efficient and competitive business environment. We look forward to continuing our collaboration to help businesses recognise and act on the opportunities that digital transformation offers.”

The M. Demajo Group is honoured to sponsor such an esteemed institution, recognising the Malta Chamber’s invaluable role in supporting businesses, driving economic progress, and championing innovation across Malta’s business landscape. Through its advocacy and forward-looking initiatives, The Malta Chamber fosters a thriving business community while helping organisations embrace the opportunities presented by digital transformation and technological advancement, ultimately contributing to the nation’s prosperity.

“The Malta Chamber’s dedication to supporting businesses, promoting innovation, and driving economic progress is essential for Malta’s continued success. As businesses navigate an increasingly digital world, initiatives that encourage digital adoption and transformation are more important than ever in strengthening competitiveness and ensuring long-term growth,” stated CEO JJ Miceli Demajo.

By sponsoring The Malta Chamber, the M. Demajo Group reaffirms its commitment to the Maltese business community and to supporting the digital evolution of local enterprises. Together, the Malta Chamber and the M. Demajo Group aim to raise greater awareness of the opportunities that digitisation and digital transformation present for businesses operating in Malta, helping them enhance efficiency, competitiveness, and sustainable growth in an increasingly digital economy.

BOV reports strong Q3 performance, with operating income up 6%

Posted on by Mel Chamber

Bank of Valletta Group delivered a strong operating performance during the first nine months of 2026, reporting profit before tax of €189.6 million, broadly in line with €192.1 million in the corresponding period of 2025. On the back of this performance, the Bank has raised the lower bound of its 2026 profit before tax guidance from €210 million to €230 million, while retaining the upper bound at €250 million.

Operating income increased by 6.0% to €387.1 million, driven principally by a 10.6% increase in net interest income to €316.8 million. This reflected sustained growth across the Group’s customer lending and investment portfolios. Net fee and commission income remained resilient at €60.0 million.

The modest year-on-year reduction in profit principally reflected the non-recurrence of specific income items recognised in 2025, together with continued strategic investment. The strength of the Group’s core operating performance largely absorbed these effects, with pre-tax return on average equity remaining robust at 16.7%.

Strong balance-sheet momentum
The Group continued to record broad-based balance sheet growth. Total assets increased by 7.4% to €17.8 billion, while customer deposits grew by 6.5%, to €14.6 billion, reinforcing the Bank’s stable and predominantly retail-funded deposit franchise.

Gross loans and advances increased by 9.9%, to €8.9 billion. Growth was recorded across all principal lending segments, with home loans increasing by 11.8%, business lending by 8.0% and personal lending by 8.6%. The gross loans-to-deposits ratio consequently increased from 59.0% to 60.9%, reflecting the more productive deployment of the Group’s funding base while maintaining substantial liquidity headroom.

Asset quality remained sound, with the non-performing exposure ratio improving to 1.41% from 1.68% at December 2025. The Group also maintained strong capital and liquidity positions, with a CET1 ratio of 19.5%, a total capital ratio of 26.9% and a Liquidity Coverage Ratio of 401.8%, all comfortably above applicable regulatory requirements.

Delivering Value to Shareholders

The Bank’s strong performance and continued strategic progress have also been reflected in shareholder value. During the period, the share price reached €2.40, an increase of 27% since the beginning of the year, with the Bank’s price-to-book ratio reaching 1.0x and market capitalisation exceeding €1.54 billion. Trading activity remained strong, with more than €19 million in shares traded, an increase of over 21% year on year. Shareholders have also benefited from approximately €327 million in additional market value since the beginning of 2026, together with €33.6 million in net dividends distributed in respect of the first half of 2026.

Active capital and funding management

The Group continued to actively manage its capital and funding structure, maintaining substantial headroom above regulatory requirements while supporting strong balance-sheet growth. Following the strengthening of its funding position during 2026, the Bank has received the necessary regulatory and supervisory approvals and is proceeding with the early redemption of its outstanding Senior Non-Preferred notes in December 2026. Preparatory work has also been authorised for a potential future Senior Note issuance of up to €350 million, subject to market conditions, regulatory approvals and the Bank’s future funding requirements.

These actions reflect a disciplined and forward-looking approach to capital, MREL and funding management, preserving the flexibility required to support sustainable growth.

Resilient Performance, Increased Confidence in the Outlook

Commenting on the results, Bank of Valletta Chairperson Dr Gordon Cordina said: “These results demonstrate the continued strength and financial resilience of Bank of Valletta’s business model. The Group has delivered strong growth in operating income and customer lending while maintaining sound asset quality and substantial capital and liquidity headroom.

The revision in the full-year profit guidance reflects the progress achieved during the first nine months and our confidence in the Group’s financial trajectory. The Board remains focused on ensuring that the Bank pursues disciplined and sustainable growth, continues to support Malta’s economic development and delivers long-term value to its shareholders.”

Strong Execution and Continued Commercial Momentum
Chief Executive Officer Kenneth Farrugia added: “Our performance during the first nine months reflects strong execution across the Group’s core banking activities. Net interest income increased by 10.6%, while gross customer lending grew by 9.9%, with positive momentum across home, business and personal lending. This growth was supported by the continued strength of our deposit franchise and translated into more productive deployment of the Group’s funding base.

We remain focused on serving our customers, maintaining disciplined lending and preserving the strength of our balance sheet. At the same time, we continue to invest in technology, operational resilience and customer experience to build a more efficient and responsive Bank. The progress achieved to date provides a strong foundation for the remainder of 2026 and for the Group’s next phase of sustainable growth.”

Increased confidence in the full-year outlook
The Group’s performance during the first nine months has reinforced confidence in its full-year financial trajectory. Accordingly, the Bank is increasing the lower bound of its 2026 profit before tax guidance from €210 million to €230 million, while retaining the upper bound at €250 million.

The Group also remains on track against its broader financial guidance, supported by strong net interest income, approximately 10% customer-loan growth, sound asset quality and substantial capital and liquidity headroom.

Bank of Valletta remains well positioned to continue supporting its customers and the Maltese economy while pursuing disciplined growth and delivering sustainable long-term value to shareholders.

MBB calls for a strong EU Budget to safeguard Maltese Businesses

Posted on by Mel Chamber

The Malta Business Bureau (MBB) has issued a clear call for proactive, aligned advocacy across government and industry to secure a business-friendly European framework and an advantageous EU budget package for Malta.

Addressing top EU leaders and national stakeholder gathered to celebrate MBB’s 30th anniversary, CEO Mario Xuereb urged aligned action on the next Multiannual Financial Framework, maritime connectivity, and Single Market competitiveness.

Key political figures addressing the event included European Parliament President Roberta Metsola, European Commissioner for Intergenerational Fairness, Youth, Culture and Sport Glenn Micallef, and Minister for European Fund, Social Dialogue and Consumer Protection Keith Azzopardi Tanti.

Securing Malta’s Priorities and Next MFF Package

Highlighting MBB’s active role in promoting the interests of Maltese business and industry, CEO Mario Xuereb outlined how early intervention is essential to shape incoming EU policies and funding allocations.

“This year, the MBB engaged early to ensure that the interests of Malta’s business community and industry were reflected in the EU Islands Strategy, as well as in the amendments proposed as part of the reform of the Emissions Trading System (ETS),” he said.

Beyond immediate legislative files, the MBB emphasized its active role in advocating for an advantageous MFF package for Malta over the next seven years. It stressed that a robust, tailored financial package is critical to help local SMEs navigate the green and digital transitions while maintaining their competitive edge.

Minister Keith Azzopardi Tanti supported this call for structured collaboration, noting that SMEs need strong institutional back-up to keep pace with complex EU rules. “Malta must be present, engaged and proactive in shaping European decisions. We must ensure that European ambitions translate into practical solutions,” Minister Azzopardi Tanti said, highlighting the need for joint action between ministries, business bodies, and Malta’s Permanent Representation to the EU.

High-Level Political Agenda

Addressing delegates, European Parliament President Roberta Metsola and European Commissioner Glenn Micallef reflected on how European policy can better accommodate island state realities through structured dialogue. In a dedicated fireside chat, President Emeritus H.E. George Vella examined the EU’s role in an ever-shifting geopolitical context.

The event was opened by The Malta Chamber President William Spiteri Bailey and MHRA President Tony Zahra. A panel led by MBB Head of Projects Gabriel Cassar examined coordinated Maltese business advocacy alongside former EESC (Employers) President Stefano Mallia and DG EUCD Leandro Borg.

MBB President Raphael Aloisio concluded the meeting by detailing internal operational updates designed to help the organisation respond even faster to Brussels proposals. Mr Aloisio pointed to ongoing joint efforts on ETS maritime impacts, island-state connectivity, and upcoming EU omnibus initiatives aimed at cutting administrative burdens.

Three Decades as an Early-Warning System

The MBB was established in October 1996 by The Malta Chamber and the Federation of Industry to connect local business with European decision-makers. Operating from Brussels, it monitored EU developments ahead of Malta’s accession. In 2004, the MHRA joined as a partner organisation, and the MBB moved into its permanent Brussels headquarters.

Today, the MBB acts as a vital early-warning system for The Malta Chamber and MHRA, and serves as a technical advisor to the Maltese Government in terms of EU policy.

Pan-European Backing

Top administrators from Europe’s leading business associations reinforced the MBB’s collaborative influence in Brussels:

  • BusinessEurope: Director General Markus Beyrer commended the MBB’s 30-year contribution and urged EU leaders to join forces with industry to turn competitiveness ambitions into tangible regulatory relief.
  • Eurochambres: Chief Executive Officer Ben Butters highlighted the close network of European chambers working to dismantle Single Market barriers, praising MBB as a trusted strategic partner.
  • HOTREC: Director General Marie Audren stressed the vital collaboration between HOTREC, MHRA, and the MBB in keeping EU hospitality rules realistic and supportive for SMEs.

HSBC Malta – strong and resilient results continued through Q3 2026

Posted on by Mel Chamber

HSBC Bank Malta p.l.c. maintained a solid financial performance during the first nine months of 2026 and continued to reward shareholders with a gross dividend of 4.6c per share, bringing the year-to-date gross dividend to 12.5c per share.

Geoffrey Fichte, the Chief Executive Officer of HSBC Bank Malta p.l.c., said: “Our Bank delivered a strong and resilient performance during the first nine months of 2026 with adjusted profit before tax of €80m.  This was supported by growing customer demand, very strong capital and liquidity positions and the recovery of legacy non-performing loans. While profitability was affected by market volatility and notable expenses, our balance sheet continued to grow from same period last year.

“I’m pleased to report customer deposit growth and an 8% increase in wealth management balances over same period last year.  We achieved strong growth in insurance business, wealth and investment sales, with double digit growth in new home loans and personal loans.

“We remain focused on supporting our customers as we progress towards a new majority shareholder, CrediaBank, subject to regulatory approval.  Both HSBC and CrediaBank are committed to ensuring a smooth and orderly changeover.”

Financial Performance

Profit before tax was €69.8m for the nine months ended 30 September 2026, representing a 15% decrease compared with the same period in the prior year. The reduction mainly reflected the lower average interest rates, market volatility and the impact of notable expenses. These factors were partly offset by progress in the recovery of legacy non-performing loans, including a material recovery during the period under review. Adjusted Profit before tax was €79.7m, a decrease of 3% compared with the same period last year.

In line with Company Announcement HSBC467, the Bank continues to pay dividends quarterly. The Directors are therefore approving the payment of a gross interim dividend of 4.6 cents per share, representing a 60% payout of profit after tax, excluding the employee-benefits expense referred to in Company Announcement HSBC469. The dividend will be paid on 11 December 2026 to shareholders registered on the Bank’s shareholder register as at 10 November 2026.

Revenue decreased by €7.8m, or 5%, compared with Q3 2025 YTD. This was primarily due to lower returns from the insurance subsidiary, which decreased by €4.1m as a result of significant market fluctuations during the period; lower net interest income, which dropped by €2.2m owing to lower average market interest rates; and a €1.4m reduction in trading income, following the exceptionally high level recorded in the same period last year.  From an underlying business perspective, the insurance subsidiary recorded higher gross written premiums compared with Q3 2025 YTD. Wealth sales also continued to show strong growth, despite heightened market volatility and its impact on investor sentiment. This performance was supported by ongoing marketing activity focused on Wealth Management. Trade Finance maintained its strong momentum in Q3 2026, supported by new client onboarding and higher utilisation of existing facilities. Guarantees were the standout performer, achieving growth on the back of rising demand from both domestic and international clients.

The Bank recorded a release of expected credit losses (“ECL”) of €6.9m, compared with a release of €4.6m in Q3 2025 YTD. The ECL release during the period was mainly driven by the recovery of a long-outstanding non-performing corporate loan and improved credit quality in the retail portfolio. ECL calculations continued to reflect elevated global uncertainty and geopolitical risks, while the Maltese economy remained resilient.

Operating costs increased by €7.3m, or 8%, compared with Q3 2025 YTD. The increase was primarily driven by notable expenses of €9.9m. These mainly comprised accelerated software amortisation following a revision to the estimated useful life of the relevant assets due to the transition to CrediaBank and staff-related payments connected with the industrial dispute with the Malta Union of Bank Employees (“MUBE”), as announced in Company Announcement HSBC469. These costs were partly offset by lower staff costs resulting from costs recovered in relation to the transition programme, as well as net savings in other operating expenses, particularly professional fees.

Net loans and advances to customers decreased by €68m compared with 31 December 2025. Corporate lending remained broadly stable over this period. Although overall retail lending balances were slightly lower than at year-end, the Bank achieved double-digit growth in new personal lending, including home loans, compared with Q3 2025 YTD.

Retail and commercial deposits increased by a combined €261m when compared to the same period last year, even if overall deposits are lower than balances as at 31 December 2025 due to seasonal movements in corporate deposits.

The Bank’s liquidity position remained strong, and its capital ratios continued to exceed regulatory requirements by significant margins.