Author: Mel Chamber

Bank of Valletta has hosted a fraud prevention webinar for business customers, offering practical guidance to help businesses, their employees and their clients recognise and respond to fraud risks, including business email compromise and other evolving scam tactics.

The session was addressed by BOV Chief Executive Officer Kenneth Farrugia, BOV Chief Anti-Financial Crime Officer and MLRO Ryan Caruana, and Superintendent Jonathan Ransley from the Malta Police Force Financial Crime Investigation Department. Together, they shared practical insights on the latest scam threats and underlined the importance of continued vigilance.

In his introductory remarks, Kenneth Farrugia stressed that scams and fraud are becoming increasingly sophisticated, creating challenges for both personal and business customers. He noted that the advent of AI has heightened these risks further. “While robust security measures are essential, technology alone is not enough. The most effective defence against fraud is an informed and vigilant user base. Ensuring that people are equipped with the right knowledge and remain alert to potential risks is critical in today’s digital environment. Awareness, caution and responsible business practices are fundamental in helping organisations mitigate the ever-present threat of online financial crime,” he said.

Mr Farrugia also highlighted that, within the banking sector, the Digital Operational Resilience Act is setting the standards for the security measures that banks need to have in place.

Ryan Caruana focused on the main fraud threats facing companies, describing the current environment as “fraud by design”, where anyone can be at risk of being defrauded, whether in daily life or in business. He encouraged organisations to strengthen their controls, understand their risks and carry out the necessary testing within their operations.

The webinar forms part of a series of initiatives being undertaken by the Bank with the Malta Police Force following the memorandum of understanding signed earlier this year. Superintendent Jonathan Ransley guided participants through common fraud typologies, reporting procedures and practical steps businesses can take to reduce their exposure to scams. He also outlined the police response to online fraud, including investigation procedures, international cooperation, and the importance of timely reporting and evidence preservation for asset recovery.

Bank of Valletta considers it part of its responsibility to promote awareness of financial crime risks. Through its Spot the Scam campaign, the Bank remains committed to sharing timely information and practical advice to help customers stay vigilant and better protected.

Customers who have been scammed, or suspect a scam, can call BOV on 21312020 or chat with BOV’s Virtual Assistant, BOVEY, available 24/7 on bov.com. For information and resources about scams and fraud, one may refer to www.spotthescam.mt

The Bank of Valletta Branch in Żejtun has officially reopened to customers, following an extensive refurbishment. This marks another milestone in the Bank’s Renovation Programme, which is seeing BOV’s retail network across Malta and Gozo being modernised to offer both customers and employees a more welcoming, accessible and efficient banking environment.  

As part of this programme, the Bank commissioned a pilot study to assess the carbon footprint before and after the refurbishment works. The calculations also take into account the embodied CO₂ emissions linked to the execution of the project. The findings will continue to be analysed and factored into upcoming refurbishment works. Initial projections indicate that the Żejtun refurbishment project will reduce the branch’s operational carbon footprint by approximately 29 tonnes per year.

Addressing staff members during the reopening ceremony, the Bank’s CEO, Kenneth Farrugia, stated that, “The branch in Żejtun is the twelfth branch to be refurbished under this programme, and it now reflects the same modern layout, look and feel introduced across other touchpoints that have been completed. Beyond creating a more welcoming and private environment for customers, the newly refurbished branch also supports our commitment to reduce our environmental impact, with sustainable features, including new air conditioning, lighting and insulation systems, as well as double glazing PVC windows, and photovoltaic panels. These investments ensure that our branch network continues to meet the expectations of today’s customers while providing a better working environment for our employees.”

“The Bank remains fully committed to investing on both on the physical and digital fronts to further enhance the experience of our customers and staff members. This commitment is reflected in recent initiatives such as the Business Hub and Business Branch, our Financial Well-being Centres and Home Finance Hubs, as well as the launch of our new Omnichannel platform and Customer Relationship Management programme.”

Simon Azzopardi, Chief Personal and Wealth Officer at BOV, said: “The reopening of our Żejtun Branch reflects our continued commitment to investing in the communities we serve and enhancing the banking experience for our customers. This refurbishment has transformed the branch into a more welcoming, accessible and efficient space, designed around customers’ evolving needs and expectations. At the same time, we have incorporated sustainable features that will help reduce the branch’s environmental footprint, supporting the Bank’s wider commitment to responsible and sustainable growth.”

The completion of the renovation project was inaugurated by the Bank’s CEO, Kenneth Farrugia, and Chief Personal and Wealth Officer, Simon Azzopardi, in the presence of Chief Operations Officer, Ernest Agius, and Żejtun Mayor, Joan Agius.

Dr Sean Mizzi and Dr Julian Andrew Borg have been awarded the BOV Prize in Medicine in recognition of their remarkable academic achievements during the 2024/2025 and 2025/2026 academic years, respectively.

Having achieved the highest marks in their final qualifying examinations in Medicine at the University of Malta, Dr Sean Mizzi and Dr Julian Andrew Borg were awarded this prestigious prize, which has been recognising outstanding academic achievement for the past 20 years.

Established in 2006 through a partnership between Bank of Valletta and the Faculty of Medicine and Surgery at the University of Malta, the BOV Prize in Medicine recognises the highest-performing medical students and celebrates excellence in the medical profession.

The prize was presented by Ernest Agius, Chief Operations Officer at Bank of Valletta, in the presence of Professor Peter Fsadni, Head of the Department of Medicine within the Faculty of Medicine and Surgery.

Congratulating Dr Sean Mizzi and Dr Julian Andrew Borg on their achievement, Mr Agius said that the BOV Prize in Medicine reflects Bank of Valletta’s and the BOV Foundation’s commitment to support education, professional development and community well-being. “Through the BOV Foundation, the Bank supports initiatives that create meaningful and tangible value for society, particularly in areas that contribute to learning, healthy lifestyle, and personal development. This prize is one such example, recognising the dedication of outstanding medical students, while also encouraging future generations of healthcare professionals to pursue excellence in their studies and careers,” he said.

Professor Fsadni thanked Bank of Valletta for its continued support in recognising and rewarding the dedication, hard work and excellence of medical students. He said, “We greatly value this longstanding partnership, which celebrates academic achievement and encourages students to continue contributing to the medical profession with commitment and purpose.”

The Bank of Valletta Group registered a profit before tax of €119.8 million for the period between January and June 2026, compared with €135.1 million for the corresponding period in 2025. The result reflects a resilient first-half performance, supported by continued growth across the Group’s core banking activities, further strengthening of the balance sheet, sustained strategic execution and the successful completion of a landmark international capital markets transaction.

Against a backdrop of evolving market conditions, geopolitical uncertainty and continued investment across strategic, regulatory and technology initiatives, the Group continued to deliver solid underlying performance. Core operating income increased to €251.3 million, while net interest income rose by €18.3 million to €207.0 million, supported by growth in lending and treasury activities and demonstrating the strength of the Group’s earnings profile.

While profit before tax was lower than the exceptionally strong comparative period in 2025, the prior year benefited from favourable market conditions and certain non-recurring income items. The Group’s underlying operating performance remained strong, with the year-on-year decrease in profit before tax primarily reflecting higher impairment charges, less favourable fair value movements and the absence of those one-off benefits.

The Group continued to strengthen its balance sheet during the period, with total assets increasing by €1.1 billion, to exceed €17.6 billion, compared with the €16.5 billion at the end of 2025. Customer lending reached approximately €8.6 billion, while customer deposits increased to approximately €14.5 billion. These developments reflect the continued confidence placed in the Bank by households and businesses, and reinforce its role in supporting customers and the wider Maltese economy.

Reflecting the Group’s strong financial performance, capital position and confidence in its outlook, the Board of Directors approved an interim gross cash dividend of €51.6 million, equivalent to €0.0805 gross per share. This represents a net dividend of €33.6 million and a payout ratio of 42.5% of profit after tax.

Financial Performance

The Group remains firmly on track to achieve its FY2026 Profit Before Tax guidance of between €210 million and €250 million. Based on its performance during the first half of the financial year, management is satisfied that the Group continues to progress in line with expectations, underpinned by resilient earnings, sustained balance sheet growth, strong capital and liquidity positions, and ongoing improvements in asset quality.

Building on Strong Foundations for the Next Phase – Dr Gordon Cordina, Chairperson

“The first half of 2026 demonstrated the resilience of Bank of Valletta’s business model and the strength of the foundations built over recent years. Despite an operating environment characterised by heightened geopolitical uncertainty and evolving market conditions, the Group continued to generate strong results while maintaining the financial strength and flexibility required to support future opportunities.

During the period, we also achieved an important milestone through our second issuance in the international capital markets. The strong response from institutional investors reinforced confidence in the Bank’s financial standing, strategic direction and long-term prospects, while further strengthening our funding profile.

As we continue developing our strategy for the period 2027 to 2029, our focus remains firmly centred on sustainable growth, customer relevance, operational efficiency, risk discipline and long-term value creation. We remain committed to supporting the evolving needs of our customers and the Maltese economy, while delivering sustainable returns for shareholders and maintaining the resilience that has long characterised our organisation.”

Delivering Today, Investing for Tomorrow – Kenneth Farrugia, CEO

“Customer expectations continue to evolve rapidly, and our objective is to ensure that Bank of Valletta evolves with them. Throughout the first half of the year, we continued investing in the capabilities that will define the next generation of banking, with a strong focus on personalisation, simpler customer journeys and deeper, more meaningful relationships.

The continued rollout of our Omnichannel Banking Platform, together with significant progress in our Customer Relationship Management programme, is enabling us to create a more connected banking experience across every customer touchpoint. These investments are helping us move beyond traditional banking models towards a more proactive, relationship-driven approach that better anticipates customer needs and delivers greater value.

At the same time, we remain focused on strengthening the foundations that support long-term success, including operational resilience, cybersecurity, data capabilities and the development of our people. These are critical enablers of the Bank we are building for tomorrow; a Bank that remains firmly rooted in the trust of its customers while continuing to innovate, adapt and grow in a changing environment.”

PwC Digital Services Malta Limited announces the appointment of David Micallef as Head of Business Unit (HBU) within the PwC Digital Services leading the Cloud and Infrastructure and IT Managed Services team. In this role, he will also be appointed as a company director of PwC Digital Services Malta Limited.

Over the past two years, PwC Digital Services has continued to invest to grow and expand its capabilities and portfolio. We’ve become a trusted collaborator in digital transformation, offering services that span business-led transformation, cybersecurity, data and AI, cloud infrastructure, and software solutions, all focused on helping you achieve real results. “David’s appointment shows our long-term commitment to growth, sustainability, and creating career development opportunities for our people.

As technology evolves, our priority remains to ensure our firm stays ahead of these shifts, investing in forward-thinking capabilities, and bringing the best of our talent together to deliver innovation and lasting value for our clients,” expressed Lucienne Pace Ross, Territory Senior Partner of PwC Malta.

Meet David

David brings extensive experience in ICT and computer engineering, with a strong track record of leading large-scale technology initiatives across the banking, manufacturing, and logistics sectors. Throughout his career, he has helped organisations embrace innovation, strengthen their technological capabilities, and remain at the forefront of industry advancement, while consistently delivering tailored, high-quality client services. Beyond leadership and project delivery experience, David has played a significant role in expanding IT managed services, cloud, and infrastructure capabilities following PwC’s acquisition of Megabyte. By combining deep technical expertise with strategic insight, he has been instrumental in strengthening and broadening the organisation’s technology-driven
service offerings.

PwC Digital Services – A snapshot of our offerings

At PwC Digital Services, we focus on driving innovation and supporting our clients in achieving sustainable business outcomes. Our solution offerings are designed to address diverse needs, bringing together our deep industry knowledge and technology expertise to address specific challenges and goals. With expertise in areas such as Digital Strategy and Transformation, Business Solutions, Data and AI, Cybersecurity, Cloud and infrastructure, and IT Managed Services, we offer comprehensive support throughout the digital transformation journey, from strategy to execution. By partnering closely with our alliances, we help clients navigate the digital landscape, adapt to market changes, and realise their full potential in a dynamic environment.

Bank of Valletta and the Institute of Financial Services Practitioners are continuing to strengthen their strategic collaboration through the latest Boardroom Excellence workshop.

Organised by IFSP’s Directors Chapter, IDC Malta, the workshop focused on Strategy and Value Creation, bringing together directors, senior executives and financial services practitioners for a practical discussion on boardroom effectiveness, strategic decision-making and sustainable value creation.

The session forms part of the Boardroom Excellence Workshop Series, a five-part programme designed to elevate governance standards and strengthen boardroom performance in an increasingly complex regulatory and business environment.

Speaking during the workshop, Kenneth Farrugia, Chief Executive Officer at Bank of Valletta, highlighted governance as a strategic capability, particularly in financial services, where trust, accountability and long-term resilience remain central to institutional credibility.

“Strong governance is one of the foundations on which trust in financial services is built,” said Mr Farrugia. “It goes beyond structures, policies and reporting lines. It is reflected in the quality of decisions, the clarity of accountability, and the ability of institutions to create sustainable value while managing risk responsibly.”

Mr Farrugia noted that the sector is being shaped by heightened regulatory expectations, technological change, evolving customer needs and increasing stakeholder scrutiny. In this context, he said, boards and senior leaders must continue to strengthen their judgement, oversight and ability to balance opportunity with responsibility.

“Our collaboration with IFSP reflects BOV’s commitment to supporting the continued development of Malta’s financial services sector,” Mr Farrugia added. “As Malta’s largest financial institution, we have a responsibility to contribute to initiatives that promote professional development, thought leadership and stronger governance capability across the industry.”

The workshop reflects the broader objectives of the strategic agreement between BOV and IFSP, centred on knowledge sharing, professional development and joint initiatives that support Malta’s financial services professionals and organisations.

Through this collaboration, BOV and IFSP are creating practical opportunities for dialogue, learning and engagement on issues shaping the future of the sector, including governance, regulatory readiness, innovation, leadership and long-term competitiveness.

Commenting on the collaboration, Mr Nick Captur, President of IFSP, said: “The relationship between IFSP and BOV reflects the importance of collaboration between professional bodies and leading market institutions. Through the Directors Chapter and the Boardroom Excellence series, we are creating opportunities for directors and senior professionals to engage with governance in a practical, relevant and forward-looking way.”

The Boardroom Excellence Workshop Series combines expert insight, practical case studies and boardroom simulations to support current and aspiring directors and senior executives in strengthening their understanding of board responsibilities and leadership-level decision-making.

BOV and IFSP reaffirmed that continued investment in governance capability, professional standards and sector-wide dialogue remains essential to Malta’s long-term competitiveness as a financial services jurisdiction. Their collaboration will continue to support responsible leadership, regulatory awareness and sustainable value creation.