Issue link: https://maltatoday.uberflip.com/i/1479650
3 NEWS 22.9.2022 The Malta Chamber and BMIT Technologies renew bronze collaboration agreement FROM PAGE 1 The Bank's capital adequacy ratio as June 2022 was 17.2% compared to 17.5% in December 2021. During the first half of 2022 the Bank, as part of its capital plan, obtained authorisa- tion from the Malta Financial Services Authority to issue unsecured subordi- nate bond (the 'Bonds') of €15.0m with an over-allotment option of €5.0m. In July 2022 the bonds were issued and fully subscribed one week in ad- vance of its closing date at €20m. The bonds meet the criteria to qualify as Tier 2 capital and will increase the Capital Adequacy Ratio further in the second half of the year. Net interest income remained the main driver of the Bank's profitability and has increased by 15% to €12.6m in the first half of 2022. The increase in net interest income in the first half of 2022 pertained mainly to lending book growth. Operating costs amounted to €9.2m for the first half of 2022 capped to €8.1m for the first half of 2021, the majority of the increase being a cash contribution payable to the Depos- itors Compensation Scheme upon Legal Notice 193 of 2022 coming into force. Adjusting for the latter, BNF Bank's cost-to-income ratio would have improved due to positive jaws being generated between operating income and operating expenses. Chief Financial Officer Mark Mi- callef said that with its annual tar- gets and objectives for its Vision 2023 strategy firmly in sight, BNF Bank is focused on driving its growth plans to ensure continued competitiveness and excellence in customer service. "This is at the heart of why and how we create value responsibly for all our stakeholders," he said. Michael Collis, the Bank's CEO and Managing Director expressed his sat- isfaction at the Bank's performance, commenting that "Mindful of the cur- rent global uncertainty and instabili- ty, we are convinced that our unique proposition, our strong brand port- folio, the agility of our teams and our financial strength will enable us to pursue our profitable and sustainable growth strategy. We remain optimistic about the outlook for BNF Bank and are confident in our ability to achieve another year of growth." BNF Bank focused on driving growth plans to ensure continued competitiveness THE Malta Chamber of Commerce, Enterprise and Industry and BMIT Technologies have renewed their Bronze Collaboration Agreement for a second term. The collaboration will pair BMIT Technologies with the Digital Transformation Committee to increase awareness within the local business community in matters relat- ed to the tech economy, data and cy- ber security amongst others. Ahead of the signing, President of The Malta Chamber, Marisa Xuereb, emphasised the importance of digi- talisation, so much so, that it plays a critical role as one of the pillars of The Chamber. "Digitalisation and the uptake of technological innovations are high on the agenda. Thus, we are extreme- ly pleased to once again partner with BMIT, a leader within the local tech industry. Through their invaluable expertise, The Malta Chamber will continue spearheading the benefits of implementing digitalisation efforts within any business," said President Xuereb. "Higher agility, improved competi- tive advantage and lower operations costs are just some of the advantages that digital technology can provide when being implemented by business- es. We are certain that this collabora- tion will help the local business realise how essential digitalisation is," noted Xuereb. "Our partnership with The Malta Chamber is part of BMIT's mission to advise and assist the business com- munity. The Chamber offers the ide- al platform to lead and help develop members on their digital transfor- mation journey and this sponsor- ship gives us another opportunity to strengthen our partnership with the Chamber itself and Maltese business- es in general," said Ing Christian Sam- mut, CEO at BMIT Technologies plc. The Bronze Collaboration Agree- ment was signed by Marisa Xuereb and Christopher Vassallo Cesareo as President and Deputy President of The Malta Chamber, respectively, and Ing Christian Sammut, CEO at BMIT Technologies plc. Ing Christian Sammut, CEO at BMIT Technologies plc. with Marisa Xuereb, President of The Malta Chamber Michael Collis, BNF Bank CEO and Managing Director