Key performance indicators were satisfactory with pre-tax return on equity at a level of 21.1% and cost to income ratio at 47.8%. Earnings per share amounted to €28.8 cents (€5.4 cents restated in the comparative year).
The Group's Total Assets remained on the same levels of the previous year at €14.5 billion. Gross loans and advances reached €6.3 billion, an increase of nearly 9% compared with the €5.8 billion of
Further to the gross interim dividend of €0.0462 per share paid on 6th
"The highest dividend in the past decade, with the strongest ever capital base" - BOV Chairman Dr
Speaking during the announcement BOV Chairman Dr
On the strength of the financial performance being registered, the Board of Directors is pleased to announce one of the highest dividend distributions paid in recent years, which duly rewards our loyal shareholders. This is being recommended after taking into consideration the Bank's future capital requirements, underpinned by a fully articulated dividend policy which seeks to balance out dividends payout with future growth of the Bank's equity base. It also takes into consideration the sustainability of further dividend payouts in the future.
In 2023, the Board approved BOV's updated strategy for the 2024-2026 period. Among its chief priorities, the strategy emphasises Environmental, Social and Governance (ESG) considerations. The Bank aspires to lead
"A remarkable performance in BOV's 50-year history" - CEO
Speaking about these results, BOV CEO
Over this year we continued to intensify our commitment to improve the delivery of a high-quality service experience to our customers. The Bank has been re-engineering processes to deliver service enhancements while providing customers with more efficient alternative channels. We are pleased to see this resulting in continued migration from traditional to more modern alternative channels. We have also taken forward a number of foundational changes to strengthen operational execution to support our key strategic thrusts over the next three years.
On the business front, the Bank has registered strong growth in both our commercial and consumer finance business. It is particularly pleasing to note the growth in green commercial and personal loans and equally the strong quality of our loan book which has been maintained. Moreover, despite the challenges posed by the market due to the impending geopolitical and other related issues, the Bank has also managed to marginally increase its overall net fee and commission income from other banking services provided to its esteemed customers when compared with the previous year.
The digitalisation of our operational model remains a high priority and various initiatives are in progress to ensure that across our physical, digital and hybrid channels, we deliver the service experience expected by our customers. During the year, we have taken forward various projects to continue strengthening our risk and control infrastructure. In this manner we are ensuring that we constantly meet our regulatory compliance requirements and meet the expected cybersecurity standards to ensure that our business can be sustained and at the same time our customers to feel secure.
Our People reside at the very centre of our strategy. Over 2023, we have launched various initiatives to strengthen the engagement of our employees and improve our overall operational efficiency and productivity. In the process, the Bank's training academy has hosted hundreds of our employees, to support their personal development, skills, and experience so that they can grow and thrive within the Bank which we are positioning as a learning organisation.
The Community we operate in remains an important stakeholder of the Bank. Our Corporate Social Responsibility program has been a highly active during the year where we have organised various initiatives across our key CSR pillars to support this highly important stakeholder.
I wish to conclude by thanking our employees across the Bank that are working hard each day with the required dedication to drive forward our "good to great" transformation program. I am highly appreciative for all their contribution as well as that of my Executive Team as well as the Board of Directors as we journey to more exciting years ahead of us. Our aim is to deliver value to our shareholders and customers alike where the Bank remains firmly secure, compliant and sustainable in the process."
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