Lidion Holdings plc registered €1.6 million in pre-tax profit during the first six months of 2024 (H1 2024), a rise of 187.5 per cent over the same period last year (H1 2023: €544,595), largely due to increases in interest and fee income.

These figures were announced in the group’s interim financial report for the six months ended 30th June 2024, published last week.

Lidion Holdings is the holding company of Lidion Bank, established last year following a rebrand from AgriBank, a Malta-based bank that was first launched in 2012. The bank is engaged in corporate banking services in Malta, factoring services in the EU, as well as lending to the agricultural sector in the UK and lending for renewable energy project development and real estate in Malta and the EU.

During the reporting period, Lidion Holdings reported significant increases in revenue at group level, primarily in interest income and fee and commission income.

In fact, net interest income for H1 2024 amounted to €4.2 million, an increase of 44.7 per cent from the €2.9 million recorded in the same period last year. Net fee and commission income totalled €2.4 million, representing an increase of around €2 million from the €432,972 registered in H1 2023.

However, H1 2024 also saw a substantial increase in total expenses, totalling €4.8 million (H1 2023: €2.6 million).

The main drivers of this increase were employee compensation and benefits (H1 2024: €1.8 million) and general administrative expenses (H1 2024: €2.8 million), which rose by 49.7 per cent and 111.3 per cent, respectively.

Depreciation of property, plant and equipment amounted to €108,117, while depreciation of right of use of assets came in at €109,540.

Lidion Holdings' total assets as at the end of the reporting period totalled €197.2 million, a substantial increase of 24.8 per cent from the €158 million recorded at the end of H1 2023. The group’s total equity at the end of H1 2024 was €13.9 million (H1 2023: €9.9 million).

Earlier this year, Lidion Holdings stated that it is open to potential investment from outside parties, particularly since the “improved performance and diversification” of Lidion Bank’s offering has attracted the interest of several parties.