Issue link: https://maltatoday.uberflip.com/i/1498480
€1.50 THURSDAY 4 MAY 2023 • ISSUE 204 WWW.BUSINESSTODAY.COM.MT PAGE 2 PAGE 4 Lombard's statement on 2022 finances spins positive results, hides investment losses MDB's role in facilitating access to finance March euro area unemployment at 6.5%, down from 6.6% PAUL COCKS A recent company statement published by Lombard Bank p.l.c. announcing that its Board had approved the annual re- port and audited financial statements for 2022, failed to highlight losses in- curred in the same year through its in- vestments. In fact, while the statement highlighted the fact that Lombard Group had regis- tered €27.7 million in profit before tax in 2022, up from €12.6 million in 2021, and other positive results in specific areas, the announcement failed to say that the Group's total comprehensive income for the year, net of income tax, had ended in a loss of €168,000, when compared to a profit of €12.9 million in 2021. And the fact that Lombard Group reg- istered more than €25 million in losses from its investments was not included in the summary included in the published announcement, and was only referred to in the two-page Directors' Report, also included in the announcement, without any figures being quoted, contrary to references to positive results quoted. PAGE 3 STAR PERFORMER MSE FTSE 100 EUR EXCHANGE RATES Trading Date: 3 May 2023 Number of Trades: 86 Turnover: € 962,224.70 MSE TRX Index: 7,681.67 Change: +0.331% Name: 4.5% GHM PLC UNS MT0000321225 - Currency € Last Traded: 3 May 2023 Price 99.000 Change +2.00 US Dollar 1.0388 British Pound: 0.86477 Japanese Yen: 144.59 Australian Dollar: 1.5451 Swiss Franc: 0.98700 7,587.67 75.67 7,592.39 / 7,512.00 Value Net variation High / Low +1.01% → direct My investments, My way. Whether you are a pro in investing or just starting out, MeDirect provides the tools you need to put your money to work – safely, simply and on your own terms. MeDirect Bank (Malta) plc, is regulated by the Malta Financial Services Authority as a Credit Institution under the Banking Act 1994. Applications are subject to the Bank's lending criteria. Terms and conditions apply and are available on request. medirect.com.mt 2557 4400 GRAND HARBOUR MARINA Lombard Bank p.l.c. public announcement fails to highlight more than €25 million in losses from investments and a loss of €168,000 for total comprehensive income for the year, down from a profit of €12,908,000 in 2021