BOV- Voluntary Disclosure of Financial Information Jan-June 2017

The Bank registered a profit before tax of € 68 million, compared to € 63million registered in 2016.The results to June 2016 include a gain of 22 million arising on the disposal of the Bank’s interest in Visa Europe. The results for the 6 months to June 2017 are € 5 million, or 8%, higher than the comparative period adjusted to exclude this one off significant item and represents a Return on Equity (ROE) before tax of 18%.

Net interest income for the period und review amounted to €72 million, a decline of 5.27% from 2016. This was mitigated by the growth in fees and commissions and trading income as the Group’s efforts to supplement interest margin with other revenue streams yielded satisfactory results.

Total assets as at 30th June 2017 increased by 4.3% compared to 31st December 2016 reflecting the economic activity and increased customer and investor confidence during the period under review.

Total equity as at 30th June 2017 amounted to €761 million.

The Group’s Core Tier 1 ratio was 13.3%. The Bank is planning to strengthen its capital base by issuing €150 million in a fresh issue of share capital.

A gross interim dividend of €0.045 per share was paid to the shareholders on 26th May 2017.

To view full announcement, click here.