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Annual Report and Financial Statements 2022
2022
MeDirect Bank (Malta) plc
Annual Report and
Financial Statements 2022
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Annual Report and Financial Statements 2022
contents
Chairman & Chief Executive Officer’s Review 3
Who we are 9
MeDirect at a Glance 12
From then till now... our history 13
Directors’ Report 14
Our Group Board 23
Group Leadership Team 25
Statement of Compliance with
the principles of Good Corporate Governance 27
Remuneration Report 38
Financial Statements 46
Statements of Financial Position 47
Statements of Comprehensive Income 48
Statements of Changes in Equity 49
Statements of Cash Flows 52
Notes to the Financial Statements 53
Five-Year Comparison 239
Company Information 244
Independent Auditor’s Report 247
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Annual Report and Financial Statements 2022
Chairman’s and Chief Executive Officer’s review
In 2022, MeDirect returned to profitability following the successful execution of a three-year business transformation plan, recording net profit after tax of €8.7 million. MeDirect’s management team, that joined in 2019, was almost immediately confronted with the extreme disruptions of the COVID-19 pandemic and the resulting economic and geo-political dislocations, including higher inflation, supply chain disruptions and increased international tensions. Notwithstanding the difficult environment, the management team de-risked and transformed MeDirect’s balance sheet, developed its WealthTech platform by launching and developing its Wealth SuperApp in both Malta and Belgium, launched several new asset classes including Belgian and Maltese mortgages while maintaining capital buffers at solid levels. The result has been a return to profitability, the creation of franchise value and the positioning of MeDirect for sustainable growth and continuing profitable operation.
MeDirect is working to create three separate sources of franchise value by:
• Building a pan-European WealthTech leader;
• Growing a complementary specialised mortgage platform; and
• Launching a software as a service business, offering MeDirect systems and processes to third parties on a white-labelled basis, focusing on the embedded-wealth segment.
MeDirect’s purpose is to empower people to manage their wealth with confidence and autonomy. Our mission is to build highly convenient digital investment journeys, leveraging on cutting-edge technology and innovative solutions. As a pan-European wealth neo-bank operating currently in Malta, Belgium and the Netherlands, MeDirect aspires to give retail customers more choice, access to better wealth services and quality support when using the MeDirect digital platform.
Michael Bussey
Chairman
Arnaud Denis
Group CEO
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Annual Report and Financial Statements 2022
Chairman’s and Chief Executive Officer’s review
MeDirect has based the implementation of that strategy on four pillars and has made significant progress on each one:
Four Pillar approach to strategy implementation
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Building the
WealthTech platform
Growing
the retail franchise
De-risking
and
diversifying
the balance sheet
Strengthening the operating
model
