Bank of Valletta has raised the lower end of its 2026 profit forecast, lifting the floor of its full-year profit before tax guidance from €210 million to €230 million while leaving the ceiling at €250 million. The move follows nine months in which the Group reported profit before tax of €189.6 million, broadly level with the €192.1 million it recorded over the same period in 2025.

Operating income rose by 6.0% to €387.1 million, driven mainly by a 10.6% increase in net interest income to €316.8 million as customer lending and investment portfolios kept growing. Net fee and commission income held steady at €60.0 million. The slight year-on-year fall in profit reflected income items recognised in 2025 that did not recur, together with continued investment. Pre-tax return on average equity stayed at 16.7%.

Total assets grew by 7.4% to €17.8 billion and customer deposits by 6.5% to €14.6 billion. Gross loans and advances increased by 9.9% to €8.9 billion, with home loans up 11.8%, business lending up 8.0% and personal lending up 8.6%. The gross loans-to-deposits ratio moved from 59.0% to 60.9%. The non-performing exposure ratio improved to 1.41% from 1.68% at December 2025 and the Group held a CET1 ratio of 19.5%, a total capital ratio of 26.9% and a Liquidity Coverage Ratio of 401.8%.

The share price reached €2.40, up 27% since the start of the year, taking market capitalisation past €1.54 billion, with a price-to-book ratio of 1.0x. More than €19 million in shares were traded, up over 21% year on year. Shareholders gained roughly €327 million in additional market value since the start of 2026, alongside €33.6 million in net dividends for the first half.

Chairperson Gordon Cordina said the results “demonstrate the continued strength and financial resilience of Bank of Valletta’s business model,” adding that the revised guidance “reflects the progress achieved during the first nine months and our confidence in the Group’s financial trajectory.”

Chief Executive Officer Kenneth Farrugia said the performance “reflects strong execution across the Group’s core banking activities,” pointing to the 10.6% rise in net interest income and the 9.9% growth in gross customer lending. He added that the Group continues to invest in technology, operational resilience and customer experience.

The Bank has received regulatory approval to proceed with the early redemption of its outstanding Senior Non-Preferred notes in December 2026, and has authorised preparatory work for a potential future Senior Note issuance of up to €350 million, subject to market conditions, regulatory approvals and its funding requirements.