On Thursday (today), Bank of Valletta (BOV) announced an interim dividend of €35 million for the first half of the year 2024.

This is equivalent to a gross dividend of €53.8 million, amounting to a dividend of €0.0924 gross per share or €0.06 net of tax.

Reacting to the announcement, BOV CEO Kenneth Farrugia notes that he is pleased that the decisions taken over the past few years, “coupled with a prudent forward-looking approach to maintaining a healthy Balance Sheet are delivering the expected results.”

The dividend payout announced by the bank follows positive financial performance reported by BOV Group during the first six months of 2024, for which the group reported a profit before tax of €148.2 million. This represents an increase of 40.9 per cent over the same period in 2023.

It is planned to be paid on 27th November 2024 to those members appearing on the bank’s register of members.

Mr Farrugia remarked that the proposed interim dividend is the result of the various strategic initiatives being implemented by the bank across its customers, operations, governance and its people where, in the process, it is embedding ESG considerations.

“These initiatives are in turn strengthening the bank’s financial position, enabling the distribution of dividends to shareholders, and at the same time ensuring that we are meeting, and possibly exceeding, the service expectations of both our personal and business customers,” Mr Farrugia added.

Moreover, BOV Chairman Gordon Cordina shared that, as announced during its market briefing on the group’s financial performance, an in-depth analysis regarding the possible distribution of dividends was carried out, taking into consideration important risk and other regulatory criteria that focus on the strength and viability of the bank’s future business.

“The dividend we are proposing today is the result of our efforts to safeguard the best interests of our shareholders and wider stakeholders,” he shared.