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Lombard Bank Malta plc: Interim Directors Statement «Back
COMPANY ANNOUNCEMENT - LOM152
Lombard Bank Malta plc is requested to publish the following Interim Directors’ Statement covering the period 1st July 2010 to 1st November 2010 (the date of the Statement) under the Listing Rules of the Malta Financial Services Authority.
Lombard Bank Malta p.l.c.
Interim Directors’ Statement
The Directors of Lombard Bank Malta plc announce that during the financial period commencing on the 1st July 2010 to the date of this announcement, no material events and / or transactions have taken place that would have an impact on the financial position of the Bank or the Group, such that they would require specific mention, disclosure or announcement pursuant to the applicable Listing Rules.
The overall economic outlook for the Euro area has not improved materially during the period under review and in the light of this continued subdued business sentiment, the Bank has maintained a particularly prudent and cautious approach all along.
While administrative costs, therefore, remain well under control, and a marginal decrease in fees and commissions had been anticipated as a direct result of slower credit activity, the Bank continues to show a very satisfactory net interest margin. Further increases in the customer deposit base have been recorded, while credit activity has continued to reflect the cautious business sentiment being experienced.
Furthermore, the Bank’s subsidiary MaltaPost plc continues to perform positively. The prudent management of the Bank’s balance sheet ensures robust fundamentals, with liquidity as well as capital ratios being maintained well in excess of regulatory requirements. In looking forward, The Board of Directors remains confident that the Bank is well on course to achieving yet another positive result for the financial year ending December 2010.
G A Fairclough
1st November 2010