The Directors are recommending a final gross dividend of €0.026 (net dividend of € |
2024 | 2023 | |
Board Fees | € | € |
Chairman | 98,478 | 75,000 |
All other Directors | 299,989 | 203,000 |
Board Committee Fees | ||
Chairman of the Board | 8,924 | 8,746 |
All other Directors | 131,219 | 146,407 |
The Bank’s Directors’ Fees for the year ended 2024 and 2023 are as follows: | 2024 | 2023 |
€ | € | |
Martin Scicluna | 107,402 | 83,746 |
Victor E Agius (retired at AGM 2024) | 13,630 | 49,267 |
Joseph C Attard | 63,565 | 47,000 |
Franco Azzopardi (retired at AGM 2023) | - | 17,688 |
Juanito Camilleri | 55,510 | 47,000 |
Laragh Cassar | 58,513 | 47,000 |
Martin Czurda (appointed on 1 August 2024) | 25,250 | - |
Alfred De Marco (retired at AGM 2023) | - | 16,183 |
Noel Mizzi (appointed at AGM 2023) | 57,620 | 25,570 |
Michael Pace Ross | 51,505 | 39,000 |
Joseph Rapa (retired at AGM 2024) | 13,272 | 37,000 |
Leslie Stephenson (appointed at AGM 2024) | 40,234 | - |
Marisa Xuereb (appointed at AGM 2023) | 52,109 | 23,699 |
TOTAL | 538,610 | 433,153 |
2023 | 2024 | 2023 | |||
Note | €000 | €000 | €000 | €000 | |
Interest and similar income: | |||||
On loans and advances, balances with the Central Bank of Malta and treasury bills | (3) | 107,682 | 98,664 | ||
On debt and other fixed income instruments | (3) | 5,250 | 5,499 | ||
Total interest and similar income | (3) | 112,932 | 104,163 | ||
Interest expense | (4) | ( | ( | (49,225) | (32,096) |
Net interest income | 63,707 | 72,067 | |||
Fee and commission income | 10,443 | 9,850 | |||
Fee and commission expense | ( | ( | (2,647) | (2,505) | |
Net fee and commission income | (5) | 7,796 | 7,345 | ||
Dividend income | (6) | 1,639 | 1,252 | ||
Net gains on foreign exchange | (7) | 778 | 701 | ||
Net gains from derecognition of financial assets | |||||
at amortised cost | (8) | 596 | - | ||
Net gains on other financial instruments | (8) | 434 | 1,037 | ||
Fair value movement on investment properties | (26) | 4,786 | - | ||
Other operating income | 1,239 | 271 | |||
Operating income before net impairments | 80,975 | 82,673 | |||
Net impairment losses | (11) | ( | ( | (2,956) | (3,497) |
Net operating income | 78,019 | 79,176 | |||
Employee compensation and benefits | (9) | ( | ( | (29,043) | (27,941) |
Other administrative expenses | (10) | ( | ( | (20,942) | (17,929) |
Depreciation of property and equipment | (27) | ( | ( | (2,092) | (1,871) |
Amortisation of intangible assets | (28) | ( | ( | (2,781) | (3,016) |
Depreciation of right-of-use assets | (29) | ( | ( | (649) | (614) |
Operating expenses | ( | ( | (55,507) | (51,371) | |
Net operating profit before associates’ results | 22,512 | 27,805 | |||
Share of results of associates, net of tax | (25) | - | - | ||
Profit before tax | 22,512 | 27,805 | |||
Income tax expense | (12) | ( | ( | (5,515) | (9,598) |
Profit for the year | 16,997 | 18,207 |
Profit for the year attributable to: | ||||
Equity holders of the parent | 16,997 | 18,207 | ||
Non-controlling interest | - | - | ||
16,997 | 18,207 |
Basic and diluted earnings per share | (13) | 4.5c | 4.8c |
The Group | The Bank | |||
2024 | 2023 | 2024 | 2023 | |
€000 | €000 | €000 | €000 | |
Profit for the year | 16,997 | 18,207 | ||
Other comprehensive income: | ||||
Items that may be reclassified subsequently to profit or loss: | ||||
Change in fair value on debt instruments measured at fair value through other comprehensive income (FVTOCI) | 2,975 | 6,678 | ||
Fair value losses reclassified to profit or loss on disposal of debt instruments | ||||
measured at FVTOCI | ( | ( | (172) | (1,099) |
Deferred income tax relating to the components of other comprehensive income (OCI) | ( | 26 | (655) | |
Items that may not be reclassified subsequently to profit or loss: | ||||
Revaluation of land and buildings | 10,011 | - | ||
Deferred income tax relating to the revaluation on land and buildings | ( | (1,430) | - | |
Other comprehensive income for the year, net of tax | 11,410 | 4,924 | ||
Total comprehensive income for the year, net of tax | 28,407 | 23,131 |
Total comprehensive income attributable to: | ||||
Equity holders of the parent | 28,407 | 23,131 | ||
Non-controlling interest | - | - | ||
28,407 | 23,131 |
The Group | The Bank | ||||
Note | 2024 | 2023 | 2024 | 2023 | |
ASSETS | €000 | €000 | €000 | €000 | |
Cash and balances with Central Bank of Malta | (15) | 379,653 | 131,071 | ||
Loans and advances to banks | (16) | 22,027 | 53,951 | ||
Financial assets at fair value through profit or loss | (17) | - | - | ||
Non-current assets held for sale | (18) | - | 1,738 | ||
Syndicated loans | (19) | 180,097 | 184,172 | ||
Loans and advances to customers | (20) | 3,013,014 | 2,694,229 | ||
Derivative assets held for risk management | (21) | 2,422 | 536 | ||
Other debt and fixed income instruments | (22) | 386,589 | 442,032 | ||
Equity and other non-fixed income instruments | (23) | 6,190 | 6,960 | ||
Investment in subsidiaries | (24) | - | - | 40,251 | 40,251 |
Investment in associates | (25) | 15,749 | 14,563 | ||
Investment properties | (26) | 13,227 | 6,714 | ||
Property and equipment | (27) | 49,730 | 39,824 | ||
Intangible assets | (28) | 20,742 | 17,523 | ||
Right-of-use assets | (29) | 4,185 | 4,386 | ||
Other receivables | (30) | 12,534 | 12,180 | ||
Current tax assets | 5,457 | - | |||
Deferred tax assets | (31) | 457 | 3,154 | ||
TOTAL ASSETS | 4,152,324 | 3,653,284 | |||
LIABILITIES | |||||
Derivative liabilities held for risk management | (21) | 2,422 | 536 | ||
Amounts owed to banks | (32) | 28,609 | 80,685 | ||
Amounts owed to customers | (33) | 3,671,739 | 3,139,214 | ||
Lease liabilities | (29) | 4,366 | 4,585 | ||
Accruals | (34) | 22,611 | 22,787 | ||
Debt securities in issue | (35) | 104,210 | 104,173 | ||
Other liabilities | (36) | 18,047 | 20,339 | ||
Current tax liabilities | - | 2,641 | |||
TOTAL LIABILITIES | 3,852,004 | 3,374,960 | |||
EQUITY | |||||
Share capital | (37) | 94,902 | 94,451 | ||
Share premium | (37) | 52,467 | 51,907 | ||
Revaluation reserve | (38) | 19,315 | 7,905 | ||
Retained earnings | (39) | 133,270 | 123,768 | ||
Other reserves | 366 | 293 | |||
Attributable to equity holders of the parent | 300,320 | 278,324 | |||
Non-controlling interest | (40) | - | - | ||
TOTAL EQUITY | 300,320 | 278,324 | |||
TOTAL LIABILITIES AND EQUITY | 4,152,324 | 3,653,284 |
MEMORANDUM ITEMS | |||||
Contingent liabilities | (41) | 32,630 | 30,638 | ||
Commitments | (42) | 1,184,054 | 1,099,547 |
Martin Scicluna | Noel Mizzi | Marcel Cassar in conjunction with the Annual Financial Report and were signed by: | Ronald Mizzi |
Chairman | Director | Chief Executive Officer | Chief Financial Officer |
Non- | ||||||||
Share | Share | Revaluation | Retained | Other | controlling | Total | ||
capital | premium | reserve | earnings | reserves | Total | interest | equity | |
The Group | €000 | €000 | €000 | €000 | €000 | €000 | €000 | €000 |
FINANCIAL YEAR ENDED | ||||||||
31 December 2024 | ||||||||
Balance at 1 January 2024 | ||||||||
Profit for the year | ||||||||
Other comprehensive income | ||||||||
Total comprehensive income | ||||||||
Allotment of shares upon | ||||||||
vesting of share awards (Note | ||||||||
37) | ( | |||||||
Share incentive plan - Value of employee services | ||||||||
Dividends to equity holders | ||||||||
(Note 14) | ( | ( | ( | ( | ||||
Net share capital redeemed by subsidiary company | ( | ( | ||||||
Share issuance transaction | ||||||||
costs | ( | ( | ( | |||||
Total transactions with owners | ( | ( | ( | ( | ||||
Balance at 31 December 2024 | ||||||||
FINANCIAL YEAR ENDED | ||||||||
31 December 2023 | ||||||||
Balance at 1 January 2023 | ||||||||
Profit for the year | ||||||||
Other comprehensive income | ||||||||
Total comprehensive income | ||||||||
Allotment of shares upon | ||||||||
vesting of share awards (Note | ||||||||
37) | ( | |||||||
Share incentive plan - Value of employee services | ||||||||
Dividends to equity holders | ||||||||
(Note 14) | ( | ( | ( | ( | ||||
Net share capital issued by subsidiary company | ||||||||
Total transactions with owners | ( | ( | ||||||
Balance at 31 December 2023 |
The Group | The Bank | ||||
Note | 2024 | 2023 | 2024 | 2023 | |
OPERATING ACTIVITIES | €000 | €000 | €000 | €000 | |
Interest and commission receipts | 118,765 | 108,167 | |||
Interest and commission payments | ( | ( | (51,774) | (34,500) | |
Cash paid to employees and suppliers | ( | ( | (49,644) | (38,915) | |
Operating profit before changes in operating | |||||
assets and liabilities | 17,347 | 34,752 | |||
(Increase)/decrease in operating assets | |||||
Loans and advances to customers/syndicated loans | ( | ( | (317,811) | (521,542) | |
Loans and advances to banks | ( | - | (500) | ||
Reserve deposit with Central Bank of Malta | ( | ( | (4,359) | (4,219) | |
Other assets | - | - | |||
Increase/(decrease) in operating liabilities | |||||
Amounts owed to customers | 532,526 | 426,299 | |||
Amounts owed to banks | ( | ( | (1,549) | (1,549) | |
Other liabilities | 2,357 | 7,666 | |||
Cash from/(used in) operating activities before tax | ( | 228,511 | (59,093) | ||
Income tax paid | ( | ( | (12,319) | (10,087) | |
Net cash flows from/(used in) operating activities | ( | 216,192 | (69,180) | ||
INVESTING ACTIVITIES | |||||
Dividends received | 1,639 | 1,252 | |||
Interest income from debt securities | 5,991 | 7,015 | |||
Purchase of financial assets measured at amortised cost | ( | ( | - | (14,168) | |
Proceeds on maturity/disposal of financial assets measured at amortised cost | 56,319 | 5,064 | |||
Purchase of debt instruments measured at FVTOCI | ( | ( | (31,316) | (8,629) | |
Proceeds on disposal of debt instruments measured at FVTOCI | 34,467 | 38,958 | |||
Purchase of financial assets at FVTPL | ( | ( | - | - | |
Proceeds on disposal of financial assets at FVTPL | - | - | |||
Purchase of equity and other non-fixed income instruments | ( | ( | (47) | (5,718) | |
Additional investment in associate | ( | ( | (3,000) | (500) | |
Proceeds from disposal of investment in associate | 1,814 | - | |||
Purchase of property, equipment and intangible assets | ( | ( | (11,713) | (8,861) | |
Net cash flows from investing activities | 54,154 | 14,413 | |||
FINANCING ACTIVITIES | |||||
Dividends paid | ( | ( | (6,783) | (2,475) | |
Amounts received on creation of shares in subsidiaries | - | - | |||
Proceeds from issue of debt securities in issue | - | 49,486 | |||
Amounts paid on redemption of units in subsidiaries | ( | ( | - | - | |
Cash payment for security deposit on right of use asset | ( | (24) | - | ||
Cash payment for the principal portion of lease liability | ( | ( | (741) | (722) | |
Net cash flows (used in)/from financing activities | ( | (7,548) | 46,289 | ||
Net increase/(decrease) in cash and cash equivalents | ( | 262,798 | (8,478) | ||
Cash and cash equivalents at 1 January | 81,939 | 90,417 | |||
Cash and cash equivalents at 31 December | (43) | 344,737 | 81,939 |
% | |
Building | 1.0 |
Computer equipment | 25.0 |
Other | 5.0 – 20.0 |
_________________________________________________________________________________________ 122 NOTES TO THE FINANCIAL STATEMENTS (continued) | ||||
4. INTEREST EXPENSE | The Group/The Bank | |
2024 | 2023 | |
€000 | €000 | |
On amounts owed to banks | 2,261 | 4,633 |
On amounts owed to customers | 42,074 | 25,185 |
On lease liabilities | 98 | 101 |
On debt securities in issue | 4,792 | 2,177 |
49,225 | 32,096 |
5. NET FEE AND COMMISSION INCOME | The Group | The Bank | ||
2024 | 2023 | 2024 | 2023 | |
€000 | €000 | €000 | €000 | |
On loans and advances and other general | ||||
banking activities | 5,555 | 5,764 | 5,555 | 5,764 |
On insurance, investments and similar activities | 4,725 | 3,925 | 3,563 | 2,955 |
Other activities | 1,325 | 1,131 | 1,325 | 1,131 |
11,605 | 10,820 | 10,443 | 9,850 | |
Fee and commission expense | (2,696) | (2,515) | (2,647) | (2,505) |
8,909 | 8,305 | 7,796 | 7,345 |
6. DIVIDEND INCOME | The Group | The Bank | ||
2024 | 2023 | 2024 | 2023 | |
€000 | €000 | €000 | €000 | |
From equity shares held in local and foreign entities and collective investment schemes | 124 | - | 1,639 | 1,252 |
7. NET GAINS ON FOREIGN EXCHANGE | The Group | The Bank | ||
2024 | 2023 | 2024 | 2023 | |
€000 | €000 | €000 | €000 | |
Net unrealised/realised gains on foreign exchange | 1,427 | 154 | 778 | 701 |
8. NET GAINS ON FINANCIAL INSTRUMENTS | ||||
The Group | The Bank | |||
2024 | 2023 | 2024 | 2023 | |
€000 | €000 | €000 | €000 | |
Realised gains on disposal of financial assets at amortised cost | 596 | - | 596 | - |
Realised gains on disposal of shares in collective investment | ||||
scheme | - | - | 186 | - |
Realised gains on disposal of financial | ||||
assets at FVTOCI | 248 | 1,036 | 248 | 1,037 |
Unrealised net fair value movements on financial | ||||
assets at FVTPL | 46 | 3,826 | - | - |
Fair value losses on financial assets at FVTPL | (34) | (1,714) | - | - |
260 | 3,148 | 434 | 1,037 | |
856 | 3,148 | 1,030 | 1,037 |
The Group | The Bank | |||
2024 | 2023 | 2024 | 2023 | |
€000 | €000 | €000 | €000 | |
Wages and salaries: | ||||
- key management personnel other than Directors | 6,032 | 5,640 | 6,032 | 5,640 |
- other staff | 20,997 | 20,086 | 20,997 | 20,086 |
- wages recharged to subsidiary at cost | - | - | (816) | (684) |
Social security contributions | 1,643 | 1,493 | 1,643 | 1,493 |
Share based payments | 407 | 191 | 407 | 191 |
Other staff costs | 780 | 1,215 | 780 | 1,215 |
29,859 | 28,625 | 29,043 | 27,941 |
The average number of persons employed during the year was as follows: | ||||
The Group | The Bank | |||
2024 | 2023 | 2024 | 2023 | |
Senior Management | 35 | 35 | 35 | 35 |
Managerial | 198 | 180 | 198 | 180 |
Senior officers and officers | 367 | 366 | 367 | 366 |
Others | 7 | 8 | 7 | 8 |
607 | 589 | 607 | 589 |
_________________________________________________________________________________________ 124 NOTES TO THE FINANCIAL STATEMENTS (continued) | |||
_________________________________________________________________________________________ 125 NOTES TO THE FINANCIAL STATEMENTS (continued) 9. EMPLOYEE COMPENSATION AND BENEFITS (continued) Executive Share Incentive Plan Awards (continued) | ||
10. OTHER ADMINISTRATIVE EXPENSES | The Group | The Bank | ||
2024 | 2023 | 2024 | 2023 | |
€000 | €000 | €000 | €000 | |
Remuneration payable to the statutory auditors for: | ||||
- the audit of financial statements | 228 | 189 | 186 | 173 |
- tax advisory services | 8 | 7 | 5 | 5 |
- other non-audit services | 57 | 50 | 53 | 48 |
Directors’ emoluments | 656 | 433 | 539 | 433 |
Insurance | 516 | 522 | 515 | 521 |
Professional fees | 3,070 | 1,890 | 2,960 | 1,779 |
Regulatory fees | 4,497 | 3,554 | 4,491 | 3,548 |
Repairs and maintenance | 6,158 | 5,429 | 6,114 | 5,386 |
Telecommunications | 892 | 897 | 876 | 881 |
Office operating expenses | 3,282 | 3,464 | 3,228 | 3,410 |
Other administrative expenses | 2,196 | 2,069 | 1,975 | 1,745 |
21,560 | 18,504 | 20,942 | 17,929 |
_________________________________________________________________________________________ 126 NOTES TO THE FINANCIAL STATEMENTS (continued) | ||
_________________________________________________________________________________________ 127 NOTES TO THE FINANCIAL STATEMENTS (continued) | ||||
The Group | The Bank | |||
2024 | 2023 | 2024 | 2023 | |
€000 | €000 | €000 | €000 | |
Profit before tax | 23,762 | 30,241 | 22,512 | 27,805 |
Theoretical tax expense at 35% | 8,317 | 10,584 | 7,879 | 9,731 |
Tax effect of: | ||||
- Non-taxable sale of investments | (733) | (1,146) | (361) | (362) |
- Income taxed at lower rates of tax | (530) | (438) | (530) | (438) |
- Depreciation not recovered by way | ||||
of capital allowance | 17 | 338 | 17 | 338 |
- Other disallowed expenses | 265 | 580 | 265 | 580 |
- Unrealised gain on revaluation of properties | (1,675) | - | (1,675) | - |
- Other differences | (80) | (251) | (80) | (251) |
Income tax expense | 5,581 | 9,667 | 5,515 | 9,598 |
13. EARNINGS PER SHARE | The Group | The Bank | ||
2024 | 2023 | 2024 | 2023 | |
cents per | cents per | cents per | cents per | |
share | share | share | share | |
Basic earnings per share | 4.6 | 5.2 | 4.5 | 4.8 |
The Group | The Bank | |||
2024 | 2023 | 2024 | 2023 | |
cents per | cents per | cents per | cents per | |
share | share | share | share | |
Diluted earnings per share | 4.6 | 5.2 | 4.5 | 4.8 |
_________________________________________________________________________________________ 128 NOTES TO THE FINANCIAL STATEMENTS (continued) | ||
_________________________________________________________________________________________ 129 NOTES TO THE FINANCIAL STATEMENTS (continued) | ||||
(i) Gross loans and advances to customers analysed by currency | ||||
The Group | The Bank | |||
2024 | 2023 | 2024 | 2023 | |
€000 | €000 | €000 | €000 | |
- Euro | 15,144 | 28,797 | 13,114 | 28,249 |
- Other | 8,936 | 25,753 | 8,936 | 25,753 |
24,080 | 54,550 | 22,050 | 54,002 |
(ii) Impairment allowance for loans and advances to banks | ||
The Group/The Bank | ||
2024 | 2023 | |
€000 | €000 | |
At 1 January | 51 | 75 |
Reversal for the year | (28) | (24) |
At 31 December | 23 | 51 |
Listing Status: | ||
- Listed on Malta Stock Exchange | 822 | 1,624 |
- Listed on other stock exchanges | 44,619 | 44,643 |
45,441 | 46,267 |
The Group | ||
2024 | 2023 | |
€000 | €000 | |
Carrying amount | ||
At 1 January | 46,267 | 41,046 |
Disposals | (33,435) | (42,804) |
Acquisitions | 31,446 | 46,678 |
Movement in fair value/foreign exchange | 1,163 | 1,347 |
At 31 December | 45,441 | 46,267 |
18. NON-CURRENT ASSETS HELD FOR SALE | ||
The Group/The Bank | ||
2024 | 2023 | |
€000 | €000 | |
As at 1 January | 1,738 | 1,733 |
Property reclassified to investment properties (Note 26) | (1,738) | - |
Improvements to property | - | 5 |
- | 1,738 |
The Group/The Bank | ||
2024 | 2023 | |
€000 | €000 | |
Repayable within one year | 72,178 | 40,375 |
Over one year | 115,307 | 147,311 |
Gross syndicated loans (i) | 187,485 | 187,686 |
Less: allowance for impairment losses (ii) | (7,388) | (3,514) |
Net syndicated loans | 180,097 | 184,172 |
_________________________________________________________________________________________ 131 NOTES TO THE FINANCIAL STATEMENTS (continued) | ||
Concentration of syndicated loans | ||
The following table shows the risk concentration by industry for syndicated loans, gross of provisions: | ||
The Group/The Bank | ||
2024 | 2023 | |
€000 | €000 | |
Agriculture | 9,214 | 12,095 |
Manufacturing | 66,823 | 71,131 |
Financial intermediation | 58,532 | 48,478 |
Real estate, renting and business | 24,416 | 25,949 |
Health and social work | 14,000 | 15,533 |
Other industries | 14,500 | 14,500 |
Gross syndicated loans | 187,485 | 187,686 |
The Group/The Bank | ||
2024 | 2023 | |
€000 | €000 | |
Repayable on call and at short notice | 137,258 | 113,990 |
Term loans and advances | 2,888,579 | 2,598,923 |
Gross loans and advances to customers (i) | 3,025,837 | 2,712,913 |
Less: allowance for impairment losses (ii) | (12,823) | (18,684) |
Net loans and advances to customers | 3,013,014 | 2,694,229 |
_________________________________________________________________________________________ 132 NOTES TO THE FINANCIAL STATEMENTS (continued) 20. LOANS AND ADVANCES TO CUSTOMERS (continued) | ||
Concentration of loans and advances to customers | ||
The following table shows the risk concentration by industry for loans and advances to customers, gross of provisions: | ||
The Group/The Bank | 2024 | 2023 |
€000 | €000 | |
Fishing | 36,165 | 36,582 |
Manufacturing | 32,185 | 29,177 |
Construction | 101,247 | 107,636 |
Wholesale and retail trade | 62,719 | 58,590 |
Hotels and restaurants, excluding related construction activities | 129,747 | 126,227 |
Transport, storage and communication | 31,474 | 65,938 |
Financial intermediation | 142,052 | 127,129 |
Real estate, renting and business | 227,934 | 209,566 |
Professional, Scientific and technical | 29,661 | 27,415 |
Administrative and Support services | 21,753 | 14,231 |
Health and social work | 11,011 | 12,043 |
Households and individuals | 2,178,596 | 1,875,759 |
Other industries | 21,293 | 22,620 |
3,025,837 | 2,712,913 |
- Collective impairment losses | 1,359 | 1,703 |
- Individual impairment losses | 11,464 | 16,981 |
12,823 | 18,684 |
_________________________________________________________________________________________ 133 NOTES TO THE FINANCIAL STATEMENTS (continued) | ||||
Derivative liabilities held for risk management, classified | |||
at fair value through profit or loss, not classified as hedges | 2,892 | 2,422 | 536 |
The Group | ||||||
Notional | Assets | Liabilities | Notional | Assets | Liabilities | |
2024 | 2024 | 2024 | 2023 | 2023 | 2023 | |
€000 | €000 | €000 | €000 | €000 | €000 | |
Over the counter derivatives: | ||||||
Equity/commodity-index warrants purchased | 46,077 | 2,607 | - | 40,735 | 846 | - |
Equity/commodity-index warrants written | (50,973) | - | 2,892 | (40,398) | - | 629 |
(4,896) | 2,607 | 2,892 | 337 | 846 | 629 |
NOTES TO THE FINANCIAL STATEMENTS (continued) | ||||
_________________________________________________________________________________________ | ||||
Issued by public bodies: | ||||
- Local government | 47,289 | 46,166 | 47,289 | 46,166 |
- Foreign government | 38,847 | 51,889 | 38,847 | 51,889 |
86,136 | 98,055 | 86,136 | 98,055 | |
Issued by other issuers: | ||||
- Foreign banks | 15,244 | 9,859 | 15,244 | 9,859 |
- Foreign other | 13,808 | 7,550 | 13,808 | 7,550 |
- Local other | - | 44 | - | 44 |
29,052 | 17,453 | 29,052 | 17,453 | |
Total | 115,188 | 115,508 | 115,188 | 115,508 |
Total gross other debt and fixed income instruments | 387,091 | 442,231 | 386,692 | 442,231 |
Unamortised premiums included within the gross other debt and fixed income instrument | 3,064 | 4,280 | 3,064 | 4,280 |
134 |
_________________________________________________________________________________________ 135 NOTES TO THE FINANCIAL STATEMENTS (continued) | ||||
_________________________________________________________________________________________ 136 NOTES TO THE FINANCIAL STATEMENTS (continued) | ||
Listing status: | ||
- Listed on Malta Stock Exchange | 6,022 | 6,862 |
- Unlisted | 168 | 98 |
6,190 | 6,960 |
_________________________________________________________________________________________ | |||||||
NOTES TO THE FINANCIAL STATEMENTS (continued) | |||||||
137 |
_________________________________________________________________________________________ NOTES TO THE FINANCIAL STATEMENTS (continued) | ||||||
138 |
_________________________________________________________________________________________ NOTES TO THE FINANCIAL STATEMENTS (continued) | ||
139 |
The Group/The Bank | ||
2024 | 2023 | |
€000 | €000 | |
Within one year | 177 | 177 |
Within two years | 177 | 177 |
Within three years | 177 | 177 |
Within four years | 177 | 177 |
Within five years | 177 | 177 |
Over five years | 1,193 | 1,370 |
2,078 | 2,255 |
NOTES TO THE FINANCIAL STATEMENTS (continued) | ||||
_________________________________________________________________________________________ | ||||
141 |
_________________________________________________________________________________________ 142 NOTES TO THE FINANCIAL STATEMENTS (continued) | ||
The Group/The Bank | |||
2024 | 2023 | ||
€000 | €000 | ||
Future capital expenditure: | |||
- | Authorised by the Directors and contracted | 2,870 | 5,483 |
- | Authorised by the Directors but not yet contracted | 5,313 | 1,242 |
8,183 | 6,725 |
_________________________________________________________________________________________ | ||
NOTES TO THE FINANCIAL STATEMENTS (continued) | ||
144 |
_________________________________________________________________________________________ 145 NOTES TO THE FINANCIAL STATEMENTS (continued) | ||||
_________________________________________________________________________________________ 146 NOTES TO THE FINANCIAL STATEMENTS (continued) | ||||
34. ACCRUALS | ||||
The Group | The Bank | |||
2024 | 2023 | 2024 | 2023 | |
€000 | €000 | €000 | €000 | |
Accrued interest payable | 16,178 | 12,309 | 16,178 | 12,309 |
Other accruals | 6,255 | 10,533 | 6,433 | 10,478 |
22,433 | 22,842 | 22,611 | 22,787 |
35. DEBT SECURITIES IN ISSUE | ||
The Group/The Bank | ||
2024 | 2023 | |
€000 | €000 | |
At 1 January | 104,173 | 54,642 |
New debt securities issued | - | 50,000 |
Unamortised expenses | - | (522) |
Amortisation of issuance costs | 37 | 53 |
At 31 December | 104,210 | 104,173 |
Nominal | Coupon | ||||
amount | rate (p.a.) | Issue date | Maturity date | Status | |
Unsecured | |||||
2020 bond issue | EUR 55m | 3.25% | 19 November 2020 | 19 November 2030 | Subordinated |
Nominal | Coupon | Issue | Maturity | ||
amount | rate (p.a.) | date | date | Status | |
Unsecured | |||||
2023 bond issue | EUR 50m | 5.80% 1 December 2023 | 1 December 2033 | Subordinated |
36. OTHER LIABILITIES | ||||
The Group | The Bank | |||
2024 | 2023 | 2024 | 2023 | |
€000 | €000 | €000 | €000 | |
Bills payable | 15,992 | 14,897 | 15,992 | 14,897 |
Other liabilities | 2,076 | 5,488 | 2,055 | 5,442 |
18,068 | 20,385 | 18,047 | 20,339 |
The Group/The Bank | |||
2024 | 2023 | ||
€000 | €000 | ||
Authorised | |||
500,000,000 ordinary shares at €0.25 each (2023: | 500,000,000 ordinary shares of €0.25 each) | 125,000 | 125,000 |
Issued and fully paid | |||
379,606,122 ordinary shares of €0.25 each (2023: | 377,803,569 ordinary shares of €0.25 each) | 94,902 | 94,451 |
The Group/The Bank | ||||||
Share | Share | Share | Share | Number of | Number of | |
Capital | Capital | Premium | Premium | Shares | Shares | |
2024 | 2023 | 2024 | 2023 | 2024 | 2023 | |
€000 | €000 | €000 | €000 | ‘000 | ‘000 | |
At 1 January | 94,451 | 91,729 | 51,907 | 48,410 | 377,804 | 366,917 |
Scrip dividend (Note 14) | 324 | 2,643 | 388 | 3,382 | 1,294 | 10,568 |
Executive Share incentive | ||||||
plan (Note 9) | 127 | 79 | 207 | 115 | 508 | 319 |
Share issuance transaction costs | - | - | (35) | - | - | - |
At 31 December | 94,902 | 94,451 | 52,467 | 51,907 | 379,606 | 377,804 |
NOTES TO THE FINANCIAL STATEMENTS (continued) | ||
_________________________________________________________________________________________ | ||
148 |
_________________________________________________________________________________________ 149 NOTES TO THE FINANCIAL STATEMENTS (continued) | ||
T | ||||
_________________________________________________________________________________________ 151 NOTES TO THE FINANCIAL STATEMENTS (continued) 44. OPERATING SEGMENTS (continued) | ||||||||||
Investment | Liquidity Management and | Total Reportable | ||||||||
Retail | Commercial | Services | Structured Loans | Segments | ||||||
2024 | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | |
€000 | €000 | €000 | €000 | €000 | €000 | €000 | €000 | €000 | €000 | |
Total assets as per | ||||||||||
segments | 2,120,135 | 1,826,825 | 892,879 | 867,404 | - | - | 1,041,237 | 880,631 | 4,054,251 | 3,574,860 |
Add: Unallocated items | - | - | - | - | - | - | - | - | 106,901 | 86,347 |
Total assets as per | ||||||||||
statements of financial | ||||||||||
position | 4,161,152 | 3,661,207 | ||||||||
Investment in associates | - | - | - | - | - | - | 16,204 | 14,784 | 16,204 | 14,784 |
Total liabilities as per | ||||||||||
segments | 3,424,446 | 2,964,831 | 246,204 | 173,008 | - | - | 135,711 | 185,487 | 3,806,361 | 3,323,326 |
Add: Unallocated items | - | - | - | - | - | - | - | - | 44,867 | 50,453 |
Total liabilities as per | ||||||||||
statements of financial | ||||||||||
position | 3,851,228 | 3,373,779 |
2024 | 2023 | |
Profit before tax | €000 | €000 |
As per reportable segments | 81,131 | 68,364 |
Unallocated items: | ||
Interest (payable)/receivable | (12,789) | 2,581 |
Net fee and commission income and other income | 78 | (149) |
Personnel expenses | (19,411) | (19,102) |
Professional fees | (2,818) | (1,707) |
Repairs and maintenance | (6,114) | (5,386) |
Telecommunications | (876) | (881) |
Other administrative expenses | (9,773) | (8,638) |
Depreciation and amortisation | (5,516) | (5,501) |
Impairments | 4,928 | 1,265 |
Write-offs | (5,078) | (605) |
As per statements of profit or loss | 23,762 | 30,241 |
2024 | 2023 | |
Total assets | €000 | €000 |
As per reportable segments | 4,054,251 | 3,574,860 |
Unallocated items: | ||
Investment properties | 13,227 | 6,714 |
Non-current assets held for sale | - | 1,738 |
Property and equipment | 49,730 | 39,824 |
Intangible assets | 20,742 | 17,523 |
Right-of use assets | 4,185 | 4,386 |
Deferred tax assets | 457 | 3,154 |
Income tax | 5,700 | 195 |
Other receivables | 12,860 | 12,813 |
As per statements of financial position | 4,161,152 | 3,661,207 |
2024 | 2023 | |
Total liabilities | €000 | €000 |
As per reportable segments | 3,806,361 | 3,323,326 |
Unallocated items: | ||
Current tax | - | 2,641 |
Lease liabilities | 4,366 | 4,585 |
Other liabilities | 18,068 | 20,385 |
Accruals | 22,433 | 22,842 |
As per statements of financial position | 3,851,228 | 3,373,779 |
The Group | The Bank | |||
Dec-24 | Dec-23 | Dec-24 | Dec-23 | |
€000 | €000 | €000 | €000 | |
Interest and similar income: | ||||
Shareholders | 29 | 2 | 29 | 2 |
Key management personnel | 70 | 40 | 70 | 40 |
Entities of the same Group | 256 | 227 | 256 | 227 |
Other related parties | 58 | 33 | 58 | 33 |
Fee and commission income: | ||||
ReAPS Asset Management Limited | - | - | 567 | 511 |
APS Income Fund | 457 | 486 | - | - |
APS Ethical Cautious Fund | 355 | 346 | - | - |
APS Ethical Adventurous Fund | 168 | 128 | - | - |
APS Ethical Balanced Fund | 8 | - | - | - |
IVALIFE Insurance Limited | 53 | 49 | - | - |
Qualifying Shareholders | 233 | 205 | - | - |
Other related parties | 179 | 142 | - | - |
Dividend income: | ||||
APS Diversified Bond Fund | - | - | 1,126 | 966 |
APS Income Fund | - | - | 246 | 168 |
APS Ethical Cautious Fund | - | - | 28 | 24 |
APS Ethical Adventurous Fund | - | - | 115 | 94 |
Interest expense: | ||||
Qualifying Shareholders | 7 | 48 | 7 | 48 |
Bank Directors | 6 | - | 6 | - |
Key management personnel | 39 | 16 | 39 | 16 |
Entities of the same Group | 35 | 9 | 35 | 9 |
Other related parties | 28 | 15 | 28 | 15 |
Personnel expenses: | ||||
Key management personnel | 5,346 | 4,974 | 5,346 | 4,974 |
General administrative expenses: | ||||
Qualifying Shareholders | 277 | 86 | 277 | 86 |
The Group | The Bank | |||
Dec-24 | Dec-23 | Dec-24 | Dec-23 | |
€000 | €000 | €000 | €000 | |
Amounts due (to)/from related parties | ||||
ReAPS Asset Management Limited | - | - | (537) | (1,022) |
APS Income Fund | 111 | 86 | - | (29) |
APS Ethical Cautious Fund | 96 | 89 | - | - |
APS Ethical Balanced Fund | 8 | - | - | - |
APS Ethical Adventurous Fund | 49 | 35 | - | - |
IVALIFE Insurance Limited | 5 | 15 | - | - |
Qualifying Shareholders | 64 | 73 | - | - |
Other related parties | 44 | 42 | - | - |
_________________________________________________________________________________________ 154 NOTES TO THE FINANCIAL STATEMENTS (continued) 45. RELATED PARTY DISCLOSURES (continued) Related party transactions (continued) | ||
2024 | 2023 | |
€000 | €000 | |
At 1 January | 98 | 303 |
Acquisitions | 45 | - |
Fair value movement | 26 | (200) |
Exchange rate movement | - | (5) |
At 31 December | 169 | 98 |
The Group / The Bank | ||
Not later than one year | ||
2024 | 2023 | |
€000 | €000 | |
Loan commitments | 1,184,054 | 1,099,547 |
Guarantees, acceptance and other financial facilities | 32,630 | 30,638 |
1,216,684 | 1,130,185 |
Scenarios | ||||||
Macro-Economic Variables | 2024 | 2023 | ||||
Baseline | Upside | Downside | Baseline | Upside | Downside | |
GDP Growth (%) | 3.10 | 3.27 | 2.69 | 3.34 | 3.51 | 2.88 |
Inflation rates (%) | 2.02 | 2.05 | 1.81 | 2.50 | 2.53 | 2.21 |
Unemployment rates (%) | 2.97 | 2.97 | 3.01 | 3.51 | 3.49 | 3.57 |
The Group | The Bank | |||
Maximum exposure | Maximum exposure | |||
2024 | 2023 | 2024 | 2023 | |
€000 | €000 | €000 | €000 | |
Cash and balances with Central Bank of Malta (excluding cash in hand) | ||||
(net) | 366,350 | 118,044 | 366,350 | 118,044 |
Loans and advances to banks (net) | 24,057 | 54,499 | 22,027 | 53,951 |
Financial assets at FVTPL | 45,441 | 46,267 | - | - |
Syndicated loans (net) | 180,097 | 184,172 | 180,097 | 184,172 |
Loans and advances to customers (net) | 2,209,343 | 1,907,513 | 2,209,343 | 1,907,513 |
Loans and advances to corporate entities (net) | 803,671 | 786,716 | 803,671 | 786,716 |
Derivative assets held for risk management | 2,607 | 846 | 2,422 | 536 |
Other debt and fixed income instruments (net) | 386,988 | 442,032 | 386,589 | 442,032 |
Other receivables | 9,124 | 12,813 | 9,907 | 12,180 |
As at 31 December | 4,027,678 | 3,552,902 | 3,980,406 | 3,505,144 |
Credit risk exposures relating to off-balance sheet items | ||||
are as follows: | ||||
Financial guarantees and other contingent liabilities | 32,630 | 30,638 | 32,630 | 30,638 |
Commitments | 1,184,054 | 1,099,547 | 1,184,054 | 1,099,547 |
As at 31 December | 1,216,684 | 1,130,185 | 1,216,684 | 1,130,185 |
_________________________________________________________________________________________ 169 NOTES TO THE FINANCIAL STATEMENTS (continued) 47. RISK MANAGEMENT (continued) 47.2 Credit risk (continued) 47.2.3 Credit Risk Exposure (continued) | ||||||||
The Group | Wholesale | |||||||
and | ||||||||
Financial | Manufact- | Real | Retail | Public | Other | |||
Concentrations of risk | Institutions | uring | Estate | Trade | Sector | Industries | Individuals | Total |
€000 | €000 | €000 | €000 | €000 | €000 | €000 | €000 | |
Cash and balances with Central Bank of Malta | ||||||||
(excluding cash in hand) | 118,046 | - | - | - | - | - | - | 118,046 |
Loans and advances to banks | 54,550 | - | - | - | - | - | - | 54,550 |
Financial assets at FVTPL | 10,591 | 1,198 | - | - | 21,442 | 13,036 | - | 46,267 |
Syndicated loans (gross) | 33,768 | 71,131 | 18,000 | 4,000 | - | 60,786 | - | 187,685 |
Loans and advances to customers | ||||||||
(gross) | 1,735 | 29,177 | 304,338 | 58,590 | 39,115 | 407,099 | 1,872,859 | 2,712,913 |
Derivative assets held for risk | ||||||||
management | 846 | - | - | - | - | - | - | 846 |
Other debt and fixed income | ||||||||
instruments (gross) | 66,799 | 7,512 | 785 | 8,155 | 356,401 | 2,579 | - | 442,231 |
Other receivables | - | - | - | - | - | 12,813 | - | 12,813 |
As at 31 December 2023 | 286,335 | 109,018 | 323,123 | 70,745 | 416,958 | 496,313 | 1,872,859 | 3,575,351 |
Financial guarantees and other contingent liabilities | 748 | 998 | 8,470 | 1,634 | - | 14,486 | 4,302 | 30,638 |
Commitments | 63,623 | 21,267 | 260,627 | 32,639 | 4,808 | 70,905 | 645,678 | 1,099,547 |
As at 31 December 2023 | 64,371 | 22,265 | 269,097 | 34,273 | 4,808 | 85,391 | 649,980 | 1,130,185 |
_________________________________________________________________________________________ 172 NOTES TO THE FINANCIAL STATEMENTS (continued) 47. RISK MANAGEMENT (continued) 47.2 Credit risk (continued) 47.2.3 Credit Risk Exposure (continued) 47.2.3.3 Collateral and other credit enhancements (continued) | |||||
The Group / The Bank | Gross Exposure | Impairment | Carrying amount | Fair value of | |
31 December 2023 | allowance | collateral held | |||
Credit-impaired assets | €000 | €000 | €000 | €000 | |
Loans to individuals: | |||||
- | Overdrafts | 2,042 | 1,635 | 407 | 324 |
- | Term Loans | 2,293 | 538 | 1,755 | 1,659 |
- Loans to corporate entities: | Home Loans | 8,620 | 2,333 | 6,287 | 6,210 |
- | Large corporate entities | 10,000 | 2,682 | 7,318 | - |
- | Small and medium-sized | ||||
enterprise (SMEs) | 32,910 | 7,297 | 25,613 | 26,661 | |
- | Other | 9,570 | 5,179 | 4,391 | 3,860 |
Total credit-impaired assets | 65,435 | 19,664 | 45,771 | 38,714 |
The Group / The Bank | ||
The following table shows the distribution of LTV ratios for the Group’s home loans and term loans credit-impaired portfolio: | Credit-impaired | |
(Gross carrying amount) | ||
Home loans portfolio- LTV distribution | 2024 | 2023 |
€000 | €000 | |
Lower than 50% | 2,326 | 1,896 |
50 to 60% | 1,774 | 1,519 |
60 to 70% | 576 | 693 |
70 to 80% | 2,404 | 1,638 |
80 to 90% | 987 | 2,244 |
90 to 100% | 321 | - |
Higher than 100% | 375 | 630 |
Total | 8,763 | 8,620 |
Of which | Of which | |||
The Group/The Bank | Total | forborne | Total | forborne |
2024 | 2024 | 2023 | 2023 | |
€000 | €000 | €000 | €000 | |
Performing | ||||
Stage 1 | 2,937,659 | 18,860 | 2,597,610 | 21,782 |
Stage 2 | 50,090 | 6,993 | 59,869 | 405 |
Non-Performing | ||||
Stage 3 | 38,088 | 18,163 | 55,434 | 23,266 |
Total gross/forborne exposures | 3,025,837 | 44,016 | 2,712,913 | 45,453 |
_________________________________________________________________________________________ 186 NOTES TO THE FINANCIAL STATEMENTS (continued) | ||||||
_________________________________________________________________________________________ 187 NOTES TO THE FINANCIAL STATEMENTS (continued) 47. RISK MANAGEMENT (continued) 47.3 Liquidity risk (continued) | ||||||
_________________________________________________________________________________________ 190 NOTES TO THE FINANCIAL STATEMENTS (continued) 47. RISK MANAGEMENT (continued) 47.3 Liquidity risk (continued) | ||||||
Between | Between one | |||||
Less than | three months | year and five | More than | |||
three months | and one year | years | five years | Others | Total | |
€000 | €000 | €000 | €000 | €000 | €000 | |
At 31 December 2023 | ||||||
Liabilities | ||||||
Derivative liabilities held for risk management | - | - | - | 629 | - | 629 |
Amounts owed to banks | 76,168 | 4,649 | - | - | - | 80,817 |
Amounts owed to customers | 2,136,647 | 363,966 | 649,540 | 601 | - | 3,150,754 |
Lease liabilities | - | 692 | 2,601 | 1,859 | - | 5,152 |
Debt securities in issue | 150 | 450 | 18,750 | 127,610 | - | 146,960 |
Other liabilities | 8,603 | 985 | 2,533 | 2,829 | 30,918 | 45,868 |
2,221,568 | 370,742 | 673,424 | 133,528 | 30,918 | 3,440,180 | |
Loan Commitments | 1,099,547 | |||||
Contingent Liabilities | 30,638 |
The Bank | Carrying | Carrying | ||
amount of | Fair value of | amount of | Fair value of | |
encumbered | encumbered | unencumbered | unencumbered | |
Assets as at 31 December 2024 | assets | assets | assets | assets |
€000 | €000 | €000 | €000 | |
Equity instruments | - | - | 62,190 | 6,441 |
Debt securities | 168,195 | 163,491 | 217,872 | 217,520 |
Other assets | 3,092 | - | 3,700,975 | - |
Assets of the reporting institutions | 171,287 | 163,491 | 3,981,037 | 223,961 |
The Bank | Carrying | Carrying | ||
amount of | Fair value of | amount of | Fair value of | |
encumbered | encumbered | unencumbered | unencumbered | |
Assets as at 31 December 2023 | assets | assets | assets | assets |
€000 | €000 | €000 | €000 | |
Equity instruments | - | - | 61,773 | 7,410 |
Debt securities | 204,837 | 198,624 | 236,671 | 233,075 |
Other assets | 2,506 | - | 3,147,496 | - |
Assets of the reporting institutions | 207,343 | 198,624 | 3,445,940 | 240,485 |
2024 | The Bank | 2023 | ||
Matching | Encumbered | Matching | Encumbered | |
Encumbered assets/collateral received and | liabilities | Assets | liabilities | Assets |
associated liabilities | €000 | €000 | €000 | €000 |
Carrying amount of selected financial liabilities | 171,762 | 171,287 | 208,184 | 207,343 |
Parallel | Parallel shock | Short rates | Short rates | |||
shock up | down | up | down | Steepener | Flattener | |
Sensitivity of reported equity to interest rates movements | €000 | €000 | €000 | €000 | €000 | €000 |
At 31 December 2024 | ||||||
Average for the period | 16,178 | (19,465) | 11,031 | (6,999) | 5,490 | 8,417 |
Maximum for the period | 28,399 | (9,967) | 17,987 | 2,978 | 15,398 | 10,478 |
Minimum for the period | 4,060 | (29,816) | 4,435 | (18,470) | (5,761) | 6,435 |
Parallel | Parallel shock | Short rates | Short rates | |||
shock up | down | up | down | Steepener | Flattener | |
Sensitivity of reported equity to interest rates movements | €000 | €000 | €000 | €000 | €000 | €000 |
At 31 December 2023 | ||||||
Average for the period | 13,853 | (13,396) | 13,935 | (14,264) | (8,019) | 10,535 |
Maximum for the period | 27,526 | (6,051) | 17,209 | (11,954) | (4,409) | 12,394 |
Minimum for the period | 7,560 | (28,918) | 11,717 | (17,695) | (10,156) | 8,928 |
NOTES TO THE FINANCIAL STATEMENTS (continued) 47. RISK MANAGEMENT (continued) 47.4 Market risk (continued) 47.4.1 Interest rate risk (continued) | ||
_________________________________________________________________________________________ | ||
Parallel shock | Parallel shock | |
up | down | |
€000 | €000 | |
Sensitivity of projected net | ||
interest rate income to interest | ||
rates movements | ||
Financial year ended 31 | ||
December 2023 | ||
Average for the period | 1,961 | (1,961) |
Maximum for the period | 2,167 | (1,758) |
Minimum for the period | 1,758 | (2,167) |
194 |
The Group | More than | ||||
At 31 December 2023 | Up to 1 year | 1 – 5 years | 5 – 10 years | 10 years | Others |
€000 | €000 | €000 | €000 | €000 | |
Assets | |||||
Cash and balances with Central Bank of Malta | 91,448 | - | - | - | - |
Loans and advances to banks | 54,499 | - | - | - | - |
Loans and advances to customers | 2,001,304 | 463,115 | 228,629 | 1,182 | - |
Syndicated loans | 184,172 | - | - | - | - |
Derivative assets held for risk management | 846 | ||||
Financial assets at FVTPL | 4,597 | 20,886 | 12,095 | 8,471 | 218 |
Debt securities | 66,392 | 281,349 | 87,770 | 6,521 | - |
2,402,412 | 766,196 | 328,494 | 16,174 | 218 | |
Liabilities | |||||
Amounts owed to banks | 80,685 | - | - | - | - |
Amounts owed to customers | 1,752,612 | 1,384,612 | 615 | - | - |
Derivative liabilities held for risk management | - | 629 | - | - | - |
Debt securities in issue | - | 49,493 | 54,680 | - | - |
Net interest rate risk GAP | 1,833,297 | 1,434,734 | 55,295 | - | - |
at 31 December 2023 | 569,115 | (668,538) | 273,199 | 16,174 | 218 |
2024 | ||||
USD | GBP | Other | Total | |
€000 | €000 | €000 | €000 | |
Assets | 131,874 | 35,415 | 12,013 | 179,302 |
Liabilities | 131,867 | 35,413 | 11,902 | 179,182 |
GAP | 7 | 2 | 111 | 120 |
2023 | ||||
USD | GBP | Other | Total | |
€000 | €000 | €000 | €000 | |
Assets | 20,148 | 27,077 | 23,994 | 71,219 |
Liabilities | 20,143 | 27,067 | 23,883 | 71,093 |
GAP | 5 | 10 | 111 | 126 |
The Bank | 2024 | 2023 |
€000 | €000 | |
CET1 capital: instruments and reserves | ||
Capital instruments and the related share premium accounts | 147,368 | 146,358 |
Retained earnings | 119,530 | 111,955 |
Accumulated other comprehensive income | 26,773 | 7,905 |
Funds for general banking risk | - | - |
Other reserves | 366 | 293 |
294,037 | 266,511 | |
CET1 capital: regulatory adjustments | ||
Intangible assets | (15,160) | (11,501) |
Regulatory adjustments due to the requirements for prudent valuation pursuant to Article 4 of Delegated Regulation (EU) 2016/101 | (207) | (215) |
Regulatory adjustments due to insufficient coverage for non-performing exposures | (1,263) | (292) |
(16,630) | (12,008) | |
CET 1/Tier 1 Capital | 277,407 | 254,503 |
Tier 2 capital | ||
Debt securities in issue | 104,210 | 104,173 |
Total Capital | 381,617 | 358,676 |
Total Risk Weighted Assets | 1,901,000 | 1,740,983 |
Capital Ratios | ||
CET1/Tier 1Capital Ratio | 14.59% | 14.62% |
Total Capital Ratio | 20.07% | 20.60% |
Amounts below the thresholds for deduction: | ||
Direct and indirect holdings of the capital of financial sector entities where the institution | ||
does not have significant investments in those entities (not included in CET 1 capital) | 10,066 | 16,689 |
_________________________________________________________________________________________ 200 NOTES TO THE FINANCIAL STATEMENTS (continued) 47. RISK MANAGEMENT (continued) 47.5 Capital management (continued) | |||
Balance in | Reconciling | Balance in | |
accordance with IFRS | items | accordance with | |
regulatory scope | |||
€000 | €000 | €000 | |
Share capital (Note 37) | 94,902 | - | 94,902 |
Debt securities in issue (Note 35) | 104,210 | - | 104,210 |
Share premium (Note 37) | 52,467 | - | 52,467 |
Revaluation reserve (Note 38) | 19,315 | 7,458 | 26,773 |
Retained earnings (Note 39) | 133,270 | (13,740) | 119,530 |
Other reserves | 366 | - | 366 |
Intangible assets (Note 28) | 20,742 | (5,582) | 15,160 |
Prudent valuation adjustment | - | (207) | (207) |