18th May 2007 12:00
HSBC Holdings PLC18 May 2007 The following is the text of an announcement made today by HSBC Bank Malta plc,a 70.03 per cent indirectly held subsidiary of HSBC Holdings plc. HSBC BANK MALTA PLC INTERIM DIRECTORS' STATEMENT HSBC Bank Malta plc is required to publish the following Interim Directors'Statement covering the period from 1 January 2007 to the date of the Statementunder Listing Rule 9.51 of the Malta Financial Services Authority. HSBC Bank Malta plc has made solid progress to date in 2007. The bank continuesto explore growth opportunities across all customer segments. Profit before tax, net interest income and non-interest income show goodimprovement over the same period^ in 2006. Net interest income includes interestrecognised on a sizeable exposure previously categorised as non-performing. Against a background of strong income flows, the bank has succeeded in keepingoperating expenses under tight control. A number of customer focused initiativeshave been started to reduce operational costs and improve customer servicedelivery. Overall, credit quality remains sound. Growth in loans and advances during 2007has been largely mortgage-related. Balance sheet growth has been driven byincreased customer deposits and the issue of a subordinated bond. Shaun Wallis, Director and Chief Executive Officer of HSBC Bank Malta plc,commented: "We have had a good start to 2007 with our results up stronglycompared to the same period last year. The Bank continues to deliver on ourstrategy of building sustainable growth by focusing on our main customer groups- putting customers at the centre of everything we do - and by using technologyto increase our business efficiencies and to reduce our costs. "During this period we have rolled out a branch refurbishment programme. We havealso invested in a number of major projects and initiatives to enhance ourautomated banking channels and processes. The improvement in customer experienceand sales, and in the bank's processing efficiency has resulted in asignificantly improved cost:income ratio compared to the same period in 2006. "We are confident that we can continue to grow our business successfully and ina sustainable manner through 2007." Notes to editors: ^ This statement is based on the unaudited management accounts of HSBC Bank Malta plc up to 30 April 2007 and other financial information. HSBC Holdings plcHSBC Bank Malta plc is a 70.03 per cent indirectly held subsidiary of HSBCHoldings plc. Headquartered in London, the Group serves over 125 millioncustomers worldwide through some 10,000 offices in 82 countries and territoriesin Europe, the Asia-Pacific region, the Americas, the Middle East and Africa.With assets of US$1,861 billion at 31 December 2006, HSBC is one of the world'slargest banking and financial services organisations. HSBC is marketed worldwideas 'the world's local bank'. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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