Bank of Valletta (BOV)

Bank of Valletta was founded in 1974. In 1992 Band of Valletta became the first public company listed on the Malta Stock Exchange. Bank of Valletta offers personal and business banking products and services insurance services as well as administration and management services to various types of investment funds.

Services

Personal Banking
Business Banking

Financials

Total Assets (2017)
11 767.31 mln EUR  (+10.16%)
Net Income (2017)
108.84 mln EUR  (+15.57%)
Number of Employees (2015)
1 518  (-1.36%)

In 2017 total assets of Bank of Valletta (BOV) were 11 767,31 mln EUR. In 2017 the bank's net income was 108,84 mln EUR. Bank of Valletta (BOV) had 1 518 employees in 2015.

Bank of Valletta (BOV) is rated by Fitch. Long-term credit rating assigned to the bank by Fitch is BBB (good credit quality).

Bank of Valletta (BOV) participates in deposit guarantee scheme of Malta. This scheme covers accounts up to 100 000 EUR per bank per depositor.

Contacts

Head Office, BOV Centre, Canon Road,, SVR 9030, Sta Venera, Malta
21312020
22753730

Bank of Valletta (BOV) is headquartered in Sta Venera.

Bank Identifiers

BIC (SWIFT)
VALLMTMTXXX
MFI ID
MTCIVALL

Business Summary

Services
personal banking
business banking
Products
deposit accounts
credit, debit, prepaid and charge cards
personal loans
mortgage loans
trade finance
business loans and finance

Bank of Valletta (BOV) provides products and services in the areas of personal banking, business banking. The range of products offered by Bank of Valletta (BOV) includes deposit accounts, credit, debit, prepaid and charge cards, personal loans, mortgage loans, trade finance, business loans and finance.

Financial Positions

Total Assets (2017)
11 767.31 mln EUR  (+10.16%)
Total Equity (2017)
908.05 mln EUR  (+32.41%)

In 2017 total assets of Bank of Valletta (BOV) were 11 767.31 mln EUR. Growth compared to the previous period (2016) was 10.16%. The evolution of the total assets of Bank of Valletta (BOV) is shown at Chart 1 below.

Total Assets of Bank of Valletta (BOV).

Chart 1. Total Assets of Bank of Valletta (BOV).

Recent changes in total assets of Bank of Valletta (BOV) and its main components are shown in Table 1.

2016 2017 % change
Cash and deposits with Central Banks 171.1 159.7 -6.64%
Financial assets at fair value through profit or loss 391.3 325.3 -16.86%
Investments 3 736.3 3 374.5 -9.68%
Loans to banks 2 098.4 3 431.4 +63.52%
Loans to customers 4 001.7 4 162.0 +4.01%
Total Assets 10 682.3 11 767.3 +10.16%
Table 1. Recent changes in total assets of Bank of Valletta (BOV) (mln EUR).

Recent changes in total liabilities of Bank of Valletta (BOV) and its main components are shown in Table 2.

2016 2017 % change
Amount owed to banks 250.2 192.2 -23.17%
Amount owed to customers 9 184.5 10 102.2 +9.99%
Total Liabilities 10 682.3 11 767.3 +10.16%
Table 2. Recent changes in total liabilities of Bank of Valletta (BOV) (mln EUR).

Profit and Loss

Operating Income (2017)
305.08 mln EUR  (+9.88%)
Annual Profit (2016)
95.00 mln EUR  (+18.75%)
Net Income (2017)
108.84 mln EUR  (+15.57%)

Recent changes in gross profit of Bank of Valletta (BOV) and its main components are shown in Table 3.

2016 2017 % change
Interest Income 214.3 259.9 +21.31%
Interest Charges -65.4 -76.2 +16.53%
Net Interest Income 148.8 182.9 +22.92%
Commission Income 66.8 87.6 +31.04%
Commission Charges -8.9 -12.5 +39.86%
Net Commission Income 57.9 75.1 +29.68%
Table 3. Recent changes in gross profit of Bank of Valletta (BOV) (mln EUR).

In 2016 annual profit of Bank of Valletta (BOV) was 95.00 mln EUR. Growth compared to the previous period (2015) was 18.75%. The evolution of the annual profit of Bank of Valletta (BOV) is shown at Chart 2 below.

Annual Profit of Bank of Valletta (BOV).

Chart 2. Annual Profit of Bank of Valletta (BOV).

In 2017 net income of Bank of Valletta (BOV) was 108.84 mln EUR. Growth compared to the previous period (2016) was 15.57%. The evolution of the net income of Bank of Valletta (BOV) is shown at Chart 3 below.

Net Income of Bank of Valletta (BOV).

Chart 3. Net Income of Bank of Valletta (BOV).

Number of Employees

Number of Employees (2015)
1 518  (-1.36%)

In 2015 there were 1 518 employees of Bank of Valletta (BOV). Decline compared to the previous period (2014) was -1.36%. The evolution of the number of employees of Bank of Valletta (BOV) is shown at Chart 4 below.

Number of Employees of Bank of Valletta (BOV).

Chart 4. Number of Employees of Bank of Valletta (BOV).

Market Share and Rank (among banks in Malta)

Total Assets (2016)
1st (market share 41.06%)

In 2016 Bank of Valletta (BOV) was ranked the 1st largest bank in Malta in terms of total assets, having 41.06% of the domestic market share.

Market share of Bank of Valletta (BOV) (among banks in Malta)

Chart 5. Market share of Bank of Valletta (BOV) (among banks in Malta)

Several banks having the market shares and ranks closest to Bank of Valletta (BOV) are shown below.

RankNameTotal AssetsMarket Share
1 Bank of Valletta (BOV)10682.29 mln EUR41.06%
2 HSBC Bank Malta plc5697.40 mln EUR21.90%
3 MEDIRECT BANK (MALTA) PLC1811.91 mln EUR6.96%
 

Credit Ratings (as of May 2018)

Fitch Moody's
BBB (good credit quality) - (not rated)

Credit Rating is an opinion of a credit rating agency about credit worthiness of a company or a government. Bank of Valletta (BOV) is rated by Fitch.

Credit ratings assigned to Bank of Valletta (BOV) as of May 2018 are shown in details in the following sections.

Fitch

Long-term issuer default rating is Fitch's view of a credit institution's relative vulnerability to default on its financial obligations, for Bank of Valletta (BOV) it is set to BBB (good credit quality), outlook is stable (not likely to change). The rating is not on watch. Short-term issuer default rating for Bank of Valletta (BOV) is set to F2 (good short-term credit quality).

Long-Term Issuer Default Rating  BBB
    Outlook  stable
    On Watch  No
Short-Term Issuer Default Rating  F2
Viability Rating  bbb
Support Rating  5
Support Rating Floor  NF

Viability rating for Bank of Valletta (BOV) is set to bbb (good fundamental credit quality); support rating is 5 (there is a possibility of external support, but it cannot be relied upon); support rating floor is NF (no floor; no reasonable presumption of potential support being forthcoming).

Deposit Guarantee

Deposit Guarantee
Yes (up to 100 000 EUR per depositor)

Deposit Guarantee Schemes compensate certain deposits held by depositors of a bank that becomes unable to meet its obligations.

All credit institutions operating in Malta are obliged to participate in Maltese deposit guarantee scheme.

In the case of Bank of Valletta (BOV) failure, eligible depositors having covered accounts in this bank will be paid out the following compensation:

Covered Accounts  most types of deposit are covered, including current, deposit and savings accounts
Maximum Protected Amount  100 000 EUR
Paid In Currency  in the same currency as the deposit

Further Information

BIC

BIC (Business Identifier Code, also known as SWIFT code or SWIFT BIC) is a the mostly used international identifier of financial institutions. SWIFT is the registration authority for BICs. BICs are used in financial transactions, client and counterparty data bases, compliance documents and many others.

A BIC consists of eight or eleven characters, comprising a financial institution code (four characters), a country code (two characters), a location code (two characters) and, optionally, a branch code (three characters).

BIC of Bank of Valletta (BOV) and its components are shown in the table below.

BIC  VALLMTMTXXX
Bank BIC Code  VALL
Country Code  MT (Malta)
Location Code  MT
Branch Code  XXX

MFI ID

MFI ID (Monetary Financial Institution Identifier) is a code, unique to each institution in the MFI list provided by ECB (European Central Bank). MFI ID is hence applicable to MFIs resident in the European Union.

The code is alphanumerical, with the first two digits representing the two-digit ISO code for the country of residence of the MFI and the remaining number of digits (no limit has been specified) is any combination of alphanumerical characters.

MFI ID of Bank of Valletta (BOV) is shown in the table below.

MFI ID  MTCIVALL

Domestic Presence

Branches (2015)
37 

In 2015 Bank of Valletta (BOV) had 37 branches in Malta. The value didn't change compared to the previous period (2014).