Issue link: https://maltatoday.uberflip.com/i/1519882
NEWS 14 maltatoday | WEDNESDAY • 1 MAY 2024 'Voices of Two Islands' - a concert in aid of Hospice Malta featuring Maltese, Canadian choirs Strong momentum drives a 48% increase in HSBC Malta's first quarter results THE St Monica Vocal Ensem- ble and the Vancouver Island Choir from Canada, led by Patricia Plumley and accom- panied by pianist Andrea Lah- mer, will be presenting Voices of Two Islands - a joint con- cert in aid of Hospice Malta. This highly anticipated event, under the direction of Jean Paul Attard, along with Roanna Vella as Assistant Director and pianist, is set to take place on Saturday, May 11, 2024, at the prestigious Robert Samut Hall in Floriana. The event unfolds with the Vancouver Island Choir set- ting the stage with a selection of pieces, including Fa Una Canzone by Orazio Vecchi, Kyrie from Mass in A mi- nor by Antonio Lotti, Ecco Mormorar l'Onde by Claudio Monteverdi and the tradition- al spiritual Didn't My Lord Deliver Daniel. Following this, the Vancou- ver Island Choir and St Mon- ica Vocal Ensemble will per- form together the beautiful arrangement of Nella Fanta- sia composed by Ennio Mor- ricone. In the second part of the program, the St Monica Vocal Ensemble takes centre stage treating the audience with a diverse selection of pieces, such as What a Wonderful World, accompanied on the trumpet by Nicholas Busut- til, the traditional Italian song Bella Ciao arranged by Jerry Estes, Irish Blessing by Bob Chilcott, Da Pacem Domine by John Purifoy, and an a cap- pella rendition of Leonard Cohen's timeless classic Hal- lelujah. As the evening draws to a close, the Vancouver Island Choir presents A Canadian Mosaic, featuring excerpts from various songs. The finale sees both choirs unite in harmony as they per- form Għanjiet Maltin, a col- lection of traditional Maltese songs arranged by former St Monica Vocal Ensemble choir member Mario Attard. The concert starts at 7:00pm and attendees are kindly re- quested to make a small con- tribution of €10, with pro- ceeds supporting the noble cause of Hospice Malta. Tickets can be secured in ad- vance, by filling out this form: h t t p s : / / f o r m s . o f f i c e . c o m / e / eRbvSJiyQG HSBC Bank Malta p.l.c. continued to re- port strong profits with reported profit before tax for Q1 2024 of €39.3m, an in- crease of 48% over the €26.5m profit re- ported in the same period last year. The higher interest rate environment was the biggest contributor to the increase in profits. Good progress was reported on the non-interest income while lower Expected Credit Losses (ECL) recoveries were registered. Revenue was up €14.6m or 29% when compared to Q1 2023. This was main- ly driven by higher net interest income earned on the placement of excess li- quidity due to the higher interest rate environment. The bank additionally registered high- er business volumes resulting in an increase in net fee income, foreign ex- change and insurance income. The bank recorded an improvement in the credit quality of its loan book, resulting in a release of ECL of €1.8m in Q1 2024 compared to a release of €3.7m in Q1 2023. The Q1 2024 release reflected a generic improvement in the credit quality of the book. The bank managed to maintain costs at the same level as the same period last year despite the impacts of inflation and the continued investment in its people, technology, and premises. Net loans and advances to customers remained broadly in line with Q4 2023 levels. Customer deposits decreased marginally mainly driven by a decrease in operational corporate deposits. The bank's liquidity position remained strong and regulatory capital ratios continued to exceed regulatory capital requirements. Geoffrey Fichte, Chief Executive Of- ficer of HSBC Bank Malta p.l.c., said: "I would like to thank our customers for their business. We continued our strong momentum with a 48% growth in pre-tax profit over prior year. We continue to invest in technology to improve customer service. In January 2024, we signed a new collective agree- ment for the period 2024 - 2026 which is characterised by significant enhance- ments to employee pay, benefits and re- tirement pension. We also continued to invest into our state-of-the-art office to offer a better working environment for our employees. "HSBC Malta's Global Trade and Re- ceivables Finance team was awarded as the Market Leader and Best Service Bank in Malta for the second consec- utive year in the Euromoney Trade Fi- nance Survey 2024. This prestigious recognition underscores HSBC Malta's commitment to excellence and innova- tion in serving its customers."