Bank of Valletta Chairman Deo Scerri and CEO Mario Mallia addressed shareholders during the 44th Annual General Meeting held on Thursday 10 May 2018.
Mr Scerri referred to the Group’s record profit of €174.7 million for 2017, attributing this result to the successful implementation of the BOV Group’s strategy. “Financial year 2017 was a period of challenges and success for the Group,” declared the Chairman, citing the Bank’s Return on Equity of 16.5%, which is well above the EU average. Mr Scerri also referred to another key pillar of the Group strategy, namely the level of capitalisation, which is now reflected in a healthy CET 1 Ratio of 16.1%, following the recent Rights Issue.
Looking ahead Deo Scerri said that the Bank’s capital base will enable it to continue with its plans to grow in a sustainable manner, by investing in four key areas, namely IT, Human Resources, Digitalisation and Multi-Channel Banking. Mr Scerri concluded by reiterating the Board’s commitment to the long term sustainability of the Bank whilst continuing to support the local economy.
CEO Mario Mallia outlined the financial performance for 2017. He then referred to the Group’s Vision 2020 strategy, explaining the four pillars of long term sustainability, good governance, the revision of the business model and resourcing. “A cornerstone of Vision 2020 is the implementation of the Bank’s Core Banking Transformation programme that will see it not only replacing its core banking system, but also overhauling its processes with a view to becoming more efficient and seamless across different channels. This vision will enable the Bank to digitalise itself, whilst ensuring that the customer remains at the core of its strategy.”
Five resolutions were put to the meeting. The ordinary resolutions included approval of the Profit and Loss Account and Balance Sheet for the year ended 31 December 2017, approval of the final gross dividend and the reappointment of the Bank’s auditors.
Approval was obtained for the ratification of the amendment in the Bank’s Memorandum of Association regarding the change in the Issued Share Capital, which following the Rights Issue, stands at €525 million.
The shareholders also approved changes to the Bank’s Memorandum of Association to allow large shareholders holding more than 5% of the Bank’s issued share capital to dispose of their shareholding to a broader sector of the market.
No election of Directors was held during the Annual General Meeting. The Bank’s Board of Directors, following the AGM, is composed of the following directors.
- Taddeo Scerri (Chairman)
- Stephen Agius
- Paul V Azzopardi
- Miguel Borg (CRO)
- James Grech
- Alfred Lupi
- Mario Mallia (CEO)
- Anita Mangion
- Antonio Piras
- Joseph M Zrinzo