Bank Of Valletta has posted a pre-tax profit of €67.1 million for the first quarter of 2025 — a 5.3% increase over the same period last year — as the bank continues to deliver strong results across its core lines of business.

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‎Speaking at a press conference, BOV attributed the performance to higher fee and commission income, balance sheet repositioning, and a strategic shift from liquid cash holdings into investment assets. The Group said it remains on track to deliver a full-year profit before tax of between €200 million and €250 million.

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Total operating income for the quarter reached €118 million, marginally up from €117.4 million in Q1 2024. Net fee and commission income rose to €20 million, while operating costs increased by 7.5% to €52.8 million, driven by personnel, regulatory and technology-related expenses.

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Net interest income dipped slightly to €92.5 million, down from €98.3 million in the same period last year. The cost-to-income ratio stood at 44.7%, while return on average equity (pre-tax) reached 18.8%. Earnings per share rose to €0.076, and net asset value per share climbed to €2.49.

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The Group’s total assets increased by €549.2 million since December 2024 to reach €15.6 billion, supported by a 9.5% growth in its investment portfolio. Loans remained stable with a gross loan-to-deposit ratio of 56.7%, while non-performing loans declined to 2.5%. Total equity stood at €1.5 billion, with capital buffers remaining strong.

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Chairman Gordon Cordina said the results position the bank well to meet its 2025 targets, citing balance sheet strength, income diversification and continued investment in innovation. He reiterated the bank’s focus on providing secure and reliable services while supporting economic stability amid international turbulence and shifts in the local banking landscape.

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CEO Kenneth Farrugia described the results as evidence of sustained momentum, with growth recorded in personal and business lending, card-related fees and investment services. He highlighted new initiatives launched in digitalisation, compliance and customer engagement, and welcomed recent credit rating upgrades by Fitch and S&P as a vote of confidence in the bank’s long-term strategy.

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On sustainability, the bank reported further progress on its green targets, including reductions in Scope 1 and Scope 2 emissions and continued promotion of green finance products. Farrugia said BOV aims to align its growth strategy with broader environmental goals, including incentives for clients investing in renewable energy and energy-efficient projects.

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