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5 NEWS 19.11.2020 HSBC Bank Malta p.l.c. has recorded a lower profit before tax for the nine- month period to 30 September 2020 than in the same period in 2019. Whilst Q3 results were better than those achieved in each of the prior two quarters, performance continues to be impacted by COVID-19. In an interim directors' statement, the bank said that revenue was negatively impacted by the pandemic, resulting in losses incurred by the HSBC Life As- surance subsidiary, mainly as a result of adverse market movements. Underlying net interest in- come was relatively stable compared to the same period last year. e bank said ex- pected credit losses ("ECLs") were sig- nificantly higher than those report- ed in the same pe- riod last year as it assessed the likely impact of COVID-19 on its customers, reflect- ing the worsening forward economic outlook due to the pandemic. In line with the interim results, oper- ating expenses were low- er than the same period in 2019. is reduction reflects the implemen- tation of the bank's strategy announced in 2019 and a continued focus on cost management. Compared to December 2019, loans and advances to customers increased, driven by growth in Mortgages, with commercial banking balances remain- ing stable at December 2019 levels. Customer deposits have increased since December 2019. e bank's liquidity position remained exceptionally strong and regulatory capital ratios continued to exceed reg- ulatory capital requirements. CEO Simon Vaughan Johnson said the year-to-date results were dominated by the COVID-19 pandemic, which had a negative impact on the local economy, affecting the bank's business and that of its customers. "Considering the backdrop of this pandemic, the underlying results are satisfactory. I am pleased with the continued progress on cost reduction, which reflects our efforts to apply ro- bust cost management discipline," he said. "I am proud of the hard work, resil- ience and team spirit shown by my col- leagues in these unprecedented times as we continue to adapt to challenges pre- sented by COVID-19 and to a different way of living and working." HSBC Bank Malta said, as previously advised, it was making changes to its branch network and enhancements to its service offering. "ese initiatives are aligned to our strategic vision for Safe Growth, which runs in parallel with our drive to con- tinue meeting and exceeding client expectations in the market we serve," Vaughan Johnson said. HSBC Bank Malta records lower Q1-Q3 profit before tax compared to 2019 HSBC Bank Malta CEO Simon Vaughan Johnson THE Malta Bankers' Association (MBA) is organising its annual seminar, entitled "Banking in the Digital Age – An Inclusive Transformation for a Changing World" on Wednesday 25 November 2020 at 2pm. Due to COVID-19 restrictions, the annual seminar will be held in the form of a two-and- a-half hour webinar which is free of charge to all participants. e webinar seeks to address recent and on- going local and European developments and the evolution of traditional banking models, with particular reference to digital innova- tion in services and products, improvements in digital security, electronic payments and the move towards a cashless society, amongst other topics. e event features a line-up of distinguished speakers from the Malta Bankers' Associa- tion, European Banking Federation (EBF), European Payments Council (EPC), Malta Fi- nancial Services Authority (MFSA) and Cen- tral Bank of Malta (CBM), amongst others. Rick Hunkin, CEO of Bank of Valletta and MBA Chairman will open the event, and he will be followed by presentations by Liga Se- mane from the EBF, Etienne Goose from the EPC, a representative from the MFSA, Syl- vana Gatt from the CMB, Kenneth Farrugia from BOV, Bernard Cutajar from HSBC Bank Malta and Ronald Psaila from APS Bank. A panel discussion will include interven- tions from the aforementioned speakers as well as from Luciano Brincat from the Strat- egy, Policy and Innovation section of MFSA. e webinar will include ample interactiv- ity as participants can send their questions throughout the event to info@maltabankers. org, which will be addressed by the speakers. e conference targets management and employees within banks and the financial services industry, as well as other economic players and the general consumers of banking services and products. For further information and details on this conference including the agenda and speak- ers' biographies, as well as to register for the event, visit: https://www.maltabankers.org Malta Bankers' Association annual seminar goes online THE Central Bank of Malta is launching a training scheme for re- tailers to build up and enhance cash handlers' skills in checking the au- thenticity of banknotes at the point of sale. e training is being offered for free and can be offered on site or on- line. e training has been designed in such a way that retailers can opt to train all cash handlers or else only one member of staff who will sub- sequently be able to act as a trainer for the rest. Upon completing the necessary training, retailers will be given a sticker by the Bank which they can display as a form of certification, which will be valid for a two-year period. As part of the scheme, the Bank can also provide the latest counterfeit calibrating equipment to ensure that retailers' machines and devices are capable of detecting all known current counterfeit bank- notes. By participating in this scheme, retailers will reduce their risk of fi- nancial losses and the reputational risks resulting from the inadvertent acceptance of counterfeit notes, and at the same time will support society by helping to prevent the spread of counterfeit banknotes and the crime associated with them. For further information on this scheme, retailers can contact the Central Bank of Malta on (+356) 2550 6010/1 or by email on coosup- port@centralbankmalta.org. Free banknote authenticity training for retailers

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