HSBC Malta has won the Bank of the Year Award for 2023 by The Banker, an international financial affairs publication published by The Financial Times, the bank announced on Friday.

The award recognises the bank’s achievements and advancements in positioning its business to “thrive in an evolving banking landscape”, HSBC Malta stated.

The Bank of the Year Award has served as the benchmark for excellence in the global banking industry since 2000, encompassing over 120 countries worldwide. The awards are adjudicated by a distinguished panel of editors, featuring regional and sector specialists, thus providing a comprehensive and fair evaluation process. The judging criteria focus on the improvements made by banks over the past 12 months, fostering an environment where both small and large banks compete on an equitable platform. Prior to this year, BNF Bank had won the award for Malta for three consecutive years.

The awards ceremony took place on Thursday at the Sheraton Grand London Park Lane, marking what was described as a “momentous occasion” for HSBC Malta.

The bank’s success is mainly attributed to its “significant progress” in various areas, including earnings, capital growth, return on equity, and the adoption of innovative technologies, HSBC Malta said.

During the first nine months of 2023, HSBC Malta recorded €100.8 million in pre-tax profit, an increase of €67.9 million when compared to the pre-tax profit recorded in the same period last year.

CEO Geoffrey Fichte, who accepted the award on behalf of HSBC Malta, said: “This award is testament to the unwavering efforts of the dedicated team at HSBC Malta.”

“In today’s dynamic landscape, achieving success demands elevated standards across every aspect of the business. This award underscores our industry leadership in Malta,” he continued.

He proceeded to thank HSBC Malta’s customers and shareholders for their “steadfast support and consistent trust” in the bank.

A more detailed overview of HSBC Malta’s award win will be highlighted in the December issue of The Banker, thus providing readers with peer-reviewed insights into its contributions and accomplishments during 2023.