Bank of Valletta registered €119.8 million in profit before tax for the first six months of the year (ending 30th June).

The bank’s total assets were listed as €17.6 billion and operating income was €251.3 million.

Profit before tax was not as high in the first half of this year as it was in the first half of 2025 (€135.1 million).

BOV Chairman Gordon Cordina said that the reduction in profitability when compared to the first half of 2025 is largely attributable to a number of specific items outside the Bank’s underlying operating performance. These include impairment charges recognised during the first half of 2026, compared to impairment reversals recorded in the comparative period, negative fair value movements on a limited portion of the Bank’s investment portfolio, and the absence of certain one-off items that had positively impacted the 2025 financial results.”

He also said that the first half of 2026 demonstrated the resilience of Bank of Valletta’s business model and the strength of the foundations built over recent years.

The bank documents state that customer deposits increased to €14.5 billion, net loans and advances to customers reached €8.6 billion, and total assets increased to €17.6 billion, the bank said.

The Board of Directors declared an interim cash ordinary dividend of €0.0805 gross per share amounting to €51.6 million (net dividend of €0.0523 per share - €33.6 million) to be paid to shareholders.

A major milestone during the period was the successful issuance of €300 million Senior Preferred Notes under the Group’s EMTN Programme, the bank said, adding that the transaction was the group’s largest bond issuance to date, and that it attracted strong demand from international institutional investors. 

Looking ahead, the bank’s CEO Kenneth Farrugia said that the Maltese banking landscape is entering a period of increased competition and change, “and we welcome developments that strengthen the sector and broaden customer choice. Bank of Valletta enters this next phase with a deep-rooted presence across Malta, strong customer relationships, a leading market position across deposits and lending, robust capital and liquidity, international market access and strengthening external ratings.”

These attributes, combined with the bank’s long-standing commitment to Malta and continued investment in innovation and service, position it well for the future, he said.

The bank’s priorities for the second half of the year remain clear, he said. “We will continue to grow responsibly, preserve asset quality, maintain strong capital and liquidity buffers, expand our customer franchise and invest in technology, cybersecurity, data capabilities and customer experience. We will also continue preparing for the Group’s next strategic cycle, building on the strong foundations established over recent years.”

The forthcoming strategy is expected to represent an evolution of the current strategic direction rather than a change of course, the bank said, adding that it will focus on mutually reinforcing execution portfolios designed to strengthen the Group’s foundations, including technology, operational and financial resilience, and the workforce capabilities needed to sustain them.

“It will also seek to deepen customer relationships and generate long-term value through propositions that respond to evolving customer needs,” the bank added.