HSBC Bank Malta has just published its numbers for Q1 2022, registering a profit before tax of €4.8 million.
This is down €5.1 million compared to the €9.9 million profits reported in the same period last year.
The bank attributed the decrease to ‘the lower profit reported by the insurance subsidiary of €4.9 million, reflecting the unfavourable market impact on wealth revenue.’
“Whilst profits decreased to Q1 2021 due to the marked increase in financial market volatility over the period, we continue to successfully implement our strategy,” HSBC Bank Malta CEO Simon Vaughan Johnson said.
“In Q1 2022, we launched the new cards platform which provides customers with enhanced features, services, and security. The card fraud management system has also been upgraded, enabling us to better protect our customers and the bank,” he continued.
HSBC Malta’s revenues for Q1 2022 were €6.2 million lower than those reported in the same period last year, with the bank’s insurance subsidiary reporting a decrease in revenue of €5 million.
This result was attributed to ‘adverse market conditions which led to weaker performances in equity markets, compared with favourable movements in Q1 2021’.
HSBC Malta also noted that it experienced a decrease in net interest income as a result of tighter margins and an increase in cash placements at negative rates.
On the other hand, the bank reported improvements in net fee income driven by increased activity across cards and payments. ‘Strong performance’ was also reported in foreign exchange income.
“We continue to implement our Environmental, Social, and Governance (ESG) strategy. We have commenced work on the transformation of our offices in Qormi which is currently the biggest real-estate project of its kind for HSBC in Europe,” Mr Vaughan Johnson said.
“This important capital investment in Malta will create a modern, fit-for-purpose business environment for all who work in or visit the campus and will facilitate a number of carbon net zero initiatives that are fully aligned to our published targets,” he concluded.
To read the full interim Directors’ statement, click here.
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