Bank of Valletta held its 52nd Annual General Meeting, during which shareholders approved one of the highest dividend payouts in recent years. The AGM also reflected on another year of solid financial performance and outlined the Group’s direction as it prepares for its next strategic cycle.

The BOV Group’s Chairperson, Dr Gordon Cordina and CEO Kenneth Farrugia addressed the shareholders present, explaining the BOV Group’s Financial Performance achieved in 2025, and the ongoing ambitious projects. Shareholders approved a final gross cash dividend of €65.1 million approved from the end-of-year 2025 profits. Over and above, shareholders will be taking a special dividend of €10.4 million gross. This brings the total gross dividend distribution for Financial Year 2025 to €130.5 million, equivalent to €0.2032 per share.

A Stronger and More Resilient Bank – Dr Gordon Cordina, Chairperson

Addressing shareholders, Dr Gordon Cordina, highlighted the Bank’s sustained performance over recent years and its continued focus on delivering long-term value. “Over the past three years, the Bank has built strong earnings momentum, achieving record results in 2024 and maintaining a robust performance in 2025,” Dr Cordina said. “This has enabled us to significantly increase dividend distributions, while sustaining the bank’s strong capital and liquidity buffers.”

He also highlighted a number of initiatives aimed at strengthening shareholder value, including the Share Buy-Back Programme, which supported market activity and liquidity. The Bank’s share price rose from €1.56 at the end of 2024 to €1.89 by the end of 2025, reaching €2.10 by March 2026, with BOV shares being by far the most actively traded on the Malta Stock Exchange.

Dr Cordina reiterated the Bank’s role in supporting Malta’s economy, as well as its commitment to customers and the wider community. “Bank of Valletta remains focused on creating sustainable value for its customers, shareholders and all stakeholders, while continuing to support economic development in Malta,” he added.

From Strength to Service: A More Accessible and Personal Bank – Kenneth Farrugia, CEO

In his address, BOV CEO Kenneth Farrugia said that the Bank is entering its next strategic phase from a position of strength, with a clear focus on improving how customers experience the Bank. “Our strong performance has given us the capacity to invest in strengthening customer access to the Bank, ensure resiliency and efficiency through technology, nurture human capital, aiming to sustain the delivery of long-term shareholder value. We are now moving towards positioning the Bank more strongly as a more accessible and personalised financial services provider.”

He pointed to the progress made in recent years, including the refurbishment of 11 branches and agencies, as well as the opening of a new business hub bringing together commercial banking services. On the digital side, he highlighted the Bank’s continued investment in innovation. “We continue to invest heavily, empowering customers to self-service their needs from wherever they are. Our new omnichannel e-banking platform is now in its final phase and will soon be rolled out to the first cohort of customers, as is our investment in the new generation of ATMs. We consolidated our payment solutions under the BOV SmartPay brand, whilst also rolling out digital onboarding solutions giving our customers the choice of options to engage with the Bank.”

Looking ahead, Mr Farrugia outlined the Bank’s priorities for the coming years. “We will continue to invest in improving customer journeys across all channels, strengthening our cybersecurity capabilities, and making better use of data to deliver more seamless, secure and, more importantly, personalised services,” he said.

Board Appointments

During the meeting, Mr Kelvin Camenzuli was appointed to the Board. He is replacing Mr Nicola Angeli, who did not seek re-appointment. On behalf of the Board, the Chairperson thanked Mr Angeli for his exemplary contributions during his years of service. The appointment of Mr Camenzuli is subject to regulatory approval, and his effective date of appointment shall be the date of receipt of his regulatory approval.

The Annual General Meeting has reappointed Dr Robert Suban for another term as Non-Executive Director, and Dr Gordon Cordina, nominated by the Government of Malta as a Qualifying Shareholder, for a third consecutive and final term, in accordance with the Memorandum and Articles of the Bank.

The Board of Directors is now composed as follows:

Gordon Cordina	Chairperson and Non-Executive Director
Ingrid Azzopardi	Non-Executive Director
Christian Bonnici West	Non-Executive Director
Diane Bugeja	Non-Executive Director
Kelvin Camenzuli*	Non-Executive Director
Kenneth Farrugia	Executive Director
Anatoli Grech	Executive Director
Anita Mangion	Non-Executive Director
Hadrian Sammut	Non-Executive Director
Deborah Schembri	Non-Executive Director
Jonathan Spiteri	Non-Executive Director
Robert Suban	Non-Executive Director
Sue Vella	Non-Executive Director

^{* Subject to regulatory approval, and the appointment date shall be deemed to be the date of receipt of regulatory approval.}