Issue link: https://maltatoday.uberflip.com/i/1525500
maltatoday | SUNDAY • 18 AUGUST 2024 7 COMMERCIAL BNF Bank reports solid performance in H1 2024, fuelled by strategic investments in technolog y BNF Bank today announced its financial results for the first half of 2024, showcasing a sol- id financial performance and continued strategic investment in technological advancements. Despite the competitive finan- cial landscape, the Bank has demonstrated resilience and adaptability, achieving a profit before tax of €6.3 million. BNF Bank's Chief Finan- cial Officer, Mark Micallef, expressed confidence in the Bank's ongoing progress, high- lighting the significant yet man- ageable investments in digital transformation. He commend- ed the Bank's achievements in the first half of the year, in- cluding the successful imple- mentation of digital customer onboarding and the opening of a new branch at the Campus Hub. Micallef assured custom- ers that they can anticipate fur- ther enhancements in the com- ing months. He emphasized the Bank's commitment to its core philosophy: BNF Bank's success is driven by keeping customers at the forefront of everything it does. Key Highlights of HI 2024: Profit Before Tax: €6.3 million, underpinned by robust core revenue streams. Total Net Operating Income: Increased to €18.5 million from €18.1 million in June 2023, driven by net interest in- come alongside net fees, com- mission income, and gains from net trading and investments. Investment in Technology: Operating expenses rose to €12.5 million, reflecting the Bank's strategic investments in technology to drive digital transformation and enhance customer experiences. Reduction in Credit Losses: A reversal of expected cred- it losses amounting to €0.4 million highlights the Bank's commitment to maintaining a prudent approach to credit risk management. Profit After Tax: €4.3 million, compared to €5.0 million for the first 6 months of 2023. Strong Financial Position: As of 30 June 2024, BNF Bank's total assets grew to €1,277.8 million, compared to €1,236.4 million in December 2023. Loans and advances to cus- tomers also increased, reach- ing €975.2 million from €950.3 million in December 2023. The percentage of credit-impaired loans decreased to 2.5%, under- scoring the Bank's robust credit management practices. The Bank's commitment to maintaining a strong liquid- ity position is evident, with the Liquidity Coverage Ratio (LCR) and Net Stable Funding Ratio (NSFR) remaining well above regulatory requirements at 195.6% and 138.1%, respec- tively. The Bank's Capital Ade- quacy Ratio stood at 17.4%, well above regulatory requirements and supporting a solid founda- tion for future growth. Continued Growth and Innova- tion: BNF Bank remains focused on leveraging its strategic in- vestments to deliver innovative solutions and enhance custom- er service. The Bank's ongoing commitment to technology and operational excellence posi- tions it well to capture new op- portunities and drive sustaina- ble growth. The Bank's Condensed In- terim Financial Statements for the six-month period ended 30 June 2024 can be accessed on- line on the Bank's website at https://www.bnf.bank/inves- tor-relations. MCA collaborates on Spectrum Management at Paris 2024 Olympics THE Malta Communications Au- thority (MCA) is making a signif- icant contribution to the success of the Paris 2024 Olympic and Paralympic Games by ensuring reliable wireless communications. Four experts from the MCA's Spectrum Management and Technology Group are currently in Paris, working alongside the Agence Nationale des Fréquenc- es (ANFR) and other European regulatory authorities. The ANFR has deployed over 400 experts to manage the radiofrequency spec- trum across all Olympic sites, ad- dressing the increasing demand for specific frequencies and the close proximity of the Olympic venues. MCA's experts are instrumen- tal in maintaining the seamless operation of communication systems, a critical factor for the smooth running of the Games. "MCA's contribution underscores our commitment to excellence in spectrum management. We are proud to support our French counterpart through our exper- tise in the oversight of spectrum during the Paris 2024 Olympics," said Mr. Jesmond Bugeja, CEO of the Malta Communications Au- thority. This involvement not only high- lights the MCA's dedication to top-tier spectrum management but also emphasizes the impor- tance of international cooperation in managing the complex spec- trum environment of such a large- scale event. Through their exper- tise, MCA's experts are playing a vital role in ensuring that wireless services operate smoothly, con- tributing to the overall success of the Paris 2024 Olympics. Mental Health Association urges immediate action on security lapses at Mt Carmel Hospital THE Mental Health Associ- ation expresses deep concern over the recent discovery of drugs at Mt Carmel Hospital, as reported by the Times of Malta. While we acknowledge the responsible handling of the case by the authorities and the court's balanced consideration of mental health factors, this incident calls for significant up- grades in the hospital's security protocols. While recognising that controlling drugs is a chal- lenge everywhere, the presence of illegal substances within a mental health facility is entire- ly unacceptable. It poses a grave risk to the safety and recov- ery of all clients. Such security breaches can severely compro- mise therapeutic efforts and en- danger individuals undergoing treatment. We call on the relevant author- ities to take immediate and deci- sive action to review and fortify the hospital's security measures. It is crucial, however, that any measures implemented to en- hance security also respect the person's dignity. Without mak- ing prejudice on access of regu- lar persons visiting service users at the hospital, it is not exces- sively difficult to keep a stricter watch on the entry and permits of visitors as well as to keep a particular eye on certain hospi- tal open areas where drug abuse can be facilitated. The presence of abusive substances inwards is even more critical,and controls can be alerted by staff in direct contact with the residents. Such problems are indeed created by an absolute minority of service users, and any adopted meas- ures should definitely not com- promise the freedom and access to normal practices by the rest of the trusted residents. For sure the ad hoc mixing of resi- dents with different age groups and mental health conditions in the same ward is a precarious factor, especially in those cases triggered by illicit dependencies. Ensuring that Mt Carmel re- mains a secure environment is not just a priority—it is an ab- solute necessity and the right of the users who are there to receive the care that they need. The wellbeing and recovery of clients must not be jeopardised by preventable security lapses. The Mental Health Association will continue to advocate for stringent safeguards that pro- tect those receiving care at this critical institution while up- holding their dignity and right.