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"value": "1. MATERIAL ACCOUNTING POLICIES1.1 BASIS OF PREPARATION Article 4 of Regulation 1606/2002/EC requires that companies governed by the law of an EU Member State shall prepare their consolidated financial statements in conformity with the requirements of International Financial Reporting Standards (IFRSs) as adopted by the EU if, at their reporting date, their securities are admitted to trading on a regulated market of any EU Member State. Consequently, the separate and the consolidated financial statements of the Bank are prepared in conformity with the requirements of IFRSs as adopted by the EU. These financial statements have also been prepared in accordance with the provisions of the Banking Act, 1994 (Chapter 371, Laws of Malta) and the Companies Act, 1995 (Chapter 386, Laws of Malta). Legal Notice 19 of 2009 as amended by Legal Notice 233 of 2016, Accountancy Profession (Accounting and Auditing Standards) (Amendments) Regulations, 2016, enacted in Malta, defines compliance with generally accepted accounting principles and practice as adherence to IFRSs as adopted by the EU. The financial statements have been prepared on the historical cost basis as modified by the fair valuation of specific assets and liabilities. Assets and liabilities are measured at historical cost except for the following that are measured at fair value: financial assets measured at fair value through other comprehensive income (FVOCI), financial instruments classified at fair value through profit or loss (FVTPL), derivative financial instruments and the land and buildings class within property and equipment. Additionally, assets held for realisation are measured at fair value less costs to sell if it is lower than their previous carrying amount. References to the \u2018Group\u2019 applies also to the \u2018Bank\u2019. 1.1.1 GOING CONCERN ASSUMPTIONStress testing scenarios were carried out to assess the appropriateness of the going concern basis in preparing the financial statements for 2025. In making this assessment as at 31 December 2025, which covers at least, but not limited to, twelve months from the end of the reporting period, the Directors considered the Group\u2019s business plan, profitability projections, funding and capital plans, taking into account the implications of a range of factors such as the prolongation of the heightened geopolitical tensions and ransomware. The matters of primary consideration by the Directors are set out below: \u2022 Capital: The Group has developed capital plans under base and stress scenarios, and the Directors believe that the Group has sufficient capital to meet its regulatory capital requirements throughout the period of assessment. Stress tests used (both for capital and liquidity purposes) were based upon an assessment of reasonably possible downside that the Group may experience including climate related risks together with related strategic and reputational considerations. Taking into consideration the capital regulatory requirements together with a management buffer, a surplus in all capital ratios is reported under all scenarios considered. \u2022 Funding and Liquidity: The Directors have considered the Group\u2019s funding and liquidity position and are satisfied that the Group has sufficient funding and liquidity throughout the period of assessment. This statement is based on the development of different stress testing scenarios and consideration of the outcomes of such scenarios.In order to meet regulatory requirements pertaining to MREL, the Bank had obtained approval from the Central Bank of Ireland for a base prospectus towards the establishment of a Euro Medium Note Programme of a maximum amount of \u20ac500 million. On 6 December 2022, the Bank had issued \u20ac350 million Senior non-preferred notes. Furthermore, during financial year 2024, the Bank obtained regulatory approval for a Medium-Term Bond Programme of up to \u20ac250 million all of which have been fully allotted. In the current year, the Bank received regulatory approval for another Unsecured Euro Medium-Term Bond Programme of up to a maximum amount of \u20ac325 million, out of which \u20ac125 million have been issued during the last quarter of the year (Refer to Note 30).Based on the above, the Directors consider it appropriate to prepare the financial statements on a going concern basis having concluded that there are no material uncertainties related to events or conditions that may cast significant doubt on the Group\u2019s ability to continue as a going concern over the period of assessment.1.1.2 NEW AND AMENDED STANDARDS ADOPTED BY THE GROUPThe Group has applied the following amendment for the first time for its annual reporting period commencing 1 January 2025:\u2022 Amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates: Lack of Exchangeability (issued on 15 August 2023).This amendment did not have any impact on the Group\u2019s financial statements for the year ended 31 December 2025.1.1.3 STANDARDS AND AMENDMENTS ISSUED BUT NOT YET EFFECTIVEThese standards and amendments include the following, apart from IFRS 18 Presentation and Disclosure in Financial Statements which is highlighted separately below:\u2022 Amendments to the Classification and Measurement of Financial Instruments \u2013 Amendments to IFRS 9 and IFRS 7 (issuedon 30 May 2024);\u2022 Contracts Referencing Nature-dependent Electricity \u2013 Amendments to IFRS 9 and IFRS 7 (issued on 18December 2024); and\u2022 Annual Improvements Volume 11 (issued on 18 July 2024).These amendments referred to above are effective for reporting periods beginning on or after 1 January 2026 and are applied retrospectively in accordance with IAS 8. Earlier application is permitted in this respect. The Group is in the process of assessing the impact of the amendments to IFRS 9 and IFRS 7. The other amendments are not expected to have a material impact on the Group\u2019s financial statements.IFRS 18 Presentation and Disclosure in Financial StatementsIFRS 18 will replace IAS 1 Presentation of Financial Statements and applies for annual periods beginning on or after 1 January 2027. The new accounting standard introduces key new concepts that will help to achieve comparability of the financial performance of similar entities and provide more relevant information and transparency to users. Even though IFRS 18 will not impact the recognition or measurement of items in the financial statements, its impacts on presentation and disclosureare expected to be pervasive, particularly, those related to the statement of financial performance and comprise providing management-defined performance measures (MPMs) within the financial statements.The Group will adopt IFRS 18 from its mandatory effective date of 1 January 2027 and does not intend to apply the Standard early. Retrospective application is required, and so the comparative information for the financial year ending 31 December 2026 will be restated in accordance with IFRS 18.Management is currently evaluating the detailed implications of applying the new standard on the Group\u2019s consolidated financial statements. This assessment includes:\u2022 Analysing the classification of income and expenses into the new required categories;\u2022 Evaluating the implications of revised subtotals in the statement of profit or loss, particularly for bank-specific revenue andcost line items;\u2022 Reviewing internal reporting structures and MPMs to determine whether they fall within the scope of the new disclosurerequirements; and\u2022 Assessing system and process changes required to support retrospective application.The Bank expects the most significant effects to relate to the presentation of the statement of profit or loss, including new required subtotals, reclassification of certain income and expense items, and expanded disclosures on performance measures and the application of disaggregation principles. The Group will continue its assessment during 2026 and will devise a detailed implementation plan currently underway.1.1.4 STANDARDS AND AMENDMENTS NOT YET ENDORSED BY THE EUThe following new standards and amendments have not yet been endorsed by the EU:\u2022 IFRS 19 Subsidiaries without Public Accountability: Disclosures (issued on 9 May 2024);\u2022 Amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates: Translation to a Hyperinflationary Presentation Currency (issued on 13 November 2025); and\u2022 Amendments to IFRS 19 Subsidiaries without Public Accountability: Disclosures (issued on 21 August 2025).The new standards and amendments are not expected to have a material impact on the Group\u2019s financial statements. 1.2 BASIS OF CONSOLIDATIONThe Group financial statements comprise the financial statements of Bank of Valletta p.l.c., (the Bank), a public liability company domiciled and incorporated in Malta, and its subsidiaries. SubsidiariesSubsidiaries are entities controlled by the Group. The Group \u2018controls\u2019 an entity if it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power to direct the activities of the entity. The Group reassesses whether it has control if there are changes to one or more of the elements of control. This includes circumstances in which protective rights held (e.g., those resulting from a lending relationship) become substantive and lead to the Group having power over an investee. The results and assets and liabilities of subsidiaries are included in the consolidated financial statements from the date that control commences until the date that control ceases. Intragroup balances, transactions, income and expenses are eliminated on consolidation. Non-controlling interests that represent ownership interests and entitle their holders to a proportionate share of the entity\u2019s net assets in the event of liquidation may be initially measured either at their present ownership interests\u2019 proportionate share in the recognised amounts of the acquiree\u2019s net identifiable assets or at fair value. The choice of measurement basis is made on an acquisition-by-acquisition basis. After initial recognition, non-controlling interests comprise the amount of those interests at the date of the original business combination and the non-controlling interests\u2019 share of changes in equity since the date of the combination.The excess of the cost of acquisition over the Group\u2019s share of the fair value of the net identifiable assets and liabilities is recognised as goodwill. If the cost of acquisition is less than the Group\u2019s share of the net fair value of the identifiable assets and liabilities, the difference is recognised directly in profit or loss.AssociatesEquity-accounted investees comprise interests in associates, which are those entities over which the Group has significant influence but not control or joint control. The results of equity-accounted investees are included in the consolidated financial statements using the equity method of accounting from the date that significant influence commences until the date that significant influence ceases. The Group\u2019s share of the post-acquisition profits or losses of the investee are recognised in profit or loss, and the Group\u2019s share of movements in other comprehensive income of the investee are recognised in other comprehensive income. The material accounting policies adopted are set out in the following pages.1.3 FINANCIAL INSTRUMENTS1.3.1 AMORTISED COST AND EFFECTIVE INTEREST RATEInterest income and expense is recognised using the effective interest method, by reference to the principal outstanding and the effective interest rate applicable, which is the rate that exactly discounts estimated future cash payments or receipts through the expected life of the instrument, or when appropriate a shorter period, to the gross carrying amount of a financial asset or to the amortised cost of a financial liability. When calculating the effective interest rate, the Group estimates cash flows considering all contractual terms of the instrument but not future credit losses. For purchased or originated credit-impaired (POCI) financial assets, a credit-adjusted effective interest rate is calculated using estimated future cash flows including expected credit losses.The calculation of the effective interest rate includes payments and receipts that are an integral part of the effective interest rate, transaction costs and all other discounts or premiums upon initial recognition. Transaction costs include incremental costs that are directly attributable to the acquisition or issue of a financial asset or financial liability.The \u2018amortised cost\u2019 of a financial asset or financial liability is the amount at which the financial asset or financial liability is measured on initial recognition minus the principal repayments, plus or minus the cumulative amortisation using the effective interest method of any difference between that initial amount and the maturity amount and, for financial assets adjusted for any expected credit loss allowance.1.3.2 INTEREST INCOME AND EXPENSEThe effective interest rate of a financial asset or financial liability is calculated on initial recognition of a financial asset or liability. Interest income and expense is calculated by applying the effective interest rate to the gross carrying amount of financial assets, except for:\u2022 Financial assets that are not POCI but have subsequently become credit-impaired (or \u2018stage 3\u2019), for which interest revenue is calculated by applying the effective interest rate to their amortised cost (i.e. net of the expected credit loss allowance). If the asset is no longer credit-impaired, then the calculation of interest income reverts to the gross basis; or\u2022 POCI financial assets, for which the credit-adjusted effective interest rate is applied to the amortised cost of the financial asset from initial recognition. The calculation of interest income does not revert to a gross bass, even if the credit risk of the asset improves.The effective interest rate is revised as a result of periodic re-estimation of cash flows for floating-rate instruments to reflect movements in market rates of interest. 1.3.3 INITIAL RECOGNITION Financial assets and financial liabilities are recognised when a Group entity becomes a party to the contractual provisions of the instrument. All loans and advances to customers and to banks are recognised when cash is advanced to borrowers. All securities which are purchased and sold are recognised and derecognised on settlement date, which is the date on which an asset is delivered to or by the Group.1.3.4 MEASUREMENT AT INITIAL RECOGNITIONAt initial recognition, the Group measures a financial asset or financial liability at its fair value plus or minus, in the case of financial asset or financial liability not at fair value through profit or loss, transaction costs that are incremental and directly attributable to the acquisition or issue of the financial asset or financial liability, such as fees and commissions. Transaction costs of financial assets and financial liabilities carried at fair value through profit or loss are expensed in profit or loss.An expected credit loss allowance (ECL) is also recognised after initial recognition for financial assets measured at amortised cost and investments in debt instruments measured at FVOCI, as described in Note 39.2.1.2, which results in an accounting loss being recognised in profit or loss when an asset is newly originated.1.4 FINANCIAL ASSETS1.4.1 CLASSIFICATION AND MEASUREMENT OF FINANCIAL ASSETSThe Group classifies its financial assets in the following measurement categories:\u2022 Fair value through profit or loss (FVTPL);\u2022 Fair value through other comprehensive income (FVOCI); or\u2022 Amortised cost.Debt instrumentsDebt instruments are those instruments that meet the definition of a financial liability from the issuer\u2019s perspective, such as loans, government and corporate bonds.Classification and subsequent measurement of debt instruments depend on:i. the Group\u2019s business model for managing the asset; andii. the cash flow characteristics of the asset.Based on these factors, the Group classifies its debt instruments into one of the following three measurement categories:\u2022 Amortised cost: Assets that are held for collection of contractual cash flows where those cash flows represent solely payments of principal and interest (SPPI) on specified dates, and that are not designated at FVTPL, are measured at amortised cost. The carrying amount of these assets is adjusted by any expected credit loss allowance recognised and measured as described in Note 39.2.1.1. Interest income from these financial assets is included in \u2018Interest and similar income\u2019 using the effective interest method.\u2022 Fair value through other comprehensive income (FVOCI): Financial assets that are held for collection of contractual cash flows and for selling the assets, where the assets\u2019 cash flows represent solely payments of principal and interest on specified dates, and that are not designated at FVTPL, are measured at FVOCI. Movements in the fair value are taken through OCI, but impairment gains or losses on specified dates, interest revenue in line with the effective interest method and foreign exchange gains and losses on the instrument\u2019s amortised cost are recognised in profit or loss. When the financial asset is derecognised, the cumulative gain or loss previously recognised in OCI is reclassified from equity to profit or loss and recognised in \u2018Net gain on investment securities and hedging instruments\u2019. Interest income from these financial assets is included in \u2018Interest and similar income\u2019 using the effective interest method.\u2022 Fair value through profit or loss (FVTPL): Assets that do not meet the criteria for amortised cost or FVOCI are measured at FVTPL. A gain or loss on a debt investment that is subsequently measured at FVTPL and is not part of a hedging relationship is recognised in profit or loss and presented in the statement of profit or loss within \u2018Trading profits\u2019 in the period in which it arises. Fair value gains or losses, debt instruments that were designated as hedged items in hedging relationships are presented separately in \u2018Net gain on investment securities and hedging instruments\u2019. Interest income from these financial assets is included in \u2018Interest income\u2019 using the effective interest method.Financial assets are designated at fair value through profit or loss on initial recognition where such designation results in more relevant information because it eliminates or significantly reduces a measurement or recognition inconsistency (sometimes referred to as an \u2018accounting mismatch\u2019) that would otherwise arise from measuring financial instruments or recognising the gains and losses on them on different bases.Business Model AssessmentThe Group makes an assessment of the objective of a business model in which an asset is held at a portfolio level because this best reflects the way the business is managed, and information is provided to management in this manner. The information considered includes:\u2022 the stated policies and objectives for the portfolio and the operation of those policies in practice. In particular, whether management\u2019s strategy focuses on earning contractual interest revenue maintaining a particular interest rate profile, matching the duration of the financial assets to the duration of the liabilities that are funding those assets or realising cash flows through the sale of the assets;\u2022 how the performance of the portfolio is evaluated and reported to the Group\u2019s management;\u2022 the risks that affect the performance of the business model (and the financial assets held within that business model) and how those risks are managed; and \u2022 the frequency, volume and timing of sales in prior periods, the reasons for such sales and the Group\u2019s expectations about future sales activity. However, information about sales activity is not considered in isolation, but as part of an overall assessment of how the Group\u2019s stated objective for managing the financial assets is achieved and how cash flows are realised.Financial assets that are held for trading and whose performance is evaluated on a fair value basis are measured at FVTPL because they are neither held to collect contractual cash flows nor held both to collect contractual cash flows and to sell financial assets.Cash flows that represent solely payments of principal and interest\u2018Principal\u2019 is defined as the fair value of the financial asset on initial recognition. \u2018Interest\u2019 is defined as consideration for the time value of money and for the credit risk associated with the principal amount outstanding during a particular period of time and for other basic lending risks and costs (e.g. liquidity risk and administrative costs), as well as profit margin.In assessing whether the contractual cash flows are solely payments of principal and interest, the Group considers the contractual terms of the instrument. This includes assessing whether the financial asset contains a contractual term that could change the timing or amount of contractual cash flows such that it would not meet this condition. In making the assessment, the Group considers:\u2022 contingent events that would change the amount and timing of cash flows;\u2022 leverage features;\u2022 prepayment and extension terms;\u2022 terms that limit the Group\u2019s claim to cash flows from specified assets (e.g. non-recourse asset arrangements); and\u2022 features that modify consideration of the time value of money \u2013 e.g. periodical reset of interest rates.Embedded derivativesDerivatives may be embedded in another contractual arrangement (a host contract). The Group accounts for an embedded derivative separately from the host contract when:\u2022 the financial asset host is not within the scope of IFRS 9, because the SPPI criterion would be applied to the entire hybridcontract had the financial asset host been within the scope of IFRS 9;\u2022 the hybrid instrument is not measured at FVTPL;\u2022 a separate instrument with the same terms as the embedded derivative would meet the definition of a derivative; and\u2022 the economic characteristics and risks of the embedded derivative are not closely related to the economic characteristics and risks of the host contract.Separated embedded derivatives are measured at fair value, with all changes in fair value recognised in profit or loss unless they form part of a qualifying hedging relationship. Separated embedded derivatives are presented in the statement of financial position together with the host contract.Equity instrumentsEquity instruments are instruments that meet the definition of equity from the issuer\u2019s perspective; that is instruments that do not contain a contractual obligation to pay and that evidence a residual interest in the issuer\u2019s net assets. Examples of equity instruments include basic ordinary shares.On initial recognition of an equity investment that is not held for trading, the Group may irrevocably elect to present subsequent changes in fair value in OCI. This election is made on an investment-by-investment basis and is irrevocable. Other equity instruments are classified as measured at FVTPL.Gains and losses on equity instruments measured at FVOCI are never reclassified to profit or loss and no impairment is recognised. Dividends are recognised in profit or loss when the Group\u2019s right to receive payment is established. Cumulative gains and losses recognised in OCI are transferred to retained earnings on disposal of an investment. Fair value gains and losses on equity investments measured at FVTPL are included within the \u2018Trading profits\u2019 line item in the statement of profit or loss.1.4.2 MODIFICATION OF TERMSIn the case of loans and advances which encountered actual or apparent financial difficulties, the Group may grant a conces-sion (forbearance activities) where a customer\u2019s financial difficulty indicates that with the original terms and conditions of the contract satisfactory repayment may not be possible.A concession or forbearance refers to either of the following:\u2022 a change in the previous terms and conditions of a contract the customer is considered unable to comply with due to itsfinancial difficulties to allow for sufficient debt service ability, that would not have been granted had the customer not been in financial difficulties; or\u2022 a total or partial refinancing of a troubled debt contract, that would not have been granted had the customer not been infinancial difficulties.The Group may also modify the terms and conditions of a loan agreement as a result of commercial restructuring activity rather than due to the credit risk of the borrower. When modification of a loan agreement occurs, the Group evaluates whether the cash flows of the modified asset are substantially different. If the cash flows are substantially different, then the contractual rights to cash flows from the original financial asset are deemed to have expired. In this case, the original financial asset is derecognised (see 1.4.5) and a new financial asset, treated as a newly originated financial instrument, is recognised at fair value. If the cash flows of the modified asset carried at amortised cost are not substantially different, then the modification does not result in derecognition of the financial asset. In this case, the Group recalculates the gross carrying amount of the financial asset by discounting the new contractual cash flows using the original effective interest rate or, if applicable, the revised effective interest rate from the application of the fair value hedge accounting. The adjustment to the gross carrying amount is recognised as a modification gain or loss and is included within \u2018Interest and similar income\u2019 in the Statement of profit or loss.1.4.3 IMPAIRMENTThe Group assesses on a forward-looking basis the expected credit losses (\u2018ECL\u2019) associated with its debt instruments carried at amortised cost and FVOCI and with the exposure arising from loan commitments and financial guarantee contracts. The Group recognises an allowance for such expected credit losses at each reporting date. The measurement of ECL reflects:\u2022 an unbiased and probability-weighted amount that is determined by evaluating a range of possible outcomes;\u2022 the time value of money; and\u2022 reasonable and supportable information that is available without undue cost or effort at the reporting date about pastevents, current conditions and forecasts of future economic conditions.Note 39.2.1.2 provides more detail on how the expected credit loss allowance is measured.Presentation of allowance for ECL in the statement of financial positionLoss allowances for ECL are presented in the statement of financial position as follows:\u2022 financial assets measured at amortised cost: as a deduction from the gross carrying amount of the assets;\u2022 loan commitments and financial guarantee contracts: as a provision;\u2022 where a financial instrument includes both drawn and undrawn components, and the Group cannot identify the ECL on theloan commitment component separately from those on the drawn component: the Group presents a combined loss allowance for both components. The combined amount is presented as a deduction from the gross carrying amount of the drawn component. Any excess of the loss allowance over the gross amount of the drawn component is presented as a provision; and\u2022 debt instruments measured at FVOCI: no loss allowance is recognised in the statement of financial position because the carrying amount of these assets is their fair value. However, the loss allowance is recognised within other comprehensiveincome and disclosed in the Revaluation reserves and other components of equity.Measurement of ECLECL are a probability-weighted estimate of credit losses. They are measured as follows:\u2022 financial assets that are not credit-impaired at the reporting date: at the present value of all cash shortfalls (i.e. thedifference between the cash flows due to the entity in accordance with the contract and the cash flows that the Group expects to receive);\u2022 financial assets that are credit-impaired at the reporting date: as the difference between the gross carrying amount and thepresent value of estimated future cash flows;\u2022 undrawn loan commitments: as the present value of the difference between the contractual cash flows that are due to theGroup if the commitment is drawn down and the cash flows that the Group expects to receive; and\u2022 financial guarantee contracts: the present value of the expected payments to reimburse the holder less any amounts that theGroup expects to recover.Modification of financial assetsWhen there is a modification of financial assets\u2019 terms (Note 1.4.2), the date of renegotiation is considered to be the date of initial recognition for expected credit loss allowance impairment calculation purposes including for the purpose of determining whether a significant increase in credit risk has occurred.POCI financial assetsPOCI financial assets are assets that are credit-impaired on initial recognition. For POCI assets, lifetime ECL are incorporated into the calculation of the effective interest rate on initial recognition. Consequently, POCI assets do not carry an expected credit loss allowance on initial recognition. The amount recognised as a loss allowance subsequent to initial recognition is equal to the changes in lifetime ECL since initial recognition of the asset.1.4.4 WRITE-OFFS AND RECOVERIESLoans and debt securities are written off (either partially or in full) when there is no reasonable expectation of recovering a fi-nancial asset in its entirety or a portion thereof. This is generally the case when the Group determined that the borrower does not have assets or sources of income that would generate sufficient cash flows to repay the amounts subject to the write-off. This assessment is carried out at the individual asset level.Recoveries of amounts previously written off are recognised when cash is received and are included within the Impairment charge line item in the Statement of Profit or Loss.Financial assets that are written off could still be subject to enforcement activities in order to comply with the Group\u2019s procedures for recovery of amounts due.1.4.5 DERECOGNITION OF FINANCIAL ASSETSThe Group derecognises a financial asset when the contractual rights to the cash flows from the financial assets expire, or when the group transfers the rights to receive the contractual cash flows in a transaction in which substantially all of the risks and rewards of ownership of the financial assets are transferred or in which the Group neither transfers nor retains substantially all the risks and rewards of ownership and it does not retain control of the financial assets.On derecognition of a financial asset, the difference between the carrying amount of the asset (or the carrying amount allocated to the portion of the asset derecognised) and the sum of (i) the consideration received (including any new asset obtained less any new liability assumed) and (ii) any cumulative gain or loss that had been recognised in OCI, is recognised in profit or loss.1.4.6 FAIR VALUATION OF FINANCIAL ASSETSWhere possible, fair value is based on quoted bid prices in an active market. A market is regarded as active if transactions for the asset or liability take place with sufficient frequency and volume to provide pricing information on an ongoing basis. If the market for a financial asset is not active, the Group establishes fair value by using valuation techniques that maximise the use of relevant observable inputs and minimise the use of unobservable inputs. The chosen valuation technique incorporates all of the factors that market participants would take into account in pricing a transaction.1.5 FINANCIAL LIABILITIES1.5.1 CLASSIFICATION AND MEASUREMENT OF FINANCIAL LIABILITIESFinancial liabilities are classified according to the substance of the contractual arrangements entered into.Financial liabilities are initially measured at fair value less, in the case of financial liabilities not at fair value through profit or loss, transaction costs that are directly attributable to their issue. Financial liabilities are subsequently measured at amortised cost using the effective interest method, except for financial liabilities at fair value through profit or loss which are measured at fair value.Financial liabilities at fair value through profit or loss include financial liabilities classified as held for trading and those designated at fair value through profit or loss upon initial recognition. During the current and the previous year, the Group did not designate any financial liabilities as at fair value through profit or loss upon initial recognition. Derivatives are categorised as held for trading, unless they are designated and effective hedging instruments.Financial liabilities that are measured at amortised cost using the effective interest method include amounts owed to banks, amounts owed to customers, senior non-preferred liabilities and subordinated liabilities.Fair value gains or losses on financial liabilities at fair value through profit or loss are recognised in profit or loss. For financial liabilities carried at amortised cost, amounts are recognised in profit or loss when the financial liability is derecognised and through the amortisation process whereby any difference between the proceeds, net of transaction costs, and the settlement or redemption amount is recognised over the term of the financial liability.Financial liabilities are classified in separate line items of the Statement of Financial Position based on the nature of the instrument and the counterparty. Financial liabilities where the creditor has a lower priority than others are classified as subordinated liabilities whilst senior non-preferred liabilities that fulfil the minimum requirements for own funds and eligible liabilities (MREL) are presented in a separate line item.1.5.2 DERECOGNITION OF FINANCIAL LIABILITIESA financial liability is derecognised when it is extinguished. This occurs when the obligation specified in the contract is discharged, cancelled or expires.1.6 FINANCIAL GUARANTEE CONTRACTS AND LOAN COMMITMENTS\u2018Financial guarantee contracts\u2019 are contracts that require the Group as the issuer to make specified payments to reimburse the holder for a loss that it incurs because a specified debtor fails to make payment when it is due in accordance with the terms of a debt instrument. \u2018Loan commitments\u2019 are firm commitments to provide credit under pre-specified terms and conditions.Expected credit loss allowances are recognised in respect of financial guarantee contracts issued and all loan commitments not measured at fair value through profit or loss, in accordance with the expected credit loss model under IFRS 9 Financial Instruments (see Note 1.4.3).Financial guarantee contracts are recognised as a financial liability at the time when the guarantee is issued. The liability is initially measured at fair value and subsequently at the higher of:\u2022 the amount determined in accordance with the expected credit loss model under IFRS 9 Financial Instruments, and \u2022 the amount initially recognised less, where appropriate, the cumulative amount of income recognised in accordance with the principles of IFRS 15 Revenue from Contracts with Customers.The fair value of financial guarantees on initial recognition equals the present value of the premium in an arm\u2019s length transaction.Expected credit loss allowances attributable to financial instruments which include both drawn and undrawn components are presented as highlighted within note 1.4.3.1.7 OFFSETTING OF FINANCIAL INSTRUMENTSFinancial assets and financial liabilities are offset and the net amount presented in the statement of financial position when the Group currently has a legally enforceable right to set off the recognised amounts and intends either to settle on a net basis or to realise the asset and settle the liability simultaneously.1.8 DERIVATIVES AND HEDGED ACCOUNTINGDerivatives are initially recognised at fair value on the date when a derivative contract is entered into, and they are subsequently remeasured to their fair value at the end of each reporting period. The accounting for subsequent changes in fair value depends on whether the derivative is designated as a hedging instrument and, if so, the nature of the item being hedged.The Group designates certain derivatives as hedging instruments in qualifying hedging relationships. On initial designation of the hedge, the Group formally documents the relationship between the hedging instrument(s) and hedged item(s), including the risk management objective and strategy in undertaking the hedge, together with the method that will be used to assess the effectiveness of the hedging relationship. The Group makes an assessment, both on inception of the hedging relationship and on an ongoing basis, of whether the hedging instrument(s) is (are) expected to be highly effective in offsetting the changes in the fair value or cash flows of the respective hedged item(s) during the period for which the hedge is designated, and whether the actual results of each hedge are within a range of 80-125%.The Group normally designates a portion of the cash flows of a financial instrument for cash flow or fair value changes attributable to a benchmark interest rate risk, if the portion is separately identifiable and reliably measurable.Derivatives designated as hedging instruments in fair value hedgesWhen a derivative is designated as the hedging instrument in a hedge of the change in fair value of a recognised asset or liability or a firm commitment that could affect profit or loss, changes in the fair value of the derivative are recognised immediately in profit or loss. The change in fair value of the hedged item attributable to the hedged risk is recognised in profit or loss. If the hedged item would otherwise be measured at cost or amortised cost, then its carrying amount is adjusted accordingly.If the hedging derivative expires or is sold, terminated or exercised, or the hedge no longer meets the criteria for fair value hedge accounting, or the hedge designation is revoked, then hedge accounting is discontinued prospectively. However, if the derivative is novated to a Central Counterparty (CCP) by both parties as a consequence of laws or regulations without changes in its terms except for those that are necessary for the novation, then the derivative is not considered expired or terminated.Any adjustment up to the point of discontinuation to a hedged item for which the effective interest method is used is amortised to profit or loss as an adjustment to the recalculated effective interest rate of the item over its remaining life.Accordingly, on hedge discontinuation, any hedging adjustment previously effected to a hedged financial instrument is amortised to profit or loss by adjusting the effective interest rate of the hedged item from the date on which amortisation begins. If the hedged item is derecognised, then the adjustment is recognised immediately in profit or loss when the item is derecognised.Other derivativesDerivatives which are not designated as hedging instruments in a qualifying hedge relationship are classified as held for trading for accounting purposes and are measured at fair value through profit or loss. These derivatives also comprise those instruments which are held for risk management purposes or for economic hedging purposes, but do not meet the hedge accounting criteria. All changes in fair value of these derivatives are recognised immediately in profit or loss as a component of trading profits (refer to Note 5).1.9 SALE AND REPURCHASE AGREEMENTSSecurities sold subject to a linked repurchase agreement (repos) continue to be recognised in that statement of financial position, and the counterparty liability is included within amounts owed to banks. Securities purchased under agreements to resell (reverse repos) are not recognised but the amounts paid are recorded as loans and advances to banks. The difference between sale and repurchase prices or purchase and subsequent sale prices is recognised over the term of the repo/reverse repo agreements using the effective interest method and is presented as interest.1.10 INVESTMENTS IN SUBSIDIARIES AND EQUITY-ACCOUNTED INVESTEESInvestments in subsidiaries and equity-accounted investees are initially recognised in the Bank\u2019s statement of financial positionat cost, which includes transaction costs, and subsequently measured in the Bank\u2019s separate financial statements at cost less any impairment loss which may have arisen. Interests in equity-accounted investees are subsequently accounted for using the equity method in the consolidated financial statements, which include the Group\u2019s share of profit or loss and other comprehensive income of equity-accounted investees, until the date on which significant influence ceases. Dividends from the investments are recognised in the Bank\u2019s profit or loss when its right to receive dividend is established.At the end of each reporting period, the Bank reviews the carrying amount of its investments in subsidiaries and equity-accounted investees to determine whether there is any indication of impairment and if any such indication exists, the recoverable amount of the asset is estimated.1.11 PROPERTY AND EQUIPMENTProperty and equipment are classified into the following classes \u2013 land and buildings, IT infrastructure and equipment and other (primarily furniture and fittings), and are initially measured at cost.Subsequent to initial recognition, freehold and long-term leasehold properties are measured in the statement of financial position at revalued amounts, being the fair value at the date of revaluation, less any subsequent accumulated depreciation for buildings. Surplus arising on revaluation, net of tax, is recognised in other comprehensive income and is credited to a reserve within shareholders\u2019 equity. Revaluations are performed by professionally qualified architects on a regular basis such that the carrying amount does not differ materially from that which would be determined using fair values at the end of the reporting period. Other tangible assets are measured at cost less accumulated depreciation and any accumulated impairment losses.1.12 LEASES At inception of a contract, the Group assesses whether a contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. 1.12.1 GROUP ACTING AS A LESSEEAt commencement or on modification of a contract that contains a lease component, the Group allocates consideration in the con-tract to each lease component on the basis of its relative stand-alone price. However, for leases of branches and office premises, the Group has elected not to separate non-lease components and accounts for the lease and non-lease components as a single lease component.The Group recognises a right-of-use asset and a lease liability at the lease commencement date. The right-of-use asset is initially measured at cost, comprising principally the amount of the initial measurement of the lease liability. After commencement date, the Group measures its right-of-use asset by applying the cost model and is subsequently depreciated using the straight-line method from the commencement date to the end of the lease term, unless the asset\u2019s useful life is shorter. In addition, the right-of-use asset is periodically reduced by impairment losses, if any, and adjusted for certain remeasurements of the lease liability. While the Group revalues the land and buildings class within property and equipment, it has chosen not to do so for the right-of-use buildings heldby the Group.The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using the incremental borrowing rate. This rate is based on the swap rate curves as proxies for risk-free rates, Malta Government Stocks yields to reflect the local context and the application of a risk margin.The lease liability is subsequently increased by the interest cost on the lease liability and decreased by lease payments made. The interest cost is charged to profit or loss over the lease period so as to produce a constant periodic rate of interest on the remaining balance of the liability for each period. It is remeasured when there is a change in future lease payments arising from a change in an index or rate, a change in the estimate of the amount expected to be payable under a residual value guarantee, or as appropriate, changes in the assessment of whether a purchase or extension option is reasonably certain to be exercised or a termination option is reasonably certain to be exercised or a termination option is reasonably certain not to be exercised. The Group presents right-of-use assets in \u2018property and equipment\u2019 and lease liabilities in \u2018other liabilities\u2019 in the statement of financial position.1.12.2 SHORT-TERM LEASES AND LEASES OF LOW-VALUE ASSETSThe Group has elected not to recognise right-of-use assets and lease liabilities for leases of low-value assets (below \u20ac5,000) and short-term leases (lease term of 12 months or less without a purchase option). The Group recognises the lease payments associated with these leases as an expense in profit or loss on a straight-line basis over the lease term.1.13 INTANGIBLE ASSETSIntangible assets comprise computer software. In determining the classification of an asset that incorporates both intangible and tangible elements, judgement is used in assessing which element is more significant. Computer software which is an integral part of the related hardware is classified as property and equipment and accounted for in accordance with the Group\u2019s accounting policy for property and equipment. Where the software is not an integral part of the related hardware, this is classified as an intangible asset. Costs associated with maintaining software programmes are recognised as an expense as incurred. Development costs that are directly attributable to the design and testing of identifiable and unique software products controlled by the group are recognised as intangible assets where the respective criteria within IAS 38 Intangible assets are met. Directly attributable costs that are capitalised as part of the carrying amount of the software include employee benefits.Computer software is initially measured at cost. It is subsequently carried at cost less accumulated amortisation and any accumulated impairment losses. Subsequent expenditure is capitalised only when it increases the future economic benefits embodied in the specific asset to which it relates.1.14 DEPRECIATION AND AMORTISATIONDepreciation on property and equipment commences when these assets are available for use and is charged to profit or loss so as to write off the cost or revalued amount of assets, other than land, less any estimated residual value, over their estimated useful life, using the straight-line method, on the following bases:Property and equipmentFreehold and long-term leasehold buildings 2% per annumIT infrastructure and equipment 10% - 25% per annumOther (primarily furniture and fittings) 5% - 33% per annumRight-of-use assets Over the term of the lease The depreciation method applied, the residual value and the useful life are reviewed at the end of each reporting period and adjusted if appropriate.Amortisation on intangible assets commences when these assets are available for use and is charged to profit or loss so as to write off the cost of assets, less any estimated residual value, over their estimated useful life, using the straight-line method, on the following bases:Intangible assetsComputer software 10% - 33% per annumThe amortisation method applied, the residual value and the useful life are reviewed at the end of each reporting period and adjusted if appropriate.1.15 IMPAIRMENT OF PROPERTY AND EQUIPMENT AND INTANGIBLE ASSETSAt the end of each reporting period the Group reviews the carrying amount of its property and equipment and intangible assets to determine whether there is any indication that the carrying amount of those assets might not be recoverable due to an impairment loss attributable to events or changes in circumstances. If such indication exists the recoverable amount is estimated in order to determine the extent of the impairment loss, being the amount by which its carrying amount exceeds its recoverable amount, and the carrying amount of the asset is reduced to its recoverable amount in line with the requirements of IAS 36 Impairment of Assets. The recoverable amount is the higher of an asset\u2019s fair value less costs of disposal and value in use. An impairment loss is recognised immediately in profit or loss, unless the asset is carried at a revalued amount, in which case the loss is recognised in other comprehensive income to the extent that it does not exceed the amount in the revaluation surplus for that asset.1.16 PROVISIONSProvisions are recognised when the Group has a present legal or constructive obligation as a result of a past event, it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. Provisions are measured at the present value of management\u2019s best estimate of the expenditure required to settle the present obligation at the end of the reporting period. Expected credit loss allowances in respect of loan commitments and financial guarantee contracts are presented as a provision (refer to note 1.4.3).1.17 CASH AND CASH EQUIVALENTSCash and cash equivalents comprise cash in hand and deposits receivable on demand or with a contractual period to maturity of less than 3 months; advances to banks repayable within 3 months from the date of the advance; balances with the European Central Bank and Central Bank of Malta, excluding reserve deposit requirements; and treasury bills with an original maturity of less than 3 months. Amounts owed to banks that are repayable on demand or with a contractual period to maturity of less than 3 months and which form an integral part of the Group\u2019s cash management are included as a component of cash and cash equivalents for the purpose of the statements of cash flow.1.18 TREASURY SHARESWhen the Bank purchases its own equity instruments, under its share buyback programme, the consideration paid, including any directly attributable incremental costs (net of income taxes), is deducted from equity as treasury shares until the shares are cancelled or reissued. Where such ordinary shares are subsequently reissued, any consideration received, net of any directly attributable incremental transaction costs and the related income tax effects, is included in equity. Shares held by the Bank are presented separately as treasury shares, as a deduction within equity.No gain or loss is recognised in profit or loss on the purchase, sale, reissuance, or cancellation of the Bank\u2019s own equity instruments as these transactions are recorded directly in equity. Treasury shares held by the Bank are excluded from the denominator in the computation of basic and diluted earnings per share and are not entitled to dividends or voting rights whilst held by the Bank.1.19 DIVIDENDS PAYABLEInterim dividends and special dividends approved by the Directors are recognised when paid. Final dividends are recognised as liability upon approval by the shareholders at the Annual General Meeting. Special dividends may be declared separately from the typical dividend cycle (interim and final) and are usually a one-off payment distributed to shareholders from the profit of the period and/or from retained earnings.1.20 FAIR VALUATION OF FINANCIAL INSTRUMENTSFair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date in the principal or in, its absence, the most advantageous market to which the Group has access at the date. The fair value of a liability reflects its non-performance risk.Fair value reflects conditions including, but not limited to, liquidity in the market at a specific date and may therefore differ significantly from the amounts which will actually be received on the maturity or settlement date. The best evidence of fair value of an instrument is a quoted price in an active market for that instrument. The determination of what constitutes an active market is subjective and requires the collation of data and the exercise of judgement.A financial instrument is regarded as quoted in an active market if quoted prices are readily and regularly available from an exchange, dealer, broker, industry group, pricing service or regulatory agency, and those prices represent actual and regularly occurring market transactions on an arm\u2019s length basis. The Bank determines whether active market conditions exist by taking into consideration various characteristics, including:\u2022 a significant decline in volume and level of trading activity;\u2022 significant variations in available prices either over time or among market participants;\u2022 the absence of market prices or presence of stale prices;\u2022 unusually wide bid/offer spreads; and\u2022 exceptionally minimal transactions when compared with the quantum of the issue in question.Where it is concluded that an active market does not exist a valuation technique is used. The latter gives consideration to transaction prices in inactive markets, however it makes use of other observable market data which include a combination of the following:\u2022 the risk premium of instruments of the same issuer traded in more active markets, comprising the same type of debt, the same currency and with the same or similar maturity;\u2022 the spreads payable on credit default swaps of the issuer;\u2022 the risk premium over and above the risk free bonds for similarly rated issuers in the same industry sector;\u2022 yield curve or discounted cash flow (DCF) calculations to maturity using appropriate interest rate/discount factors;\u2022 liquidity adjustments to reflect ability to sell asset over a reasonable timeframe; and\u2022 other overall reasonableness tests.The main assumptions and estimates which management considers when using valuation techniques are the likelihood and expected timing of future cash flows on the instrument, selecting an appropriate discount rate for the instrument and a risk premium. The valuation techniques used by the Group incorporate all factors that market participants would consider in setting a price and are consistent with accepted economic methodologies for pricing those financial instruments.1.21 TAXATIONIncome tax expense comprises current and deferred tax, and is recognised in profit or loss, except when it relates to items recognised in other comprehensive income or directly in equity, in which case the tax is also recognised in other comprehensive income or directly in equity, as appropriate.Current taxCurrent tax is based on the taxable result for the period. The taxable result for the period differs from the result as reported in profit or loss because it excludes items which are non-assessable or disallowed and it further excludes items that are taxable or deductible in other periods. It is calculated using tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period, and includes any adjustments in relation to the prior periods.Deferred taxDeferred tax is determined under the liability method in respect of all temporary differences between the carrying amount of an asset or liability in the financial statements and its tax base. Deferred tax liabilities are generally recognised for all taxable temporary differences subject to certain exceptions and deferred tax assets are recognised to the extent that it is probable that future taxable profits will be available against which the deductible temporary differences can be utilised.Deferred tax is calculated at the tax rates that are expected to apply to the period when the asset is realised or the liability is settled based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realised. Deferred tax is not recognised for temporary differences related to investments in subsidiaries when it is probable that they will not reverse in the foreseeable future.1.22 OPERATING INCOMEInterest income and expenseInterest income and expense is accrued on a time basis, by reference to the principal outstanding and at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash payments or receipts through the expected life of the instrument or, when appropriate, a shorter period to the gross carrying amount of a financial asset or to the amortised cost of a financial liability. When calculating the effective interest rate, the Group estimates cash flows considering all contractual terms of the instrument but not future credit losses. The calculation includes payments and receipts that are an integral part of the effective interest rate, transaction costs and all other discounts or premiums. In relation to credit-impaired financial assets, the Bank utilises a credit-adjusted effective interest rate based on estimated future cash flows taking into account expected credit losses.Fee and commission income and expenseThe Group earns fee income from services provided over time and from execution of specific transactions at a point in time. The Group recognises fees earned on transaction arrangements at a point in time when it would have provided the service to the customer. When the customer arrangements require services to be provided over time, fee income is recognised on a systematic basis over the term of the arrangement. A contract with a customer that results in a recognised financial instrument in the Group\u2019s financial statements may be partially in the scope of IFRS 9 and partially in the scope of IFRS 15. If this is the case, then the Group first applies IFRS 9 to separate and measure the part of the contract that is in the scope of IFRS 9 and then applies IFRS 15 to the residual.Other fee and commission expenses are generally expensed as the services are received.Dividend incomeDividend income from investments is recognised when the right to receive payment has been established.1.23 FOREIGN CURRENCY TRANSLATIONFor the purpose of the consolidated and separate financial statements, the presentation currency is the Euro. The functional currency of the Bank and of all its subsidiaries is the Euro.In preparing the financial statements of the individual group entities, transactions denominated in currencies other than the functional currency are translated at the exchange rates ruling on the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated to Euro at the rates of exchange ruling at the end of the reporting period. Gains and losses arising from such translation are dealt with in profit or loss and presented within trading income. Non-monetary assets and liabilities denominated in foreign currencies, that are stated at fair value, are translated to Euro at the exchange rate ruling on the date the fair value was measured. Non-monetary assets and liabilities denominated in foreign currencies, that are measured in terms of historical cost, are not retranslated.1.24 EMPLOYEE BENEFITSThe Group and the Bank contribute towards the state pension in accordance with local legislation. The Group has no further payment obligations once the required contributions have been paid. The contributions are expensed in profit or loss in the period in which they are due1.24.1 SHORT-TERM EMPLOYEE BENEFITSShort-term employee benefits are expensed as the related service is provided. A liability is recognised in respect of employees\u2019 service up to the end of the reporting period and is measured at the amounts expected to be paid when the obligation is settled.1.24.2 POST-EMPLOYMENT BENEFITS - DEFINED CONTRIBUTION PLANSObligations for contributions to defined contribution plans are extinguished once the contributions have been paid. The contri-butions are recognised as Employee compensation and benefits in the Statement of Profit or Loss when they are due as the re-lated employee services are rendered. Prepaid contributions are recognised as an asset to the extent that a cash refund or a re-duction in future payments is available.1.24.3 POST-EMPLOYMENT BENEFITS - DEFINED BENEFIT PLANSThe liability recognised in the statement of financial position in respect of defined benefit pension plans is the present valueof the defined benefit obligation at the end of the reporting period calculated annually using the projected unit credit method. The obligation is measured as the present value of expected future payments to be made in respect of services provided by employees up to the end of the reporting period using the projected unit credit method. The projected unit credit method considers each period of service as giving rise to an additional unit of benefit entitlement and measures each unit separately. This method requires the Group to attribute benefit to the current period in order to determine current service cost and to the current and prior periods in order to determine the present value of the defined benefit obligation.The net interest cost is calculated by applying the discount rate to the balance of the defined benefit obligation. Current and past service costs and net interest costs are recognised in profit or loss.Remeasurement gains and losses attributable to the defined benefit liability, comprising actuarial gains and losses, arerecognised directly in other comprehensive income in the period in which they arise and are not reclassified to profit or lossin a subsequent period. They are included in retained earnings in the statement of changes in equity and in the statement of financial position. Actuarial gains and losses are changes in the present value of the defined benefit obligation resulting from experience adjustments and the effects of changes in actuarial assumptions. Actuarial assumptions are an entity\u2019s best estimates of the variables that will determine the ultimate cost of providing post-employment benefits.1.24.4 TERMINATION BENEFITSTermination benefits are payable when employment is terminated by the Group before the normal retirement date, or when an employee accepts voluntary redundancy in exchange for these benefits. The Group recognises termination benefits at the earlier of the following dates: (a) when the Group can no longer withdraw the offer of those benefits; and (b) when the entity recognises costs for a restructuring that is within the scope of IAS 37 and involves the payment of termination benefits. In the case of an offer made to encourage voluntary redundancy, the termination benefits are measured based on the number of employees expected to accept the offer. Benefits falling due more than 12 months after the end of the reporting period are discounted to present value.1.25 JUDGEMENTS IN APPLYING ACCOUNTING POLICIES AND KEY SOURCES OF ESTIMATION UNCERTAINTYThe amounts recognised in the financial statements are determined by reference to the accounting policies, assumptions and estimates that underlie the preparation of financial statements. The judgements made by management in applying the Group\u2019s and the Bank\u2019s accounting policies that have the most significant effect on the amounts recognised in the financial statements, together with information about the key assumptions concerning the future, and other key sources of estimation uncertainty at the end of the reporting period are disclosed within the financial statements.1.25.1 EXPECTED CREDIT LOSS ALLOWANCES Estimates and underlying assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year comprise those applied in determining expected credit loss allowances. Note 39.2.1.2.5 discloses the relevant information in respect of inputs to the IFRS 9 ECL measurement model, including key assumptions used in relation to the application of forward-looking information.",
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"concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory",
"language": "en",
"entity": "scheme:529900RWC8ZYB066JF16",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s7__6__17": {
"value": "1.1 BASIS OF PREPARATION Article 4 of Regulation 1606/2002/EC requires that companies governed by the law of an EU Member State shall prepare their consolidated financial statements in conformity with the requirements of International Financial Reporting Standards (IFRSs) as adopted by the EU if, at their reporting date, their securities are admitted to trading on a regulated market of any EU Member State. Consequently, the separate and the consolidated financial statements of the Bank are prepared in conformity with the requirements of IFRSs as adopted by the EU. These financial statements have also been prepared in accordance with the provisions of the Banking Act, 1994 (Chapter 371, Laws of Malta) and the Companies Act, 1995 (Chapter 386, Laws of Malta). Legal Notice 19 of 2009 as amended by Legal Notice 233 of 2016, Accountancy Profession (Accounting and Auditing Standards) (Amendments) Regulations, 2016, enacted in Malta, defines compliance with generally accepted accounting principles and practice as adherence to IFRSs as adopted by the EU. The financial statements have been prepared on the historical cost basis as modified by the fair valuation of specific assets and liabilities. Assets and liabilities are measured at historical cost except for the following that are measured at fair value: financial assets measured at fair value through other comprehensive income (FVOCI), financial instruments classified at fair value through profit or loss (FVTPL), derivative financial instruments and the land and buildings class within property and equipment. Additionally, assets held for realisation are measured at fair value less costs to sell if it is lower than their previous carrying amount. References to the \u2018Group\u2019 applies also to the \u2018Bank\u2019. 1.1.1 GOING CONCERN ASSUMPTIONStress testing scenarios were carried out to assess the appropriateness of the going concern basis in preparing the financial statements for 2025. In making this assessment as at 31 December 2025, which covers at least, but not limited to, twelve months from the end of the reporting period, the Directors considered the Group\u2019s business plan, profitability projections, funding and capital plans, taking into account the implications of a range of factors such as the prolongation of the heightened geopolitical tensions and ransomware. The matters of primary consideration by the Directors are set out below: \u2022 Capital: The Group has developed capital plans under base and stress scenarios, and the Directors believe that the Group has sufficient capital to meet its regulatory capital requirements throughout the period of assessment. Stress tests used (both for capital and liquidity purposes) were based upon an assessment of reasonably possible downside that the Group may experience including climate related risks together with related strategic and reputational considerations. Taking into consideration the capital regulatory requirements together with a management buffer, a surplus in all capital ratios is reported under all scenarios considered. \u2022 Funding and Liquidity: The Directors have considered the Group\u2019s funding and liquidity position and are satisfied that the Group has sufficient funding and liquidity throughout the period of assessment. This statement is based on the development of different stress testing scenarios and consideration of the outcomes of such scenarios.In order to meet regulatory requirements pertaining to MREL, the Bank had obtained approval from the Central Bank of Ireland for a base prospectus towards the establishment of a Euro Medium Note Programme of a maximum amount of \u20ac500 million. On 6 December 2022, the Bank had issued \u20ac350 million Senior non-preferred notes. Furthermore, during financial year 2024, the Bank obtained regulatory approval for a Medium-Term Bond Programme of up to \u20ac250 million all of which have been fully allotted. In the current year, the Bank received regulatory approval for another Unsecured Euro Medium-Term Bond Programme of up to a maximum amount of \u20ac325 million, out of which \u20ac125 million have been issued during the last quarter of the year (Refer to Note 30).Based on the above, the Directors consider it appropriate to prepare the financial statements on a going concern basis having concluded that there are no material uncertainties related to events or conditions that may cast significant doubt on the Group\u2019s ability to continue as a going concern over the period of assessment.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:529900RWC8ZYB066JF16",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s7__6__18": {
"value": "Consequently, the separate and the consolidated financial statements of the Bank are prepared in conformity with the requirements of IFRSs as adopted by the EU.",
"dimensions": {
"concept": "ifrs-full:StatementOfIFRSCompliance",
"language": "en",
"entity": "scheme:529900RWC8ZYB066JF16",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s7__6__19": {
"value": "1.1.1 GOING CONCERN ASSUMPTIONStress testing scenarios were carried out to assess the appropriateness of the going concern basis in preparing the financial statements for 2025. In making this assessment as at 31 December 2025, which covers at least, but not limited to, twelve months from the end of the reporting period, the Directors considered the Group\u2019s business plan, profitability projections, funding and capital plans, taking into account the implications of a range of factors such as the prolongation of the heightened geopolitical tensions and ransomware. The matters of primary consideration by the Directors are set out below: \u2022 Capital: The Group has developed capital plans under base and stress scenarios, and the Directors believe that the Group has sufficient capital to meet its regulatory capital requirements throughout the period of assessment. Stress tests used (both for capital and liquidity purposes) were based upon an assessment of reasonably possible downside that the Group may experience including climate related risks together with related strategic and reputational considerations. Taking into consideration the capital regulatory requirements together with a management buffer, a surplus in all capital ratios is reported under all scenarios considered. \u2022 Funding and Liquidity: The Directors have considered the Group\u2019s funding and liquidity position and are satisfied that the Group has sufficient funding and liquidity throughout the period of assessment. This statement is based on the development of different stress testing scenarios and consideration of the outcomes of such scenarios.In order to meet regulatory requirements pertaining to MREL, the Bank had obtained approval from the Central Bank of Ireland for a base prospectus towards the establishment of a Euro Medium Note Programme of a maximum amount of \u20ac500 million. On 6 December 2022, the Bank had issued \u20ac350 million Senior non-preferred notes. Furthermore, during financial year 2024, the Bank obtained regulatory approval for a Medium-Term Bond Programme of up to \u20ac250 million all of which have been fully allotted. In the current year, the Bank received regulatory approval for another Unsecured Euro Medium-Term Bond Programme of up to a maximum amount of \u20ac325 million, out of which \u20ac125 million have been issued during the last quarter of the year (Refer to Note 30).Based on the above, the Directors consider it appropriate to prepare the financial statements on a going concern basis having concluded that there are no material uncertainties related to events or conditions that may cast significant doubt on the Group\u2019s ability to continue as a going concern over the period of assessment.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoingConcernExplanatory",
"language": "en",
"entity": "scheme:529900RWC8ZYB066JF16",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s7__6__21": {
"value": "1.1.2 NEW AND AMENDED STANDARDS ADOPTED BY THE GROUPThe Group has applied the following amendment for the first time for its annual reporting period commencing 1 January 2025:\u2022 Amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates: Lack of Exchangeability (issued on 15 August 2023).This amendment did not have any impact on the Group\u2019s financial statements for the year ended 31 December 2025.1.1.3 STANDARDS AND AMENDMENTS ISSUED BUT NOT YET EFFECTIVEThese standards and amendments include the following, apart from IFRS 18 Presentation and Disclosure in Financial Statements which is highlighted separately below:\u2022 Amendments to the Classification and Measurement of Financial Instruments \u2013 Amendments to IFRS 9 and IFRS 7 (issuedon 30 May 2024);\u2022 Contracts Referencing Nature-dependent Electricity \u2013 Amendments to IFRS 9 and IFRS 7 (issued on 18December 2024); and\u2022 Annual Improvements Volume 11 (issued on 18 July 2024).These amendments referred to above are effective for reporting periods beginning on or after 1 January 2026 and are applied retrospectively in accordance with IAS 8. Earlier application is permitted in this respect. The Group is in the process of assessing the impact of the amendments to IFRS 9 and IFRS 7. The other amendments are not expected to have a material impact on the Group\u2019s financial statements.IFRS 18 Presentation and Disclosure in Financial StatementsIFRS 18 will replace IAS 1 Presentation of Financial Statements and applies for annual periods beginning on or after 1 January 2027. The new accounting standard introduces key new concepts that will help to achieve comparability of the financial performance of similar entities and provide more relevant information and transparency to users. Even though IFRS 18 will not impact the recognition or measurement of items in the financial statements, its impacts on presentation and disclosureare expected to be pervasive, particularly, those related to the statement of financial performance and comprise providing management-defined performance measures (MPMs) within the financial statements.The Group will adopt IFRS 18 from its mandatory effective date of 1 January 2027 and does not intend to apply the Standard early. Retrospective application is required, and so the comparative information for the financial year ending 31 December 2026 will be restated in accordance with IFRS 18.Management is currently evaluating the detailed implications of applying the new standard on the Group\u2019s consolidated financial statements. This assessment includes:\u2022 Analysing the classification of income and expenses into the new required categories;\u2022 Evaluating the implications of revised subtotals in the statement of profit or loss, particularly for bank-specific revenue andcost line items;\u2022 Reviewing internal reporting structures and MPMs to determine whether they fall within the scope of the new disclosurerequirements; and\u2022 Assessing system and process changes required to support retrospective application.The Bank expects the most significant effects to relate to the presentation of the statement of profit or loss, including new required subtotals, reclassification of certain income and expense items, and expanded disclosures on performance measures and the application of disaggregation principles. The Group will continue its assessment during 2026 and will devise a detailed implementation plan currently underway.1.1.4 STANDARDS AND AMENDMENTS NOT YET ENDORSED BY THE EUThe following new standards and amendments have not yet been endorsed by the EU:\u2022 IFRS 19 Subsidiaries without Public Accountability: Disclosures (issued on 9 May 2024);\u2022 Amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates: Translation to a Hyperinflationary Presentation Currency (issued on 13 November 2025); and\u2022 Amendments to IFRS 19 Subsidiaries without Public Accountability: Disclosures (issued on 21 August 2025).The new standards and amendments are not expected to have a material impact on the Group\u2019s financial statements.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory",
"language": "en",
"entity": "scheme:529900RWC8ZYB066JF16",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s7__6__20": {
"value": "1.1.2 NEW AND AMENDED STANDARDS ADOPTED BY THE GROUPThe Group has applied the following amendment for the first time for its annual reporting period commencing 1 January 2025:\u2022 Amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates: Lack of Exchangeability (issued on 15 August 2023).This amendment did not have any impact on the Group\u2019s financial statements for the year ended 31 December 2025.1.1.3 STANDARDS AND AMENDMENTS ISSUED BUT NOT YET EFFECTIVEThese standards and amendments include the following, apart from IFRS 18 Presentation and Disclosure in Financial Statements which is highlighted separately below:\u2022 Amendments to the Classification and Measurement of Financial Instruments \u2013 Amendments to IFRS 9 and IFRS 7 (issuedon 30 May 2024);\u2022 Contracts Referencing Nature-dependent Electricity \u2013 Amendments to IFRS 9 and IFRS 7 (issued on 18December 2024); and\u2022 Annual Improvements Volume 11 (issued on 18 July 2024).These amendments referred to above are effective for reporting periods beginning on or after 1 January 2026 and are applied retrospectively in accordance with IAS 8. Earlier application is permitted in this respect. The Group is in the process of assessing the impact of the amendments to IFRS 9 and IFRS 7. The other amendments are not expected to have a material impact on the Group\u2019s financial statements.IFRS 18 Presentation and Disclosure in Financial StatementsIFRS 18 will replace IAS 1 Presentation of Financial Statements and applies for annual periods beginning on or after 1 January 2027. The new accounting standard introduces key new concepts that will help to achieve comparability of the financial performance of similar entities and provide more relevant information and transparency to users. Even though IFRS 18 will not impact the recognition or measurement of items in the financial statements, its impacts on presentation and disclosureare expected to be pervasive, particularly, those related to the statement of financial performance and comprise providing management-defined performance measures (MPMs) within the financial statements.The Group will adopt IFRS 18 from its mandatory effective date of 1 January 2027 and does not intend to apply the Standard early. Retrospective application is required, and so the comparative information for the financial year ending 31 December 2026 will be restated in accordance with IFRS 18.Management is currently evaluating the detailed implications of applying the new standard on the Group\u2019s consolidated financial statements. This assessment includes:\u2022 Analysing the classification of income and expenses into the new required categories;\u2022 Evaluating the implications of revised subtotals in the statement of profit or loss, particularly for bank-specific revenue andcost line items;\u2022 Reviewing internal reporting structures and MPMs to determine whether they fall within the scope of the new disclosurerequirements; and\u2022 Assessing system and process changes required to support retrospective application.The Bank expects the most significant effects to relate to the presentation of the statement of profit or loss, including new required subtotals, reclassification of certain income and expense items, and expanded disclosures on performance measures and the application of disaggregation principles. The Group will continue its assessment during 2026 and will devise a detailed implementation plan currently underway.1.1.4 STANDARDS AND AMENDMENTS NOT YET ENDORSED BY THE EUThe following new standards and amendments have not yet been endorsed by the EU:\u2022 IFRS 19 Subsidiaries without Public Accountability: Disclosures (issued on 9 May 2024);\u2022 Amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates: Translation to a Hyperinflationary Presentation Currency (issued on 13 November 2025); and\u2022 Amendments to IFRS 19 Subsidiaries without Public Accountability: Disclosures (issued on 21 August 2025).The new standards and amendments are not expected to have a material impact on the Group\u2019s financial statements.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory",
"language": "en",
"entity": "scheme:529900RWC8ZYB066JF16",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s7__6__23": {
"value": "1.2 BASIS OF CONSOLIDATIONThe Group financial statements comprise the financial statements of Bank of Valletta p.l.c., (the Bank), a public liability company domiciled and incorporated in Malta, and its subsidiaries. SubsidiariesSubsidiaries are entities controlled by the Group. The Group \u2018controls\u2019 an entity if it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power to direct the activities of the entity. The Group reassesses whether it has control if there are changes to one or more of the elements of control. This includes circumstances in which protective rights held (e.g., those resulting from a lending relationship) become substantive and lead to the Group having power over an investee. The results and assets and liabilities of subsidiaries are included in the consolidated financial statements from the date that control commences until the date that control ceases. Intragroup balances, transactions, income and expenses are eliminated on consolidation. Non-controlling interests that represent ownership interests and entitle their holders to a proportionate share of the entity\u2019s net assets in the event of liquidation may be initially measured either at their present ownership interests\u2019 proportionate share in the recognised amounts of the acquiree\u2019s net identifiable assets or at fair value. The choice of measurement basis is made on an acquisition-by-acquisition basis. After initial recognition, non-controlling interests comprise the amount of those interests at the date of the original business combination and the non-controlling interests\u2019 share of changes in equity since the date of the combination.The excess of the cost of acquisition over the Group\u2019s share of the fair value of the net identifiable assets and liabilities is recognised as goodwill. If the cost of acquisition is less than the Group\u2019s share of the net fair value of the identifiable assets and liabilities, the difference is recognised directly in profit or loss.AssociatesEquity-accounted investees comprise interests in associates, which are those entities over which the Group has significant influence but not control or joint control. The results of equity-accounted investees are included in the consolidated financial statements using the equity method of accounting from the date that significant influence commences until the date that significant influence ceases. The Group\u2019s share of the post-acquisition profits or losses of the investee are recognised in profit or loss, and the Group\u2019s share of movements in other comprehensive income of the investee are recognised in other comprehensive income. The material accounting policies adopted are set out in the following pages.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory",
"language": "en",
"entity": "scheme:529900RWC8ZYB066JF16",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s7__6__22": {
"value": "1.2 BASIS OF CONSOLIDATIONThe Group financial statements comprise the financial statements of Bank of Valletta p.l.c., (the Bank), a public liability company domiciled and incorporated in Malta, and its subsidiaries. SubsidiariesSubsidiaries are entities controlled by the Group. The Group \u2018controls\u2019 an entity if it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power to direct the activities of the entity. The Group reassesses whether it has control if there are changes to one or more of the elements of control. This includes circumstances in which protective rights held (e.g., those resulting from a lending relationship) become substantive and lead to the Group having power over an investee. The results and assets and liabilities of subsidiaries are included in the consolidated financial statements from the date that control commences until the date that control ceases. Intragroup balances, transactions, income and expenses are eliminated on consolidation. Non-controlling interests that represent ownership interests and entitle their holders to a proportionate share of the entity\u2019s net assets in the event of liquidation may be initially measured either at their present ownership interests\u2019 proportionate share in the recognised amounts of the acquiree\u2019s net identifiable assets or at fair value. The choice of measurement basis is made on an acquisition-by-acquisition basis. After initial recognition, non-controlling interests comprise the amount of those interests at the date of the original business combination and the non-controlling interests\u2019 share of changes in equity since the date of the combination.The excess of the cost of acquisition over the Group\u2019s share of the fair value of the net identifiable assets and liabilities is recognised as goodwill. If the cost of acquisition is less than the Group\u2019s share of the net fair value of the identifiable assets and liabilities, the difference is recognised directly in profit or loss.AssociatesEquity-accounted investees comprise interests in associates, which are those entities over which the Group has significant influence but not control or joint control. The results of equity-accounted investees are included in the consolidated financial statements using the equity method of accounting from the date that significant influence commences until the date that significant influence ceases. The Group\u2019s share of the post-acquisition profits or losses of the investee are recognised in profit or loss, and the Group\u2019s share of movements in other comprehensive income of the investee are recognised in other comprehensive income. The material accounting policies adopted are set out in the following pages.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory",
"language": "en",
"entity": "scheme:529900RWC8ZYB066JF16",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s7__6__24": {
"value": "1.3 FINANCIAL INSTRUMENTS1.3.1 AMORTISED COST AND EFFECTIVE INTEREST RATEInterest income and expense is recognised using the effective interest method, by reference to the principal outstanding and the effective interest rate applicable, which is the rate that exactly discounts estimated future cash payments or receipts through the expected life of the instrument, or when appropriate a shorter period, to the gross carrying amount of a financial asset or to the amortised cost of a financial liability. When calculating the effective interest rate, the Group estimates cash flows considering all contractual terms of the instrument but not future credit losses. For purchased or originated credit-impaired (POCI) financial assets, a credit-adjusted effective interest rate is calculated using estimated future cash flows including expected credit losses.The calculation of the effective interest rate includes payments and receipts that are an integral part of the effective interest rate, transaction costs and all other discounts or premiums upon initial recognition. Transaction costs include incremental costs that are directly attributable to the acquisition or issue of a financial asset or financial liability.The \u2018amortised cost\u2019 of a financial asset or financial liability is the amount at which the financial asset or financial liability is measured on initial recognition minus the principal repayments, plus or minus the cumulative amortisation using the effective interest method of any difference between that initial amount and the maturity amount and, for financial assets adjusted for any expected credit loss allowance.1.3.2 INTEREST INCOME AND EXPENSEThe effective interest rate of a financial asset or financial liability is calculated on initial recognition of a financial asset or liability. Interest income and expense is calculated by applying the effective interest rate to the gross carrying amount of financial assets, except for:\u2022 Financial assets that are not POCI but have subsequently become credit-impaired (or \u2018stage 3\u2019), for which interest revenue is calculated by applying the effective interest rate to their amortised cost (i.e. net of the expected credit loss allowance). If the asset is no longer credit-impaired, then the calculation of interest income reverts to the gross basis; or\u2022 POCI financial assets, for which the credit-adjusted effective interest rate is applied to the amortised cost of the financial asset from initial recognition. The calculation of interest income does not revert to a gross bass, even if the credit risk of the asset improves.The effective interest rate is revised as a result of periodic re-estimation of cash flows for floating-rate instruments to reflect movements in market rates of interest. 1.3.3 INITIAL RECOGNITION Financial assets and financial liabilities are recognised when a Group entity becomes a party to the contractual provisions of the instrument. All loans and advances to customers and to banks are recognised when cash is advanced to borrowers. All securities which are purchased and sold are recognised and derecognised on settlement date, which is the date on which an asset is delivered to or by the Group.1.3.4 MEASUREMENT AT INITIAL RECOGNITIONAt initial recognition, the Group measures a financial asset or financial liability at its fair value plus or minus, in the case of financial asset or financial liability not at fair value through profit or loss, transaction costs that are incremental and directly attributable to the acquisition or issue of the financial asset or financial liability, such as fees and commissions. Transaction costs of financial assets and financial liabilities carried at fair value through profit or loss are expensed in profit or loss.An expected credit loss allowance (ECL) is also recognised after initial recognition for financial assets measured at amortised cost and investments in debt instruments measured at FVOCI, as described in Note 39.2.1.2, which results in an accounting loss being recognised in profit or loss when an asset is newly originated.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:529900RWC8ZYB066JF16",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s7__6__25": {
"value": "1.3.1 AMORTISED COST AND EFFECTIVE INTEREST RATEInterest income and expense is recognised using the effective interest method, by reference to the principal outstanding and the effective interest rate applicable, which is the rate that exactly discounts estimated future cash payments or receipts through the expected life of the instrument, or when appropriate a shorter period, to the gross carrying amount of a financial asset or to the amortised cost of a financial liability. When calculating the effective interest rate, the Group estimates cash flows considering all contractual terms of the instrument but not future credit losses. For purchased or originated credit-impaired (POCI) financial assets, a credit-adjusted effective interest rate is calculated using estimated future cash flows including expected credit losses.The calculation of the effective interest rate includes payments and receipts that are an integral part of the effective interest rate, transaction costs and all other discounts or premiums upon initial recognition. Transaction costs include incremental costs that are directly attributable to the acquisition or issue of a financial asset or financial liability.The \u2018amortised cost\u2019 of a financial asset or financial liability is the amount at which the financial asset or financial liability is measured on initial recognition minus the principal repayments, plus or minus the cumulative amortisation using the effective interest method of any difference between that initial amount and the maturity amount and, for financial assets adjusted for any expected credit loss allowance.1.3.2 INTEREST INCOME AND EXPENSEThe effective interest rate of a financial asset or financial liability is calculated on initial recognition of a financial asset or liability. Interest income and expense is calculated by applying the effective interest rate to the gross carrying amount of financial assets, except for:\u2022 Financial assets that are not POCI but have subsequently become credit-impaired (or \u2018stage 3\u2019), for which interest revenue is calculated by applying the effective interest rate to their amortised cost (i.e. net of the expected credit loss allowance). If the asset is no longer credit-impaired, then the calculation of interest income reverts to the gross basis; or\u2022 POCI financial assets, for which the credit-adjusted effective interest rate is applied to the amortised cost of the financial asset from initial recognition. The calculation of interest income does not revert to a gross bass, even if the credit risk of the asset improves.The effective interest rate is revised as a result of periodic re-estimation of cash flows for floating-rate instruments to reflect movements in market rates of interest.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory",
"language": "en",
"entity": "scheme:529900RWC8ZYB066JF16",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s7__6__26": {
"value": "1.4 FINANCIAL ASSETS1.4.1 CLASSIFICATION AND MEASUREMENT OF FINANCIAL ASSETSThe Group classifies its financial assets in the following measurement categories:\u2022 Fair value through profit or loss (FVTPL);\u2022 Fair value through other comprehensive income (FVOCI); or\u2022 Amortised cost.Debt instrumentsDebt instruments are those instruments that meet the definition of a financial liability from the issuer\u2019s perspective, such as loans, government and corporate bonds.Classification and subsequent measurement of debt instruments depend on:i. the Group\u2019s business model for managing the asset; andii. the cash flow characteristics of the asset.Based on these factors, the Group classifies its debt instruments into one of the following three measurement categories:\u2022 Amortised cost: Assets that are held for collection of contractual cash flows where those cash flows represent solely payments of principal and interest (SPPI) on specified dates, and that are not designated at FVTPL, are measured at amortised cost. The carrying amount of these assets is adjusted by any expected credit loss allowance recognised and measured as described in Note 39.2.1.1. Interest income from these financial assets is included in \u2018Interest and similar income\u2019 using the effective interest method.\u2022 Fair value through other comprehensive income (FVOCI): Financial assets that are held for collection of contractual cash flows and for selling the assets, where the assets\u2019 cash flows represent solely payments of principal and interest on specified dates, and that are not designated at FVTPL, are measured at FVOCI. Movements in the fair value are taken through OCI, but impairment gains or losses on specified dates, interest revenue in line with the effective interest method and foreign exchange gains and losses on the instrument\u2019s amortised cost are recognised in profit or loss. When the financial asset is derecognised, the cumulative gain or loss previously recognised in OCI is reclassified from equity to profit or loss and recognised in \u2018Net gain on investment securities and hedging instruments\u2019. Interest income from these financial assets is included in \u2018Interest and similar income\u2019 using the effective interest method.\u2022 Fair value through profit or loss (FVTPL): Assets that do not meet the criteria for amortised cost or FVOCI are measured at FVTPL. A gain or loss on a debt investment that is subsequently measured at FVTPL and is not part of a hedging relationship is recognised in profit or loss and presented in the statement of profit or loss within \u2018Trading profits\u2019 in the period in which it arises. Fair value gains or losses, debt instruments that were designated as hedged items in hedging relationships are presented separately in \u2018Net gain on investment securities and hedging instruments\u2019. Interest income from these financial assets is included in \u2018Interest income\u2019 using the effective interest method.Financial assets are designated at fair value through profit or loss on initial recognition where such designation results in more relevant information because it eliminates or significantly reduces a measurement or recognition inconsistency (sometimes referred to as an \u2018accounting mismatch\u2019) that would otherwise arise from measuring financial instruments or recognising the gains and losses on them on different bases.Business Model AssessmentThe Group makes an assessment of the objective of a business model in which an asset is held at a portfolio level because this best reflects the way the business is managed, and information is provided to management in this manner. The information considered includes:\u2022 the stated policies and objectives for the portfolio and the operation of those policies in practice. In particular, whether management\u2019s strategy focuses on earning contractual interest revenue maintaining a particular interest rate profile, matching the duration of the financial assets to the duration of the liabilities that are funding those assets or realising cash flows through the sale of the assets;\u2022 how the performance of the portfolio is evaluated and reported to the Group\u2019s management;\u2022 the risks that affect the performance of the business model (and the financial assets held within that business model) and how those risks are managed; and \u2022 the frequency, volume and timing of sales in prior periods, the reasons for such sales and the Group\u2019s expectations about future sales activity. However, information about sales activity is not considered in isolation, but as part of an overall assessment of how the Group\u2019s stated objective for managing the financial assets is achieved and how cash flows are realised.Financial assets that are held for trading and whose performance is evaluated on a fair value basis are measured at FVTPL because they are neither held to collect contractual cash flows nor held both to collect contractual cash flows and to sell financial assets.Cash flows that represent solely payments of principal and interest\u2018Principal\u2019 is defined as the fair value of the financial asset on initial recognition. \u2018Interest\u2019 is defined as consideration for the time value of money and for the credit risk associated with the principal amount outstanding during a particular period of time and for other basic lending risks and costs (e.g. liquidity risk and administrative costs), as well as profit margin.In assessing whether the contractual cash flows are solely payments of principal and interest, the Group considers the contractual terms of the instrument. This includes assessing whether the financial asset contains a contractual term that could change the timing or amount of contractual cash flows such that it would not meet this condition. In making the assessment, the Group considers:\u2022 contingent events that would change the amount and timing of cash flows;\u2022 leverage features;\u2022 prepayment and extension terms;\u2022 terms that limit the Group\u2019s claim to cash flows from specified assets (e.g. non-recourse asset arrangements); and\u2022 features that modify consideration of the time value of money \u2013 e.g. periodical reset of interest rates.Embedded derivativesDerivatives may be embedded in another contractual arrangement (a host contract). The Group accounts for an embedded derivative separately from the host contract when:\u2022 the financial asset host is not within the scope of IFRS 9, because the SPPI criterion would be applied to the entire hybridcontract had the financial asset host been within the scope of IFRS 9;\u2022 the hybrid instrument is not measured at FVTPL;\u2022 a separate instrument with the same terms as the embedded derivative would meet the definition of a derivative; and\u2022 the economic characteristics and risks of the embedded derivative are not closely related to the economic characteristics and risks of the host contract.Separated embedded derivatives are measured at fair value, with all changes in fair value recognised in profit or loss unless they form part of a qualifying hedging relationship. Separated embedded derivatives are presented in the statement of financial position together with the host contract.Equity instrumentsEquity instruments are instruments that meet the definition of equity from the issuer\u2019s perspective; that is instruments that do not contain a contractual obligation to pay and that evidence a residual interest in the issuer\u2019s net assets. Examples of equity instruments include basic ordinary shares.On initial recognition of an equity investment that is not held for trading, the Group may irrevocably elect to present subsequent changes in fair value in OCI. This election is made on an investment-by-investment basis and is irrevocable. Other equity instruments are classified as measured at FVTPL.Gains and losses on equity instruments measured at FVOCI are never reclassified to profit or loss and no impairment is recognised. Dividends are recognised in profit or loss when the Group\u2019s right to receive payment is established. Cumulative gains and losses recognised in OCI are transferred to retained earnings on disposal of an investment. Fair value gains and losses on equity investments measured at FVTPL are included within the \u2018Trading profits\u2019 line item in the statement of profit or loss.1.4.2 MODIFICATION OF TERMSIn the case of loans and advances which encountered actual or apparent financial difficulties, the Group may grant a conces-sion (forbearance activities) where a customer\u2019s financial difficulty indicates that with the original terms and conditions of the contract satisfactory repayment may not be possible.A concession or forbearance refers to either of the following:\u2022 a change in the previous terms and conditions of a contract the customer is considered unable to comply with due to itsfinancial difficulties to allow for sufficient debt service ability, that would not have been granted had the customer not been in financial difficulties; or\u2022 a total or partial refinancing of a troubled debt contract, that would not have been granted had the customer not been infinancial difficulties.The Group may also modify the terms and conditions of a loan agreement as a result of commercial restructuring activity rather than due to the credit risk of the borrower. When modification of a loan agreement occurs, the Group evaluates whether the cash flows of the modified asset are substantially different. If the cash flows are substantially different, then the contractual rights to cash flows from the original financial asset are deemed to have expired. In this case, the original financial asset is derecognised (see 1.4.5) and a new financial asset, treated as a newly originated financial instrument, is recognised at fair value. If the cash flows of the modified asset carried at amortised cost are not substantially different, then the modification does not result in derecognition of the financial asset. In this case, the Group recalculates the gross carrying amount of the financial asset by discounting the new contractual cash flows using the original effective interest rate or, if applicable, the revised effective interest rate from the application of the fair value hedge accounting. The adjustment to the gross carrying amount is recognised as a modification gain or loss and is included within \u2018Interest and similar income\u2019 in the Statement of profit or loss.1.4.3 IMPAIRMENTThe Group assesses on a forward-looking basis the expected credit losses (\u2018ECL\u2019) associated with its debt instruments carried at amortised cost and FVOCI and with the exposure arising from loan commitments and financial guarantee contracts. The Group recognises an allowance for such expected credit losses at each reporting date. The measurement of ECL reflects:\u2022 an unbiased and probability-weighted amount that is determined by evaluating a range of possible outcomes;\u2022 the time value of money; and\u2022 reasonable and supportable information that is available without undue cost or effort at the reporting date about pastevents, current conditions and forecasts of future economic conditions.Note 39.2.1.2 provides more detail on how the expected credit loss allowance is measured.Presentation of allowance for ECL in the statement of financial positionLoss allowances for ECL are presented in the statement of financial position as follows:\u2022 financial assets measured at amortised cost: as a deduction from the gross carrying amount of the assets;\u2022 loan commitments and financial guarantee contracts: as a provision;\u2022 where a financial instrument includes both drawn and undrawn components, and the Group cannot identify the ECL on theloan commitment component separately from those on the drawn component: the Group presents a combined loss allowance for both components. The combined amount is presented as a deduction from the gross carrying amount of the drawn component. Any excess of the loss allowance over the gross amount of the drawn component is presented as a provision; and\u2022 debt instruments measured at FVOCI: no loss allowance is recognised in the statement of financial position because the carrying amount of these assets is their fair value. However, the loss allowance is recognised within other comprehensiveincome and disclosed in the Revaluation reserves and other components of equity.Measurement of ECLECL are a probability-weighted estimate of credit losses. They are measured as follows:\u2022 financial assets that are not credit-impaired at the reporting date: at the present value of all cash shortfalls (i.e. thedifference between the cash flows due to the entity in accordance with the contract and the cash flows that the Group expects to receive);\u2022 financial assets that are credit-impaired at the reporting date: as the difference between the gross carrying amount and thepresent value of estimated future cash flows;\u2022 undrawn loan commitments: as the present value of the difference between the contractual cash flows that are due to theGroup if the commitment is drawn down and the cash flows that the Group expects to receive; and\u2022 financial guarantee contracts: the present value of the expected payments to reimburse the holder less any amounts that theGroup expects to recover.Modification of financial assetsWhen there is a modification of financial assets\u2019 terms (Note 1.4.2), the date of renegotiation is considered to be the date of initial recognition for expected credit loss allowance impairment calculation purposes including for the purpose of determining whether a significant increase in credit risk has occurred.POCI financial assetsPOCI financial assets are assets that are credit-impaired on initial recognition. For POCI assets, lifetime ECL are incorporated into the calculation of the effective interest rate on initial recognition. Consequently, POCI assets do not carry an expected credit loss allowance on initial recognition. The amount recognised as a loss allowance subsequent to initial recognition is equal to the changes in lifetime ECL since initial recognition of the asset.1.4.4 WRITE-OFFS AND RECOVERIESLoans and debt securities are written off (either partially or in full) when there is no reasonable expectation of recovering a fi-nancial asset in its entirety or a portion thereof. This is generally the case when the Group determined that the borrower does not have assets or sources of income that would generate sufficient cash flows to repay the amounts subject to the write-off. This assessment is carried out at the individual asset level.Recoveries of amounts previously written off are recognised when cash is received and are included within the Impairment charge line item in the Statement of Profit or Loss.Financial assets that are written off could still be subject to enforcement activities in order to comply with the Group\u2019s procedures for recovery of amounts due.1.4.5 DERECOGNITION OF FINANCIAL ASSETSThe Group derecognises a financial asset when the contractual rights to the cash flows from the financial assets expire, or when the group transfers the rights to receive the contractual cash flows in a transaction in which substantially all of the risks and rewards of ownership of the financial assets are transferred or in which the Group neither transfers nor retains substantially all the risks and rewards of ownership and it does not retain control of the financial assets.On derecognition of a financial asset, the difference between the carrying amount of the asset (or the carrying amount allocated to the portion of the asset derecognised) and the sum of (i) the consideration received (including any new asset obtained less any new liability assumed) and (ii) any cumulative gain or loss that had been recognised in OCI, is recognised in profit or loss.1.4.6 FAIR VALUATION OF FINANCIAL ASSETSWhere possible, fair value is based on quoted bid prices in an active market. A market is regarded as active if transactions for the asset or liability take place with sufficient frequency and volume to provide pricing information on an ongoing basis. If the market for a financial asset is not active, the Group establishes fair value by using valuation techniques that maximise the use of relevant observable inputs and minimise the use of unobservable inputs. The chosen valuation technique incorporates all of the factors that market participants would take into account in pricing a transaction.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:529900RWC8ZYB066JF16",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s7__6__28": {
"value": "1.4.3 IMPAIRMENTThe Group assesses on a forward-looking basis the expected credit losses (\u2018ECL\u2019) associated with its debt instruments carried at amortised cost and FVOCI and with the exposure arising from loan commitments and financial guarantee contracts. The Group recognises an allowance for such expected credit losses at each reporting date. The measurement of ECL reflects:\u2022 an unbiased and probability-weighted amount that is determined by evaluating a range of possible outcomes;\u2022 the time value of money; and\u2022 reasonable and supportable information that is available without undue cost or effort at the reporting date about pastevents, current conditions and forecasts of future economic conditions.Note 39.2.1.2 provides more detail on how the expected credit loss allowance is measured.Presentation of allowance for ECL in the statement of financial positionLoss allowances for ECL are presented in the statement of financial position as follows:\u2022 financial assets measured at amortised cost: as a deduction from the gross carrying amount of the assets;\u2022 loan commitments and financial guarantee contracts: as a provision;\u2022 where a financial instrument includes both drawn and undrawn components, and the Group cannot identify the ECL on theloan commitment component separately from those on the drawn component: the Group presents a combined loss allowance for both components. The combined amount is presented as a deduction from the gross carrying amount of the drawn component. Any excess of the loss allowance over the gross amount of the drawn component is presented as a provision; and\u2022 debt instruments measured at FVOCI: no loss allowance is recognised in the statement of financial position because the carrying amount of these assets is their fair value. However, the loss allowance is recognised within other comprehensiveincome and disclosed in the Revaluation reserves and other components of equity.Measurement of ECLECL are a probability-weighted estimate of credit losses. They are measured as follows:\u2022 financial assets that are not credit-impaired at the reporting date: at the present value of all cash shortfalls (i.e. thedifference between the cash flows due to the entity in accordance with the contract and the cash flows that the Group expects to receive);\u2022 financial assets that are credit-impaired at the reporting date: as the difference between the gross carrying amount and thepresent value of estimated future cash flows;\u2022 undrawn loan commitments: as the present value of the difference between the contractual cash flows that are due to theGroup if the commitment is drawn down and the cash flows that the Group expects to receive; and\u2022 financial guarantee contracts: the present value of the expected payments to reimburse the holder less any amounts that theGroup expects to recover.Modification of financial assetsWhen there is a modification of financial assets\u2019 terms (Note 1.4.2), the date of renegotiation is considered to be the date of initial recognition for expected credit loss allowance impairment calculation purposes including for the purpose of determining whether a significant increase in credit risk has occurred.POCI financial assetsPOCI financial assets are assets that are credit-impaired on initial recognition. For POCI assets, lifetime ECL are incorporated into the calculation of the effective interest rate on initial recognition. Consequently, POCI assets do not carry an expected credit loss allowance on initial recognition. The amount recognised as a loss allowance subsequent to initial recognition is equal to the changes in lifetime ECL since initial recognition of the asset.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:529900RWC8ZYB066JF16",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s7__6__27-1": {
"value": "1.4.3 IMPAIRMENTThe Group assesses on a forward-looking basis the expected credit losses (\u2018ECL\u2019) associated with its debt instruments carried at amortised cost and FVOCI and with the exposure arising from loan commitments and financial guarantee contracts. The Group recognises an allowance for such expected credit losses at each reporting date. The measurement of ECL reflects:\u2022 an unbiased and probability-weighted amount that is determined by evaluating a range of possible outcomes;\u2022 the time value of money; and\u2022 reasonable and supportable information that is available without undue cost or effort at the reporting date about pastevents, current conditions and forecasts of future economic conditions.Note 39.2.1.2 provides more detail on how the expected credit loss allowance is measured.Presentation of allowance for ECL in the statement of financial positionLoss allowances for ECL are presented in the statement of financial position as follows:\u2022 financial assets measured at amortised cost: as a deduction from the gross carrying amount of the assets;\u2022 loan commitments and financial guarantee contracts: as a provision;\u2022 where a financial instrument includes both drawn and undrawn components, and the Group cannot identify the ECL on theloan commitment component separately from those on the drawn component: the Group presents a combined loss allowance for both components. The combined amount is presented as a deduction from the gross carrying amount of the drawn component. Any excess of the loss allowance over the gross amount of the drawn component is presented as a provision; and\u2022 debt instruments measured at FVOCI: no loss allowance is recognised in the statement of financial position because the carrying amount of these assets is their fair value. However, the loss allowance is recognised within other comprehensiveincome and disclosed in the Revaluation reserves and other components of equity.Measurement of ECLECL are a probability-weighted estimate of credit losses. They are measured as follows:\u2022 financial assets that are not credit-impaired at the reporting date: at the present value of all cash shortfalls (i.e. thedifference between the cash flows due to the entity in accordance with the contract and the cash flows that the Group expects to receive);\u2022 financial assets that are credit-impaired at the reporting date: as the difference between the gross carrying amount and thepresent value of estimated future cash flows;\u2022 undrawn loan commitments: as the present value of the difference between the contractual cash flows that are due to theGroup if the commitment is drawn down and the cash flows that the Group expects to receive; and\u2022 financial guarantee contracts: the present value of the expected payments to reimburse the holder less any amounts that theGroup expects to recover.Modification of financial assetsWhen there is a modification of financial assets\u2019 terms (Note 1.4.2), the date of renegotiation is considered to be the date of initial recognition for expected credit loss allowance impairment calculation purposes including for the purpose of determining whether a significant increase in credit risk has occurred.POCI financial assetsPOCI financial assets are assets that are credit-impaired on initial recognition. For POCI assets, lifetime ECL are incorporated into the calculation of the effective interest rate on initial recognition. Consequently, POCI assets do not carry an expected credit loss allowance on initial recognition. The amount recognised as a loss allowance subsequent to initial recognition is equal to the changes in lifetime ECL since initial recognition of the asset.At the end of each reporting period, the Bank reviews the carrying amount of its investments in subsidiaries and equity-accounted investees to determine whether there is any indication of impairment and if any such indication exists, the recoverable amount of the asset is estimated.1.15 IMPAIRMENT OF PROPERTY AND EQUIPMENT AND INTANGIBLE ASSETSAt the end of each reporting period the Group reviews the carrying amount of its property and equipment and intangible assets to determine whether there is any indication that the carrying amount of those assets might not be recoverable due to an impairment loss attributable to events or changes in circumstances. If such indication exists the recoverable amount is estimated in order to determine the extent of the impairment loss, being the amount by which its carrying amount exceeds its recoverable amount, and the carrying amount of the asset is reduced to its recoverable amount in line with the requirements of IAS 36 Impairment of Assets. The recoverable amount is the higher of an asset\u2019s fair value less costs of disposal and value in use. An impairment loss is recognised immediately in profit or loss, unless the asset is carried at a revalued amount, in which case the loss is recognised in other comprehensive income to the extent that it does not exceed the amount in the revaluation surplus for that asset.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:529900RWC8ZYB066JF16",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s7__6__29-1": {
"value": "1.4.5 DERECOGNITION OF FINANCIAL ASSETSThe Group derecognises a financial asset when the contractual rights to the cash flows from the financial assets expire, or when the group transfers the rights to receive the contractual cash flows in a transaction in which substantially all of the risks and rewards of ownership of the financial assets are transferred or in which the Group neither transfers nor retains substantially all the risks and rewards of ownership and it does not retain control of the financial assets.On derecognition of a financial asset, the difference between the carrying amount of the asset (or the carrying amount allocated to the portion of the asset derecognised) and the sum of (i) the consideration received (including any new asset obtained less any new liability assumed) and (ii) any cumulative gain or loss that had been recognised in OCI, is recognised in profit or loss.1.5.2 DERECOGNITION OF FINANCIAL LIABILITIESA financial liability is derecognised when it is extinguished. This occurs when the obligation specified in the contract is discharged, cancelled or expires.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:529900RWC8ZYB066JF16",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s7__6__30-1": {
"value": "1.4.6 FAIR VALUATION OF FINANCIAL ASSETSWhere possible, fair value is based on quoted bid prices in an active market. A market is regarded as active if transactions for the asset or liability take place with sufficient frequency and volume to provide pricing information on an ongoing basis. If the market for a financial asset is not active, the Group establishes fair value by using valuation techniques that maximise the use of relevant observable inputs and minimise the use of unobservable inputs. The chosen valuation technique incorporates all of the factors that market participants would take into account in pricing a transaction.1.20 FAIR VALUATION OF FINANCIAL INSTRUMENTSFair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date in the principal or in, its absence, the most advantageous market to which the Group has access at the date. The fair value of a liability reflects its non-performance risk.Fair value reflects conditions including, but not limited to, liquidity in the market at a specific date and may therefore differ significantly from the amounts which will actually be received on the maturity or settlement date. The best evidence of fair value of an instrument is a quoted price in an active market for that instrument. The determination of what constitutes an active market is subjective and requires the collation of data and the exercise of judgement.A financial instrument is regarded as quoted in an active market if quoted prices are readily and regularly available from an exchange, dealer, broker, industry group, pricing service or regulatory agency, and those prices represent actual and regularly occurring market transactions on an arm\u2019s length basis. The Bank determines whether active market conditions exist by taking into consideration various characteristics, including:\u2022 a significant decline in volume and level of trading activity;\u2022 significant variations in available prices either over time or among market participants;\u2022 the absence of market prices or presence of stale prices;\u2022 unusually wide bid/offer spreads; and\u2022 exceptionally minimal transactions when compared with the quantum of the issue in question.Where it is concluded that an active market does not exist a valuation technique is used. The latter gives consideration to transaction prices in inactive markets, however it makes use of other observable market data which include a combination of the following:\u2022 the risk premium of instruments of the same issuer traded in more active markets, comprising the same type of debt, the same currency and with the same or similar maturity;\u2022 the spreads payable on credit default swaps of the issuer;\u2022 the risk premium over and above the risk free bonds for similarly rated issuers in the same industry sector;\u2022 yield curve or discounted cash flow (DCF) calculations to maturity using appropriate interest rate/discount factors;\u2022 liquidity adjustments to reflect ability to sell asset over a reasonable timeframe; and\u2022 other overall reasonableness tests.The main assumptions and estimates which management considers when using valuation techniques are the likelihood and expected timing of future cash flows on the instrument, selecting an appropriate discount rate for the instrument and a risk premium. The valuation techniques used by the Group incorporate all factors that market participants would consider in setting a price and are consistent with accepted economic methodologies for pricing those financial instruments.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:529900RWC8ZYB066JF16",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s7__6__31": {
"value": "1.5 FINANCIAL LIABILITIES1.5.1 CLASSIFICATION AND MEASUREMENT OF FINANCIAL LIABILITIESFinancial liabilities are classified according to the substance of the contractual arrangements entered into.Financial liabilities are initially measured at fair value less, in the case of financial liabilities not at fair value through profit or loss, transaction costs that are directly attributable to their issue. Financial liabilities are subsequently measured at amortised cost using the effective interest method, except for financial liabilities at fair value through profit or loss which are measured at fair value.Financial liabilities at fair value through profit or loss include financial liabilities classified as held for trading and those designated at fair value through profit or loss upon initial recognition. During the current and the previous year, the Group did not designate any financial liabilities as at fair value through profit or loss upon initial recognition. Derivatives are categorised as held for trading, unless they are designated and effective hedging instruments.Financial liabilities that are measured at amortised cost using the effective interest method include amounts owed to banks, amounts owed to customers, senior non-preferred liabilities and subordinated liabilities.Fair value gains or losses on financial liabilities at fair value through profit or loss are recognised in profit or loss. For financial liabilities carried at amortised cost, amounts are recognised in profit or loss when the financial liability is derecognised and through the amortisation process whereby any difference between the proceeds, net of transaction costs, and the settlement or redemption amount is recognised over the term of the financial liability.Financial liabilities are classified in separate line items of the Statement of Financial Position based on the nature of the instrument and the counterparty. Financial liabilities where the creditor has a lower priority than others are classified as subordinated liabilities whilst senior non-preferred liabilities that fulfil the minimum requirements for own funds and eligible liabilities (MREL) are presented in a separate line item.1.5.2 DERECOGNITION OF FINANCIAL LIABILITIESA financial liability is derecognised when it is extinguished. This occurs when the obligation specified in the contract is discharged, cancelled or expires.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:529900RWC8ZYB066JF16",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s7__6__33": {
"value": "1.6 FINANCIAL GUARANTEE CONTRACTS AND LOAN COMMITMENTS\u2018Financial guarantee contracts\u2019 are contracts that require the Group as the issuer to make specified payments to reimburse the holder for a loss that it incurs because a specified debtor fails to make payment when it is due in accordance with the terms of a debt instrument. \u2018Loan commitments\u2019 are firm commitments to provide credit under pre-specified terms and conditions.Expected credit loss allowances are recognised in respect of financial guarantee contracts issued and all loan commitments not measured at fair value through profit or loss, in accordance with the expected credit loss model under IFRS 9 Financial Instruments (see Note 1.4.3).Financial guarantee contracts are recognised as a financial liability at the time when the guarantee is issued. The liability is initially measured at fair value and subsequently at the higher of:\u2022 the amount determined in accordance with the expected credit loss model under IFRS 9 Financial Instruments, and \u2022 the amount initially recognised less, where appropriate, the cumulative amount of income recognised in accordance with the principles of IFRS 15 Revenue from Contracts with Customers.The fair value of financial guarantees on initial recognition equals the present value of the premium in an arm\u2019s length transaction.Expected credit loss allowances attributable to financial instruments which include both drawn and undrawn components are presented as highlighted within note 1.4.3.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialGuaranteesExplanatory",
"language": "en",
"entity": "scheme:529900RWC8ZYB066JF16",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s7__6__34": {
"value": "1.7 OFFSETTING OF FINANCIAL INSTRUMENTSFinancial assets and financial liabilities are offset and the net amount presented in the statement of financial position when the Group currently has a legally enforceable right to set off the recognised amounts and intends either to settle on a net basis or to realise the asset and settle the liability simultaneously.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForOffsettingOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:529900RWC8ZYB066JF16",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s7__6__35": {
"value": "1.8 DERIVATIVES AND HEDGED ACCOUNTINGDerivatives are initially recognised at fair value on the date when a derivative contract is entered into, and they are subsequently remeasured to their fair value at the end of each reporting period. The accounting for subsequent changes in fair value depends on whether the derivative is designated as a hedging instrument and, if so, the nature of the item being hedged.The Group designates certain derivatives as hedging instruments in qualifying hedging relationships. On initial designation of the hedge, the Group formally documents the relationship between the hedging instrument(s) and hedged item(s), including the risk management objective and strategy in undertaking the hedge, together with the method that will be used to assess the effectiveness of the hedging relationship. The Group makes an assessment, both on inception of the hedging relationship and on an ongoing basis, of whether the hedging instrument(s) is (are) expected to be highly effective in offsetting the changes in the fair value or cash flows of the respective hedged item(s) during the period for which the hedge is designated, and whether the actual results of each hedge are within a range of 80-125%.The Group normally designates a portion of the cash flows of a financial instrument for cash flow or fair value changes attributable to a benchmark interest rate risk, if the portion is separately identifiable and reliably measurable.Derivatives designated as hedging instruments in fair value hedgesWhen a derivative is designated as the hedging instrument in a hedge of the change in fair value of a recognised asset or liability or a firm commitment that could affect profit or loss, changes in the fair value of the derivative are recognised immediately in profit or loss. The change in fair value of the hedged item attributable to the hedged risk is recognised in profit or loss. If the hedged item would otherwise be measured at cost or amortised cost, then its carrying amount is adjusted accordingly.If the hedging derivative expires or is sold, terminated or exercised, or the hedge no longer meets the criteria for fair value hedge accounting, or the hedge designation is revoked, then hedge accounting is discontinued prospectively. However, if the derivative is novated to a Central Counterparty (CCP) by both parties as a consequence of laws or regulations without changes in its terms except for those that are necessary for the novation, then the derivative is not considered expired or terminated.Any adjustment up to the point of discontinuation to a hedged item for which the effective interest method is used is amortised to profit or loss as an adjustment to the recalculated effective interest rate of the item over its remaining life.Accordingly, on hedge discontinuation, any hedging adjustment previously effected to a hedged financial instrument is amortised to profit or loss by adjusting the effective interest rate of the hedged item from the date on which amortisation begins. If the hedged item is derecognised, then the adjustment is recognised immediately in profit or loss when the item is derecognised.Other derivativesDerivatives which are not designated as hedging instruments in a qualifying hedge relationship are classified as held for trading for accounting purposes and are measured at fair value through profit or loss. These derivatives also comprise those instruments which are held for risk management purposes or for economic hedging purposes, but do not meet the hedge accounting criteria. All changes in fair value of these derivatives are recognised immediately in profit or loss as a component of trading profits (refer to Note 5).",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory",
"language": "en",
"entity": "scheme:529900RWC8ZYB066JF16",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s7__6__37": {
"value": "Derivatives designated as hedging instruments in fair value hedgesWhen a derivative is designated as the hedging instrument in a hedge of the change in fair value of a recognised asset or liability or a firm commitment that could affect profit or loss, changes in the fair value of the derivative are recognised immediately in profit or loss. The change in fair value of the hedged item attributable to the hedged risk is recognised in profit or loss. If the hedged item would otherwise be measured at cost or amortised cost, then its carrying amount is adjusted accordingly.If the hedging derivative expires or is sold, terminated or exercised, or the hedge no longer meets the criteria for fair value hedge accounting, or the hedge designation is revoked, then hedge accounting is discontinued prospectively. However, if the derivative is novated to a Central Counterparty (CCP) by both parties as a consequence of laws or regulations without changes in its terms except for those that are necessary for the novation, then the derivative is not considered expired or terminated.Any adjustment up to the point of discontinuation to a hedged item for which the effective interest method is used is amortised to profit or loss as an adjustment to the recalculated effective interest rate of the item over its remaining life.Accordingly, on hedge discontinuation, any hedging adjustment previously effected to a hedged financial instrument is amortised to profit or loss by adjusting the effective interest rate of the hedged item from the date on which amortisation begins. If the hedged item is derecognised, then the adjustment is recognised immediately in profit or loss when the item is derecognised.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:529900RWC8ZYB066JF16",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s7__6__36": {
"value": "Derivatives designated as hedging instruments in fair value hedgesWhen a derivative is designated as the hedging instrument in a hedge of the change in fair value of a recognised asset or liability or a firm commitment that could affect profit or loss, changes in the fair value of the derivative are recognised immediately in profit or loss. The change in fair value of the hedged item attributable to the hedged risk is recognised in profit or loss. If the hedged item would otherwise be measured at cost or amortised cost, then its carrying amount is adjusted accordingly.If the hedging derivative expires or is sold, terminated or exercised, or the hedge no longer meets the criteria for fair value hedge accounting, or the hedge designation is revoked, then hedge accounting is discontinued prospectively. However, if the derivative is novated to a Central Counterparty (CCP) by both parties as a consequence of laws or regulations without changes in its terms except for those that are necessary for the novation, then the derivative is not considered expired or terminated.Any adjustment up to the point of discontinuation to a hedged item for which the effective interest method is used is amortised to profit or loss as an adjustment to the recalculated effective interest rate of the item over its remaining life.Accordingly, on hedge discontinuation, any hedging adjustment previously effected to a hedged financial instrument is amortised to profit or loss by adjusting the effective interest rate of the hedged item from the date on which amortisation begins. If the hedged item is derecognised, then the adjustment is recognised immediately in profit or loss when the item is derecognised.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory",
"language": "en",
"entity": "scheme:529900RWC8ZYB066JF16",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s7__6__38": {
"value": "1.9 SALE AND REPURCHASE AGREEMENTSSecurities sold subject to a linked repurchase agreement (repos) continue to be recognised in that statement of financial position, and the counterparty liability is included within amounts owed to banks. Securities purchased under agreements to resell (reverse repos) are not recognised but the amounts paid are recorded as loans and advances to banks. The difference between sale and repurchase prices or purchase and subsequent sale prices is recognised over the term of the repo/reverse repo agreements using the effective interest method and is presented as interest.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRepurchaseAndReverseRepurchaseAgreementsExplanatory",
"language": "en",
"entity": "scheme:529900RWC8ZYB066JF16",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s7__6__41": {
"value": "1.10 INVESTMENTS IN SUBSIDIARIES AND EQUITY-ACCOUNTED INVESTEESInvestments in subsidiaries and equity-accounted investees are initially recognised in the Bank\u2019s statement of financial positionat cost, which includes transaction costs, and subsequently measured in the Bank\u2019s separate financial statements at cost less any impairment loss which may have arisen. Interests in equity-accounted investees are subsequently accounted for using the equity method in the consolidated financial statements, which include the Group\u2019s share of profit or loss and other comprehensive income of equity-accounted investees, until the date on which significant influence ceases. Dividends from the investments are recognised in the Bank\u2019s profit or loss when its right to receive dividend is established.At the end of each reporting period, the Bank reviews the carrying amount of its investments in subsidiaries and equity-accounted investees to determine whether there is any indication of impairment and if any such indication exists, the recoverable amount of the asset is estimated.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:529900RWC8ZYB066JF16",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s7__6__40": {
"value": "1.10 INVESTMENTS IN SUBSIDIARIES AND EQUITY-ACCOUNTED INVESTEESInvestments in subsidiaries and equity-accounted investees are initially recognised in the Bank\u2019s statement of financial positionat cost, which includes transaction costs, and subsequently measured in the Bank\u2019s separate financial statements at cost less any impairment loss which may have arisen. Interests in equity-accounted investees are subsequently accounted for using the equity method in the consolidated financial statements, which include the Group\u2019s share of profit or loss and other comprehensive income of equity-accounted investees, until the date on which significant influence ceases. Dividends from the investments are recognised in the Bank\u2019s profit or loss when its right to receive dividend is established.At the end of each reporting period, the Bank reviews the carrying amount of its investments in subsidiaries and equity-accounted investees to determine whether there is any indication of impairment and if any such indication exists, the recoverable amount of the asset is estimated.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates",
"language": "en",
"entity": "scheme:529900RWC8ZYB066JF16",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s7__6__39": {
"value": "1.10 INVESTMENTS IN SUBSIDIARIES AND EQUITY-ACCOUNTED INVESTEESInvestments in subsidiaries and equity-accounted investees are initially recognised in the Bank\u2019s statement of financial positionat cost, which includes transaction costs, and subsequently measured in the Bank\u2019s separate financial statements at cost less any impairment loss which may have arisen. Interests in equity-accounted investees are subsequently accounted for using the equity method in the consolidated financial statements, which include the Group\u2019s share of profit or loss and other comprehensive income of equity-accounted investees, until the date on which significant influence ceases. Dividends from the investments are recognised in the Bank\u2019s profit or loss when its right to receive dividend is established.At the end of each reporting period, the Bank reviews the carrying amount of its investments in subsidiaries and equity-accounted investees to determine whether there is any indication of impairment and if any such indication exists, the recoverable amount of the asset is estimated.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory",
"language": "en",
"entity": "scheme:529900RWC8ZYB066JF16",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s7__6__43": {
"value": "1.11 PROPERTY AND EQUIPMENTProperty and equipment are classified into the following classes \u2013 land and buildings, IT infrastructure and equipment and other (primarily furniture and fittings), and are initially measured at cost.Subsequent to initial recognition, freehold and long-term leasehold properties are measured in the statement of financial position at revalued amounts, being the fair value at the date of revaluation, less any subsequent accumulated depreciation for buildings. Surplus arising on revaluation, net of tax, is recognised in other comprehensive income and is credited to a reserve within shareholders\u2019 equity. Revaluations are performed by professionally qualified architects on a regular basis such that the carrying amount does not differ materially from that which would be determined using fair values at the end of the reporting period. Other tangible assets are measured at cost less accumulated depreciation and any accumulated impairment losses.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:529900RWC8ZYB066JF16",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s7__6__44": {
"value": "1.12 LEASES At inception of a contract, the Group assesses whether a contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. 1.12.1 GROUP ACTING AS A LESSEEAt commencement or on modification of a contract that contains a lease component, the Group allocates consideration in the con-tract to each lease component on the basis of its relative stand-alone price. However, for leases of branches and office premises, the Group has elected not to separate non-lease components and accounts for the lease and non-lease components as a single lease component.The Group recognises a right-of-use asset and a lease liability at the lease commencement date. The right-of-use asset is initially measured at cost, comprising principally the amount of the initial measurement of the lease liability. After commencement date, the Group measures its right-of-use asset by applying the cost model and is subsequently depreciated using the straight-line method from the commencement date to the end of the lease term, unless the asset\u2019s useful life is shorter. In addition, the right-of-use asset is periodically reduced by impairment losses, if any, and adjusted for certain remeasurements of the lease liability. While the Group revalues the land and buildings class within property and equipment, it has chosen not to do so for the right-of-use buildings heldby the Group.The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using the incremental borrowing rate. This rate is based on the swap rate curves as proxies for risk-free rates, Malta Government Stocks yields to reflect the local context and the application of a risk margin.The lease liability is subsequently increased by the interest cost on the lease liability and decreased by lease payments made. The interest cost is charged to profit or loss over the lease period so as to produce a constant periodic rate of interest on the remaining balance of the liability for each period. It is remeasured when there is a change in future lease payments arising from a change in an index or rate, a change in the estimate of the amount expected to be payable under a residual value guarantee, or as appropriate, changes in the assessment of whether a purchase or extension option is reasonably certain to be exercised or a termination option is reasonably certain to be exercised or a termination option is reasonably certain not to be exercised. The Group presents right-of-use assets in \u2018property and equipment\u2019 and lease liabilities in \u2018other liabilities\u2019 in the statement of financial position.1.12.2 SHORT-TERM LEASES AND LEASES OF LOW-VALUE ASSETSThe Group has elected not to recognise right-of-use assets and lease liabilities for leases of low-value assets (below \u20ac5,000) and short-term leases (lease term of 12 months or less without a purchase option). The Group recognises the lease payments associated with these leases as an expense in profit or loss on a straight-line basis over the lease term.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
"language": "en",
"entity": "scheme:529900RWC8ZYB066JF16",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s7__6__45": {
"value": "1.13 INTANGIBLE ASSETSIntangible assets comprise computer software. In determining the classification of an asset that incorporates both intangible and tangible elements, judgement is used in assessing which element is more significant. Computer software which is an integral part of the related hardware is classified as property and equipment and accounted for in accordance with the Group\u2019s accounting policy for property and equipment. Where the software is not an integral part of the related hardware, this is classified as an intangible asset. Costs associated with maintaining software programmes are recognised as an expense as incurred. Development costs that are directly attributable to the design and testing of identifiable and unique software products controlled by the group are recognised as intangible assets where the respective criteria within IAS 38 Intangible assets are met. Directly attributable costs that are capitalised as part of the carrying amount of the software include employee benefits.Computer software is initially measured at cost. It is subsequently carried at cost less accumulated amortisation and any accumulated impairment losses. Subsequent expenditure is capitalised only when it increases the future economic benefits embodied in the specific asset to which it relates.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory",
"language": "en",
"entity": "scheme:529900RWC8ZYB066JF16",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s7__6__47": {
"value": "1.14 DEPRECIATION AND AMORTISATIONDepreciation on property and equipment commences when these assets are available for use and is charged to profit or loss so as to write off the cost or revalued amount of assets, other than land, less any estimated residual value, over their estimated useful life, using the straight-line method, on the following bases:Property and equipmentFreehold and long-term leasehold buildings 2% per annumIT infrastructure and equipment 10% - 25% per annumOther (primarily furniture and fittings) 5% - 33% per annumRight-of-use assets Over the term of the lease The depreciation method applied, the residual value and the useful life are reviewed at the end of each reporting period and adjusted if appropriate.Amortisation on intangible assets commences when these assets are available for use and is charged to profit or loss so as to write off the cost of assets, less any estimated residual value, over their estimated useful life, using the straight-line method, on the following bases:Intangible assetsComputer software 10% - 33% per annumThe amortisation method applied, the residual value and the useful life are reviewed at the end of each reporting period and adjusted if appropriate.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory",
"language": "en",
"entity": "scheme:529900RWC8ZYB066JF16",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s7__6__46": {
"value": "1.14 DEPRECIATION AND AMORTISATIONDepreciation on property and equipment commences when these assets are available for use and is charged to profit or loss so as to write off the cost or revalued amount of assets, other than land, less any estimated residual value, over their estimated useful life, using the straight-line method, on the following bases:Property and equipmentFreehold and long-term leasehold buildings 2% per annumIT infrastructure and equipment 10% - 25% per annumOther (primarily furniture and fittings) 5% - 33% per annumRight-of-use assets Over the term of the lease The depreciation method applied, the residual value and the useful life are reviewed at the end of each reporting period and adjusted if appropriate.Amortisation on intangible assets commences when these assets are available for use and is charged to profit or loss so as to write off the cost of assets, less any estimated residual value, over their estimated useful life, using the straight-line method, on the following bases:Intangible assetsComputer software 10% - 33% per annumThe amortisation method applied, the residual value and the useful life are reviewed at the end of each reporting period and adjusted if appropriate.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory",
"language": "en",
"entity": "scheme:529900RWC8ZYB066JF16",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s7__6__49": {
"value": "1.15 IMPAIRMENT OF PROPERTY AND EQUIPMENT AND INTANGIBLE ASSETSAt the end of each reporting period the Group reviews the carrying amount of its property and equipment and intangible assets to determine whether there is any indication that the carrying amount of those assets might not be recoverable due to an impairment loss attributable to events or changes in circumstances. If such indication exists the recoverable amount is estimated in order to determine the extent of the impairment loss, being the amount by which its carrying amount exceeds its recoverable amount, and the carrying amount of the asset is reduced to its recoverable amount in line with the requirements of IAS 36 Impairment of Assets. The recoverable amount is the higher of an asset\u2019s fair value less costs of disposal and value in use. An impairment loss is recognised immediately in profit or loss, unless the asset is carried at a revalued amount, in which case the loss is recognised in other comprehensive income to the extent that it does not exceed the amount in the revaluation surplus for that asset.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:529900RWC8ZYB066JF16",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s7__6__50": {
"value": "1.16 PROVISIONSProvisions are recognised when the Group has a present legal or constructive obligation as a result of a past event, it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. Provisions are measured at the present value of management\u2019s best estimate of the expenditure required to settle the present obligation at the end of the reporting period. Expected credit loss allowances in respect of loan commitments and financial guarantee contracts are presented as a provision (refer to note 1.4.3).",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory",
"language": "en",
"entity": "scheme:529900RWC8ZYB066JF16",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s7__6__51": {
"value": "1.17 CASH AND CASH EQUIVALENTSCash and cash equivalents comprise cash in hand and deposits receivable on demand or with a contractual period to maturity of less than 3 months; advances to banks repayable within 3 months from the date of the advance; balances with the European Central Bank and Central Bank of Malta, excluding reserve deposit requirements; and treasury bills with an original maturity of less than 3 months. Amounts owed to banks that are repayable on demand or with a contractual period to maturity of less than 3 months and which form an integral part of the Group\u2019s cash management are included as a component of cash and cash equivalents for the purpose of the statements of cash flow.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents",
"language": "en",
"entity": "scheme:529900RWC8ZYB066JF16",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s7__6__52": {
"value": "1.18 TREASURY SHARESWhen the Bank purchases its own equity instruments, under its share buyback programme, the consideration paid, including any directly attributable incremental costs (net of income taxes), is deducted from equity as treasury shares until the shares are cancelled or reissued. Where such ordinary shares are subsequently reissued, any consideration received, net of any directly attributable incremental transaction costs and the related income tax effects, is included in equity. Shares held by the Bank are presented separately as treasury shares, as a deduction within equity.No gain or loss is recognised in profit or loss on the purchase, sale, reissuance, or cancellation of the Bank\u2019s own equity instruments as these transactions are recorded directly in equity. Treasury shares held by the Bank are excluded from the denominator in the computation of basic and diluted earnings per share and are not entitled to dividends or voting rights whilst held by the Bank.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory",
"language": "en",
"entity": "scheme:529900RWC8ZYB066JF16",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s7__6__53": {
"value": "1.19 DIVIDENDS PAYABLEInterim dividends and special dividends approved by the Directors are recognised when paid. Final dividends are recognised as liability upon approval by the shareholders at the Annual General Meeting. Special dividends may be declared separately from the typical dividend cycle (interim and final) and are usually a one-off payment distributed to shareholders from the profit of the period and/or from retained earnings.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory",
"language": "en",
"entity": "scheme:529900RWC8ZYB066JF16",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s7__6__55": {
"value": "1.21 TAXATIONIncome tax expense comprises current and deferred tax, and is recognised in profit or loss, except when it relates to items recognised in other comprehensive income or directly in equity, in which case the tax is also recognised in other comprehensive income or directly in equity, as appropriate.Current taxCurrent tax is based on the taxable result for the period. The taxable result for the period differs from the result as reported in profit or loss because it excludes items which are non-assessable or disallowed and it further excludes items that are taxable or deductible in other periods. It is calculated using tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period, and includes any adjustments in relation to the prior periods.Deferred taxDeferred tax is determined under the liability method in respect of all temporary differences between the carrying amount of an asset or liability in the financial statements and its tax base. Deferred tax liabilities are generally recognised for all taxable temporary differences subject to certain exceptions and deferred tax assets are recognised to the extent that it is probable that future taxable profits will be available against which the deductible temporary differences can be utilised.Deferred tax is calculated at the tax rates that are expected to apply to the period when the asset is realised or the liability is settled based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realised. Deferred tax is not recognised for temporary differences related to investments in subsidiaries when it is probable that they will not reverse in the foreseeable future.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:529900RWC8ZYB066JF16",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s7__6__56": {
"value": "Deferred taxDeferred tax is determined under the liability method in respect of all temporary differences between the carrying amount of an asset or liability in the financial statements and its tax base. Deferred tax liabilities are generally recognised for all taxable temporary differences subject to certain exceptions and deferred tax assets are recognised to the extent that it is probable that future taxable profits will be available against which the deductible temporary differences can be utilised.Deferred tax is calculated at the tax rates that are expected to apply to the period when the asset is realised or the liability is settled based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realised. Deferred tax is not recognised for temporary differences related to investments in subsidiaries when it is probable that they will not reverse in the foreseeable future.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:529900RWC8ZYB066JF16",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s7__6__57": {
"value": "1.22 OPERATING INCOMEInterest income and expenseInterest income and expense is accrued on a time basis, by reference to the principal outstanding and at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash payments or receipts through the expected life of the instrument or, when appropriate, a shorter period to the gross carrying amount of a financial asset or to the amortised cost of a financial liability. When calculating the effective interest rate, the Group estimates cash flows considering all contractual terms of the instrument but not future credit losses. The calculation includes payments and receipts that are an integral part of the effective interest rate, transaction costs and all other discounts or premiums. In relation to credit-impaired financial assets, the Bank utilises a credit-adjusted effective interest rate based on estimated future cash flows taking into account expected credit losses.Fee and commission income and expenseThe Group earns fee income from services provided over time and from execution of specific transactions at a point in time. The Group recognises fees earned on transaction arrangements at a point in time when it would have provided the service to the customer. When the customer arrangements require services to be provided over time, fee income is recognised on a systematic basis over the term of the arrangement. A contract with a customer that results in a recognised financial instrument in the Group\u2019s financial statements may be partially in the scope of IFRS 9 and partially in the scope of IFRS 15. If this is the case, then the Group first applies IFRS 9 to separate and measure the part of the contract that is in the scope of IFRS 9 and then applies IFRS 15 to the residual.Other fee and commission expenses are generally expensed as the services are received.Dividend incomeDividend income from investments is recognised when the right to receive payment has been established.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue",
"language": "en",
"entity": "scheme:529900RWC8ZYB066JF16",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s7__6__59": {
"value": "Interest income and expenseInterest income and expense is accrued on a time basis, by reference to the principal outstanding and at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash payments or receipts through the expected life of the instrument or, when appropriate, a shorter period to the gross carrying amount of a financial asset or to the amortised cost of a financial liability. When calculating the effective interest rate, the Group estimates cash flows considering all contractual terms of the instrument but not future credit losses. The calculation includes payments and receipts that are an integral part of the effective interest rate, transaction costs and all other discounts or premiums. In relation to credit-impaired financial assets, the Bank utilises a credit-adjusted effective interest rate based on estimated future cash flows taking into account expected credit losses.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory",
"language": "en",
"entity": "scheme:529900RWC8ZYB066JF16",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s7__6__58": {
"value": "Fee and commission income and expenseThe Group earns fee income from services provided over time and from execution of specific transactions at a point in time. The Group recognises fees earned on transaction arrangements at a point in time when it would have provided the service to the customer. When the customer arrangements require services to be provided over time, fee income is recognised on a systematic basis over the term of the arrangement. A contract with a customer that results in a recognised financial instrument in the Group\u2019s financial statements may be partially in the scope of IFRS 9 and partially in the scope of IFRS 15. If this is the case, then the Group first applies IFRS 9 to separate and measure the part of the contract that is in the scope of IFRS 9 and then applies IFRS 15 to the residual.Other fee and commission expenses are generally expensed as the services are received.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFeeAndCommissionIncomeAndExpenseExplanatory",
"language": "en",
"entity": "scheme:529900RWC8ZYB066JF16",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s7__6__61": {
"value": "1.23 FOREIGN CURRENCY TRANSLATIONFor the purpose of the consolidated and separate financial statements, the presentation currency is the Euro. The functional currency of the Bank and of all its subsidiaries is the Euro.In preparing the financial statements of the individual group entities, transactions denominated in currencies other than the functional currency are translated at the exchange rates ruling on the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated to Euro at the rates of exchange ruling at the end of the reporting period. Gains and losses arising from such translation are dealt with in profit or loss and presented within trading income. Non-monetary assets and liabilities denominated in foreign currencies, that are stated at fair value, are translated to Euro at the exchange rate ruling on the date the fair value was measured. Non-monetary assets and liabilities denominated in foreign currencies, that are measured in terms of historical cost, are not retranslated.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory",
"language": "en",
"entity": "scheme:529900RWC8ZYB066JF16",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s7__6__60": {
"value": "1.23 FOREIGN CURRENCY TRANSLATIONFor the purpose of the consolidated and separate financial statements, the presentation currency is the Euro. The functional currency of the Bank and of all its subsidiaries is the Euro.In preparing the financial statements of the individual group entities, transactions denominated in currencies other than the functional currency are translated at the exchange rates ruling on the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated to Euro at the rates of exchange ruling at the end of the reporting period. Gains and losses arising from such translation are dealt with in profit or loss and presented within trading income. Non-monetary assets and liabilities denominated in foreign currencies, that are stated at fair value, are translated to Euro at the exchange rate ruling on the date the fair value was measured. Non-monetary assets and liabilities denominated in foreign currencies, that are measured in terms of historical cost, are not retranslated.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory",
"language": "en",
"entity": "scheme:529900RWC8ZYB066JF16",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s7__6__63": {
"value": "1.24 EMPLOYEE BENEFITSThe Group and the Bank contribute towards the state pension in accordance with local legislation. The Group has no further payment obligations once the required contributions have been paid. The contributions are expensed in profit or loss in the period in which they are due1.24.1 SHORT-TERM EMPLOYEE BENEFITSShort-term employee benefits are expensed as the related service is provided. A liability is recognised in respect of employees\u2019 service up to the end of the reporting period and is measured at the amounts expected to be paid when the obligation is settled.1.24.2 POST-EMPLOYMENT BENEFITS - DEFINED CONTRIBUTION PLANSObligations for contributions to defined contribution plans are extinguished once the contributions have been paid. The contri-butions are recognised as Employee compensation and benefits in the Statement of Profit or Loss when they are due as the re-lated employee services are rendered. Prepaid contributions are recognised as an asset to the extent that a cash refund or a re-duction in future payments is available.1.24.3 POST-EMPLOYMENT BENEFITS - DEFINED BENEFIT PLANSThe liability recognised in the statement of financial position in respect of defined benefit pension plans is the present valueof the defined benefit obligation at the end of the reporting period calculated annually using the projected unit credit method. The obligation is measured as the present value of expected future payments to be made in respect of services provided by employees up to the end of the reporting period using the projected unit credit method. The projected unit credit method considers each period of service as giving rise to an additional unit of benefit entitlement and measures each unit separately. This method requires the Group to attribute benefit to the current period in order to determine current service cost and to the current and prior periods in order to determine the present value of the defined benefit obligation.The net interest cost is calculated by applying the discount rate to the balance of the defined benefit obligation. Current and past service costs and net interest costs are recognised in profit or loss.Remeasurement gains and losses attributable to the defined benefit liability, comprising actuarial gains and losses, arerecognised directly in other comprehensive income in the period in which they arise and are not reclassified to profit or lossin a subsequent period. They are included in retained earnings in the statement of changes in equity and in the statement of financial position. Actuarial gains and losses are changes in the present value of the defined benefit obligation resulting from experience adjustments and the effects of changes in actuarial assumptions. Actuarial assumptions are an entity\u2019s best estimates of the variables that will determine the ultimate cost of providing post-employment benefits.1.24.4 TERMINATION BENEFITSTermination benefits are payable when employment is terminated by the Group before the normal retirement date, or when an employee accepts voluntary redundancy in exchange for these benefits. The Group recognises termination benefits at the earlier of the following dates: (a) when the Group can no longer withdraw the offer of those benefits; and (b) when the entity recognises costs for a restructuring that is within the scope of IAS 37 and involves the payment of termination benefits. In the case of an offer made to encourage voluntary redundancy, the termination benefits are measured based on the number of employees expected to accept the offer. Benefits falling due more than 12 months after the end of the reporting period are discounted to present value.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:529900RWC8ZYB066JF16",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s7__6__62": {
"value": "1.24.4 TERMINATION BENEFITSTermination benefits are payable when employment is terminated by the Group before the normal retirement date, or when an employee accepts voluntary redundancy in exchange for these benefits. The Group recognises termination benefits at the earlier of the following dates: (a) when the Group can no longer withdraw the offer of those benefits; and (b) when the entity recognises costs for a restructuring that is within the scope of IAS 37 and involves the payment of termination benefits. In the case of an offer made to encourage voluntary redundancy, the termination benefits are measured based on the number of employees expected to accept the offer. Benefits falling due more than 12 months after the end of the reporting period are discounted to present value.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTerminationBenefits",
"language": "en",
"entity": "scheme:529900RWC8ZYB066JF16",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s7__6__64-1": {
"value": "1.25 JUDGEMENTS IN APPLYING ACCOUNTING POLICIES AND KEY SOURCES OF ESTIMATION UNCERTAINTYThe amounts recognised in the financial statements are determined by reference to the accounting policies, assumptions and estimates that underlie the preparation of financial statements. The judgements made by management in applying the Group\u2019s and the Bank\u2019s accounting policies that have the most significant effect on the amounts recognised in the financial statements, together with information about the key assumptions concerning the future, and other key sources of estimation uncertainty at the end of the reporting period are disclosed within the financial statements.1.25.1 EXPECTED CREDIT LOSS ALLOWANCES Estimates and underlying assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year comprise those applied in determining expected credit loss allowances. Note 39.2.1.2.5 discloses the relevant information in respect of inputs to the IFRS 9 ECL measurement model, including key assumptions used in relation to the application of forward-looking information.Land and buildings are revalued by professionally qualified architects on the basis of open market value in accordance with the Group\u2019s accounting policy disclosed within Note 1. The carrying amounts of land and buildings that would have been included in the financial statements had these assets been carried at cost less accumulated depreciation are: 2025: Group \u20ac66.6 million (2024: \u20ac55.0 million) 2025: Bank \u20ac66.6 million (2024: \u20ac55.0 million)Valuation processesRevaluations are carried out on a regular basis in accordance with the Group\u2019s accounting policy. The valuations of the properties are performed on the basis of valuation reports prepared by qualified valuers, which are supported by valuation models and assumptions utilised by the valuers, with assumptions being typically market related based on market observation and professional judgement and by information provided by the Group. The information provided to the valuers, together with the valuation models and the assumptions used by the valuers, are reviewed by management and the appropriateness of the valuation reports is also assessed by management. At the end of every reporting period, management assess whether any significant changes or developments have been experienced since the last valuation report. This analysis is generally supported by assessments performed by the qualified valuers referred to above.Valuation techniquesThe external valuations of the Level 3 property are performed using a multi-criteria approach, with every property being valued utilising the valuation technique considered by the external valuer to be the most appropriate for the respective property. The highest and best use of the Group\u2019s properties is considered equivalent to their current use. Property values are primarily estimated using the \u2018investment approach\u2019, the outcome of which is validated utilising the \u2018comparative method\u2019. Under the investment approach, the market value is determined by capitalising the annual income the property would generate if leased to third parties, using an appropriate yield rate. Under the comparative method, estate agency listings of similar properties are analysed to derive an average sales value per square metre, adjusted for relevant parameters. All the recurring property fair value measurements at the end of each financial period presented are derived through the use of significant unobservable inputs and are accordingly categorised within Level 3 of the fair valuation hierarchy. The Group\u2019s policy is to recognise transfers into and out of fair value hierarchy levels as of the end of the reporting period. There were no transfers between different levels of the fair value hierarchy during the current and preceding financial years. A reconciliation from the opening balance to the closing balance of property for recurring fair value measurements categorised within Level 3 of the fair value hierarchy is reflected in the tables above. Significant unobservable inputs used in the valuation of these properties are the rental income for office space and the percentage capitalisation rate which indicates the multiplier relationship between net rental income and property value. Further details about these significant inputs are summarised in the table below:Significant unobservable input Narrative sensitivityBuildings in Commercial Area Rental per square metre, The higher the rental per square metre the higher the fair valueranging from \u20ac125/sqm to \u20ac880/sqm (2024: \u20ac125/sqm to \u20ac880/sqm with a weighted average of \u20ac212/sqm (2024: \u20ac204/sqm)Capitalisation rate, ranging fromThe higher the capitalisation ratethe lower the fair value 5.31% to 8.30% (2024: 5.31% to 8.30%)Buildings in Residential Area Price per square metre, ranging fromThe higher the rental per square metrethe higher the fair value\u20ac125/sqm to \u20ac611/sqm(2024: \u20ac125/sqm to \u20ac880/sqm) with a weighted average of \u20ac170/sqm (2024: \u20ac162/sqm)Capitalisation rate, ranging fromThe higher the capitalisation ratethe lower the fair value5.50% to 8.00%(2024: 5.50% to 8.00%)c. Expected credit loss measurementIFRS 9 outlines a \u2018three-stage\u2019 model for impairment based on changes in credit quality since initial recognition as summarised below:\u2022 A financial instrument that is not credit-impaired on initial recognition is classified in Stage 1 and has its credit risk continuously monitored by the Group.\u2022 If a significant increase in credit risk (SICR) since initial recognition is identified, the financial instrument is moved to Stage 2 but is not yet deemed to be credit-impaired. Refer to the significant increase in credit risk section of this note for a description of how the Group determines when a significant increase in credit risk has occurred.\u2022 If the financial instrument is credit-impaired, the financial instrument is then moved to Stage 3. Refer to the definition of default and credit impaired section of this note for a description of how the Group defines credit-impaired and default.\u2022 Financial instruments in Stage 1 have their ECL allowances measured at an amount equal to the portion of lifetime expected credit losses that result from default events possible within the next 12 months. Instruments in Stages 2 and 3 have their ECL measured based on expected loss allowances on a lifetime basis. Refer to the measuring ECL section of this note for a description of inputs, assumptions and estimation techniques used in measuring the ECL. A pervasive concept in measuring ECL allowances in accordance with IFRS 9 is that it should consider forward-looking information. Note 39.2.3 (i) includes an explanation of how the Group has incorporated this in its ECL models.The following diagram summarises the impairment requirements under IFRS 9 (other than purchased or originated credit-impaired financial assets):Change in credit quality since initial recognitionStage 1 Stage 2 Stage 3 \ue66c\ue619\ue62d\ue62b\ue632\ue62d\ue629\ue624\ue621\ue632\ue63b\ue602\ue62d\ue632\ue624\ue638\ue627\ue621\ue639\ue627\ue602\ue62d\ue632\ue602\ue624\ue638\ue627\ue626\ue62d\ue63b\ue602\ue638\ue62d\ue639\ue630\ue602\ue639\ue62d\ue632\ue624\ue627\ue602\ue66c\ue60d\ue632\ue62d\uefa7\ue621\ue6a3\ue602\ue638\ue627\ue624\ue633\ue62b\ue632\ue62d\uefa7\ue633\ue632\ue66d(Credit\u2011impaired assets)\ue62d\ue632\ue62d\uefa7\ue621\ue6a3\ue602\ue638\ue627\ue624\ue633\ue62b\ue632\ue62d\uefa7\ue633\ue632\ue66d12\u2011month expected credit losses \ue610\ue62d\ue628\ue627\uefa7\ue631\ue627\ue602\ue627\ue63f\ue636\ue627\ue624\ue63b\ue627\ue626\ue602\ue624\ue638\ue627\ue626\ue62d\ue63b\ue602\ue6a3\ue633\ue639\ue639\ue627\ue639 \ue610\ue62d\ue628\ue627\uefa7\ue631\ue627\ue602\ue627\ue63f\ue636\ue627\ue624\ue63b\ue627\ue626\ue602\ue624\ue638\ue627\ue626\ue62d\ue63b\ue602\ue6a3\ue633\ue639\ue639\ue627\ue639Significant increase in credit riskWith the exception of instruments measured at FVTPL, exposures with low credit risk at the reporting date and any originated credit-impaired financial assets, the Group assesses whether financial instruments have experienced a significant increase in credit risk since initial recognition.When determining whether the risk of default on a financial instrument has increased significantly since initial recognition, the Group considers reasonable and supportable information that is relevant and available without undue cost or effort. This includes both quantitative and qualitative information and analysis, based on the Group\u2019s historical experience and expert credit assessment, and including forward-looking information. A backstop trigger (30 days in arrears) shifts credit exposures within loan portfolios from stage 1 to stage 2 as significant increase in credit risk is deemed to have occurred.The credit quality of the Group\u2019s portfolios of financial instruments is assessed by reference to the Group\u2019s credit rating system as described in Note 39.2.3.The Group allocates each credit exposure within loan portfolios to an internal credit risk grade based on a variety of quantitative and qualitative data that is determined to be predictive of the risk of default. An exposure\u2019s final internal credit grade is dependent on four inputs:i. a system credit grade which is based on days past due data; ii. a manual credit grade being assigned by Bank officers who review and monitor exposures having access to customers and their financial information; iii. a regulatory credit grade which takes cognisance of the two grades referred to above as well as other regulatory requirements such as in the case of forbearance measures; and iv. an Internal Credit Rating System (\u2018ICRS\u2019) grade which is based on a scorecard approach that takes into consideration a number of both quantitative and qualitative indicators that vary depending on the nature of the exposure and the type of borrower, in conjunction with the three grades previously mentioned assigned to the specific financial instrument. The final credit risk grade assigned to each credit exposure is the ICRS grade, based on a rating scale which is composed of 15 grades. Credit exposures are subject to ongoing qualitative monitoring, which may also result in an exposure being moved to a different ICRS grade. The monitoring typically involves use of the following data.Business exposures Retail exposures All exposures\u2022 \ue60d\ue632\ue628\ue633\ue638\ue631\ue621\uefa7\ue633\ue632\ue602\ue633\ue623\ue63b\ue621\ue62d\ue632\ue627\ue626\ue602\ue626\ue63c\ue638\ue62d\ue632\ue62b\ue602\ue636\ue627\ue638\ue62d\ue633\ue626\ue62d\ue624\ue602\u2022 Internally collected data on customer \u2022 Payment record \u2011 this includes overdue \ue638\ue627\ue63d\ue62d\ue627\ue63e\ue602\ue633\ue628\ue602\ue624\ue63c\ue639\ue63b\ue633\ue631\ue627\ue638\ue602\ue629\ue6a3\ue627\ue639\ue602\ue666\ue602\ue627\ue657\ue62b\ue657\ue602\ue621\ue63c\ue626\ue62d\ue63b\ue627\ue626\ue602\ue623\ue627\ue62c\ue621\ue63d\ue62d\ue633\ue63c\ue638\ue602\ue666\ue602\ue627\ue657\ue62b\ue657\ue602\ue63c\uefa7\ue6a3\ue62d\ue639\ue621\uefa7\ue633\ue632\ue602\ue633\ue628\ue602\ue624\ue638\ue627\ue626\ue62d\ue63b\ue602\ue624\ue621\ue638\ue626\ue602status as well as a range of variables \ue629\ue632\ue621\ue632\ue624\ue62d\ue621\ue6a3\ue602\ue639\ue63b\ue621\ue63b\ue627\ue631\ue627\ue632\ue63b\ue639\ue654\ue602\ue631\ue621\ue632\ue621\ue62b\ue627\ue631\ue627\ue632\ue63b\ue602\ue628\ue621\ue624\ue62d\ue6a3\ue62d\uefa7\ue627\ue639\ue621\ue623\ue633\ue63c\ue63b\ue602\ue636\ue621\ue640\ue631\ue627\ue632\ue63b\ue602\ue638\ue621\uefa7\ue633\ue639\ue602\ue621\ue624\ue624\ue633\ue63c\ue632\ue63b\ue639\ue654\ue602\ue623\ue63c\ue626\ue62b\ue627\ue63b\ue639\ue602\ue621\ue632\ue626\ue602\ue636\ue638\ue633\ue62f\ue627\ue624\uefa7\ue633\ue632\ue639\ue657\ue602\u2022 \ue603\ue6f8\ue633\ue638\ue626\ue621\ue623\ue62d\ue6a3\ue62d\ue63b\ue640\ue602\ue631\ue627\ue63b\ue638\ue62d\ue624\ue639\u2022 \ue61b\uefa7\ue6a3\ue62d\ue639\ue621\uefa7\ue633\ue632\ue602\ue633\ue628\ue602\ue63b\ue62c\ue627\ue602\ue62b\ue638\ue621\ue632\ue63b\ue627\ue626\ue602\ue6a3\ue62d\ue631\ue62d\ue63b\ue609\ue63f\ue621\ue631\ue636\ue6a3\ue627\ue639\ue602\ue633\ue628\ue602\ue621\ue638\ue627\ue621\ue639\ue602\ue633\ue628\ue602\ue636\ue621\ue638\uefa7\ue624\ue63c\ue6a3\ue621\ue638\ue602\ue628\ue633\ue624\ue63c\ue639\ue602\ue621\ue638\ue627\ue656\ue602\ue62b\ue638\ue633\ue639\ue639\ue602\ue636\ue638\ue633\ue629\ue63b\ue602\ue631\ue621\ue638\ue62b\ue62d\ue632\ue639\ue654\ue602\ue629\ue632\ue621\ue632\ue624\ue62d\ue621\ue6a3\ue602\u2022 \ue618\ue627\ue637\ue63c\ue627\ue639\ue63b\ue639\ue602\ue628\ue633\ue638\ue602\ue621\ue632\ue626\ue602\ue62b\ue638\ue621\ue632\uefa7\ue632\ue62b\ue602\ue633\ue628\ue602\ue6a3\ue627\ue63d\ue627\ue638\ue621\ue62b\ue627\ue602\ue638\ue621\uefa7\ue633\ue639\ue654\ue602\ue626\ue627\ue623\ue63b\ue602\ue639\ue627\ue638\ue63d\ue62d\ue624\ue627\ue602\ue624\ue633\ue63d\ue627\ue638\ue621\ue62b\ue627\ue654\ue602forbearancecompliance with covenants, quality \u2022 \ue60a\ue62d\ue632\ue621\ue632\ue624\ue62d\ue621\ue6a3\ue602\ue621\ue632\ue626\ue602\ue627\ue624\ue633\ue632\ue633\ue631\ue62d\ue624\ue602\ue624\ue633\ue632\ue626\ue62d\uefa7\ue633\ue632\ue639of management, senior management changes\u2022 \ue603\ue624\ue63b\ue63c\ue621\ue6a3\ue602\ue621\ue632\ue626\ue602\ue627\ue63f\ue636\ue627\ue624\ue63b\ue627\ue626\ue602\ue639\ue62d\ue62b\ue632\ue62d\ue629\ue624\ue621\ue632\ue63b\ue602\ue624\ue62c\ue621\ue632\ue62b\ue627\ue639\ue602\ue62d\ue632\ue602\ue63b\ue62c\ue627\ue602\ue636\ue633\ue6a3\ue62d\uefa7\ue624\ue621\ue6a3\ue654\ue602\ue638\ue627\ue62b\ue63c\ue6a3\ue621\ue63b\ue633\ue638\ue640\ue602and technological environment of the \ue623\ue633\ue638\ue638\ue633\ue63e\ue627\ue638\ue602\ue633\ue638\ue602\ue62d\ue632\ue602\ue62d\ue63b\ue639\ue602\ue623\ue63c\ue639\ue62d\ue632\ue627\ue639\ue639\ue602\ue621\ue624\uefa7\ue63d\ue62d\uefa7\ue627\ue639\u2022 \ue609\ue63f\ue62d\ue639\uefa7\ue632\ue62b\ue602\ue621\ue632\ue626\ue602\ue628\ue633\ue638\ue627\ue624\ue621\ue639\ue63b\ue602\ue624\ue62c\ue621\ue632\ue62b\ue627\ue639\ue602\ue62d\ue632\ue602businessStage Allocation At the origination of a loan, all exposures (except for POCI), irrelevant of the respective ICRS grade, are allocated to stage 1 as the Bank accepts the credit risk profile at an agreed interest rate. Accordingly, 12 months of expected credit losses are held against newly originated loans as long as the credit risk at origination does not increase significantly. A transfer to stage 2 is only triggered when SICR, compared to the credit risk at origination, occurs. Assessment of SICR comprises a comparative assessment between the PD at a point in time and that at origination to determine whether credit risk has increased over time. For instance, the Group might originate a loan to a customer having a specific ICRS grade. At the subsequent period end, the ICRS has deteriorated and another loan is granted to the customer, with the new loan also having the updated ICRS. In relation to the first loan, if the increase in ICRS is considered significant increase in credit risk, also taking cognisance of the shift in associated PDs, the asset will be transferred to stage 2. For the second loan, the ICRS at initial recognition is the updated one and this loan will remain in stage 1 until the ICRS increases significantly, giving rise to significant increase in credit risk, in subsequent periods. An ICRS grade of 7 is generally indicative of SICR. The Bank also makes use of a second backstop trigger for SICR. The latter pushes exposures to underperforming (stage 2) whenever the PD is found to have doubled when compared to that at origination.Credit exposures within the Group\u2019s treasury portfolio, including balances with the Central Bank of Malta, Treasury Bills, debt securities, and loans and advances to banks are allocated to stage 1 upon initial recognition, irrespective of whether the exposure is investment grade or sub-investment grade. The Group applies the low credit risk simplification to all investments that are of an investment grade, which constitute the vast majority of this portfolio. The Group accordingly only assesses SICR for exposures that are rated as sub-investment grade. For sub-investment grade securities, the Group considers an instrument to have experienced a significant increase in credit risk if the security has been the subject of a credit rating downgrade since initial recognition.Definition of default and credit-impairedAt each reporting date, the Group assesses whether all financial assets carried at amortised cost and debt investments carried at FVOCI are credit-impaired. A financial asset is \u2018credit-impaired\u2019 when one or more events that have a detrimental impact on the estimated future cash flows of the financial asset have occurred.Evidence that a financial asset is credit-impaired includes the following observable data:\u2022 significant financial difficulty of the borrower or issuer;\u2022 a breach of contract such as a default or past due event;\u2022 the restructuring of a loan or advance by the Group on terms that the Group would not consider otherwise;\u2022 it is becoming probable that the borrower will enter bankruptcy or financial reorganisation; or\u2022 the disappearance of an active market for a security because of financial difficulties.The Group considers financial assets in the advances portfolio to be in default when:\u2022 the borrower is unlikely to pay its credit obligations to the Group in full, without recourse by the Group to actions such as realising security (if any is held); or\u2022 the borrower is past due by 90 days or more on any credit obligation to the Group.Overdrafts are considered as being past due once the customer has breached an advised limit or been advised of a limit lower than the current amount outstanding.In assessing whether a borrower is in default, the Group considers indicators that are:\u2022 qualitative \u2013 e.g. breaches of covenant, overdue status and non-payment on another obligation of the same borrower to the Group;\u2022 quantitative; and\u2022 based on data developed internally and on data obtained from external sources.An ICRS grade of 10 is generally indicative of credit-impaired status. A loan that has been renegotiated due to a deterioration in the borrower\u2019s condition is usually considered to be credit-impaired unless there is evidence that the risk of not receiving contractual cash flows has reduced significantly and there are no other indicators of impairment.Inputs into the assessment of whether a financial instrument is in default and their significance may vary over time to reflect changes in circumstances.The definition of default aligns with that applied by the Group for regulatory purposes.In the case of the treasury portfolio, the Group considers investments in debt instruments to be in default when a payment, including a coupon payment, is missed.Movement between stages Financial assets (other than POCI) are transferred between stages based on changes in credit risk since initial recognition. Within the Group\u2019s advances portfolio, financial instruments, excluding forborne assets (refer to Note 39.2.3 (g)), are transferred out of stage 2 into stage 1 when their credit risk is no longer considered to have increased significantly since initial recognition. This is evidenced when the financial instrument is assigned an ICRS grade of 6 or better and the instrument has completed three consecutive months with an ICRS grade of 6 or better. Financial instruments, excluding forborne assets (refer to Note 39.2.3 (g)) are considered to be no longer in default and are transferred out of stage 3 (i.e. have cured) into stage 2 when they no longer meet any of the default criteria for a consecutive period of three months. This is evidenced when the financial instrument is assigned an ICRS grade of 9 or better and retains such ICRS grade for a consecutive period of three months. This period of three months has been determined based on an analysis which considers the likelihood of a financial instrument returning to default status after cure using different possible cure definitions. As a general principle, except in specific circumstances, financial instruments cannot transition directly from stage 3 to stage 1 in a single step.Within the Group\u2019s treasury portfolio, debt investments are transferred out of stage 2 following upgrade to an investment-grade rating if the instrument was assigned an investment-grade rating at the acquisition date and had been downgraded to a sub-investment-grade. In the case of an investment acquired at sub-investment-grade, a return to stage 1 is only permissible following a return to the acquisition-date rating (or better). The Group\u2019s experience is that defaulted debt investments within the treasury portfolio do not cure given that a security\u2019s default mechanism is triggered when a security\u2019s issuer misses a coupon payment. Any new instrument which the Group receives as part of an eventual debt restructuring exercise is considered to be a new instrument altogether.Measuring ECLECL allowances are measured on either a 12-month (12M) or Lifetime basis depending on whether a significant increase in credit risk has occurred since initial recognition or whether an asset is considered to be credit-impaired. Expected credit losses are the discounted product of the Probability of Default (PD), Exposure at Default (EAD), and Loss Given Default (LGD), defined as follows:\u2022 The PD represents the likelihood of a borrower defaulting on its financial obligation (as per \u201cDefinition of default and credit-impaired\u201d above), either over the next 12 months (12M PD), or over the remaining lifetime (Lifetime PD) of the obligation.\u2022 EAD is based on the amounts the Group expects to be owed at the time of default, over the next 12 months (12M EAD) or over the remaining lifetime (Lifetime EAD). For a revolving overdraft, the Group includes the current drawn balance plus any further amount that is expected to be drawn up to the current contractual limit by the time of default, should it occur.\u2022 LGD represents the Group\u2019s expectation of the extent of loss on a defaulted exposure. LGD varies by type of counterparty, type and seniority of claim and availability of collateral or other credit support. LGD is expressed as a percentage loss per unit of exposure at the time of default (EAD). LGD is calculated on a 12-month or lifetime basis, where 12-month LGD is the percentage of loss expected to be incurred if the default occurs in the next 12 months and Lifetime LGD is the percentage of loss expected to be incurred if the default occurs over the remaining expected lifetime of the loan.The ECL is determined by projecting the PD, LGD and EAD for each future month and for each individual exposure. These three components are multiplied together and adjusted for the likelihood of survival (i.e. the exposure has not prepaid or defaulted in an earlier month). This effectively calculates an ECL for each future month, which are then discounted back to the reporting date and are summed. The discount rate used in the ECL calculation is the original effective interest rate or an approximation thereof.The parameters referred to above are generally derived from internally developed statistical models and other historical data. They are adjusted to reflect forward-looking information as described in Note 39.2.3 (i).In relation to loan portfolios, the Group estimates PDs based on its own historical default data adjusted to incorporate forward-looking information, as explained further in Note 39.2.3 (i). All loan exposures are allocated into two primary portfolios, business and retail, in accordance with their respective characteristics, and are further segmented based on product type. Each exposure is assigned an ICRS grade as explained previously (refer to Note 39.2.3 (c). The cumulative PD curves are derived for each segment by ICRS grade through the development of transition matrices based on historical movements of the respective exposures using Markov chains, which are based on the Group\u2019s monthly data in respect of its business and retail portfolios reflecting transitions between different ICRS grades for an extensive historical period comprising a significant number of years. Initially, the Group develops baseline transition matrices which capture unconditional migration probabilities, where the underlying assumption is that the transition probabilities between the rating grades are sufficiently described by a first-order Markov process. As an integral part of this process, the Group incorporates a Credit Cycle Factor (i.e. macro-economic adjustment) utilised to derive point-in-time PDs adjusted for forward-looking information. The monthly PD curves are computed by combining the Credit Cycle Factor with the Markov model coefficients and use Markov chains principle to obtain conditional point-in-time lifetime PDs for each segment and rating grade. This structure ensures that lifetime PDs are sensitive to macro-economic conditions while at the same time maintaining sufficiently granular perspective.For the treasury portfolio, the Group adopts a similar approach in PD assessment, based on Standard and Poor\u2019s historical issuer ratings data covering an extensive number of years, and applying Markov chains principle for the lifetime PD estimation. However, for the forward-looking information and estimation of the Credit Cycle component, the Group decided to adopt the Cox model, as well as vector autoregression, for the development of the baseline, optimistic, and pessimistic scenarios.With respect to the Group\u2019s lending activities, the EAD forecasts the credit risk exposure the Group might have if a borrower defaults, taking into account the current balance and any portion of the undrawn commitment that is expected to be drawn by the time of default. The Group applies different methodologies to estimate the EAD for loans with fixed payment schedules and for revolving instruments. The Group derives the EAD for loans with fixed payment schedules as the net present value of future expected cash flows, discounted at the effective interest rate or an approximation thereof. For revolving credit products such as credit cards, encroachments, and overdrafts, and for lending commitments and financial guarantees, the EAD is computed based on the application of the Credit Conversion Factor (\u2018CCF\u2019), which is used to estimate the proportion of the undrawn commitment that is likely to be utilised before default. The CCF is a percentage utilised to convert an undrawn balance into an expected drawn amount. For revolving exposures, the CCF is estimated using the Bank\u2019s internal historical data and depends on product type and time to default. In the case of the treasury portfolio, the Group derives the EAD as net present value of future expected cash flows, discounted using the effective interest rate of the instrument. For floating coupon instruments the Group forecasts the future spot interest rates through a model based on principal component analysis (\u2018PCA\u2019) and vector autoregression (\u2018VAR\u2019).The Group calculates the LGD for the secured and unsecured portions of the EAD separately, in relation to its loan portfolios. The LGD for the secured portion is estimated based on collateral valuation adjustments. The LGD for the unsecured portion (including unsecured products) is set at 100%. Subsequent to origination, collateral values are monitored and reviewed by the Bank\u2019s qualified valuers on a regular and periodic basis. For the purposes of ECL estimation, haircuts are applied to such values also taking into account the Bank\u2019s historical data on property contractual prices and on recoveries from claims against defaulted counterparties. In relation to the secured portion of loan exposures covered by immovable property collateral, the value attributable to the collateral is adjusted to capture the impact of macro-economic conditions through the application of an adjustment factor reflecting forecasted movements in the House Price Index (\u2018HPI\u2019). The Bank\u2019s LGD model indexes the collateral value at reporting date to the expected disposal date on the basis of expected movements in HPI, as explained in further detail in Note 39.2.3 (i). Indexed property values are adjusted to reflect estimated costs to sell and maintenance costs incurred by the Bank on foreclosed properties during the time to sell period. The net realisable values are discounted to present value using the individual exposure\u2019s interest rate.The Bank\u2019s LGD models generally consider the structure of the instrument, collateral, seniority of the claim, counterparty industry and recovery costs in relation to any collateral that is linked to the financial asset. In the case of the Group\u2019s treasury portfolio, the Group lacks historical experience of defaults and accordingly makes use of the loss and recovery information on a substantial number of defaulted instruments of non\u2013financial institutions obtained from Standard & Poor\u2019s. The Group estimates weighted average LGD per instrument and industry type, with weights corresponding to the principal amount at default. Due to data restrictions Sovereigns and Financial Institutions are not included in the industry groups. Instead, the Group assigns a 45% LGD across these two industries based on regulatory practices.As described above, and subject to using a maximum of a 12-month PD for financial assets for which credit risk has not significantly increased, the Group measures ECL considering the risk of default over the maximum contractual period (including any borrower\u2019s extension options) over which it is exposed to credit risk, even if, for risk management purposes, the Group considers a longer period. The maximum contractual period extends to the date at which the Group has the right to require repayment of an advance or terminate a loan commitment or guarantee.For products with a fixed contractual maturity, the term over which the Group measures ECL is the contractual maturity. However, for retail overdrafts and credit card facilities that include both a loan and an undrawn component, the Group measures ECL over a period longer than the maximum contractual period if the Group\u2019s contractual ability to demand repayment and cancel the undrawn component does not limit the Group\u2019s exposure to credit losses to the contractual notice period. These facilities do not have a fixed term or repayment structure. Although, the Group can cancel them with immediate effect, this contractual right is not enforced in the normal day-to-day management, but only when the Group becomes aware of an increase in credit risk at the facility level. This longer period is estimated taking into account the credit risk management actions that the Group expects to take and that serve to mitigate ECL. These actions include a reduction in limits, cancellation of the facility and/or turning the outstanding balance into a loan with fixed repayment terms. For overdrafts, encroachments and credit card facilities, ECL allowances are measured over a period of 12 months. Likewise, for guarantees, ECL provisions are measured over a period of 12 months.In inactive markets, direct observation of a traded price may not be possible. In these circumstances, the Bank sources alternative market information to validate the financial instrument\u2019s fair value, with greater weight given to information that is considered to be more relevant and reliable. The factors which are mainly considered are the following:\u2022 the extent to which prices may be expected to represent genuine traded or tradable prices;\u2022 the degree of similarity between financial instruments;\u2022 the degree of consistency between different sources;\u2022 the process followed by the pricing provider to derive the data;\u2022 the elapsed time between the date to which the market data relates and the end of the reporting period; and\u2022 the manner in which the data was sourced.",
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"concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory",
"language": "en",
"entity": "scheme:529900RWC8ZYB066JF16",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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},
"f1__s7__6__70": {
"value": "2. INTEREST AND SIMILAR INCOMEThe Group The Bank2025 2024 2025 2024\u20ac000 \u20ac000 \u20ac000 \u20ac000Amortised cost:\u2011 on loans and advances to banks 2,301 3,555 2,301 3,555 \u2011 on loans and advances to customers 263,821 251,875 263,821 251,875 \u2011 on balances with Central Bank of Malta 15,393 51,062 15,393 51,062 Fair value through other comprehensive income:\u2011 on treasury bills713 255 713 255 282,228 306,747 282,228 306,747 \u2011 fair value through other comprehensive income 4,582 5,123 4,582 5,123 \u2011 amortised cost 148,528 112,720 148,528 112,720 \u2011 fair value through profit or loss 2 32 \u2011 1 \u2011 interest rate swaps550 2,030 550 2,030 Contract interest income on debt, other fixed income instruments 153,662 119,905 153,660 119,874 and derivativesAmortisation of discounts and premiums\u2011 fair value through other comprehensive income (974) (834) (974) (834)\u2011 amortised cost11,310 11,356 11,310 11,356 10,336 10,522 10,336 10,522 Interest and similar income on debt, other fixed income instruments 163,998 130,427 163,996 130,396 and derivatives446,226 437,174 446,224 437,143 Interest income on loans and advances to customers includes interest arising from loans and advances measured at amortised cost and at fair value through profit or loss. For the year ended 31 December 2025, interest income on loans designated at fair value through profit or loss amounted to \u20ac1.6 million (2024: \u20ac2.3 million).",
"dimensions": {
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"language": "en",
"entity": "scheme:529900RWC8ZYB066JF16",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s7__6__68-1": {
"value": "2. INTEREST AND SIMILAR INCOMEThe Group The Bank2025 2024 2025 2024\u20ac000 \u20ac000 \u20ac000 \u20ac000Amortised cost:\u2011 on loans and advances to banks 2,301 3,555 2,301 3,555 \u2011 on loans and advances to customers 263,821 251,875 263,821 251,875 \u2011 on balances with Central Bank of Malta 15,393 51,062 15,393 51,062 Fair value through other comprehensive income:\u2011 on treasury bills713 255 713 255 282,228 306,747 282,228 306,747 \u2011 fair value through other comprehensive income 4,582 5,123 4,582 5,123 \u2011 amortised cost 148,528 112,720 148,528 112,720 \u2011 fair value through profit or loss 2 32 \u2011 1 \u2011 interest rate swaps550 2,030 550 2,030 Contract interest income on debt, other fixed income instruments 153,662 119,905 153,660 119,874 and derivativesAmortisation of discounts and premiums\u2011 fair value through other comprehensive income (974) (834) (974) (834)\u2011 amortised cost11,310 11,356 11,310 11,356 10,336 10,522 10,336 10,522 Interest and similar income on debt, other fixed income instruments 163,998 130,427 163,996 130,396 and derivatives446,226 437,174 446,224 437,143 Interest income on loans and advances to customers includes interest arising from loans and advances measured at amortised cost and at fair value through profit or loss. For the year ended 31 December 2025, interest income on loans designated at fair value through profit or loss amounted to \u20ac1.6 million (2024: \u20ac2.3 million).3. INTEREST EXPENSEThe Group The Bank2025 2024 2025 2024\u20ac000 \u20ac000 \u20ac000 \u20ac000Amortised cost:\u2011 On amounts owed to banks 4,852 6,502 4,852 6,502 \u2011 On amounts owed to customers 2,860 3,227 2,860 3,227 \u2011 On unsubordinated debt securities in issue 35,816 35,747 35,816 35,747 \u2011 On subordinated liabilities 15,277 5,781 15,277 5,781 Fair value through profit or loss:\u2011 On interest rate swaps28 \u2011 28 \u2011 58,833 51,257 58,833 51,257",
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"language": "en",
"entity": "scheme:529900RWC8ZYB066JF16",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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},
"f1__s7__6__65-1": {
"value": "2. INTEREST AND SIMILAR INCOMEThe Group The Bank2025 2024 2025 2024\u20ac000 \u20ac000 \u20ac000 \u20ac000Amortised cost:\u2011 on loans and advances to banks 2,301 3,555 2,301 3,555 \u2011 on loans and advances to customers 263,821 251,875 263,821 251,875 \u2011 on balances with Central Bank of Malta 15,393 51,062 15,393 51,062 Fair value through other comprehensive income:\u2011 on treasury bills713 255 713 255 282,228 306,747 282,228 306,747 \u2011 fair value through other comprehensive income 4,582 5,123 4,582 5,123 \u2011 amortised cost 148,528 112,720 148,528 112,720 \u2011 fair value through profit or loss 2 32 \u2011 1 \u2011 interest rate swaps550 2,030 550 2,030 Contract interest income on debt, other fixed income instruments 153,662 119,905 153,660 119,874 and derivativesAmortisation of discounts and premiums\u2011 fair value through other comprehensive income (974) (834) (974) (834)\u2011 amortised cost11,310 11,356 11,310 11,356 10,336 10,522 10,336 10,522 Interest and similar income on debt, other fixed income instruments 163,998 130,427 163,996 130,396 and derivatives446,226 437,174 446,224 437,143 Interest income on loans and advances to customers includes interest arising from loans and advances measured at amortised cost and at fair value through profit or loss. For the year ended 31 December 2025, interest income on loans designated at fair value through profit or loss amounted to \u20ac1.6 million (2024: \u20ac2.3 million).3. INTEREST EXPENSEThe Group The Bank2025 2024 2025 2024\u20ac000 \u20ac000 \u20ac000 \u20ac000Amortised cost:\u2011 On amounts owed to banks 4,852 6,502 4,852 6,502 \u2011 On amounts owed to customers 2,860 3,227 2,860 3,227 \u2011 On unsubordinated debt securities in issue 35,816 35,747 35,816 35,747 \u2011 On subordinated liabilities 15,277 5,781 15,277 5,781 Fair value through profit or loss:\u2011 On interest rate swaps28 \u2011 28 \u2011 58,833 51,257 58,833 51,2574. NET FEE AND COMMISSION INCOME The Group The Bank2025 2024 2025 2024\u20ac000 \u20ac000 \u20ac000 \u20ac000Credit related fees and commissions 29,860 25,058 29,860 25,058 Cards related fees and commissions 17,008 15,834 17,008 15,834 Investment services related fees and commissions 25,146 23,836 16,007 14,728 Payments related fees 8,688 8,632 8,688 8,632 Other fees7,370 8,019 7,371 8,046 88,072 81,379 78,934 72,298 The fees and commissions earned by the Group are predominantly recognised at the point in time when the transaction takes place. The other fee and commission income earned from contracts with customers is measured based on the consideration specified in the contract with a customer. The Group recognises revenue over time as the services are provided.The fees and commission relating to financial assets and financial liabilities not measured at FVTPL are not considered to be significant.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRevenueExplanatory",
"language": "en",
"entity": "scheme:529900RWC8ZYB066JF16",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s7__6__71": {
"value": "3. INTEREST EXPENSEThe Group The Bank2025 2024 2025 2024\u20ac000 \u20ac000 \u20ac000 \u20ac000Amortised cost:\u2011 On amounts owed to banks 4,852 6,502 4,852 6,502 \u2011 On amounts owed to customers 2,860 3,227 2,860 3,227 \u2011 On unsubordinated debt securities in issue 35,816 35,747 35,816 35,747 \u2011 On subordinated liabilities 15,277 5,781 15,277 5,781 Fair value through profit or loss:\u2011 On interest rate swaps28 \u2011 28 \u2011 58,833 51,257 58,833 51,257",
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"language": "en",
"entity": "scheme:529900RWC8ZYB066JF16",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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"f1__s7__6__72": {
"value": "4. NET FEE AND COMMISSION INCOME The Group The Bank2025 2024 2025 2024\u20ac000 \u20ac000 \u20ac000 \u20ac000Credit related fees and commissions 29,860 25,058 29,860 25,058 Cards related fees and commissions 17,008 15,834 17,008 15,834 Investment services related fees and commissions 25,146 23,836 16,007 14,728 Payments related fees 8,688 8,632 8,688 8,632 Other fees7,370 8,019 7,371 8,046 88,072 81,379 78,934 72,298 The fees and commissions earned by the Group are predominantly recognised at the point in time when the transaction takes place. The other fee and commission income earned from contracts with customers is measured based on the consideration specified in the contract with a customer. The Group recognises revenue over time as the services are provided.The fees and commission relating to financial assets and financial liabilities not measured at FVTPL are not considered to be significant.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFeeAndCommissionIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:529900RWC8ZYB066JF16",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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},
"f1__s7__6__75": {
"value": "5. OTHER OPERATING INCOME5.1 TRADING PROFITSThe Group The Bank2025 2024 2025 2024\u20ac000 \u20ac000 \u20ac000 \u20ac000Net income on foreign exchange activities 8,336 5,816 8,381 5,777 Fair value movements and net gains on sale of financial instruments 5,294 7,983 5,284 7,979 designated at fair value through profit or lossFair value movements and net gains on sale of financial instruments (13) (7) (13) (7)mandatorily measured at fair value through profit or loss13,617 13,792 13,652 13,7495.2 NET (LOSS)/GAIN ON INVESTMENT SECURITIES AND HEDGING INSTRUMENTSThe Group The Bank2025 2024 2025 2024 \u20ac000 \u20ac000 \u20ac000 \u20ac000Amortised cost instruments\u2011 net gain on disposal \u2011 4,213 \u2011 4,213- 4,213 - 4,213Financial assets at FVOCI \u2011 debt instruments\u2011 net (loss) on disposal (76) (111) (76) (111)\u2011 net revaluation gain/(loss) on hedged items attributable to hedged risk883 (1,280) 883 (1,280)807 (1,391) 807 (1,391)Derivative financial instruments\u2011 net (loss)/gain on derivative financial instruments designated as (898) 1,279 (898) 1,279 hedging instruments(91) 4,101 (91) 4,101 5.3 OTHER INCOMEDuring the year ended 31 December 2025, the Group recognised a significant amount of other income amounting to \u20ac6.4 million. This income arose from a one-off derecognition of a liability previously recognised under \u2018Other Liabilities\u2019 in the Statement of Financial Position. The derecognition of the liability and subsequent recognition as income was attributable to an update to the contractual terms with a third-party counterparty, which resulted in the extinguishment of the Group\u2019s obligation under the original agreement. Whilst the resultant income recognised during the year under review is non-recurring in nature, future income arising from the revised contractual arrangement will be recognised on an ongoing basis within \u2018Net fee and commission income\u2019.",
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"concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:529900RWC8ZYB066JF16",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s7__6__74-1": {
"value": "5.1 TRADING PROFITSThe Group The Bank2025 2024 2025 2024\u20ac000 \u20ac000 \u20ac000 \u20ac000Net income on foreign exchange activities 8,336 5,816 8,381 5,777 Fair value movements and net gains on sale of financial instruments 5,294 7,983 5,284 7,979 designated at fair value through profit or lossFair value movements and net gains on sale of financial instruments (13) (7) (13) (7)mandatorily measured at fair value through profit or loss13,617 13,792 13,652 13,74939.4.2 CURRENCY RISKCurrency risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in foreign exchange rates. The Board of Directors sets limits on the level of exposure by currency and in total, which levels are monitored daily.The following table summarises the Group\u2019s exposure to foreign currency exchange rate risk at the reporting date. Included in the table are the Group\u2019s assets and liabilities at carrying amounts, analysed into relevant currency groupings.Other The Bank EUR USD GBP AUDCurrencies Total31 December 2025 \u20ac000 \u20ac000 \u20ac000 \u20ac000 \u20ac000 \u20ac000AssetsBalances with Central Bank of Malta, cash and other related assets 918,407 1,169 470 290 888 921,224 Financial assets at fair value \ue63b\ue62c\ue638\ue633\ue63c\ue62b\ue62c\ue602\ue636\ue638\ue633\ue629\ue63b\ue602\ue633\ue638\ue602\ue6a3\ue633\ue639\ue639\ue666\ue602\ue608\ue627\ue623\ue63b\ue602\ue621\ue632\ue626\ue602\ue633\ue63b\ue62c\ue627\ue638\ue602\ue629\ue63f\ue627\ue626\ue602\ue62d\ue632\ue624\ue633\ue631\ue627\ue602instruments income instruments 6 \u2011 \u2011 \u2011 \u2011 6 \ue666\ue602\ue609\ue637\ue63c\ue62d\ue63b\ue640\ue602\ue621\ue632\ue626\ue602\ue633\ue63b\ue62c\ue627\ue638\ue602\ue632\ue633\ue632\ue666\ue629\ue63f\ue627\ue626\ue602income instruments \u2011 31,634 \u2011 \u2011 \u2011 31,634 \u2011 Loans and advances 36,643 \u2011 \u2011 \u2011 \u2011 36,643 \ue666\ue602\ue608\ue627\ue638\ue62d\ue63d\ue621\uefa7\ue63d\ue627\ue602\ue629\ue632\ue621\ue632\ue624\ue62d\ue621\ue6a3\ue602\ue621\ue639\ue639\ue627\ue63b\ue639 58 \u2011 \u2011 \u2011 \u2011 58 Investments\ue602\ue666\ue602\ue608\ue627\ue623\ue63b\ue602\ue621\ue632\ue626\ue602\ue633\ue63b\ue62c\ue627\ue638\ue602\ue629\ue63f\ue627\ue626\ue602\ue62d\ue632\ue624\ue633\ue631\ue627\ue602\ue629\ue632\ue621\ue632\ue624\ue62d\ue621\ue6a3\ue602\ue62d\ue632\ue639\ue63b\ue638\ue63c\ue631\ue627\ue632\ue63b\ue639 \u2011 FVOCI 13,256 56,813 717 \u2011 \u2011 70,786 \ue602\ue666\ue602\ue603\ue631\ue633\ue638\uefa7\ue639\ue627\ue626\ue602\ue606\ue633\ue639\ue63b 6,758,026 \u2011 17,417 5,766 \u2011 6,781,209 Loans and advances to banks 61,947 51,238 30,110 24,613 90,846 258,754 Loans and advances to customers 7,958,324 5,104 22,045 \u2011 \u2011 7,985,473 Other assets 24,190 297 1 \u2011 339 24,827 15,770,857 146,255 70,760 30,669 92,073 16,110,614 \ue615\ue662\ue62d\ue630\ue662\uea74\ue662\uef9e\ue63b\ue676\ue608\ue627\ue638\ue62d\ue63d\ue621\uefa7\ue63d\ue627\ue602\ue629\ue632\ue621\ue632\ue624\ue62d\ue621\ue6a3\ue602\ue6a3\ue62d\ue621\ue623\ue62d\ue6a3\ue62d\uefa7\ue627\ue639 \u2011 36 \u2011 \u2011 \u2011 36 Amounts owed to banks 90,658 5,689 57 38 3,452 99,894Amounts owed to customers 13,256,038 204,218 110,375 32,460 142,019 13,745,110 \ue613\ue63b\ue62c\ue627\ue638\ue602\ue6a3\ue62d\ue621\ue623\ue62d\ue6a3\ue62d\uefa7\ue627\ue639 217,436 8,436 485 187 267 226,811 Provisions 17,551 2 1 \u2011 \u2011 17,554 \ue61b\ue632\ue639\ue63c\ue623\ue633\ue638\ue626\ue62d\ue632\ue621\ue63b\ue627\ue626\ue602\ue626\ue627\ue623\ue63b\ue602\ue639\ue627\ue624\ue63c\ue638\ue62d\uefa7\ue627\ue639\ue602in issue 351,659 \u2011 \u2011 \u2011 \u2011 351,659 \ue619\ue63c\ue623\ue633\ue638\ue626\ue62d\ue632\ue621\ue63b\ue627\ue626\ue602\ue6a3\ue62d\ue621\ue623\ue62d\ue6a3\ue62d\uefa7\ue627\ue639 540,143 \u2011 \u2011 \u2011 \u2011 540,143 14,473,485 218,381 110,918 32,685 145,738 14,981,207\ue612\ue627\ue63b\ue602\ue633\ue632\ue602\ue623\ue621\ue6a3\ue621\ue632\ue624\ue627\ue602\ue639\ue62c\ue627\ue627\ue63b\ue602\ue629\ue632\ue621\ue632\ue624\ue62d\ue621\ue6a3\ue602\ue636\ue633\ue639\ue62d\uefa7\ue633\ue632 (72,126) (40,158) (2,016) (53,665)\ue612\ue633\uefa7\ue633\ue632\ue621\ue6a3\ue602\ue621\ue631\ue633\ue63c\ue632\ue63b\ue602\ue633\ue628\ue602\ue626\ue627\ue638\ue62d\ue63d\ue621\uefa7\ue63d\ue627\ue602instruments 69,430 38,488 1,991 54,464 \ue612\ue627\ue63b\ue602\ue633\ue636\ue627\ue632\ue602\ue636\ue633\ue639\ue62d\uefa7\ue633\ue632\ue602 (2,696) (1,670) (25) 799 Other The Bank EUR USD GBP AUDCurrencies Total31 December 2024 \u20ac000 \u20ac000 \u20ac000 \u20ac000 \u20ac000 \u20ac000AssetsBalances with Central Bank of Malta, cash and other related assets 1,083,117 896 991 88 779 1,085,871 Financial assets at fair value \ue63b\ue62c\ue638\ue633\ue63c\ue62b\ue62c\ue602\ue636\ue638\ue633\ue629\ue63b\ue602\ue633\ue638\ue602\ue6a3\ue633\ue639\ue639\ue666\ue602\ue608\ue627\ue623\ue63b\ue602\ue621\ue632\ue626\ue602\ue633\ue63b\ue62c\ue627\ue638\ue602\ue629\ue63f\ue627\ue626\ue602\ue62d\ue632\ue624\ue633\ue631\ue627\ue602instruments 39 \u2011 \u2011 \u2011 \u2011 39 \ue666\ue602\ue609\ue637\ue63c\ue62d\ue63b\ue640\ue602\ue621\ue632\ue626\ue602\ue633\ue63b\ue62c\ue627\ue638\ue602\ue632\ue633\ue632\ue666\ue629\ue63f\ue627\ue626\ue602income instruments \u2011 31,123 \u2011 \u2011 \u2011 31,123 \u2011Loans and advances 50,677 \u2011 \u2011 \u2011 \u2011 50,677\ue666\ue602\ue608\ue627\ue638\ue62d\ue63d\ue621\uefa7\ue63d\ue627\ue602\ue629\ue632\ue621\ue632\ue624\ue62d\ue621\ue6a3\ue602\ue621\ue639\ue639\ue627\ue63b\ue639 94 \u2011 \u2011 \u2011 \u2011 94 Investments \u2011 FVOCI 13,467 64,445 2,629 \u2011 \u2011 80,541 \ue602\ue666\ue602\ue603\ue631\ue633\ue638\uefa7\ue639\ue627\ue626\ue602\ue624\ue633\ue639\ue63b 6,189,962 12,386 29,085 19,824 \u2011 6,251,257 Loans and advances to banks 52,960 84,359 53,864 7,448 129,916 328,547 Loans and advances to customers 6,819,355 9,761 17,186 \u2011 \u2011 6,846,302 Other assets 30,670 \u2011 \u2011 1 2 30,67314,240,341 202,970 103,755 27,361 130,697 14,705,124\ue615\ue662\ue62d\ue630\ue662\uea74\ue662\uef9e\ue63b\ue676Amounts owed to banks 6,604 946 344 17 1,239 9,150 Amounts owed to customers 12,334,027 203,427 117,868 27,143 125,492 12,807,957 \ue613\ue63b\ue62c\ue627\ue638\ue602\ue6a3\ue62d\ue621\ue623\ue62d\ue6a3\ue62d\uefa7\ue627\ue639 222,582 2,037 911 199 126 225,855 Provisions 18,386 2 \u2011 \u2011 \u2011 18,388 \ue61b\ue632\ue639\ue63c\ue623\ue633\ue638\ue626\ue62d\ue632\ue621\ue63b\ue627\ue626\ue602\ue626\ue627\ue623\ue63b\ue602\ue639\ue627\ue624\ue63c\ue638\ue62d\uefa7\ue627\ue639\ue602in issue 350,846 \u2011 \u2011 \u2011 \u2011 350,846 \ue619\ue63c\ue623\ue633\ue638\ue626\ue62d\ue632\ue621\ue63b\ue627\ue626\ue602\ue6a3\ue62d\ue621\ue623\ue62d\ue6a3\ue62d\uefa7\ue627\ue639 263,136 \u2011 \u2011 \u2011 \u2011 263,136 13,195,581 206,412 119,123 27,359 126,857 13,675,332 \ue612\ue627\ue63b\ue602\ue633\ue632\ue602\ue623\ue621\ue6a3\ue621\ue632\ue624\ue627\ue602\ue639\ue62c\ue627\ue627\ue63b\ue602\ue629\ue632\ue621\ue632\ue624\ue62d\ue621\ue6a3\ue602\ue636\ue633\ue639\ue62d\uefa7\ue633\ue632 (3,442) (15,368) 2 3,840 \ue612\ue633\uefa7\ue633\ue632\ue621\ue6a3\ue602\ue621\ue631\ue633\ue63c\ue632\ue63b\ue602\ue633\ue628\ue602\ue626\ue627\ue638\ue62d\ue63d\ue621\uefa7\ue63d\ue627\ue602instruments 3,805 14,994 \u2011 (3,793)\ue612\ue627\ue63b\ue602\ue633\ue636\ue627\ue632\ue602\ue636\ue633\ue639\ue62d\uefa7\ue633\ue632\ue602 363 (374) 2 47 Currency risk, commonly referred to as exchange-rate risk, arises from the change in price of one currency in relation to another where a possibility of losing money due to unfavourable moves in exchange rates can arise. The following table shows how a 1% change in the exchange rate of the main three foreign currencies, to which the Group is exposed, would impact the institution. The sensitivity analysis performed shows that the impact on the balance sheet is minimal. No currency other than the domestic currency exceeded the level of 5% aggregate amount of liabilities denominated in the respective currency as a proportion of the total liabilities. Thus, the euro is principally utilised in the Group\u2019s business and 96.6% of total liabilities are euro-denominated. In principle, the Group does not finance its assets in a currency which is different from that in which the assets are denominated, and funding in a foreign currency is deployed in assets denominated in that same currency. Any residual net exposures in a specific foreign currency are generally eliminated through the use of derivative financial instruments as reflected in the tables above.USD GBP AUD Total 2025 \u20ac000 \u20ac000 \u20ac000 \u20ac000+1% change in foreign exchange 27 17 \u2011 44 \u20111% change in foreign exchange (27) (17) \u2011 (44)USD GBP AUD Total 2024 \u20ac000 \u20ac000 \u20ac000 \u20ac000+1% change in foreign exchange (4) 4 \u2011 \u2011 \u20111% change in foreign exchange 4 (4) \u2011 \u2011",
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"value": "5.1 TRADING PROFITSThe Group The Bank2025 2024 2025 2024\u20ac000 \u20ac000 \u20ac000 \u20ac000Net income on foreign exchange activities 8,336 5,816 8,381 5,777 Fair value movements and net gains on sale of financial instruments 5,294 7,983 5,284 7,979 designated at fair value through profit or lossFair value movements and net gains on sale of financial instruments (13) (7) (13) (7)mandatorily measured at fair value through profit or loss13,617 13,792 13,652 13,749",
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"f1__s7__6__76-1": {
"value": "6. EMPLOYEE COMPENSATION AND BENEFITSThe Group The Bank2025 2024 2025 2024\u20ac000 \u20ac000 \u20ac000 \u20ac000Gross employee compensation and benefits\u2011 wages and salaries 106,482 98,286 104,013 95,811 \u2011 social security costs 5,536 5,689 5,386 5,529 \u2011 termination benefits 5,555 5,744 5,555 5,744 \u2011 post\u2011employment benefits 2,091 2,130 2,032 2,076 \u2011 other staff costs 17,493 11,511 17,467 11,489 Total gross employee compensation and benefits 137,157 123,360 134,453 120,649 Compensation and benefits capitalised as intangible assets\u2011 wages and salaries (307) \u2011 (307) \u2011 \u2011 social security costs (19) \u2011 (19) \u2011 Net compensation and benefits as recognised in profit or loss 136,831 123,360 134,127 120,64935. EMPLOYEE BENEFITS35.1 POST-EMPLOYMENT BENEFITS35.1.1 \ue608\ue609\ue60a\ue60d\ue612\ue609\ue608\ue602\ue605\ue609\ue612\ue609\ue60a\ue60d\ue61a\ue602\ue616\ue610\ue603\ue612\ue602\ueabb\ue602\ue616\ue609\ue612\ue619\ue60d\ue613\ue612\ue602\ue61a\ue613\ue616\ueaba\ue61b\ue616The Group and the Bank contributes to a post-employment benefit plan (\u201cthe plan\u201d) which is applicable to eligible individuals. The benefits provided to the individuals in terms of the plan are computed on a specified formula which takes into consideration, amongst other things, the employees\u2019 salary on retirement and the pension entitlement in terms of Maltese law.The liability is computed in accordance with the accounting policy for post-employment benefit plans, using the projected unit credit method at the end of the reporting period, and represents the Group\u2019s and the Bank\u2019s obligation:i. discounted to the net present value at the rate which has been determined by reference to market yields at the end of the reporting period on high-quality corporate bonds; andii. after considering the life expectancy of such employees based on the latest publicly available mortality tables.The year-end obligation in relation to the plan is exclusively attributable to retired employees.The plan exposes the Group and the Bank to the following risks:i. interest rate risk, since a decrease in market yields will increase the plan liability; andii. longevity risk, since an increase in the life expectancy of the plan participants will increase the plan liability.The significant actuarial assumptions applied by the Group and the Bank in respect of the plan are as follows: The Group and the Bank2025 2024 Weighted average discount rates \u2011 Euro corporate yields 2.92% 2.85%Life expectancy (years): Males 82 82 Females 86 86 Sensitivity analysis as of the end of the reporting period, showing how the liability would have been affected by hypothetical changes in the relevant actuarial assumptions that were reasonably possible at that date, while holding other assumptions constant, is presented below: \u2022 If the discount rate is 100 basis points higher/(lower) with other assumptions held constant, the defined benefit obligation decreases by \u20ac0.4 million (increases by \u20ac0.4 million). \u2022 If the life expectancy increases (decreases) by two years for both men and women with other assumptions held constant, the defined benefit obligation increases by \u20ac2.0 million (decreases by \u20ac2.1 million). The average duration of the obligation in respect of the plan at 31 December 2025 is 7 years (2024: 7 years).In view of the fact that the obligation as at 31 December 2025 is not considered material in the context of the amounts reported in the statements of financial position and due to the nature of the actuarial assumptions referred to above, the involvement of an actuary in estimating this obligation was not deemed necessary. In this respect, the inclusion of other disclosures required in terms of IFRSs as adopted by the EU was not deemed necessary.35.1.2 \ue608\ue609\ue60a\ue60d\ue612\ue609\ue608\ue602\ue606\ue613\ue612\ue61a\ue618\ue60d\ue605\ue61b\ue61a\ue60d\ue613\ue612\ue602\ue616\ue610\ue603\ue612\ue602\ueabb\ue602\ue61c\ue613\ue610\ue61b\ue612\ue61a\ue603\ue618\ue61f\ue602\ue613\ue606\ue606\ue61b\ue616\ue603\ue61a\ue60d\ue613\ue612\ue603\ue610\ue602\ue616\ue609\ue612\ue619\ue60d\ue613\ue612\ue619\ue602\ue619\ue606\ue60c\ue609\ue611\ue609In this respect, the Group and the Bank effect contributions by assisting eligible employees that opt for the scheme in saving for their retirement. Contributions effected during the current financial year, which have been expensed, amounted to \u20ac2.0 million (2024: \u20ac1.8 million).35.2 TERMINATION BENEFITSThe Group and Bank have affected payments during the year to employees who would have opted for voluntary termination of employment under an effective Voluntary Retirement Scheme by applying under, and accepting the related terms of, the Scheme. The expense recognised during the year ended 31 December 2025 amounted to \u20ac5.6 million (2024: \u20ac5.7 million). At year end the Group and the Bank have recognised a liability in respect of approved but unsettled applications under the Scheme. In this respect, the inclusion of other disclosures required in terms of IFRSs as adopted by the EU was not deemed necessary taking cognisance of the immateriality of the expense incurred during the year and of the liability as at the year end.35.3 SUMMARY OF MOVEMENTS IN POST-EMPLOYMENT AND TERMINATION BENEFITSThe Group and the Bank2025 2024\u20ac000 \u20ac000 Present value at 1 January 15,788 16,741 Payments effected (6,430) (7,536) Recognised in profit or loss: \u2011 Interest expense (6) 319 \u2011 Increase in liability attributable to termination benefits 5,555 5,744 Actuarial (losses)/gains recognised from remeasurement of obligation: \u2011 Experience adjustments (677) (824) \u2011 Changes in financial assumptions 140 293 \u2011 Changes in demographic assumptions\u2011 1,051 Present value at 31 December14,370 15,788",
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"value": "The average number of employees are analysed as follows:Managerial 1,099 982 1,075 959 Supervisory and clerical1,193 1,187 1,164 1,154 Others 169 133 163 130 2,461 2,302 2,402 2,243",
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"value": "7. GENERAL ADMINISTRATIVE EXPENSES BY NATUREThe Bank\u2019s general administrative expenses comprise a number of underlying cost categories that reflect the operating activities required to support core business functions.The Group The Bank2025 2024 2025 2024\u20ac000 \u20ac000 \u20ac000 \u20ac000IT maintenance and other IT related costs 49,000 38,951 48,018 37,939 Professional fees and regulatory costs 14,804 14,281 14,675 14,107 Occupancy and other administration fees25,220 19,784 24,784 19,294 89,024 73,016 87,477 71,340 Other administrative fees comprise a range of day-to-day operational costs incurred in supporting the Bank\u2019s activities.",
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"f1__s7__6__79": {
"value": "7. GENERAL ADMINISTRATIVE EXPENSES BY NATUREThe Bank\u2019s general administrative expenses comprise a number of underlying cost categories that reflect the operating activities required to support core business functions.The Group The Bank2025 2024 2025 2024\u20ac000 \u20ac000 \u20ac000 \u20ac000IT maintenance and other IT related costs 49,000 38,951 48,018 37,939 Professional fees and regulatory costs 14,804 14,281 14,675 14,107 Occupancy and other administration fees25,220 19,784 24,784 19,294 89,024 73,016 87,477 71,340 Other administrative fees comprise a range of day-to-day operational costs incurred in supporting the Bank\u2019s activities.",
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"f1__s7__6__78-1": {
"value": "7. GENERAL ADMINISTRATIVE EXPENSES BY NATUREThe Bank\u2019s general administrative expenses comprise a number of underlying cost categories that reflect the operating activities required to support core business functions.The Group The Bank2025 2024 2025 2024\u20ac000 \u20ac000 \u20ac000 \u20ac000IT maintenance and other IT related costs 49,000 38,951 48,018 37,939 Professional fees and regulatory costs 14,804 14,281 14,675 14,107 Occupancy and other administration fees25,220 19,784 24,784 19,294 89,024 73,016 87,477 71,340 Other administrative fees comprise a range of day-to-day operational costs incurred in supporting the Bank\u2019s activities.20. INTANGIBLE ASSETSThe Group The Bank2025 2024 2025 2024\u20ac000 \u20ac000 \u20ac000 \u20ac000SoftwareCost 1 January 122,176 119,538 121,876 119,238 Additions 8,643 3,823 8,643 3,823 Assets retired from active use(7,729) (1,185) (7,729) (1,185)31 December123,090 122,176 122,790 121,876 Accumulated amortisation1 January 76,859 64,896 76,570 64,707 Charge for the year 12,770 13,148 12,759 13,048 Assets retired from active use(7,519) (1,185) (7,519) (1,185)31 December82,110 76,859 81,810 76,570 Carrying amount at 1 January45,317 54,642 45,306 54,531Carrying amount at 31 December40,980 45,317 40,980 45,306Future capital expenditure:- contracted but not provided for in the financial statements 88 124 88 124 - authorised by the directors but not contracted25,048 21,700 25,048 21,70021. PROPERTY AND EQUIPMENT Reconciliation of Carrying AmountIT infrastructure Land and and buildingsequipment Other TotalThe Group\u20ac000 \u20ac000 \u20ac000 \u20ac000Cost or valuationBalance at 1 January 2024 144,650 32,661 29,189 206,500 Additions 6,661 8,473 5,210 20,344 Assets retired from active use (20) (37) (437) (494)Disposals (404) \u2011 (47) (451)Revaluation6,861 \u2011 \u2011 6,861 Balance at 31 December 2024 157,748 41,097 33,915 232,760 Balance at 1 January 2025 157,748 41,097 33,915 232,760 Additions 20,995 4,112 5,721 30,828 Reclassification to Assets held for realisation (1,348) \u2011 \u2011 (1,348)Assets retired from active use (78) (2,683) (726) (3,487)Disposals (7,644) \u2011 \u2011 (7,644)Revaluation4,680 \u2011 \u2011 4,680 Balance at 31 December 2025 174,353 42,526 38,910 255,789 Accumulated depreciationBalance at 1 January 2024 25,334 26,147 20,847 72,328 Depreciation for the year 2,282 3,206 1,676 7,164 Assets retired from active use (9) (8) (105) (122)Disposals(104) \u2011 (25) (129)Balance at 31 December 2024 27,503 29,345 22,393 79,241 Balance at 1 January 2025 27,503 29,345 22,393 79,241 Depreciation for the year 2,558 3,446 2,182 8,186 Reclassfication to Assets held for realisation (48) \u2011 \u2011 (48) Assets retired from active use (68) (2,677) (709) (3,454)Disposals(341) \u2011 \u2011 (341)Balance at 31 December 2025 29,604 30,114 23,866 83,584 Carrying amount at:Balance at 1 January 2024119,316 6,514 8,342 134,172 Balance at 31 December 2024 130,245 11,752 11,522 153,519 Balance at 31 December 2025 144,749 12,412 15,044 172,205 As at 31 December 2025, Property and Equipment includes right-of-use assets with a carrying amount of \u20ac7.0 million (2024: \u20ac6.0 million) (Note 22).Reconciliation of carrying amount (continued)IT infrastructure Land and and buildingsequipment Other TotalThe Bank\u20ac000 \u20ac000 \u20ac000 \u20ac000Cost or valuationBalance at 1 January 2024 144,584 31,620 27,765 203,969 Additions 6,637 8,473 5,210 20,320 Assets retired from active use (21) (37) (437) (495)Disposals (403) \u2011 (38) (441)Revaluation6,861 \u2011 \u2011 6,861 Balance at 31 December 2024 157,658 40,056 32,500 230,214 Balance at 1 January 2025 157,658 40,056 32,500 230,214 Additions 20,995 4,112 5,720 30,827 Reclassification to Assets held for realisation (1,348) \u2011 \u2011 (1,348)Assets retired from active use (78) (2,683) (726) (3,487)Disposals (7,645) \u2011 \u2011 (7,645)Revaluation4,679 \u2011 \u2011 4,679 Balance at 31 December 2025 174,261 41,485 37,494 253,240 Accumulated depreciationBalance at 1 January 2024 25,268 25,138 19,438 69,844 Depreciation for the year 2,282 3,178 1,673 7,133 Assets retired from active use (9) (8) (105) (122)Disposals(104) \u2011 (24) (128)Balance at 31 December 2024 27,437 28,308 20,982 76,727 Balance at 1 January 2025 27,437 28,308 20,982 76,727 Depreciation for the year 2,557 3,442 2,178 8,177 Reclassification to Assets held for realisation (48) \u2011 \u2011 (48)Assets retired from active use (68) (2,677) (709) (3,454)Disposals(341) \u2011 \u2011 (341)Balance at 31 December 2025 29,537 29,073 22,451 81,061 Carrying amount at:Balance at 1 January 2024119,316 6,482 8,327 134,125Balance at 31 December 2024 130,221 11,748 11,518 153,487 Balance at 31 December 2025 144,724 12,412 15,043 172,179 As at 31 December 2025, Property and Equipment include right-of-use assets with a carrying amount of \u20ac7.0 million (2024: \u20ac5.9 million)(see Note 22).21.1 RECONCILIATION OF CARRYING AMOUNT The Group The Bank2025 2024 2025 2024\u20ac000 \u20ac000 \u20ac000 \u20ac000Carrying amount of land and buildings occupied for own use144,749 130,245 144,724 130,221Future capital expenditure:\u2011 contracted but not provided for in the financial statements 811 17,496 811 17,496 \u2011 authorised by the directors but not contracted26,159 38,721 26,159 38,721 Land and buildings are revalued by professionally qualified architects on the basis of open market value in accordance with the Group\u2019s accounting policy disclosed within Note 1. The carrying amounts of land and buildings that would have been included in the financial statements had these assets been carried at cost less accumulated depreciation are: 2025: Group \u20ac66.6 million (2024: \u20ac55.0 million) 2025: Bank \u20ac66.6 million (2024: \u20ac55.0 million)Valuation processesRevaluations are carried out on a regular basis in accordance with the Group\u2019s accounting policy. The valuations of the properties are performed on the basis of valuation reports prepared by qualified valuers, which are supported by valuation models and assumptions utilised by the valuers, with assumptions being typically market related based on market observation and professional judgement and by information provided by the Group. The information provided to the valuers, together with the valuation models and the assumptions used by the valuers, are reviewed by management and the appropriateness of the valuation reports is also assessed by management. At the end of every reporting period, management assess whether any significant changes or developments have been experienced since the last valuation report. This analysis is generally supported by assessments performed by the qualified valuers referred to above.Valuation techniquesThe external valuations of the Level 3 property are performed using a multi-criteria approach, with every property being valued utilising the valuation technique considered by the external valuer to be the most appropriate for the respective property. The highest and best use of the Group\u2019s properties is considered equivalent to their current use. Property values are primarily estimated using the \u2018investment approach\u2019, the outcome of which is validated utilising the \u2018comparative method\u2019. Under the investment approach, the market value is determined by capitalising the annual income the property would generate if leased to third parties, using an appropriate yield rate. Under the comparative method, estate agency listings of similar properties are analysed to derive an average sales value per square metre, adjusted for relevant parameters. All the recurring property fair value measurements at the end of each financial period presented are derived through the use of significant unobservable inputs and are accordingly categorised within Level 3 of the fair valuation hierarchy. The Group\u2019s policy is to recognise transfers into and out of fair value hierarchy levels as of the end of the reporting period. There were no transfers between different levels of the fair value hierarchy during the current and preceding financial years. A reconciliation from the opening balance to the closing balance of property for recurring fair value measurements categorised within Level 3 of the fair value hierarchy is reflected in the tables above. Significant unobservable inputs used in the valuation of these properties are the rental income for office space and the percentage capitalisation rate which indicates the multiplier relationship between net rental income and property value. Further details about these significant inputs are summarised in the table below:Significant unobservable input Narrative sensitivityBuildings in Commercial Area Rental per square metre, The higher the rental per square metre the higher the fair valueranging from \u20ac125/sqm to \u20ac880/sqm (2024: \u20ac125/sqm to \u20ac880/sqm with a weighted average of \u20ac212/sqm (2024: \u20ac204/sqm)Capitalisation rate, ranging fromThe higher the capitalisation ratethe lower the fair value 5.31% to 8.30% (2024: 5.31% to 8.30%)Buildings in Residential Area Price per square metre, ranging fromThe higher the rental per square metrethe higher the fair value\u20ac125/sqm to \u20ac611/sqm(2024: \u20ac125/sqm to \u20ac880/sqm) with a weighted average of \u20ac170/sqm (2024: \u20ac162/sqm)Capitalisation rate, ranging fromThe higher the capitalisation ratethe lower the fair value5.50% to 8.00%(2024: 5.50% to 8.00%)22. LEASESThe Group\u2019s lease arrangements comprise long-term leasehold properties, other immovable property leaseholds, property space for ATMs and motor vehicles. Extension and termination options are included in some property and certain motor vehicles leases. These terms are used to maximise operational flexibility in respect of managing contracts. The extension and termination options held are exercisable only by the Group and not by the respective lessor.Information about leases for which the Group is a lessee is presented below.i. Right-of-use assetsRight-of-use assets are presented within property and equipment (see Note 21).Land and Buildings Other TotalThe Group \u20ac000 \u20ac000 \u20ac000CostBalance at 1 January 2024 12,536 1,854 14,390 Additions 650 158 808 Terminations(173) (8) (181)Balance at 31 December 2024 13,013 2,004 15,017 Balance at 1 January 2025 13,013 2,004 15,017 Additions 2,259 150 2,409 Terminations(13) \u2011 (13)Balance at 31 December 2025 15,259 2,154 17,413 Accumulated DepreciationBalance at 1 January 2024 6,514 1,284 7,798Depreciation charge for the year 1,064 196 1,260 Balance at 31 December 2024 7,578 1,480 9,058Balance at 1 January 2025 7,578 1,480 9,058Depreciation charge for the year 1,143 162 1,305 Balance at 31 December 2025 8,721 1,642 10,363Carrying amount at:Balance at 1 January 20246,022 570 6,592Balance at 31 December 2024 5,435 524 5,959Balance at 31 December 2025 6,538 512 7,050Land and Buildings Other TotalThe Bank\u20ac000 \u20ac000 \u20ac000CostBalance at 1 January 2024 12,222 1,804 14,026 Additions 651 136 787 Terminations(173) (8) (181)Balance at 31 December 2024 12,700 1,932 14,632 Balance at 1 January 2025 12,700 1,932 14,632 Additions 2,258 153 2,411 Terminations(13) \u2011 (13)Balance at 31 December 2025 14,945 2,085 17,030 Accumulated DepreciationBalance at 1 January 2024 6,201 1,237 7,438 Depreciation charge for the year 1,064 192 1,256 Balance at 31 December 2024 7,265 1,429 8,694 Balance at 1 January 2025 7,265 1,429 8,694 Depreciation charge for the year 1,143 159 1,302 Balance at 31 December 2025 8,408 1,588 9,996 Carrying amount at:Balance at 1 January 20246,021 567 6,588 Balance at 31 December 2024 5,435 503 5,938Balance at 31 December 2025 6,537 497 7,034 See Note 28 for maturity analysis of lease liabilities as at 31 December 2025 and 31 December 2024.ii. Amounts recognised in profit or loss The GroupLand and Buildings Other Total\u20ac000 \u20ac000 \u20ac000Depreciation charge 2024 1,064 196 1,260 Interest on lease liabilities 2024 166 9 175 Expenses relating to short\u2011term leases 2024240 \u2011 240 1,470 205 1,675 Depreciation charge 2025 1,143 162 1,305 Interest on lease liabilities 2025 183 12 195 Expenses relating to short\u2011term leases 2025527 \u2011 527 1,853 174 2,027 The BankLand and Buildings Other Total\u20ac000 \u20ac000 \u20ac000Depreciation charge 2024 1,064 192 1,256 Interest on lease liabilities 2024 166 9 175 Expenses relating to short\u2011term leases 2024240 \u2011 240 1,470 201 1,671 Depreciation charge 2025 1,143 159 1,302 Interest on lease liabilities 2025 183 11 194 Expenses relating to short\u2011term leases 2025527 \u2011 527 1,853 170 2,023 iii. Amounts recognised in statement of cash flows The GroupLand and Buildings Other Total\u20ac000 \u20ac000 \u20ac000Total cash outflow for leases 20241,205 208 1,413 Total cash outflow for leases 2025 1,196 174 1,370 The BankLand and Buildings Other Total\u20ac000 \u20ac000 \u20ac000Total cash outflow for leases 20241,207 203 1,410 Total cash outflow for leases 2025 1,196 170 1,366 iv. Extension optionsSome property leases contain extension options exercisable by the Group and not by the lessors. The Group assesses atlease commencement date whether it is reasonably certain to exercise the extension options, and if it is reasonably certainto exercise the extension option, the Group includes this period in the lease term and the potential future lease payments inthe lease liability. The majority of extension periods have been included in this respect.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfExpensesExplanatory",
"language": "en",
"entity": "scheme:529900RWC8ZYB066JF16",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s7__6__81-1": {
"value": "8. NET IMPAIRMENT CHARGE/(REVERSAL)The Group The Bank2025 2024 2025 2024\u20ac000 \u20ac000 \u20ac000 \u20ac000Change in expected credit losses on:(a) Financial instruments measured at amortised cost:\u2011 debt securities (292) (205) (292) (205)\u2011 loans and advances to banks 3 17 3 17 \u2011 loans and advances to customers 4,861 19,991 4,861 19,991 (b) Financial instruments measured at fair value through other comprehensive income:\u2011 treasury bills (2) (3) (2) (3)\u2011 debt securities \u2011 (4) \u2011 (4)(c) loan commitments and financial guarantees1,334 1,425 1,334 1,425 5,904 21,221 5,904 21,221 Other credit impairment charges:\u2011 amounts written\u2011off (8,978) (1,319) (8,978) (1,319)\u2011 recoveries of amounts previously written\u2011off3,032 3,929 3,032 3,929 (5,946) 2,610 (5,946) 2,610 Net impairment (charge)/reversal(42) 23,831 (42) 23,831 The change in expected credit losses on loans and advances to customers is net of the reclassification of the discount unwind element to interest income amounting to \u20ac2.9 million (2024: \u20ac3.7 million).Net impairment (charge)/reversal for the year includes post-model adjustment reversal of \u20ac8.2 million (2024: post-model adjustment reversal of \u20ac3.4 million) (Note 39.2.3(j)).c. Expected credit loss measurementIFRS 9 outlines a \u2018three-stage\u2019 model for impairment based on changes in credit quality since initial recognition as summarised below:\u2022 A financial instrument that is not credit-impaired on initial recognition is classified in Stage 1 and has its credit risk continuously monitored by the Group.\u2022 If a significant increase in credit risk (SICR) since initial recognition is identified, the financial instrument is moved to Stage 2 but is not yet deemed to be credit-impaired. Refer to the significant increase in credit risk section of this note for a description of how the Group determines when a significant increase in credit risk has occurred.\u2022 If the financial instrument is credit-impaired, the financial instrument is then moved to Stage 3. Refer to the definition of default and credit impaired section of this note for a description of how the Group defines credit-impaired and default.\u2022 Financial instruments in Stage 1 have their ECL allowances measured at an amount equal to the portion of lifetime expected credit losses that result from default events possible within the next 12 months. Instruments in Stages 2 and 3 have their ECL measured based on expected loss allowances on a lifetime basis. Refer to the measuring ECL section of this note for a description of inputs, assumptions and estimation techniques used in measuring the ECL. A pervasive concept in measuring ECL allowances in accordance with IFRS 9 is that it should consider forward-looking information. Note 39.2.3 (i) includes an explanation of how the Group has incorporated this in its ECL models.The following diagram summarises the impairment requirements under IFRS 9 (other than purchased or originated credit-impaired financial assets):Change in credit quality since initial recognitionStage 1 Stage 2 Stage 3 \ue66c\ue619\ue62d\ue62b\ue632\ue62d\ue629\ue624\ue621\ue632\ue63b\ue602\ue62d\ue632\ue624\ue638\ue627\ue621\ue639\ue627\ue602\ue62d\ue632\ue602\ue624\ue638\ue627\ue626\ue62d\ue63b\ue602\ue638\ue62d\ue639\ue630\ue602\ue639\ue62d\ue632\ue624\ue627\ue602\ue66c\ue60d\ue632\ue62d\uefa7\ue621\ue6a3\ue602\ue638\ue627\ue624\ue633\ue62b\ue632\ue62d\uefa7\ue633\ue632\ue66d(Credit\u2011impaired assets)\ue62d\ue632\ue62d\uefa7\ue621\ue6a3\ue602\ue638\ue627\ue624\ue633\ue62b\ue632\ue62d\uefa7\ue633\ue632\ue66d12\u2011month expected credit losses \ue610\ue62d\ue628\ue627\uefa7\ue631\ue627\ue602\ue627\ue63f\ue636\ue627\ue624\ue63b\ue627\ue626\ue602\ue624\ue638\ue627\ue626\ue62d\ue63b\ue602\ue6a3\ue633\ue639\ue639\ue627\ue639 \ue610\ue62d\ue628\ue627\uefa7\ue631\ue627\ue602\ue627\ue63f\ue636\ue627\ue624\ue63b\ue627\ue626\ue602\ue624\ue638\ue627\ue626\ue62d\ue63b\ue602\ue6a3\ue633\ue639\ue639\ue627\ue639Significant increase in credit riskWith the exception of instruments measured at FVTPL, exposures with low credit risk at the reporting date and any originated credit-impaired financial assets, the Group assesses whether financial instruments have experienced a significant increase in credit risk since initial recognition.When determining whether the risk of default on a financial instrument has increased significantly since initial recognition, the Group considers reasonable and supportable information that is relevant and available without undue cost or effort. This includes both quantitative and qualitative information and analysis, based on the Group\u2019s historical experience and expert credit assessment, and including forward-looking information. A backstop trigger (30 days in arrears) shifts credit exposures within loan portfolios from stage 1 to stage 2 as significant increase in credit risk is deemed to have occurred.The credit quality of the Group\u2019s portfolios of financial instruments is assessed by reference to the Group\u2019s credit rating system as described in Note 39.2.3.The Group allocates each credit exposure within loan portfolios to an internal credit risk grade based on a variety of quantitative and qualitative data that is determined to be predictive of the risk of default. An exposure\u2019s final internal credit grade is dependent on four inputs:i. a system credit grade which is based on days past due data; ii. a manual credit grade being assigned by Bank officers who review and monitor exposures having access to customers and their financial information; iii. a regulatory credit grade which takes cognisance of the two grades referred to above as well as other regulatory requirements such as in the case of forbearance measures; and iv. an Internal Credit Rating System (\u2018ICRS\u2019) grade which is based on a scorecard approach that takes into consideration a number of both quantitative and qualitative indicators that vary depending on the nature of the exposure and the type of borrower, in conjunction with the three grades previously mentioned assigned to the specific financial instrument. The final credit risk grade assigned to each credit exposure is the ICRS grade, based on a rating scale which is composed of 15 grades. Credit exposures are subject to ongoing qualitative monitoring, which may also result in an exposure being moved to a different ICRS grade. The monitoring typically involves use of the following data.Business exposures Retail exposures All exposures\u2022 \ue60d\ue632\ue628\ue633\ue638\ue631\ue621\uefa7\ue633\ue632\ue602\ue633\ue623\ue63b\ue621\ue62d\ue632\ue627\ue626\ue602\ue626\ue63c\ue638\ue62d\ue632\ue62b\ue602\ue636\ue627\ue638\ue62d\ue633\ue626\ue62d\ue624\ue602\u2022 Internally collected data on customer \u2022 Payment record \u2011 this includes overdue \ue638\ue627\ue63d\ue62d\ue627\ue63e\ue602\ue633\ue628\ue602\ue624\ue63c\ue639\ue63b\ue633\ue631\ue627\ue638\ue602\ue629\ue6a3\ue627\ue639\ue602\ue666\ue602\ue627\ue657\ue62b\ue657\ue602\ue621\ue63c\ue626\ue62d\ue63b\ue627\ue626\ue602\ue623\ue627\ue62c\ue621\ue63d\ue62d\ue633\ue63c\ue638\ue602\ue666\ue602\ue627\ue657\ue62b\ue657\ue602\ue63c\uefa7\ue6a3\ue62d\ue639\ue621\uefa7\ue633\ue632\ue602\ue633\ue628\ue602\ue624\ue638\ue627\ue626\ue62d\ue63b\ue602\ue624\ue621\ue638\ue626\ue602status as well as a range of variables \ue629\ue632\ue621\ue632\ue624\ue62d\ue621\ue6a3\ue602\ue639\ue63b\ue621\ue63b\ue627\ue631\ue627\ue632\ue63b\ue639\ue654\ue602\ue631\ue621\ue632\ue621\ue62b\ue627\ue631\ue627\ue632\ue63b\ue602\ue628\ue621\ue624\ue62d\ue6a3\ue62d\uefa7\ue627\ue639\ue621\ue623\ue633\ue63c\ue63b\ue602\ue636\ue621\ue640\ue631\ue627\ue632\ue63b\ue602\ue638\ue621\uefa7\ue633\ue639\ue602\ue621\ue624\ue624\ue633\ue63c\ue632\ue63b\ue639\ue654\ue602\ue623\ue63c\ue626\ue62b\ue627\ue63b\ue639\ue602\ue621\ue632\ue626\ue602\ue636\ue638\ue633\ue62f\ue627\ue624\uefa7\ue633\ue632\ue639\ue657\ue602\u2022 \ue603\ue6f8\ue633\ue638\ue626\ue621\ue623\ue62d\ue6a3\ue62d\ue63b\ue640\ue602\ue631\ue627\ue63b\ue638\ue62d\ue624\ue639\u2022 \ue61b\uefa7\ue6a3\ue62d\ue639\ue621\uefa7\ue633\ue632\ue602\ue633\ue628\ue602\ue63b\ue62c\ue627\ue602\ue62b\ue638\ue621\ue632\ue63b\ue627\ue626\ue602\ue6a3\ue62d\ue631\ue62d\ue63b\ue609\ue63f\ue621\ue631\ue636\ue6a3\ue627\ue639\ue602\ue633\ue628\ue602\ue621\ue638\ue627\ue621\ue639\ue602\ue633\ue628\ue602\ue636\ue621\ue638\uefa7\ue624\ue63c\ue6a3\ue621\ue638\ue602\ue628\ue633\ue624\ue63c\ue639\ue602\ue621\ue638\ue627\ue656\ue602\ue62b\ue638\ue633\ue639\ue639\ue602\ue636\ue638\ue633\ue629\ue63b\ue602\ue631\ue621\ue638\ue62b\ue62d\ue632\ue639\ue654\ue602\ue629\ue632\ue621\ue632\ue624\ue62d\ue621\ue6a3\ue602\u2022 \ue618\ue627\ue637\ue63c\ue627\ue639\ue63b\ue639\ue602\ue628\ue633\ue638\ue602\ue621\ue632\ue626\ue602\ue62b\ue638\ue621\ue632\uefa7\ue632\ue62b\ue602\ue633\ue628\ue602\ue6a3\ue627\ue63d\ue627\ue638\ue621\ue62b\ue627\ue602\ue638\ue621\uefa7\ue633\ue639\ue654\ue602\ue626\ue627\ue623\ue63b\ue602\ue639\ue627\ue638\ue63d\ue62d\ue624\ue627\ue602\ue624\ue633\ue63d\ue627\ue638\ue621\ue62b\ue627\ue654\ue602forbearancecompliance with covenants, quality \u2022 \ue60a\ue62d\ue632\ue621\ue632\ue624\ue62d\ue621\ue6a3\ue602\ue621\ue632\ue626\ue602\ue627\ue624\ue633\ue632\ue633\ue631\ue62d\ue624\ue602\ue624\ue633\ue632\ue626\ue62d\uefa7\ue633\ue632\ue639of management, senior management changes\u2022 \ue603\ue624\ue63b\ue63c\ue621\ue6a3\ue602\ue621\ue632\ue626\ue602\ue627\ue63f\ue636\ue627\ue624\ue63b\ue627\ue626\ue602\ue639\ue62d\ue62b\ue632\ue62d\ue629\ue624\ue621\ue632\ue63b\ue602\ue624\ue62c\ue621\ue632\ue62b\ue627\ue639\ue602\ue62d\ue632\ue602\ue63b\ue62c\ue627\ue602\ue636\ue633\ue6a3\ue62d\uefa7\ue624\ue621\ue6a3\ue654\ue602\ue638\ue627\ue62b\ue63c\ue6a3\ue621\ue63b\ue633\ue638\ue640\ue602and technological environment of the \ue623\ue633\ue638\ue638\ue633\ue63e\ue627\ue638\ue602\ue633\ue638\ue602\ue62d\ue632\ue602\ue62d\ue63b\ue639\ue602\ue623\ue63c\ue639\ue62d\ue632\ue627\ue639\ue639\ue602\ue621\ue624\uefa7\ue63d\ue62d\uefa7\ue627\ue639\u2022 \ue609\ue63f\ue62d\ue639\uefa7\ue632\ue62b\ue602\ue621\ue632\ue626\ue602\ue628\ue633\ue638\ue627\ue624\ue621\ue639\ue63b\ue602\ue624\ue62c\ue621\ue632\ue62b\ue627\ue639\ue602\ue62d\ue632\ue602businessStage Allocation At the origination of a loan, all exposures (except for POCI), irrelevant of the respective ICRS grade, are allocated to stage 1 as the Bank accepts the credit risk profile at an agreed interest rate. Accordingly, 12 months of expected credit losses are held against newly originated loans as long as the credit risk at origination does not increase significantly. A transfer to stage 2 is only triggered when SICR, compared to the credit risk at origination, occurs. Assessment of SICR comprises a comparative assessment between the PD at a point in time and that at origination to determine whether credit risk has increased over time. For instance, the Group might originate a loan to a customer having a specific ICRS grade. At the subsequent period end, the ICRS has deteriorated and another loan is granted to the customer, with the new loan also having the updated ICRS. In relation to the first loan, if the increase in ICRS is considered significant increase in credit risk, also taking cognisance of the shift in associated PDs, the asset will be transferred to stage 2. For the second loan, the ICRS at initial recognition is the updated one and this loan will remain in stage 1 until the ICRS increases significantly, giving rise to significant increase in credit risk, in subsequent periods. An ICRS grade of 7 is generally indicative of SICR. The Bank also makes use of a second backstop trigger for SICR. The latter pushes exposures to underperforming (stage 2) whenever the PD is found to have doubled when compared to that at origination.Credit exposures within the Group\u2019s treasury portfolio, including balances with the Central Bank of Malta, Treasury Bills, debt securities, and loans and advances to banks are allocated to stage 1 upon initial recognition, irrespective of whether the exposure is investment grade or sub-investment grade. The Group applies the low credit risk simplification to all investments that are of an investment grade, which constitute the vast majority of this portfolio. The Group accordingly only assesses SICR for exposures that are rated as sub-investment grade. For sub-investment grade securities, the Group considers an instrument to have experienced a significant increase in credit risk if the security has been the subject of a credit rating downgrade since initial recognition.Definition of default and credit-impairedAt each reporting date, the Group assesses whether all financial assets carried at amortised cost and debt investments carried at FVOCI are credit-impaired. A financial asset is \u2018credit-impaired\u2019 when one or more events that have a detrimental impact on the estimated future cash flows of the financial asset have occurred.Evidence that a financial asset is credit-impaired includes the following observable data:\u2022 significant financial difficulty of the borrower or issuer;\u2022 a breach of contract such as a default or past due event;\u2022 the restructuring of a loan or advance by the Group on terms that the Group would not consider otherwise;\u2022 it is becoming probable that the borrower will enter bankruptcy or financial reorganisation; or\u2022 the disappearance of an active market for a security because of financial difficulties.The Group considers financial assets in the advances portfolio to be in default when:\u2022 the borrower is unlikely to pay its credit obligations to the Group in full, without recourse by the Group to actions such as realising security (if any is held); or\u2022 the borrower is past due by 90 days or more on any credit obligation to the Group.Overdrafts are considered as being past due once the customer has breached an advised limit or been advised of a limit lower than the current amount outstanding.In assessing whether a borrower is in default, the Group considers indicators that are:\u2022 qualitative \u2013 e.g. breaches of covenant, overdue status and non-payment on another obligation of the same borrower to the Group;\u2022 quantitative; and\u2022 based on data developed internally and on data obtained from external sources.An ICRS grade of 10 is generally indicative of credit-impaired status. A loan that has been renegotiated due to a deterioration in the borrower\u2019s condition is usually considered to be credit-impaired unless there is evidence that the risk of not receiving contractual cash flows has reduced significantly and there are no other indicators of impairment.Inputs into the assessment of whether a financial instrument is in default and their significance may vary over time to reflect changes in circumstances.The definition of default aligns with that applied by the Group for regulatory purposes.In the case of the treasury portfolio, the Group considers investments in debt instruments to be in default when a payment, including a coupon payment, is missed.Movement between stages Financial assets (other than POCI) are transferred between stages based on changes in credit risk since initial recognition. Within the Group\u2019s advances portfolio, financial instruments, excluding forborne assets (refer to Note 39.2.3 (g)), are transferred out of stage 2 into stage 1 when their credit risk is no longer considered to have increased significantly since initial recognition. This is evidenced when the financial instrument is assigned an ICRS grade of 6 or better and the instrument has completed three consecutive months with an ICRS grade of 6 or better. Financial instruments, excluding forborne assets (refer to Note 39.2.3 (g)) are considered to be no longer in default and are transferred out of stage 3 (i.e. have cured) into stage 2 when they no longer meet any of the default criteria for a consecutive period of three months. This is evidenced when the financial instrument is assigned an ICRS grade of 9 or better and retains such ICRS grade for a consecutive period of three months. This period of three months has been determined based on an analysis which considers the likelihood of a financial instrument returning to default status after cure using different possible cure definitions. As a general principle, except in specific circumstances, financial instruments cannot transition directly from stage 3 to stage 1 in a single step.Within the Group\u2019s treasury portfolio, debt investments are transferred out of stage 2 following upgrade to an investment-grade rating if the instrument was assigned an investment-grade rating at the acquisition date and had been downgraded to a sub-investment-grade. In the case of an investment acquired at sub-investment-grade, a return to stage 1 is only permissible following a return to the acquisition-date rating (or better). The Group\u2019s experience is that defaulted debt investments within the treasury portfolio do not cure given that a security\u2019s default mechanism is triggered when a security\u2019s issuer misses a coupon payment. Any new instrument which the Group receives as part of an eventual debt restructuring exercise is considered to be a new instrument altogether.Measuring ECLECL allowances are measured on either a 12-month (12M) or Lifetime basis depending on whether a significant increase in credit risk has occurred since initial recognition or whether an asset is considered to be credit-impaired. Expected credit losses are the discounted product of the Probability of Default (PD), Exposure at Default (EAD), and Loss Given Default (LGD), defined as follows:\u2022 The PD represents the likelihood of a borrower defaulting on its financial obligation (as per \u201cDefinition of default and credit-impaired\u201d above), either over the next 12 months (12M PD), or over the remaining lifetime (Lifetime PD) of the obligation.\u2022 EAD is based on the amounts the Group expects to be owed at the time of default, over the next 12 months (12M EAD) or over the remaining lifetime (Lifetime EAD). For a revolving overdraft, the Group includes the current drawn balance plus any further amount that is expected to be drawn up to the current contractual limit by the time of default, should it occur.\u2022 LGD represents the Group\u2019s expectation of the extent of loss on a defaulted exposure. LGD varies by type of counterparty, type and seniority of claim and availability of collateral or other credit support. LGD is expressed as a percentage loss per unit of exposure at the time of default (EAD). LGD is calculated on a 12-month or lifetime basis, where 12-month LGD is the percentage of loss expected to be incurred if the default occurs in the next 12 months and Lifetime LGD is the percentage of loss expected to be incurred if the default occurs over the remaining expected lifetime of the loan.The ECL is determined by projecting the PD, LGD and EAD for each future month and for each individual exposure. These three components are multiplied together and adjusted for the likelihood of survival (i.e. the exposure has not prepaid or defaulted in an earlier month). This effectively calculates an ECL for each future month, which are then discounted back to the reporting date and are summed. The discount rate used in the ECL calculation is the original effective interest rate or an approximation thereof.The parameters referred to above are generally derived from internally developed statistical models and other historical data. They are adjusted to reflect forward-looking information as described in Note 39.2.3 (i).In relation to loan portfolios, the Group estimates PDs based on its own historical default data adjusted to incorporate forward-looking information, as explained further in Note 39.2.3 (i). All loan exposures are allocated into two primary portfolios, business and retail, in accordance with their respective characteristics, and are further segmented based on product type. Each exposure is assigned an ICRS grade as explained previously (refer to Note 39.2.3 (c). The cumulative PD curves are derived for each segment by ICRS grade through the development of transition matrices based on historical movements of the respective exposures using Markov chains, which are based on the Group\u2019s monthly data in respect of its business and retail portfolios reflecting transitions between different ICRS grades for an extensive historical period comprising a significant number of years. Initially, the Group develops baseline transition matrices which capture unconditional migration probabilities, where the underlying assumption is that the transition probabilities between the rating grades are sufficiently described by a first-order Markov process. As an integral part of this process, the Group incorporates a Credit Cycle Factor (i.e. macro-economic adjustment) utilised to derive point-in-time PDs adjusted for forward-looking information. The monthly PD curves are computed by combining the Credit Cycle Factor with the Markov model coefficients and use Markov chains principle to obtain conditional point-in-time lifetime PDs for each segment and rating grade. This structure ensures that lifetime PDs are sensitive to macro-economic conditions while at the same time maintaining sufficiently granular perspective.For the treasury portfolio, the Group adopts a similar approach in PD assessment, based on Standard and Poor\u2019s historical issuer ratings data covering an extensive number of years, and applying Markov chains principle for the lifetime PD estimation. However, for the forward-looking information and estimation of the Credit Cycle component, the Group decided to adopt the Cox model, as well as vector autoregression, for the development of the baseline, optimistic, and pessimistic scenarios.With respect to the Group\u2019s lending activities, the EAD forecasts the credit risk exposure the Group might have if a borrower defaults, taking into account the current balance and any portion of the undrawn commitment that is expected to be drawn by the time of default. The Group applies different methodologies to estimate the EAD for loans with fixed payment schedules and for revolving instruments. The Group derives the EAD for loans with fixed payment schedules as the net present value of future expected cash flows, discounted at the effective interest rate or an approximation thereof. For revolving credit products such as credit cards, encroachments, and overdrafts, and for lending commitments and financial guarantees, the EAD is computed based on the application of the Credit Conversion Factor (\u2018CCF\u2019), which is used to estimate the proportion of the undrawn commitment that is likely to be utilised before default. The CCF is a percentage utilised to convert an undrawn balance into an expected drawn amount. For revolving exposures, the CCF is estimated using the Bank\u2019s internal historical data and depends on product type and time to default. In the case of the treasury portfolio, the Group derives the EAD as net present value of future expected cash flows, discounted using the effective interest rate of the instrument. For floating coupon instruments the Group forecasts the future spot interest rates through a model based on principal component analysis (\u2018PCA\u2019) and vector autoregression (\u2018VAR\u2019).The Group calculates the LGD for the secured and unsecured portions of the EAD separately, in relation to its loan portfolios. The LGD for the secured portion is estimated based on collateral valuation adjustments. The LGD for the unsecured portion (including unsecured products) is set at 100%. Subsequent to origination, collateral values are monitored and reviewed by the Bank\u2019s qualified valuers on a regular and periodic basis. For the purposes of ECL estimation, haircuts are applied to such values also taking into account the Bank\u2019s historical data on property contractual prices and on recoveries from claims against defaulted counterparties. In relation to the secured portion of loan exposures covered by immovable property collateral, the value attributable to the collateral is adjusted to capture the impact of macro-economic conditions through the application of an adjustment factor reflecting forecasted movements in the House Price Index (\u2018HPI\u2019). The Bank\u2019s LGD model indexes the collateral value at reporting date to the expected disposal date on the basis of expected movements in HPI, as explained in further detail in Note 39.2.3 (i). Indexed property values are adjusted to reflect estimated costs to sell and maintenance costs incurred by the Bank on foreclosed properties during the time to sell period. The net realisable values are discounted to present value using the individual exposure\u2019s interest rate.The Bank\u2019s LGD models generally consider the structure of the instrument, collateral, seniority of the claim, counterparty industry and recovery costs in relation to any collateral that is linked to the financial asset. In the case of the Group\u2019s treasury portfolio, the Group lacks historical experience of defaults and accordingly makes use of the loss and recovery information on a substantial number of defaulted instruments of non\u2013financial institutions obtained from Standard & Poor\u2019s. The Group estimates weighted average LGD per instrument and industry type, with weights corresponding to the principal amount at default. Due to data restrictions Sovereigns and Financial Institutions are not included in the industry groups. Instead, the Group assigns a 45% LGD across these two industries based on regulatory practices.As described above, and subject to using a maximum of a 12-month PD for financial assets for which credit risk has not significantly increased, the Group measures ECL considering the risk of default over the maximum contractual period (including any borrower\u2019s extension options) over which it is exposed to credit risk, even if, for risk management purposes, the Group considers a longer period. The maximum contractual period extends to the date at which the Group has the right to require repayment of an advance or terminate a loan commitment or guarantee.For products with a fixed contractual maturity, the term over which the Group measures ECL is the contractual maturity. However, for retail overdrafts and credit card facilities that include both a loan and an undrawn component, the Group measures ECL over a period longer than the maximum contractual period if the Group\u2019s contractual ability to demand repayment and cancel the undrawn component does not limit the Group\u2019s exposure to credit losses to the contractual notice period. These facilities do not have a fixed term or repayment structure. Although, the Group can cancel them with immediate effect, this contractual right is not enforced in the normal day-to-day management, but only when the Group becomes aware of an increase in credit risk at the facility level. This longer period is estimated taking into account the credit risk management actions that the Group expects to take and that serve to mitigate ECL. These actions include a reduction in limits, cancellation of the facility and/or turning the outstanding balance into a loan with fixed repayment terms. For overdrafts, encroachments and credit card facilities, ECL allowances are measured over a period of 12 months. Likewise, for guarantees, ECL provisions are measured over a period of 12 months.f. Reconciliation of ECLSignificant changes in the gross carrying amount of loans and advances to customers that contributed to changes in the ECL allowances were as follows:\u2022 Gross loans and advances increased by 16% during the year (2024: increase of 11%). The high volume of new loans originated during the period, aligned with the Group\u2019s organic growth objective, increased the gross carrying amount of the loan book by 23% (2024: 20%), with a corresponding \u20ac7.6 million increase in ECL allowances (2024: increase of \u20ac11.1 million).\u2022 The write-off of loans with a total gross carrying amount of \u20ac8.9 million (2024: \u20ac1.3 million) resulted in the reduction of the Stage 3 expected credit losses by \u20ac8.7 million (2024: \u20ac1.1 million).The following tables further explain changes in the gross carrying amount of the loan portfolio to help explain their significance to the changes in the ECL allowances for the same portfolio as above. Gross carrying amount comprises of loans and advances to customers at amortised cost and loans and advances to customers designated as fair value through profit or loss.Stage 1 Stage 2 Stage 3 Total\u20ac000 \u20ac000 \u20ac000 \u20ac000Total Gross Carrying Amount at 1 January 2025 6,423,559 373,766 186,943 6,984,268 RetailGross Carrying Amount as at 1 January 2025 3,666,376 47,010 35,876 3,749,262 Transfer from: Stage 1 (109,023) 104,103 4,920 - Stage 2 14,969 (18,130) 3,161 - Stage 3 568 1,597 (2,165) - \ue612\ue627\ue63e\ue602\ue629\ue632\ue621\ue632\ue624\ue62d\ue621\ue6a3\ue602\ue621\ue639\ue639\ue627\ue63b\ue639\ue602\ue633\ue638\ue62d\ue62b\ue62d\ue632\ue621\ue63b\ue627\ue626\ue602\ue633\ue638\ue602\ue628\ue63c\ue638\ue63b\ue62c\ue627\ue638\ue602\ue6a3\ue627\ue632\ue626\ue62d\ue632\ue62b 1,029,052 13,713 1,843 1,044,608 Financial assets that have been derecognised or repaid (336,474) (14,151) (5,358) (355,983) \ue61d\ue638\ue62d\ue63b\ue627\ue666\ue633\ue6f8\ue639 \u2011 \u2011 (3,828) (3,828) Gross Carrying Amount as at 31 December 2025 4,265,468 134,142 34,449 4,434,059 BusinessGross Carrying Amount as at 1 January 2025 2,757,183 326,756 151,067 3,235,006 Transfer from: Stage 1 (197,850) 181,981 15,869 - Stage 2 38,856 (45,836) 6,980 - Stage 3 1,284 12,994 (14,278) - \ue612\ue627\ue63e\ue602\ue629\ue632\ue621\ue632\ue624\ue62d\ue621\ue6a3\ue602\ue621\ue639\ue639\ue627\ue63b\ue639\ue602\ue633\ue638\ue62d\ue62b\ue62d\ue632\ue621\ue63b\ue627\ue626\ue602\ue633\ue638\ue602\ue628\ue63c\ue638\ue63b\ue62c\ue627\ue638\ue602\ue6a3\ue627\ue632\ue626\ue62d\ue632\ue62b 1,046,444 71,497 4,313 1,122,254 Financial assets that have been derecognised or repaid (517,153) (104,728) (56,869) (678,750) \ue61d\ue638\ue62d\ue63b\ue627\ue666\ue633\ue6f8\ue639 \u2011 \u2011 (5,150) (5,150) Gross Carrying Amount as at 31 December 2025 3,128,764 442,664 101,932 3,673,360 Total Gross Carrying Amount as at 31 December 2025 7,394,232 576,806 136,381 8,107,419 Less ECL allowances (13,939) (10,827) (60,537) (85,303) Net Loans and Advances to customers 7,380,293 565,979 75,844 8,022,116 Less Loans and Advances at FVTPL (36,643)\ue615\ue66f\ue62d\ue66d\ue676\ue602\ue62d\ue66d\ue637\ue602\ue603\ue637\ue688\ue62d\ue66d\ue631\ue63b\ue676\ue602\ue67c\ue66f\ue602\ue631\ue686\ue676\ue67c\ue66f\ue66c\ue63b\ue675\ue676\ue602\ue62d\ue67c\ue602\ue62d\ue66c\ue66f\ue675\uef9e\ue676\ue63b\ue637\ue602\ue631\ue66f\ue676\ue67c 7,985,473 Stage 1 Stage 2 Stage 3 Total\u20ac000 \u20ac000 \u20ac000 \u20ac000Total Gross Carrying Amount at 1 January 2024 5,633,851 457,190 192,399 6,283,440RetailGross Carrying Amount as at 1 January 2024 3,155,600 55,050 38,057 3,248,707 Transfer from: Stage 1 (21,824) 16,314 5,510 - Stage 2 19,382 (21,649) 2,267 - Stage 3 3,144 1,884 (5,028) - \ue612\ue627\ue63e\ue602\ue629\ue632\ue621\ue632\ue624\ue62d\ue621\ue6a3\ue602\ue621\ue639\ue639\ue627\ue63b\ue639\ue602\ue633\ue638\ue62d\ue62b\ue62d\ue632\ue621\ue63b\ue627\ue626\ue602\ue633\ue638\ue602\ue628\ue63c\ue638\ue63b\ue62c\ue627\ue638\ue602\ue6a3\ue627\ue632\ue626\ue62d\ue632\ue62b 805,268 4,416 2,388 812,072 Financial assets that have been derecognised or repaid (295,194) (9,005) (6,796) (310,995) \ue61d\ue638\ue62d\ue63b\ue627\ue666\ue633\ue6f8\ue639 \u2011 \u2011 (522) (522) Gross Carrying Amount as at 31 December 20243,666,376 47,010 35,876 3,749,262 BusinessGross Carrying Amount as at 1 January 2024 2,478,251 402,140 154,342 3,034,733 Transfer from: Stage 1 (91,550) 85,287 6,263 - Stage 2 75,910 (95,685) 19,775 - Stage 3 1,872 9,404 (11,276) - \ue612\ue627\ue63e\ue602\ue629\ue632\ue621\ue632\ue624\ue62d\ue621\ue6a3\ue602\ue621\ue639\ue639\ue627\ue63b\ue639\ue602\ue633\ue638\ue62d\ue62b\ue62d\ue632\ue621\ue63b\ue627\ue626\ue602\ue633\ue638\ue602\ue628\ue63c\ue638\ue63b\ue62c\ue627\ue638\ue602\ue6a3\ue627\ue632\ue626\ue62d\ue632\ue62b 789,548 53,824 22,186 865,558 Financial assets that have been derecognised or repaid (496,848) (128,214) (39,427) (664,489)\ue61d\ue638\ue62d\ue63b\ue627\ue666\ue633\ue6f8\ue639 \u2011 \u2011 (796) (796)Gross Carrying Amount as at 31 December 20242,757,183 326,756 151,067 3,235,006 Total Gross Carrying Amount as at 31 December 2024 6,423,559 373,766 186,943 6,984,268 Less ECL allowances (14,738) (10,426) (62,125) (87,289) Net Loans and Advances to customers 6,408,821 363,340 124,818 6,896,979 Less Loans and Advances at FVTPL (50,677)\ue615\ue66f\ue62d\ue66d\ue676\ue602\ue62d\ue66d\ue637\ue602\ue603\ue637\ue688\ue62d\ue66d\ue631\ue63b\ue676\ue602\ue67c\ue66f\ue602\ue631\ue686\ue676\ue67c\ue66f\ue66c\ue63b\ue675\ue676\ue602\ue62d\ue67c\ue602\ue62d\ue66c\ue66f\ue675\uef9e\ue676\ue63b\ue637\ue602\ue631\ue66f\ue676\ue67c6,846,302 Newly originated financial assets during the period comprises of:\u2022 In stage 2 - all facilities originate in stage 1 and deteriorate to stage 2 if they experience a significant increase in credit risk. An exception to this arises when new accounts are opened and suffer significant increase in credit risk during the year.\u2022 In stage 3 - include \u20ac2.1 million (2024: \u20ac13.0 million) of originated credit-impaired assets which relate to new facilities granted to counterparties in default as part of existing commitments. The remainder consists of additional lending to existing Stage 3 exposures and exposures that were originated in Stage 1 but experienced significant credit deterioration during the year and transitioned to Stage 3.The following tables explain the changes in the ECL allowances on loans and advances to customers between the beginning and the end of the annual period due to the following factors:\u2022 Transfers between Stage 1 and Stages 2 or 3 due to financial instruments experiencing significant increases of credit risk or becoming credit-impaired during the period, and backward migrations in this respect. The impact of changes in the staging allocation of balances existing at 1 January 2025 (and associated ECL changes) are presented within \u201ctransfers from\u201d;\u2022 The \u2018Net remeasurement of ECL arising from stage transfers\u2019 presents the consequent \u201cstep up\u201d (or \u201cstep down\u201d) between 12-month and Lifetime ECL;\u2022 Additional ECL allowances for new financial instruments and further drawdowns on existing financial instruments during the year, are presented within \u2018New financial assets originated or further lending\u2019. Any repayments done on new loans opened during the year are also captured within this line item;\u2022 Financial assets derecognised related to settlements during the period and corresponding reversals of ECL allowances and provisions are presented within \u2018Financial assets that have been derecognised or repaid\u2019;\u2022 Impact on the measurement of ECL due to changes in PDs, EADs and LGDs during the period, arising from regular refreshing of inputs to models and impacts on the measurement of ECL due to changes effected to models and assumptions, updates to reflect changes in collateral and changes in credit gradings which do not impact IFRS 9 staging, are presented within \u2018Changes in risk parameters\u2019; and\u2022 Write-offs related to assets written off during the period (see note 39.2.3 (k)).Stage 1 Stage 2 Stage 3 Total\u20ac000 \u20ac000 \u20ac000 \u20ac000Total ECL Allowances as at 1 January 2025 14,738 10,426 62,125 87,289 RetailECL Allowances as at 1 January 2025 2,614 1,348 17,657 21,619 Transfer from: Stage 1 (105) 96 9 - Stage 2 413 (438) 25 - Stage 3 197 565 (762) - Net remeasurement of ECL arising from stage transfers (563) (163) 463 (263) \ue612\ue627\ue63e\ue602\ue629\ue632\ue621\ue632\ue624\ue62d\ue621\ue6a3\ue602\ue621\ue639\ue639\ue627\ue63b\ue639\ue602\ue633\ue638\ue62d\ue62b\ue62d\ue632\ue621\ue63b\ue627\ue626\ue602\ue633\ue638\ue602\ue628\ue63c\ue638\ue63b\ue62c\ue627\ue638\ue602\ue6a3\ue627\ue632\ue626\ue62d\ue632\ue62b 572 212 254 1,038 Financial assets that have been derecognised or repaid (1,219) (474) (1,890) (3,583) \ue61d\ue638\ue62d\ue63b\ue627\ue666\ue633\ue6f8\ue639 \u2011 \u2011 (3,617) (3,617) Change in risk parameters 14 (1) (60) (47) ECL Allowances as at 31 December 2025 1,923 1,145 12,079 15,147 BusinessECL Allowances as at 1 January 2025 12,124 9,078 44,468 65,670 Transfer from: Stage 1 (803) 459 344 - Stage 2 2,293 (2,497) 204 - Stage 3 35 2,161 (2,196) - Net remeasurement of ECL arising from stage transfers (2,075) 1,876 17,147 16,948 \ue612\ue627\ue63e\ue602\ue629\ue632\ue621\ue632\ue624\ue62d\ue621\ue6a3\ue602\ue621\ue639\ue639\ue627\ue63b\ue639\ue602\ue633\ue638\ue62d\ue62b\ue62d\ue632\ue621\ue63b\ue627\ue626\ue602\ue633\ue638\ue602\ue628\ue63c\ue638\ue63b\ue62c\ue627\ue638\ue602\ue6a3\ue627\ue632\ue626\ue62d\ue632\ue62b 4,373 736 346 5,455 Financial assets that have been derecognised or repaid (3,911) (2,105) (6,883) (12,899) \ue61d\ue638\ue62d\ue63b\ue627\ue666\ue633\ue6f8\ue639 \u2011 \u2011 (5,021) (5,021) Change in risk parameters (20) (26) 49 3 ECL Allowances as at 31 December 2025 12,016 9,682 48,458 70,156 Total ECL Allowances as at 31 December 202513,939 10,827 60,537 85,303 Stage 1 Stage 2 Stage 3 Total\u20ac000 \u20ac000 \u20ac000 \u20ac000Total ECL Allowances as at 1 January 2024 12,186 17,872 73,488 103,546 RetailECL Allowances as at 1 January 2024 2,126 1,746 17,782 21,654 Transfer from: Stage 1 (103) 97 6 - Stage 2 687 (741) 54 - Stage 3 411 586 (997) - Net remeasurement of ECL arising from stage transfers (795) (12) 1,421 614 \ue612\ue627\ue63e\ue602\ue629\ue632\ue621\ue632\ue624\ue62d\ue621\ue6a3\ue602\ue621\ue639\ue639\ue627\ue63b\ue639\ue602\ue633\ue638\ue62d\ue62b\ue62d\ue632\ue621\ue63b\ue627\ue626\ue602\ue633\ue638\ue602\ue628\ue63c\ue638\ue63b\ue62c\ue627\ue638\ue602\ue6a3\ue627\ue632\ue626\ue62d\ue632\ue62b 850 201 2,334 3,385 Financial assets that have been derecognised or repaid (870) (515) (2,436) (3,821) \ue61d\ue638\ue62d\ue63b\ue627\ue666\ue633\ue6f8\ue639 \u2011 \u2011 (327) (327) Change in risk parameters 308 (14) (180) 114 ECL Allowances as at 31 December 20242,614 1,348 17,657 21,619 BusinessECL Allowances as at 1 January 2024 10,060 16,126 55,706 81,892 Transfer from: Stage 1 (508) 477 31 - Stage 2 911 (1,083) 172 - Stage 3 1,219 3,020 (4,239) - Net remeasurement of ECL arising from stage transfers (1,116) (546) 4,624 2,962 \ue612\ue627\ue63e\ue602\ue629\ue632\ue621\ue632\ue624\ue62d\ue621\ue6a3\ue602\ue621\ue639\ue639\ue627\ue63b\ue639\ue602\ue633\ue638\ue62d\ue62b\ue62d\ue632\ue621\ue63b\ue627\ue626\ue602\ue633\ue638\ue602\ue628\ue63c\ue638\ue63b\ue62c\ue627\ue638\ue602\ue6a3\ue627\ue632\ue626\ue62d\ue632\ue62b 4,951 835 3,130 8,916 Financial assets that have been derecognised or repaid (3,012) (9,765) (14,400) (27,177) \ue61d\ue638\ue62d\ue63b\ue627\ue666\ue633\ue6f8\ue639 \u2011 \u2011 (780) (780) Change in risk parameters (381) 14 224 (143) ECL Allowances as at 31 December 202412,124 9,078 44,468 65,670 Total ECL Allowances as at 31 December 202414,738 10,426 62,125 87,289 The Bank\u2019s off-balance sheet exposures which expose the Bank to credit risk and are subject to the IFRS 9 impairment requirements consist of commitments, guarantees, and unused portions of other credit facilities, such as loans and overdrafts. These instruments are considered contingent liabilities, which could lead to future cash outflows if customers use their available credit or trigger guarantees. In FY2025, there was a significant increase in off-balance sheet exposures, including a \u20ac1.7 billion rise due to new facilities established that year. However, this growth was counterbalanced by various facility closures and the utilisation of certain facilities throughout the year, with some of the off-balance sheet exposures being moved on-balance sheet as customers drew down funds.The table below presents the ECL provision recognised on the unsecured components of these off-balance sheet exposures. Stage 1 Stage 2 Stage 3 Total\u20ac000 \u20ac000 \u20ac000 \u20ac000Total ECL Provisions as at 1 January 2025 10,644 1,311 4,258 16,213 RetailECL Provisions as at 1 January 2025 2,958 100 506 3,564 Transfer from: Stage 1 (37) 33 4 - Stage 2 88 (88) \u2011 - Stage 3 19 2 (21) - Net remeasurement of ECL arising from stage transfers (93) (18) 147 36 \ue612\ue627\ue63e\ue602\ue62d\ue632\ue639\ue63b\ue638\ue63c\ue631\ue627\ue632\ue63b\ue639\ue602\ue633\ue638\ue62d\ue62b\ue62d\ue632\ue621\ue63b\ue627\ue626\ue602\ue633\ue638\ue602\ue62d\ue632\ue624\ue638\ue627\ue621\ue639\ue627\ue602\ue62d\ue632\ue602\ue63c\ue632\ue63c\uefa7\ue6a3\ue62d\ue639\ue627\ue626\ue602\ue6a3\ue62d\ue631\ue62d\ue63b\ue639 619 63 47 729 Instruments that have been derecognised or further withdrawals (763) (6) (383) (1,152) \ue61d\ue638\ue62d\ue63b\ue627\ue666\ue633\ue6f8\ue639 \u2011 \u2011 (4) (4) Change in risk parameters (100) (2) 114 12 ECL Provisions as at 31 December 20252,691 84 410 3,185 BusinessECL Provisions as at 1 January 2025 7,686 1,211 3,752 12,649 Transfer from: Stage 1 (56) 56 \u2011 \u2011 Stage 2 352 (358) 6 \u2011 Stage 3 237 237 (474) \u2011 Net remeasurement of ECL arising from stage transfers (522) 98 70 (354) \ue612\ue627\ue63e\ue602\ue62d\ue632\ue639\ue63b\ue638\ue63c\ue631\ue627\ue632\ue63b\ue639\ue602\ue633\ue638\ue62d\ue62b\ue62d\ue632\ue621\ue63b\ue627\ue626\ue602\ue633\ue638\ue602\ue62d\ue632\ue624\ue638\ue627\ue621\ue639\ue627\ue602\ue62d\ue632\ue602\ue63c\ue632\ue63c\uefa7\ue6a3\ue62d\ue639\ue627\ue626\ue602\ue6a3\ue62d\ue631\ue62d\ue63b\ue639 3,691 200 1,368 5,259 Instruments that have been derecognised or further withdrawals (3,288) (94) (847) (4,229) \ue61d\ue638\ue62d\ue63b\ue627\ue666\ue633\ue6f8\ue639 \u2011 \u2011 (52) (52) Change in risk parameters (804) (264) (402) (1,470) ECL Provisions as at 31 December 20257,296 1,086 3,421 11,803 Total ECL Provisions as at 31 December 20259,987 1,170 3,831 14,988 Stage 1 Stage 2 Stage 3 Total\u20ac000 \u20ac000 \u20ac000 \u20ac000Total ECL Provisions as at 1 January 2024 6,802 3,632 7,311 17,745 RetailECL Provisions as at 1 January 2024 768 1,459 1,683 3,910Transfer from: Stage 1 (8) 7 1 - Stage 2 1,400 (1,406) 6 - Stage 3 1,095 3 (1,098) -Net remeasurement of ECL arising from stage transfers (1,942) \u2011 17 (1,925) \ue612\ue627\ue63e\ue602\ue62d\ue632\ue639\ue63b\ue638\ue63c\ue631\ue627\ue632\ue63b\ue639\ue602\ue633\ue638\ue62d\ue62b\ue62d\ue632\ue621\ue63b\ue627\ue626\ue602\ue62d\ue632\ue624\ue638\ue627\ue621\ue639\ue627\ue602\ue62d\ue632\ue602\ue63c\ue632\ue63c\uefa7\ue6a3\ue62d\ue639\ue627\ue626\ue602\ue6a3\ue62d\ue631\ue62d\ue63b\ue639 648 77 220 945 Instruments that have been derecognised or further withdrawals (467) (45) (453) (965) \ue61d\ue638\ue62d\ue63b\ue627\ue666\ue633\ue6f8\ue639 \u2011 \u2011 (4) (4)Change in risk parameters 1,464 5 134 1,603ECL Provisions as at 31 December 2024 2,958 100 506 3,564BusinessECL Provisions as at 1 January 2024 6,034 2,173 5,628 13,835Transfer from: Stage 1 (196) 186 10 - Stage 2 1,049 (1,074) 25 - Stage 3 1,149 154 (1,303) -Net remeasurement of ECL arising from stage transfers (454) 135 1,014 695 \ue612\ue627\ue63e\ue602\ue62d\ue632\ue639\ue63b\ue638\ue63c\ue631\ue627\ue632\ue63b\ue639\ue602\ue633\ue638\ue62d\ue62b\ue62d\ue632\ue621\ue63b\ue627\ue626\ue602\ue633\ue638\ue602\ue62d\ue632\ue624\ue638\ue627\ue621\ue639\ue627\ue602\ue62d\ue632\ue602\ue63c\ue632\ue63c\uefa7\ue6a3\ue62d\ue639\ue627\ue626\ue602\ue6a3\ue62d\ue631\ue62d\ue63b\ue639 5,811 77 650 6,538 Instruments that have been derecognised or further withdrawals (3,294) (372) (1,784) (5,450) \ue61d\ue638\ue62d\ue63b\ue627\ue666\ue633\ue6f8\ue639 \u2011 \u2011 (31) (31)Change in risk parameters (2,413) (68) (457) (2,938)ECL Provisions as at 31 December 2024 7,686 1,211 3,752 12,649Total ECL Provisions as at 31 December 2024 10,644 1,311 4,258 16,213The following tables present an analysis of the net impairment charge/reversal recognised by the Bank during the year ended 31 December 2025 and the year ended 31 December 2024. These tables provide insight into the changes in credit risk provisions and the overall credit quality of the Bank\u2019s loan portfolio during the two reporting years.Net impairment movement 2025 Stage 1 Stage 2 Stage 3 Total\u20ac000 \u20ac000 \u20ac000 \u20ac000\ue609\ue606\ue610\ue602\ue633\ue632\ue602\ue63b\ue62c\ue627\ue602\ue606\ue638\ue627\ue626\ue62d\ue63b\ue602\ue616\ue633\ue638\ue724\ue633\ue6a3\ue62d\ue633 1,457 (261) 2,016 3,212 \ue609\ue606\ue610\ue602\ue633\ue632\ue602\ue63b\ue62c\ue627\ue602\ue61a\ue638\ue627\ue621\ue639\ue63c\ue638\ue640\ue602\ue616\ue633\ue638\ue724\ue633\ue6a3\ue62d\ue633 (298) \u2011 115 (183)\ue618\ue627\ue624\ue6a3\ue621\ue639\ue639\ue62d\ue629\ue624\ue621\uefa7\ue633\ue632\ue602\ue633\ue628\ue602\ue63b\ue62c\ue627\ue602\ue626\ue62d\ue639\ue624\ue633\ue63c\ue632\ue63b\ue602\ue63c\ue632\ue63e\ue62d\ue632\ue626\ue602\ue627\ue6a3\ue627\ue631\ue627\ue632\ue63b\ue602\ue63b\ue633\ue602\ue62d\ue632\ue63b\ue627\ue638\ue627\ue639\ue63b\ue602\ue62d\ue632\ue624\ue633\ue631\ue627 \u2011 \u2011 2,875 2,875 Total ECL 1,159 (261) 5,006 5,904 \ue603\ue631\ue633\ue63c\ue632\ue63b\ue639\ue602\ue63e\ue638\ue62d\ue727\ue627\ue632\ue602\ue633\ue6f8 \u2011 \u2011 (8,978) (8,978)\ue618\ue627\ue624\ue633\ue63d\ue627\ue638\ue62d\ue627\ue639\ue602\ue633\ue628\ue602\ue621\ue631\ue633\ue63c\ue632\ue63b\ue639\ue602\ue636\ue638\ue627\ue63d\ue62d\ue633\ue63c\ue639\ue6a3\ue640\ue602\ue63e\ue638\ue62d\ue727\ue627\ue632\ue602\ue633\ue6f8 \u2011 \u2011 3,032 3,032 \ue612\ue627\ue63b\ue602\ue63e\ue638\ue62d\ue63b\ue627\ue666\ue633\ue6f8\ue639 \u2011 \u2011 (5,946) (5,946)\ue619\ue63b\ue67c\ue602\ue662\ue66c\ue672\ue62d\ue662\ue675\ue66c\ue63b\ue66d\ue67c\ue602\ue750\ue631\ue65f\ue62d\ue675\ue65d\ue63b\ue751\ue746\ue675\ue63b\ue688\ue63b\ue675\ue676\ue62d\uea74 1,159 (261) (940) (42)Net impairment movement 2024 Stage 1 Stage 2 Stage 3 Total\u20ac000 \u20ac000 \u20ac000 \u20ac000\ue609\ue606\ue610\ue602\ue633\ue632\ue602\ue63b\ue62c\ue627\ue602\ue606\ue638\ue627\ue626\ue62d\ue63b\ue602\ue616\ue633\ue638\ue724\ue633\ue6a3\ue62d\ue633 (6,395) 9,768 14,414 17,787 \ue609\ue606\ue610\ue602\ue633\ue632\ue602\ue63b\ue62c\ue627\ue602\ue61a\ue638\ue627\ue621\ue639\ue63c\ue638\ue640\ue602\ue616\ue633\ue638\ue724\ue633\ue6a3\ue62d\ue633 (263) 80 (117) (300)\ue618\ue627\ue624\ue6a3\ue621\ue639\ue639\ue62d\ue629\ue624\ue621\uefa7\ue633\ue632\ue602\ue633\ue628\ue602\ue63b\ue62c\ue627\ue602\ue626\ue62d\ue639\ue624\ue633\ue63c\ue632\ue63b\ue602\ue63c\ue632\ue63e\ue62d\ue632\ue626\ue602\ue627\ue6a3\ue627\ue631\ue627\ue632\ue63b\ue602\ue63b\ue633\ue602\ue62d\ue632\ue63b\ue627\ue638\ue627\ue639\ue63b\ue602\ue62d\ue632\ue624\ue633\ue631\ue627 \u2011 \u2011 3,734 3,734 Total ECL (6,658) 9,848 18,031 21,221 \ue603\ue631\ue633\ue63c\ue632\ue63b\ue639\ue602\ue63e\ue638\ue62d\ue727\ue627\ue632\ue602\ue633\ue6f8 \u2011 \u2011 (1,319) (1,319)\ue618\ue627\ue624\ue633\ue63d\ue627\ue638\ue62d\ue627\ue639\ue602\ue633\ue628\ue602\ue621\ue631\ue633\ue63c\ue632\ue63b\ue639\ue602\ue636\ue638\ue627\ue63d\ue62d\ue633\ue63c\ue639\ue6a3\ue640\ue602\ue63e\ue638\ue62d\ue727\ue627\ue632\ue602\ue633\ue6f8 \u2011 \u2011 3,929 3,929 Net recoveries \u2011 \u2011 2,610 2,610 \ue619\ue63b\ue67c\ue602\ue662\ue66c\ue672\ue62d\ue662\ue675\ue66c\ue63b\ue66d\ue67c\ue602\ue750\ue631\ue65f\ue62d\ue675\ue65d\ue63b\ue751\ue746\ue675\ue63b\ue688\ue63b\ue675\ue676\ue62d\uea74(6,658) 9,848 20,641 23,831 The movement in allowance accounts for loans and advances to customers is as follows:The GroupECL Allowances ECL Allowances2025 2024\u20ac000 \u20ac000\ue606\ue62c\ue621\ue632\ue62b\ue627\ue602\ue62d\ue632\ue602\ue621\ue6a3\ue6a3\ue633\ue63e\ue621\ue632\ue624\ue627\ue639\ue602\ue628\ue633\ue638\ue602\ue63c\ue632\ue624\ue633\ue6a3\ue6a3\ue627\ue624\uefa7\ue623\ue62d\ue6a3\ue62d\ue63b\ue640\ue656At 1 January 87,289 103,546 \ue603\ue626\ue626\ue62d\uefa7\ue633\ue632\ue639 36,525 27,936 Reversals (38,511) (44,193)At 31 December 85,303 87,289",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory",
"language": "en",
"entity": "scheme:529900RWC8ZYB066JF16",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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"value": "9. PROFIT BEFORE TAXThe Group The Bank2025 2024 2025 2024\u20ac000 \u20ac000 \u20ac000 \u20ac000Profit before tax is stated after charging:Total remuneration payable to the external auditors of the parent company, inclusive of VAT for\u2011 the audit of financial statements 690 884 646 837 \u2011 other assurance services 89 126 85 112 \u2011 tax advisory services 10 15 10 10 \u2011 other non\u2011assurance services556 223 549 223 1,345 1,248 1,290 1,182",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory",
"language": "en",
"entity": "scheme:529900RWC8ZYB066JF16",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s7__6__83": {
"value": "Directors\u2019 emoluments:\u2011 fees 814 525 682 488 \u2011 directors\u2019 salaries as full\u2011time bank employees919 669 919 669 1,733 1,194 1,601 1,157 Compensation to other key management personnel is analysed as follows:\u2011 salaries and other short\u2011term employee benefits 2,660 2,297 2,660 2,297 \u2011 post\u2011employment benefits 20 19 20 19 \u2011 termination benefits \u2011 420 \u2011 420 \u2011 other fees5 95 \u2011 \u2011 2,685 2,831 2,680 2,736 Total remuneration of directors and other key management personnel4,418 4,025 4,281 3,893 Directors\u2019 fees for the Group include fees of \u20ac0.1 million relating to individuals who do not hold directorship positions within the Bank.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory",
"language": "en",
"entity": "scheme:529900RWC8ZYB066JF16",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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"f1__s7__6__84": {
"value": "10. INCOME TAX EXPENSEThe Group The Bank2025 2024 2025 2024\u20ac000 \u20ac000 \u20ac000 \u20ac000Through profit and loss Current tax on profits for the year 88,566 97,593 90,023 98,369 Deferred tax expense for the year119 5,173 82 5,113 88,685 102,766 90,105 103,482 The charge for income tax is based on the taxable profit for the period at a rate of 35%. The income tax expense and the product of accounting profit multiplied by the statutory domestic income tax rate are reconciled as follows:The Group The Bank2025 2024 2025 2024\u20ac000 \u20ac000 \u20ac000 \u20ac000Profit before tax260,393 302,365 254,041 296,004 Tax at the applicable rate of 35% 91,138 105,828 88,914 103,601 Tax effect of amounts which are not deductable (taxable) in calculating taxable income:Dividends received from Final Taxed Account and at other rates (14) (84) (48) (378)Share of results of equity\u2011accounted investees (3,643) (3,313) \u2011 \u2011 Withholding tax on property sales 675 (317) 675 (317)Depreciation on premises 895 866 895 866 Other differences(366) (214) (331) (290)Income tax expense88,685 102,766 90,105 103,482",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:529900RWC8ZYB066JF16",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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"f1__s7__6__85": {
"value": "11. EARNINGS PER SHARE The Group2025 2024restatedcents per share cents per shareEarnings per share 26.7c 31.1cThe earnings per share are calculated by dividing the profit attributable to the shareholders of the Group by the weighted average number of ordinary shares outstanding during the year. The profit attributable to shareholders amounted to \u20ac171,708,000 (2024: \u20ac199,599,000) whilst the weighted average number of ordinary shares in issue during the year was 642,107,354 shares (2024: 642,234,197 shares).The weighted average number of ordinary shares reflects the total number of shares outstanding during the year, adjusted for the timing of changes to the Group\u2019s capital structure arising from both the bonus issue and the share buyback programme. The bonus issue affected during the year is treated as if it had occurred at the beginning of the earliest period presented, with the comparative figures restated accordingly to ensure consistent measurement across periods. Furthermore, the impact of the share buyback programme is incorporated by reducing the number of outstanding shares from the respective dates on which the repurchased shares were bought back, weighted according to the portion of the year for which those shares were no longer in issue. Taken together, these adjustments result in a weighted average number of ordinary shares that reflect the combined effect of the bonus shares issued and the time weighted reduction in shares arising from the buyback activity.As at 31 December 2025, the Group had no outstanding instruments capable of diluting basic earnings per share. Accordingly, basic and diluted earnings per share are identical.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:529900RWC8ZYB066JF16",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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"f1__s7__6__86": {
"value": "12. DIVIDENDS The amounts of dividends recognised as distributions to equity holders during the period, and the related amount per qualifying share, are as follows:The Bank2025 2024 2025 2024 cents per cents per share share \u20ac000 \u20ac000 Gross of income tax \u2011 current year\u2019s interim dividend 8.56 9.24 54,975 53,948 \u2011 prior year\u2019s final dividend13.14 7.00 76,718 40,869 21.70 16.24 131,693 94,817 Net of income tax \u2011 current year\u203as interim dividend 5.56 6.01 35,733 35,066 \u2011 prior year\u2019s final dividend8.54 4.55 49,867 26,565 14.10 10.56 85,600 61,631 Comparative periodDuring the comparative year, the Directors authorised an interim cash gross ordinary dividend of \u20ac0.0924 per share amounting to \u20ac53.9 million (net ordinary dividend of \u20ac0.0601 per share amounting to \u20ac35.1 million) to be paid to shareholders. Payment was effected on 27 November 2024. Dividend was paid out of profits taxed at 35%. Furthermore, on 26 March 2025, the Board of Directors resolved to recommend for approval of the Annual General Meeting the payment of a final gross dividend of \u20ac0.1314 per share relating to the financial year ended 2024, equivalent to a final net dividend of \u20ac0.0854 per share, which was approved by the shareholders at the Annual General Meeting. The cash dividend was paid on 12 June 2025. The total gross dividends relating to the financial year ended 2024 amounted to \u20ac130.7 million (net of tax amounting to \u20ac84.9 million).Current periodBonus issueOn 26 June 2025, \u20ac58,384,927 from the Group\u2019s reserves have been capitalised for the purpose of a bonus share issue of 58,384,927 fully paid ordinary shares of a nominal value of \u20ac1.00 per share, representing 1 bonus share for every 10 shares held, allotted to members that appeared on the register of members of the Bank as at the close of business of the same date. This bonus issue has resulted in an increase in the issued share capital from 583,849,270 to 642,234,197 shares of \u20ac1.00 each share fully paid up, resulting in a paid-up capital of \u20ac642,234,197. Consequently, the total number of voting rights has increased to 642,234,197 votes.Interim cash ordinary dividend distributionIn the current period, the Directors authorised an interim gross cash ordinary dividend of \u20ac0.0856 gross per share amounting to \u20ac55.0 million (net dividend of \u20ac0.0556 per share amounting to \u20ac35.7 million) to be paid to shareholders. Payment was effected in the current period on 2 September 2025. Dividend were paid out of profits taxed at 35%.Proposed final cash ordinary dividend distribution and proposed special dividend distributionThe Directors have approved a proposal to shareholders of a final cash gross ordinary dividend of \u20ac0.1014 per share amounting to \u20ac65.1 million (net dividend of \u20ac0.0659 per share amounting to \u20ac42.3 million) to be paid to shareholders. In addition to cash ordinary dividends, the Directors have also approved a proposal to shareholders of a cash special gross dividend amounting to \u20ac0.0162 per share equivalent to \u20ac10.4 million (net dividend of \u20ac0.0105 per share \u2013 amounting to \u20ac6.8 million) to be paid to shareholders. Taken together, the final cash gross ordinary and special dividend result in \u20ac0.1176 gross per share amounting to \u20ac75.5 million (net dividend of \u20ac0.0764 per share - amounting to \u20ac49.1 million).The payment of the proposed final ordinary dividend as well as the special dividend are subject to approval by shareholders at the Annual General Meeting and has not been included as a liability in these financial statements. They are payable to all shareholders on the register of members as at the \u201crecord date\u201d. The record date for the purposes of Article 2.1 of the Bank\u2019s Articles of Association is 30 days immediately preceding the date set for the Annual General Meeting.The dividend per share for both the final ordinary dividend and the special dividend are calculated based on the number of ordinary shares in issue at year-end, adjusted for the number of shares bought back and held as treasury shares as at 31 December 2025. Any further reduction in the number of shares in circulation arising from the share buy back programme between 31 December 2025 and the record date will affect positively gross and net dividend per share.",
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"language": "en",
"entity": "scheme:529900RWC8ZYB066JF16",
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"value": "0.1176",
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"concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare",
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"unit": "iso4217:EUR/xbrli:shares"
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"value": "75500000.0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners",
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"f1__s7__6__90": {
"value": "13. BALANCES WITH CENTRAL BANK OF MALTA, TREASURY BILLS AND CASHThe Group The BankNote2025 2024 2025 2024\u20ac000 \u20ac000 \u20ac000 \u20ac000Balances with Central Bank of Malta 729,942 954,420 729,942 954,420 Malta Government Treasury Bills at fair value through 115,478 64,777 115,478 64,777 other comprehensive incomeCash 36 75,804 66,674 75,804 66,674 921,224 1,085,871 921,224 1,085,871 Balances with Central Bank of Malta include Reserve Deposit, in terms of Regulation (EC) No. 1745/2003 of the European Central Bank amounting to \u20ac135.0 million (2024: \u20ac123.7 million) in respect of both the Group and the Bank.Credit loss allowances in respect of balances with the Central Bank of Malta and, Malta Government Treasury Bills are deemed to be insignificant.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:529900RWC8ZYB066JF16",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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"f1__s7__6__89": {
"value": "13. BALANCES WITH CENTRAL BANK OF MALTA, TREASURY BILLS AND CASHThe Group The BankNote2025 2024 2025 2024\u20ac000 \u20ac000 \u20ac000 \u20ac000Balances with Central Bank of Malta 729,942 954,420 729,942 954,420 Malta Government Treasury Bills at fair value through 115,478 64,777 115,478 64,777 other comprehensive incomeCash 36 75,804 66,674 75,804 66,674 921,224 1,085,871 921,224 1,085,871 Balances with Central Bank of Malta include Reserve Deposit, in terms of Regulation (EC) No. 1745/2003 of the European Central Bank amounting to \u20ac135.0 million (2024: \u20ac123.7 million) in respect of both the Group and the Bank.Credit loss allowances in respect of balances with the Central Bank of Malta and, Malta Government Treasury Bills are deemed to be insignificant.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashAndBankBalancesAtCentralBanksExplanatory",
"language": "en",
"entity": "scheme:529900RWC8ZYB066JF16",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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},
"f1__s7__6__91": {
"value": "14. FINANCIAL ASSETS AT FAIR VALUE THROUGH PROFIT OR LOSS AND DERIVATIVE FINANCIAL INSTRUMENTSFinancial assets at fair value through profit or lossThe Group The Bank2025 2024 2025 2024\u20ac000 \u20ac000 \u20ac000 \u20ac000Financial assets mandatorily measured at FVTPL:Debt and other fixed income instruments (note 14.1) 1 22 1 22 Financial assets classified as held for tradingDerivative financial assets (note 14.3)2,987 4,071 2,987 4,071 2,988 4,093 2,988 4,093 Financial assets designated at FVTPL:Debt and other fixed income instruments (note 14.1) 1,391 1,398 5 17 Equity and other non\u2011fixed income instruments (note 14.2) 51,203 50,052 51,198 49,891 Loans and advances to customers (note 17)36,643 50,677 36,643 50,677 89,237 102,127 87,846 100,585 92,225 106,220 90,834 104,678 Financial assets at fair value through profit or loss comprise investments measured at fair value through profit or loss, loans and advances to customers measured at fair value through profit or loss, as well as derivative financial assets, as presented in the Statement of Financial Position.Financial liabilities at fair value through profit or lossFinancial liabilities classified as held for trading:Derivative financial liabilities (note 14.3)4,532 4,200 4,532 4,200 14.1 DEBT AND OTHER FIXED INCOME INSTRUMENTSThe Group The Bank2025 2024 2025 2024\u20ac000 \u20ac000 \u20ac000 \u20ac000Issued by public bodies\u2011 local general government 258 \u2011 \u2011 \u2011\u2011 foreign general government 1,128 1,393 \u2011 12 1,386 1,393 \u2011 12 Issued by other issuers\u2011 foreign banks6 27 6 27 6 27 6 27 1,392 1,420 6 39 Listing status\u2011 listed on Malta Stock Exchange 258 \u2011 \u2011 \u2011 \u2011 listed on foreign stock exchanges1,134 1,420 6 391,392 1,420 6 39 Summary of movements during the year:At the beginning of the year 1,420 42 39 42 Acquisitions 375 1,350 \u2011 \u2011 Movement in accrued interest receivable 2 (1) \u2011 (1)Redemptions and disposals (422) \u2011 (31) \u2011 Movement in fair value 19 29 \u2011 (2)Exchange adjustment(2) \u2011 (2) \u2011 At the end of the year1,392 1,420 6 39 14.2 EQUITY AND OTHER NON-FIXED INCOME INSTRUMENTS The Group The Bank2025 2024 2025 2024\u20ac000 \u20ac000 \u20ac000 \u20ac000Issued by other issuers\u2011 local banks 78 167 78 167 \u2011 foreign banks and other issuers 51,068 49,621 51,068 49,621 \u2011 local issuers57 264 52 103 51,203 50,052 51,198 49,891 Listing status\u2011 listed on Malta Stock Exchange 135 431 130 270 \u2011 unlisted foreign banks and other issuers51,068 49,621 51,068 49,621 51,203 50,052 51,198 49,891 Summary of movements during the year:At the beginning of the year 50,052 40,584 49,891 40,293 Disposals (254) (130) (96) \u2011 Movement in fair value 5,235 7,986 5,233 7,986 Exchange adjustment(3,830) 1,612 (3,830) 1,612 At the end of the year51,203 50,052 51,198 49,89114.3 DERIVATIVE FINANCIAL INSTRUMENTS CLASSIFIED AS HELD FOR TRADING The Group The Bank2025 2024 2025 2024\u20ac000 \u20ac000 \u20ac000 \u20ac000\u2011Fair value of assets 2,987 4,071 2,987 4,071\u2011Fair value of liabilities 4,532 4,200 4,532 4,200Derivative contracts classified as held for trading with a gross carrying amount of \u20ac1.84 million are offset by an amount of \u20ac1.78 million attributable to Amounts owed to banks. This offsetting is enforceable by master netting agreements. The resulting net amount of \u20ac0.06 million, which is presented in the Statement of Financial Position, is disclosed in the table below\u2011Fair value of derivative financial instruments 1,842 1,824 1,842 1,824 \u2011Amounts owed to banks that are offset (see Note 39.8)(1,784) (1,730) (1,784) (1,730)Net amount 58 94 58 94 The derivatives comprise over-the-counter forward foreign exchange contracts and interest rate swaps, that have not been designated as hedging instruments in hedging relationships, measured at fair value through profit or loss, with notional amounts analysed by remaining contractual term as follows:Foreign exchange contracts\u2011 less than 3 months 226,472 226,695 226,472 226,695 \u2011 between 3 months and 1 year 67,961 8,924 67,961 8,924 \u2011 between 1 and 5 years\u2011 65,951 \u2011 65,951 294,433 301,570 294,433 301,570 Interest rate swaps\u2011 between 3 months and 1 year 1,250 2,362 1,250 2,362 \u2011 between 1 and 5 years 15,150 21,565 15,150 21,565 \u2011 more than 5 Years20,190 23,447 20,190 23,447 36,590 47,374 36,590 47,374",
"dimensions": {
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"language": "en",
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"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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},
"f1__s7__6__92": {
"value": "14.1 DEBT AND OTHER FIXED INCOME INSTRUMENTSThe Group The Bank2025 2024 2025 2024\u20ac000 \u20ac000 \u20ac000 \u20ac000Issued by public bodies\u2011 local general government 258 \u2011 \u2011 \u2011\u2011 foreign general government 1,128 1,393 \u2011 12 1,386 1,393 \u2011 12 Issued by other issuers\u2011 foreign banks6 27 6 27 6 27 6 27 1,392 1,420 6 39 Listing status\u2011 listed on Malta Stock Exchange 258 \u2011 \u2011 \u2011 \u2011 listed on foreign stock exchanges1,134 1,420 6 391,392 1,420 6 39 Summary of movements during the year:At the beginning of the year 1,420 42 39 42 Acquisitions 375 1,350 \u2011 \u2011 Movement in accrued interest receivable 2 (1) \u2011 (1)Redemptions and disposals (422) \u2011 (31) \u2011 Movement in fair value 19 29 \u2011 (2)Exchange adjustment(2) \u2011 (2) \u2011 At the end of the year1,392 1,420 6 39 14.2 EQUITY AND OTHER NON-FIXED INCOME INSTRUMENTS The Group The Bank2025 2024 2025 2024\u20ac000 \u20ac000 \u20ac000 \u20ac000Issued by other issuers\u2011 local banks 78 167 78 167 \u2011 foreign banks and other issuers 51,068 49,621 51,068 49,621 \u2011 local issuers57 264 52 103 51,203 50,052 51,198 49,891 Listing status\u2011 listed on Malta Stock Exchange 135 431 130 270 \u2011 unlisted foreign banks and other issuers51,068 49,621 51,068 49,621 51,203 50,052 51,198 49,891 Summary of movements during the year:At the beginning of the year 50,052 40,584 49,891 40,293 Disposals (254) (130) (96) \u2011 Movement in fair value 5,235 7,986 5,233 7,986 Exchange adjustment(3,830) 1,612 (3,830) 1,612 At the end of the year51,203 50,052 51,198 49,891",
"dimensions": {
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"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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},
"f1__s7__6__94": {
"value": "14.3 DERIVATIVE FINANCIAL INSTRUMENTS CLASSIFIED AS HELD FOR TRADING The Group The Bank2025 2024 2025 2024\u20ac000 \u20ac000 \u20ac000 \u20ac000\u2011Fair value of assets 2,987 4,071 2,987 4,071\u2011Fair value of liabilities 4,532 4,200 4,532 4,200Derivative contracts classified as held for trading with a gross carrying amount of \u20ac1.84 million are offset by an amount of \u20ac1.78 million attributable to Amounts owed to banks. This offsetting is enforceable by master netting agreements. The resulting net amount of \u20ac0.06 million, which is presented in the Statement of Financial Position, is disclosed in the table below\u2011Fair value of derivative financial instruments 1,842 1,824 1,842 1,824 \u2011Amounts owed to banks that are offset (see Note 39.8)(1,784) (1,730) (1,784) (1,730)Net amount 58 94 58 94 The derivatives comprise over-the-counter forward foreign exchange contracts and interest rate swaps, that have not been designated as hedging instruments in hedging relationships, measured at fair value through profit or loss, with notional amounts analysed by remaining contractual term as follows:Foreign exchange contracts\u2011 less than 3 months 226,472 226,695 226,472 226,695 \u2011 between 3 months and 1 year 67,961 8,924 67,961 8,924 \u2011 between 1 and 5 years\u2011 65,951 \u2011 65,951 294,433 301,570 294,433 301,570 Interest rate swaps\u2011 between 3 months and 1 year 1,250 2,362 1,250 2,362 \u2011 between 1 and 5 years 15,150 21,565 15,150 21,565 \u2011 more than 5 Years20,190 23,447 20,190 23,447 36,590 47,374 36,590 47,374",
"dimensions": {
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"entity": "scheme:529900RWC8ZYB066JF16",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s7__6__93-1": {
"value": "14.3 DERIVATIVE FINANCIAL INSTRUMENTS CLASSIFIED AS HELD FOR TRADING The Group The Bank2025 2024 2025 2024\u20ac000 \u20ac000 \u20ac000 \u20ac000\u2011Fair value of assets 2,987 4,071 2,987 4,071\u2011Fair value of liabilities 4,532 4,200 4,532 4,200Derivative contracts classified as held for trading with a gross carrying amount of \u20ac1.84 million are offset by an amount of \u20ac1.78 million attributable to Amounts owed to banks. This offsetting is enforceable by master netting agreements. The resulting net amount of \u20ac0.06 million, which is presented in the Statement of Financial Position, is disclosed in the table below\u2011Fair value of derivative financial instruments 1,842 1,824 1,842 1,824 \u2011Amounts owed to banks that are offset (see Note 39.8)(1,784) (1,730) (1,784) (1,730)Net amount 58 94 58 94 The derivatives comprise over-the-counter forward foreign exchange contracts and interest rate swaps, that have not been designated as hedging instruments in hedging relationships, measured at fair value through profit or loss, with notional amounts analysed by remaining contractual term as follows:Foreign exchange contracts\u2011 less than 3 months 226,472 226,695 226,472 226,695 \u2011 between 3 months and 1 year 67,961 8,924 67,961 8,924 \u2011 between 1 and 5 years\u2011 65,951 \u2011 65,951 294,433 301,570 294,433 301,570 Interest rate swaps\u2011 between 3 months and 1 year 1,250 2,362 1,250 2,362 \u2011 between 1 and 5 years 15,150 21,565 15,150 21,565 \u2011 more than 5 Years20,190 23,447 20,190 23,447 36,590 47,374 36,590 47,37429. DERIVATIVE CONTRACTS DESIGNATED AS HEDGING INSTRUMENTS The Group The Bank2025 2024 2025 2024\u20ac000 \u20ac000 \u20ac000 \u20ac000Derivative financial instruments designated as hedging instruments in fair value hedges\u2011 Fair value of derivative of financial instruments 1,420 615 1,420 615 \u2011 Loans and advances to banks that are offset (see Note 39.8)(1,384) (615) (1,384) (615)Net amount presented in the statement of financial position 36 - 36 - Derivative contracts designated as hedging instruments with a gross carrying amount of \u20ac1.42 million are offset by an amount of \u20ac1.38 million attributable to Loans and advances to banks. This offsetting is enforceable by master netting agreements. The resulting net amount of \u20ac0.04 million, which is presented in the Statement of Financial Position, is disclosed in the table above.The derivative contracts referred to above comprise over-the-counter interest rate swaps, measured at fair value with notional amounts analysed by the remaining contractual term as follows:\u2011 between 1 and 5 years55,296 62,458 55,296 62,458 55,296 62,458 55,296 62,458 These interest rate swaps have been designated as hedging instruments in fair value hedging relationships with the hedged items comprising the movements in the fair value attributable to interest rate risk of specific Bank debt investments measured at fair value through other comprehensive income (refer to Note 6 Net (loss) / gain on investment securities and hedging instruments).",
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"entity": "scheme:529900RWC8ZYB066JF16",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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},
"f1__s7__6__95": {
"value": "15. INVESTMENTS AT AMORTISED COST AND FAIR VALUE THROUGH OTHER COMPREHENSIVE INCOMEThe Group The Bank2025 2024 2025 2024\u20ac000 \u20ac000 \u20ac000 \u20ac000Debt and other fixed income instruments\u2011 measured at FVOCI (note 15.1) 70,786 80,541 70,786 80,541 \u2011 measured at amortised cost (note 15.2) 6,781,209 6,251,257 6,781,209 6,251,257 Equity and other non\u2011fixed income instruments (note 15.3)\u2011 measured at FVOCI3,044 4,898 3,044 4,898 6,855,039 6,336,696 6,855,039 6,336,696 Debt and other fixed income instruments and Equity and other non-fixed income instruments as presented in this note comprise investments at amortised costs and investments at fair value through other comprehensive income, as presented in the Statement of Financial Position.Debt securities measured at amortised cost and fair value through other comprehensive income, with nominal values of \u20ac326.4 million (2024: \u20ac497.2 million) and \u20ac12.5 million (2024: \u20ac12.5 million), respectively, have been allocated for potential utilization as collateral in relation to the provision of Central Bank of Malta credit lines. As at December 2025, these securities were measured at \u20ac336.7 million (2024: \u20ac511.4 million) and \u20ac13.2 million (2024: \u20ac13.4 million) as at 31 December 2025.Debt securities measured at amortised cost with a nominal value of \u20ac40.0 million (2024: \u20ac40.0 million) have been pledged in favour of Depositor Compensation Scheme. These securities were valued at \u20ac40.1 million as at 31 December 2025 (2024: \u20ac40.2 million).Debt securities measured at amortised cost with a nominal value of \u20ac65.0 million have been sold under sale and prepurchase agreements and accordingly are pledged and are covered by the TBMA/ISMA Global Repurchase Master Agreement. These investments were carried at \u20ac64.9 million as at 31 December 2025. At the end of 2024, there were no such pledged securities covered by the TBMA/ISMA Global Repurchase Master Agreement (refer to Note 39.5).15.1 DEBT AND OTHER FIXED INCOME INSTRUMENTS MEASURED AT FVOCIThe Group The Bank2025 2024 2025 2024\u20ac000 \u20ac000 \u20ac000 \u20ac000Issued by public bodies\u2011 local general government 13,247 13,467 13,247 13,467 \u2011 local public sector 56,813 64,445 56,813 64,445 70,060 77,912 70,060 77,912 Issued by other issuers\u2011 foreign banks 141 1,077 141 1,077 \u2011 other foreign issuers585 1,552 585 1,552 726 2,629 726 2,629 Listing status\u2011 listed on Malta Stock Exchange 70,060 77,912 70,060 77,912 \u2011 listed on foreign stock exchanges726 2,629 726 2,629 70,786 80,541 70,786 80,541 Summary of movements during the year:At the beginning of the year 80,541 75,951 80,541 75,951 Acquisitions \u2011 37,113 \u2011 37,113 Movement in accrued interest receivable (80) 62 (80) 62 Redemptions and disposals (1,972) (34,568) (1,972) (34,568)Movement in fair value (336) (2,617) (336) (2,617)Exchange adjustment(7,367) 4,600 (7,367) 4,600 At the end of the year70,786 80,541 70,786 80,541 As at 31 December 2025, debt and other fixed income instruments measured at FVOCI are considered to be subject to insignificant credit risk.15.2 DEBT AND OTHER FIXED INCOME INSTRUMENTS MEASURED AT AMORTISED COST The Group The Bank2025 2024 2025 2024\u20ac000 \u20ac000 \u20ac000 \u20ac000Issued by public bodies\u2011 local general government 2,179,313 2,041,581 2,179,313 2,041,581 \u2011 foreign general government 3,837,777 3,290,970 3,837,777 3,290,970 6,017,090 5,332,551 6,017,090 5,332,551 Issued by other issuers\u2011 foreign banks 688,633 834,953 688,633 834,953 \u2011 other foreign issuers75,486 83,753 75,486 83,753 764,119 918,706 764,119 918,706 6,781,209 6,251,257 6,781,209 6,251,257 Listing status\u2011 listed on Malta Stock Exchange 2,179,313 2,041,998 2,179,313 2,041,998 \u2011 listed on foreign stock exchanges 4,486,683 4,086,051 4,486,683 4,086,051 \u2011 foreign unlisted115,213 123,208 115,213 123,208 6,781,209 6,251,257 6,781,209 6,251,257 At 31 December 2025, the fair value of debt and other fixed income instruments measured at amortised cost amounted to \u20ac6,706.8 million (2024: \u20ac6,176.4 million). The Group The Bank2025 2024 2025 2024\u20ac000 \u20ac000 \u20ac000 \u20ac000Summary of movements during the year:At the beginning of the year 6,251,257 5,266,958 6,251,257 5,266,958 Movement in accrued interest receivable 13,766 16,965 13,766 16,965 Acquisitions 1,250,007 2,046,565 1,250,007 2,046,565 Redemptions and disposals (743,733) (1,092,254) (743,733) (1,092,254)Amortisation of discounts and premiums 11,310 11,356 11,310 11,356 Movement in expected credit allowances (291) (206) (291) (206)Exchange adjustment(1,107) 1,873 (1,107) 1,873 At the end of the year6,781,209 6,251,257 6,781,209 6,251,25715.3 EQUITY AND OTHER NON-FIXED INCOME INSTRUMENTS MEASURED AT FVOCI The Group The Bank2025 2024 2025 2024\u20ac000 \u20ac000 \u20ac000 \u20ac000Issued by\u2011 local other issuers 2,305 3,425 2,305 3,425 \u2011 foreign other issuers \u2011 506 \u2011 506 \u2011 local banks 34 33 34 33 \u2011 local public bodies705 934 705 934 3,044 4,898 3,044 4,898 Listing status\u2011 listed on Malta Stock Exchange 3,044 4,392 3,044 4,392 \u2011 listed on foreign stock exchanges\u2011 506 \u2011 506 3,044 4,898 3,044 4,898 Summary of movements during the year:At the beginning of the year 4,898 10,553 4,898 10,553 Acquisitions \u2011 834 \u2011 834 Disposals (1,318) (1,161) (1,318) (1,161)Movement in fair value(536) (5,328) (536) (5,328)At the end of the year3,044 4,898 3,044 4,898 Other disclosures in respect of equity investments measured at fair value through comprehensive income, as required by IFRSs as adopted by the EU, were not deemed necessary taking cognisance of the immateriality of the carrying amount of the Group\u2019s such equity investments in the context of the amounts presented within the Group\u2019s statement of financial position.",
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"entity": "scheme:529900RWC8ZYB066JF16",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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},
"f1__s7__6__96-1": {
"value": "15.1 DEBT AND OTHER FIXED INCOME INSTRUMENTS MEASURED AT FVOCIThe Group The Bank2025 2024 2025 2024\u20ac000 \u20ac000 \u20ac000 \u20ac000Issued by public bodies\u2011 local general government 13,247 13,467 13,247 13,467 \u2011 local public sector 56,813 64,445 56,813 64,445 70,060 77,912 70,060 77,912 Issued by other issuers\u2011 foreign banks 141 1,077 141 1,077 \u2011 other foreign issuers585 1,552 585 1,552 726 2,629 726 2,629 Listing status\u2011 listed on Malta Stock Exchange 70,060 77,912 70,060 77,912 \u2011 listed on foreign stock exchanges726 2,629 726 2,629 70,786 80,541 70,786 80,541 Summary of movements during the year:At the beginning of the year 80,541 75,951 80,541 75,951 Acquisitions \u2011 37,113 \u2011 37,113 Movement in accrued interest receivable (80) 62 (80) 62 Redemptions and disposals (1,972) (34,568) (1,972) (34,568)Movement in fair value (336) (2,617) (336) (2,617)Exchange adjustment(7,367) 4,600 (7,367) 4,600 At the end of the year70,786 80,541 70,786 80,541 As at 31 December 2025, debt and other fixed income instruments measured at FVOCI are considered to be subject to insignificant credit risk.15.2 DEBT AND OTHER FIXED INCOME INSTRUMENTS MEASURED AT AMORTISED COST The Group The Bank2025 2024 2025 2024\u20ac000 \u20ac000 \u20ac000 \u20ac000Issued by public bodies\u2011 local general government 2,179,313 2,041,581 2,179,313 2,041,581 \u2011 foreign general government 3,837,777 3,290,970 3,837,777 3,290,970 6,017,090 5,332,551 6,017,090 5,332,551 Issued by other issuers\u2011 foreign banks 688,633 834,953 688,633 834,953 \u2011 other foreign issuers75,486 83,753 75,486 83,753 764,119 918,706 764,119 918,706 6,781,209 6,251,257 6,781,209 6,251,257 Listing status\u2011 listed on Malta Stock Exchange 2,179,313 2,041,998 2,179,313 2,041,998 \u2011 listed on foreign stock exchanges 4,486,683 4,086,051 4,486,683 4,086,051 \u2011 foreign unlisted115,213 123,208 115,213 123,208 6,781,209 6,251,257 6,781,209 6,251,257 At 31 December 2025, the fair value of debt and other fixed income instruments measured at amortised cost amounted to \u20ac6,706.8 million (2024: \u20ac6,176.4 million). The Group The Bank2025 2024 2025 2024\u20ac000 \u20ac000 \u20ac000 \u20ac000Summary of movements during the year:At the beginning of the year 6,251,257 5,266,958 6,251,257 5,266,958 Movement in accrued interest receivable 13,766 16,965 13,766 16,965 Acquisitions 1,250,007 2,046,565 1,250,007 2,046,565 Redemptions and disposals (743,733) (1,092,254) (743,733) (1,092,254)Amortisation of discounts and premiums 11,310 11,356 11,310 11,356 Movement in expected credit allowances (291) (206) (291) (206)Exchange adjustment(1,107) 1,873 (1,107) 1,873 At the end of the year6,781,209 6,251,257 6,781,209 6,251,25730. UNSUBORDINATED DEBT SECURITIES IN ISSUE AND SUBORDINATED LIABILITIES The Group The Bank2025 2024 2025 2024\u20ac000 \u20ac000 \u20ac000 \u20ac000Unsubordinated debt securities in issueSenior non\u2011preferred notes351,659 350,846 351,659 350,846 351,659 350,846 351,659 350,846 Subordinated liabilities3.50% Euro subordinated unsecured bonds 113,140 113,130 113,140 113,130 3.75% Euro subordinated unsecured bonds 50,088 50,107 50,088 50,107 5.00% Euro subordinated unsecured bonds376,915 99,899 376,915 99,899 540,143 263,136 540,143 263,13630.1 SENIOR NON-PREFERRED NOTESOn 6 December 2022, the Bank had issued \u20ac350 million Callable Senior Non-Preferred Notes (traded on the Irish Stock Exchange) with a final maturity date of 6 December 2027 and a fixed coupon of 10% per annum. The fair value of the Notes as of 31 December 2025 is \u20ac384.5 million (2024: \u20ac384.5 million). The Senior Non-Preferred Notes constitute direct, unconditional, unsecured, and unsubordinated obligations of the Bank and rank in priority to all subordinated claims but are junior in right of payment to all preferred claims and all ordinary unsecured claims. The Notes were rated by Fitch as BBB. 30.2 SUBORDINATED LIABILITIESThe Group\u2019s subordinated liabilities comprise unsecured subordinated debt instruments issued in the capital markets, which are subordinated to the claims of all holders of senior indebtedness. These instruments are all listed on the Malta Stock Exchange. The bonds were issued at par value, with interest payable annually in arrears.During the comparative period, the Bank had issued \u20ac100 million 5% Unsecured Subordinated Bonds, maturing between 2030 and 2035, under the \u20ac250 million Unsecured Euro Medium Term Bond Programme approved by the Malta Financial Services Authority in the second half of 2024. On 2 June 2025, the Bank issued \u20ac150 million under the same Programme.On 17 October 2025, the Malta Financial Services Authority approved another Unsecured Euro Medium Term Bond Programme of up to \u20ac325 million and a first tranche of Tier 2 bonds under the Programme was utilised in the form of an issue of \u20ac100 million (with an over-allotment option of up to \u20ac125 million) 5% unsecured subordinated bonds (2030-2035). The over-allotment option was exercised up to the maximum amount resulting in the issue of bonds for a total amount of \u20ac125 million.The proceeds from the bond issuances are intended to strengthen the Bank\u2019s Tier 2 capital and support its strategic growth initiatives. In accordance with the requirements of IFRS 9 Financial Instruments, the bonds have been classified as long-term financial liabilities measured at amortised cost. Transaction costs directly attributable to the issuance have been deducted from the carrying amount of the liability and will be amortised over the term of the bonds using the effective interest method.At the reporting date, the Bank and the Group had the following subordinated instruments in issue: The Group and the Bank The Group and the Bank2025 2024 2025 2024Nominal Carrying Security ISIN Redeemable at par on/byamount Fair value Fair valueFair valueamountissued\u20ac000 \u20ac000 \u20ac000 \u20ac000 \u20ac0003.5% Bank of MT0000021312 8 August 2030 66,921 64,177 63,541 76,050 76,050 Valletta plc \u20ac Notes 2030 S1 T1 3.5% Bank of MT0000021320 8 August 2030 44,670 41,320 43,330 37,099 37,099 Valletta plc \u20ac Notes 2030 S2 T1 3.75% Bank MT0000021353 15 June 2031 50,000 48,550 49,000 50,088 50,088 of Valletta plc Unsecured Sub \u20ac 2026\u20112031 5% Bank of MT0000021361 28 November 2034 100,000 100,000 103,500 99,524 99,899 Valletta Unsecured Subordinated \u20ac 2029\u20112034 5.00% Bank of MT0000021379 7 July 2035 150,000 150,075 \u2011 152,984 \u2011 Valletta plc \u20ac Unsec Sub 2030\u20132035 S2 T1 5.00% Bank of MT0000021387 5 December 2035 125,000 125,000 \u2011 124,398 \u2011 Valletta plc \u20ac Unsec Sub 2030 \u2013 2035 S1 T1 Subordinated Liabilities as per Statement of Financial Position 540,143 263,136",
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"entity": "scheme:529900RWC8ZYB066JF16",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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},
"f1__s7__6__97-1": {
"value": "At 31 December 2025, the fair value of debt and other fixed income instruments measured at amortised cost amounted to \u20ac6,706.8 million (2024: \u20ac6,176.4 million).Land and buildings are revalued by professionally qualified architects on the basis of open market value in accordance with the Group\u2019s accounting policy disclosed within Note 1. The carrying amounts of land and buildings that would have been included in the financial statements had these assets been carried at cost less accumulated depreciation are: 2025: Group \u20ac66.6 million (2024: \u20ac55.0 million) 2025: Bank \u20ac66.6 million (2024: \u20ac55.0 million)Valuation processesRevaluations are carried out on a regular basis in accordance with the Group\u2019s accounting policy. The valuations of the properties are performed on the basis of valuation reports prepared by qualified valuers, which are supported by valuation models and assumptions utilised by the valuers, with assumptions being typically market related based on market observation and professional judgement and by information provided by the Group. The information provided to the valuers, together with the valuation models and the assumptions used by the valuers, are reviewed by management and the appropriateness of the valuation reports is also assessed by management. At the end of every reporting period, management assess whether any significant changes or developments have been experienced since the last valuation report. This analysis is generally supported by assessments performed by the qualified valuers referred to above.Valuation techniquesThe external valuations of the Level 3 property are performed using a multi-criteria approach, with every property being valued utilising the valuation technique considered by the external valuer to be the most appropriate for the respective property. The highest and best use of the Group\u2019s properties is considered equivalent to their current use. Property values are primarily estimated using the \u2018investment approach\u2019, the outcome of which is validated utilising the \u2018comparative method\u2019. Under the investment approach, the market value is determined by capitalising the annual income the property would generate if leased to third parties, using an appropriate yield rate. Under the comparative method, estate agency listings of similar properties are analysed to derive an average sales value per square metre, adjusted for relevant parameters. All the recurring property fair value measurements at the end of each financial period presented are derived through the use of significant unobservable inputs and are accordingly categorised within Level 3 of the fair valuation hierarchy. The Group\u2019s policy is to recognise transfers into and out of fair value hierarchy levels as of the end of the reporting period. There were no transfers between different levels of the fair value hierarchy during the current and preceding financial years. A reconciliation from the opening balance to the closing balance of property for recurring fair value measurements categorised within Level 3 of the fair value hierarchy is reflected in the tables above. Significant unobservable inputs used in the valuation of these properties are the rental income for office space and the percentage capitalisation rate which indicates the multiplier relationship between net rental income and property value. Further details about these significant inputs are summarised in the table below:Significant unobservable input Narrative sensitivityBuildings in Commercial Area Rental per square metre, The higher the rental per square metre the higher the fair valueranging from \u20ac125/sqm to \u20ac880/sqm (2024: \u20ac125/sqm to \u20ac880/sqm with a weighted average of \u20ac212/sqm (2024: \u20ac204/sqm)Capitalisation rate, ranging fromThe higher the capitalisation ratethe lower the fair value 5.31% to 8.30% (2024: 5.31% to 8.30%)Buildings in Residential Area Price per square metre, ranging fromThe higher the rental per square metrethe higher the fair value\u20ac125/sqm to \u20ac611/sqm(2024: \u20ac125/sqm to \u20ac880/sqm) with a weighted average of \u20ac170/sqm (2024: \u20ac162/sqm)Capitalisation rate, ranging fromThe higher the capitalisation ratethe lower the fair value5.50% to 8.00%(2024: 5.50% to 8.00%)",
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"concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:529900RWC8ZYB066JF16",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s7__6__98": {
"value": "16. LOANS AND ADVANCES TO BANKSThe Group The Bank2025 2024 2025 2024 \u20ac000 \u20ac000 \u20ac000 \u20ac000Repayable on call and at short notice 191,029 179,267 191,029 179,267Term placements with other banks 63,551 144,952 63,551 144,952Cheques in course of collection 4,174 4,328 4,174 4,328258,754 328,547 258,754 328,547Balances with a carrying amount of \u20ac4.2 million (2024: \u20ac3.6 million) as at 31 December 2025 are pledged as collateral in relation to derivative financial instruments.Credit loss allowances in respect of loans and advances to banks are deemed to be insignificant.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLoansAndAdvancesToBanksExplanatory",
"language": "en",
"entity": "scheme:529900RWC8ZYB066JF16",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s7__6__99": {
"value": "Balances with a carrying amount of \u20ac4.2 million (2024: \u20ac3.6 million) as at 31 December 2025 are pledged as collateral in relation to derivative financial instruments",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCollateralExplanatory",
"language": "en",
"entity": "scheme:529900RWC8ZYB066JF16",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s7__6__100": {
"value": "17. LOANS AND ADVANCES TO CUSTOMERSThe Group The Bank2025 2024 2025 2024\u20ac000 \u20ac000 \u20ac000 \u20ac000Repayable on call and at short notice 671,787 547,135 671,787 547,135 Term loans and advances7,398,989 6,386,456 7,398,989 6,386,456 8,070,776 6,933,591 8,070,776 6,933,591 Less expected credit loss allowances(85,303) (87,289) (85,303) (87,289)Net loans and advances at amortised cost7,985,473 6,846,302 7,985,473 6,846,302 Loans and advances designated at fair value through profit or loss 36,643 50,677 36,643 50,677 (note 14)Total loans and advances 8,022,116 6,896,979 8,022,116 6,896,979 Expected credit loss allowances85,303 87,289 85,303 87,289",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLoansAndAdvancesToCustomersExplanatory",
"language": "en",
"entity": "scheme:529900RWC8ZYB066JF16",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s7__6__101": {
"value": "18. INVESTMENTS IN EQUITY-ACCOUNTED INVESTEES The Group The Bank2025 2024 2025 2024\u20ac000 \u20ac000 \u20ac000 \u20ac000At the beginning of the year 117,160 110,098 72,870 72,870 Share of results, net of tax 10,409 9,466 \u2011 \u2011 Dividends received(2,992) (2,404) \u2011 \u2011 At the end of the year124,577 117,160 72,870 72,870 Amounts include:Local listed 33,284 29,994 22,304 22,304 Local unlisted91,293 87,166 50,566 50,566 124,577 117,160 72,870 72,870 On the historical cost basis, shares in equity-accounted investees of the Group, would have been stated at a cost of \u20ac72.9 million (2024: \u20ac72.9 million). The fair value of the equity-accounted investee with listed ordinary shares amounted to \u20ac39.7 million (2024: \u20ac40.0 million) at 31 December 2025 based on its quoted market price. The cost of this investment is \u20ac22.3 million (2024: \u20ac22.3 million).The fair value of the listed investee is regarded as Level 1 under the fair value hierarchy of IFRS 13.18.1 DETAILS OF ASSOCIATESDetails of the associates held by the Group and the Bank are as follows:Equity Class of Incorporated in Nature of Businessinterestshares held2025 2024 Name of company % % Mapfre Middlesea p.l.c. 31.08 31.08 Ordinary Malta Insurance (listed on Malta Stock Exchange Mapfre Msv Life p.l.c.* 50.00 50.00 Ordinary Malta Life AssuranceGroup\u2019s share of results2025 2024 Name of company \u20ac000 \u20ac000 Mapfre Middlesea p.l.c. 4,830 3,990 Mapfre Msv Life p.l.c.5,579 5,476 10,409 9,466 *Effectively, a further 15.54% (2024:15.54%) is held indirectly via the other equity-accounted investee, in view of the fact that the other investee is the other 50% shareholder in Mapfre Msv Life p.l.c. Although the Bank has an effective participating interest of 65.54% (2024: 65.54%) in Mapfre Msv Life p.l.c, it does not exercise control over this entity as it only has the right for equal representation on the Board of Directors of the entity together with the other shareholder. The Bank is deemed to exercise significant influence on Mapfre Msv Life p.l.c. as opposed to joint control as a result of a shareholders\u2019 agreement which gives the other shareholder in Mapfre Msv Life p.l.c. control. The shareholding percentages reflected above are equivalent to the proportion of voting rights held.The activities of the associates within the insurance and life assurance sectors, with their principal place of business being Malta, are important to the Bank in the context of its strategy and business model. The financial statements of the equity-accounted investees are prepared to 31 December. The registered addresses of the associates are as follows:Mapfre Middlesea p.l.c. Middlesea House, Floriana FRN 1442, Malta Mapfre Msv Life p.l.c. The Mall, Mall Street, Floriana FRN 1470, MaltaSummarised financial information in respect of the equity-accounted investees extracted from the published financial statements of the associates for the year ended 31 December:2025 2024\u20ac000 \u20ac000Total assets 2,490,752 2,453,909Total liabilities 2,292,511 2,270,391Revenues 155,678 146,697 Profit for the year 20,514 17,994 Total Comprehensive Income 21,020 18,152 The Group2025 2024\u20ac000 \u20ac000Share of net assets of equity\u2011accounted investees124,577 117,160 Share of results of equity\u2011accounted investees 10,409 9,466 As at 31 December 2025, the Bank had in issue guarantees in favour of the associates. The aggregate amount of these guarantees is not material in the context of the Bank\u2019s financial position.Distributions by the Bank\u2019s associates are subject to regulatory approval and compliance with applicable regulatory solvency requirements. As at 31 December 2025 and 2024, there were no significant restrictions on the ability of the Bank\u2019s associates, Mapfre Msv Life p.l.c. and Mapfre Middlesea p.l.c. to transfer funds to the Bank in the form of cash dividends, or to repay loans or advances.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory",
"language": "en",
"entity": "scheme:529900RWC8ZYB066JF16",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s7__6__102": {
"value": "19. INVESTMENTS IN SUBSIDIARY COMPANIES Equity interest / Class of Incorporated in Nature of Businessvoting rightsshares held2025 2024Name of company % %BOV Asset Management Limited 100 100 Ordinary Malta Fund ManagementBOV Fund Services Limited 100 100 Ordinary Malta Fund AdministrationThe Bank2025 2024Name of company \u20ac000 \u20ac000BOV Asset Management Limited 5,481 5,481 BOV Fund Services Limited749 749 Cost/Carrying amount6,230 6,230 The registered address of the above unlisted undertakings, which have their principal place of business being Malta, is as follows:BOV Asset Management Limited 58, Triq San Zakkarija, Il-Belt Valletta VLT1130BOV Fund Services Limited 58, Triq San Zakkarija, Il-Belt Valletta VLT1130All subsidiaries prepared their financial statements as at 31 December.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:529900RWC8ZYB066JF16",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s7__6__105-1": {
"value": "20. INTANGIBLE ASSETSThe Group The Bank2025 2024 2025 2024\u20ac000 \u20ac000 \u20ac000 \u20ac000SoftwareCost 1 January 122,176 119,538 121,876 119,238 Additions 8,643 3,823 8,643 3,823 Assets retired from active use(7,729) (1,185) (7,729) (1,185)31 December123,090 122,176 122,790 121,876 Accumulated amortisation1 January 76,859 64,896 76,570 64,707 Charge for the year 12,770 13,148 12,759 13,048 Assets retired from active use(7,519) (1,185) (7,519) (1,185)31 December82,110 76,859 81,810 76,570 Carrying amount at 1 January45,317 54,642 45,306 54,531Carrying amount at 31 December40,980 45,317 40,980 45,306Future capital expenditure:- contracted but not provided for in the financial statements 88 124 88 124 - authorised by the directors but not contracted25,048 21,700 25,048 21,70021. PROPERTY AND EQUIPMENT Reconciliation of Carrying AmountIT infrastructure Land and and buildingsequipment Other TotalThe Group\u20ac000 \u20ac000 \u20ac000 \u20ac000Cost or valuationBalance at 1 January 2024 144,650 32,661 29,189 206,500 Additions 6,661 8,473 5,210 20,344 Assets retired from active use (20) (37) (437) (494)Disposals (404) \u2011 (47) (451)Revaluation6,861 \u2011 \u2011 6,861 Balance at 31 December 2024 157,748 41,097 33,915 232,760 Balance at 1 January 2025 157,748 41,097 33,915 232,760 Additions 20,995 4,112 5,721 30,828 Reclassification to Assets held for realisation (1,348) \u2011 \u2011 (1,348)Assets retired from active use (78) (2,683) (726) (3,487)Disposals (7,644) \u2011 \u2011 (7,644)Revaluation4,680 \u2011 \u2011 4,680 Balance at 31 December 2025 174,353 42,526 38,910 255,789 Accumulated depreciationBalance at 1 January 2024 25,334 26,147 20,847 72,328 Depreciation for the year 2,282 3,206 1,676 7,164 Assets retired from active use (9) (8) (105) (122)Disposals(104) \u2011 (25) (129)Balance at 31 December 2024 27,503 29,345 22,393 79,241 Balance at 1 January 2025 27,503 29,345 22,393 79,241 Depreciation for the year 2,558 3,446 2,182 8,186 Reclassfication to Assets held for realisation (48) \u2011 \u2011 (48) Assets retired from active use (68) (2,677) (709) (3,454)Disposals(341) \u2011 \u2011 (341)Balance at 31 December 2025 29,604 30,114 23,866 83,584 Carrying amount at:Balance at 1 January 2024119,316 6,514 8,342 134,172 Balance at 31 December 2024 130,245 11,752 11,522 153,519 Balance at 31 December 2025 144,749 12,412 15,044 172,205 As at 31 December 2025, Property and Equipment includes right-of-use assets with a carrying amount of \u20ac7.0 million (2024: \u20ac6.0 million) (Note 22).Reconciliation of carrying amount (continued)IT infrastructure Land and and buildingsequipment Other TotalThe Bank\u20ac000 \u20ac000 \u20ac000 \u20ac000Cost or valuationBalance at 1 January 2024 144,584 31,620 27,765 203,969 Additions 6,637 8,473 5,210 20,320 Assets retired from active use (21) (37) (437) (495)Disposals (403) \u2011 (38) (441)Revaluation6,861 \u2011 \u2011 6,861 Balance at 31 December 2024 157,658 40,056 32,500 230,214 Balance at 1 January 2025 157,658 40,056 32,500 230,214 Additions 20,995 4,112 5,720 30,827 Reclassification to Assets held for realisation (1,348) \u2011 \u2011 (1,348)Assets retired from active use (78) (2,683) (726) (3,487)Disposals (7,645) \u2011 \u2011 (7,645)Revaluation4,679 \u2011 \u2011 4,679 Balance at 31 December 2025 174,261 41,485 37,494 253,240 Accumulated depreciationBalance at 1 January 2024 25,268 25,138 19,438 69,844 Depreciation for the year 2,282 3,178 1,673 7,133 Assets retired from active use (9) (8) (105) (122)Disposals(104) \u2011 (24) (128)Balance at 31 December 2024 27,437 28,308 20,982 76,727 Balance at 1 January 2025 27,437 28,308 20,982 76,727 Depreciation for the year 2,557 3,442 2,178 8,177 Reclassification to Assets held for realisation (48) \u2011 \u2011 (48)Assets retired from active use (68) (2,677) (709) (3,454)Disposals(341) \u2011 \u2011 (341)Balance at 31 December 2025 29,537 29,073 22,451 81,061 Carrying amount at:Balance at 1 January 2024119,316 6,482 8,327 134,125Balance at 31 December 2024 130,221 11,748 11,518 153,487 Balance at 31 December 2025 144,724 12,412 15,043 172,179 As at 31 December 2025, Property and Equipment include right-of-use assets with a carrying amount of \u20ac7.0 million (2024: \u20ac5.9 million)(see Note 22).21.1 RECONCILIATION OF CARRYING AMOUNT The Group The Bank2025 2024 2025 2024\u20ac000 \u20ac000 \u20ac000 \u20ac000Carrying amount of land and buildings occupied for own use144,749 130,245 144,724 130,221Future capital expenditure:\u2011 contracted but not provided for in the financial statements 811 17,496 811 17,496 \u2011 authorised by the directors but not contracted26,159 38,721 26,159 38,721 Land and buildings are revalued by professionally qualified architects on the basis of open market value in accordance with the Group\u2019s accounting policy disclosed within Note 1. The carrying amounts of land and buildings that would have been included in the financial statements had these assets been carried at cost less accumulated depreciation are: 2025: Group \u20ac66.6 million (2024: \u20ac55.0 million) 2025: Bank \u20ac66.6 million (2024: \u20ac55.0 million)Valuation processesRevaluations are carried out on a regular basis in accordance with the Group\u2019s accounting policy. The valuations of the properties are performed on the basis of valuation reports prepared by qualified valuers, which are supported by valuation models and assumptions utilised by the valuers, with assumptions being typically market related based on market observation and professional judgement and by information provided by the Group. The information provided to the valuers, together with the valuation models and the assumptions used by the valuers, are reviewed by management and the appropriateness of the valuation reports is also assessed by management. At the end of every reporting period, management assess whether any significant changes or developments have been experienced since the last valuation report. This analysis is generally supported by assessments performed by the qualified valuers referred to above.Valuation techniquesThe external valuations of the Level 3 property are performed using a multi-criteria approach, with every property being valued utilising the valuation technique considered by the external valuer to be the most appropriate for the respective property. The highest and best use of the Group\u2019s properties is considered equivalent to their current use. Property values are primarily estimated using the \u2018investment approach\u2019, the outcome of which is validated utilising the \u2018comparative method\u2019. Under the investment approach, the market value is determined by capitalising the annual income the property would generate if leased to third parties, using an appropriate yield rate. Under the comparative method, estate agency listings of similar properties are analysed to derive an average sales value per square metre, adjusted for relevant parameters. All the recurring property fair value measurements at the end of each financial period presented are derived through the use of significant unobservable inputs and are accordingly categorised within Level 3 of the fair valuation hierarchy. The Group\u2019s policy is to recognise transfers into and out of fair value hierarchy levels as of the end of the reporting period. There were no transfers between different levels of the fair value hierarchy during the current and preceding financial years. A reconciliation from the opening balance to the closing balance of property for recurring fair value measurements categorised within Level 3 of the fair value hierarchy is reflected in the tables above. Significant unobservable inputs used in the valuation of these properties are the rental income for office space and the percentage capitalisation rate which indicates the multiplier relationship between net rental income and property value. Further details about these significant inputs are summarised in the table below:Significant unobservable input Narrative sensitivityBuildings in Commercial Area Rental per square metre, The higher the rental per square metre the higher the fair valueranging from \u20ac125/sqm to \u20ac880/sqm (2024: \u20ac125/sqm to \u20ac880/sqm with a weighted average of \u20ac212/sqm (2024: \u20ac204/sqm)Capitalisation rate, ranging fromThe higher the capitalisation ratethe lower the fair value 5.31% to 8.30% (2024: 5.31% to 8.30%)Buildings in Residential Area Price per square metre, ranging fromThe higher the rental per square metrethe higher the fair value\u20ac125/sqm to \u20ac611/sqm(2024: \u20ac125/sqm to \u20ac880/sqm) with a weighted average of \u20ac170/sqm (2024: \u20ac162/sqm)Capitalisation rate, ranging fromThe higher the capitalisation ratethe lower the fair value5.50% to 8.00%(2024: 5.50% to 8.00%)22. LEASESThe Group\u2019s lease arrangements comprise long-term leasehold properties, other immovable property leaseholds, property space for ATMs and motor vehicles. Extension and termination options are included in some property and certain motor vehicles leases. These terms are used to maximise operational flexibility in respect of managing contracts. The extension and termination options held are exercisable only by the Group and not by the respective lessor.Information about leases for which the Group is a lessee is presented below.i. Right-of-use assetsRight-of-use assets are presented within property and equipment (see Note 21).Land and Buildings Other TotalThe Group \u20ac000 \u20ac000 \u20ac000CostBalance at 1 January 2024 12,536 1,854 14,390 Additions 650 158 808 Terminations(173) (8) (181)Balance at 31 December 2024 13,013 2,004 15,017 Balance at 1 January 2025 13,013 2,004 15,017 Additions 2,259 150 2,409 Terminations(13) \u2011 (13)Balance at 31 December 2025 15,259 2,154 17,413 Accumulated DepreciationBalance at 1 January 2024 6,514 1,284 7,798Depreciation charge for the year 1,064 196 1,260 Balance at 31 December 2024 7,578 1,480 9,058Balance at 1 January 2025 7,578 1,480 9,058Depreciation charge for the year 1,143 162 1,305 Balance at 31 December 2025 8,721 1,642 10,363Carrying amount at:Balance at 1 January 20246,022 570 6,592Balance at 31 December 2024 5,435 524 5,959Balance at 31 December 2025 6,538 512 7,050Land and Buildings Other TotalThe Bank\u20ac000 \u20ac000 \u20ac000CostBalance at 1 January 2024 12,222 1,804 14,026 Additions 651 136 787 Terminations(173) (8) (181)Balance at 31 December 2024 12,700 1,932 14,632 Balance at 1 January 2025 12,700 1,932 14,632 Additions 2,258 153 2,411 Terminations(13) \u2011 (13)Balance at 31 December 2025 14,945 2,085 17,030 Accumulated DepreciationBalance at 1 January 2024 6,201 1,237 7,438 Depreciation charge for the year 1,064 192 1,256 Balance at 31 December 2024 7,265 1,429 8,694 Balance at 1 January 2025 7,265 1,429 8,694 Depreciation charge for the year 1,143 159 1,302 Balance at 31 December 2025 8,408 1,588 9,996 Carrying amount at:Balance at 1 January 20246,021 567 6,588 Balance at 31 December 2024 5,435 503 5,938Balance at 31 December 2025 6,537 497 7,034 See Note 28 for maturity analysis of lease liabilities as at 31 December 2025 and 31 December 2024.ii. Amounts recognised in profit or loss The GroupLand and Buildings Other Total\u20ac000 \u20ac000 \u20ac000Depreciation charge 2024 1,064 196 1,260 Interest on lease liabilities 2024 166 9 175 Expenses relating to short\u2011term leases 2024240 \u2011 240 1,470 205 1,675 Depreciation charge 2025 1,143 162 1,305 Interest on lease liabilities 2025 183 12 195 Expenses relating to short\u2011term leases 2025527 \u2011 527 1,853 174 2,027 The BankLand and Buildings Other Total\u20ac000 \u20ac000 \u20ac000Depreciation charge 2024 1,064 192 1,256 Interest on lease liabilities 2024 166 9 175 Expenses relating to short\u2011term leases 2024240 \u2011 240 1,470 201 1,671 Depreciation charge 2025 1,143 159 1,302 Interest on lease liabilities 2025 183 11 194 Expenses relating to short\u2011term leases 2025527 \u2011 527 1,853 170 2,023 iii. Amounts recognised in statement of cash flows The GroupLand and Buildings Other Total\u20ac000 \u20ac000 \u20ac000Total cash outflow for leases 20241,205 208 1,413 Total cash outflow for leases 2025 1,196 174 1,370 The BankLand and Buildings Other Total\u20ac000 \u20ac000 \u20ac000Total cash outflow for leases 20241,207 203 1,410 Total cash outflow for leases 2025 1,196 170 1,366 iv. Extension optionsSome property leases contain extension options exercisable by the Group and not by the lessors. The Group assesses atlease commencement date whether it is reasonably certain to exercise the extension options, and if it is reasonably certainto exercise the extension option, the Group includes this period in the lease term and the potential future lease payments inthe lease liability. The majority of extension periods have been included in this respect.",
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"language": "en",
"entity": "scheme:529900RWC8ZYB066JF16",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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},
"f1__s7__6__103": {
"value": "20. INTANGIBLE ASSETSThe Group The Bank2025 2024 2025 2024\u20ac000 \u20ac000 \u20ac000 \u20ac000SoftwareCost 1 January 122,176 119,538 121,876 119,238 Additions 8,643 3,823 8,643 3,823 Assets retired from active use(7,729) (1,185) (7,729) (1,185)31 December123,090 122,176 122,790 121,876 Accumulated amortisation1 January 76,859 64,896 76,570 64,707 Charge for the year 12,770 13,148 12,759 13,048 Assets retired from active use(7,519) (1,185) (7,519) (1,185)31 December82,110 76,859 81,810 76,570 Carrying amount at 1 January45,317 54,642 45,306 54,531Carrying amount at 31 December40,980 45,317 40,980 45,306Future capital expenditure:- contracted but not provided for in the financial statements 88 124 88 124 - authorised by the directors but not contracted25,048 21,700 25,048 21,700",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory",
"language": "en",
"entity": "scheme:529900RWC8ZYB066JF16",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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},
"f1__s7__6__106": {
"value": "21. PROPERTY AND EQUIPMENT Reconciliation of Carrying AmountIT infrastructure Land and and buildingsequipment Other TotalThe Group\u20ac000 \u20ac000 \u20ac000 \u20ac000Cost or valuationBalance at 1 January 2024 144,650 32,661 29,189 206,500 Additions 6,661 8,473 5,210 20,344 Assets retired from active use (20) (37) (437) (494)Disposals (404) \u2011 (47) (451)Revaluation6,861 \u2011 \u2011 6,861 Balance at 31 December 2024 157,748 41,097 33,915 232,760 Balance at 1 January 2025 157,748 41,097 33,915 232,760 Additions 20,995 4,112 5,721 30,828 Reclassification to Assets held for realisation (1,348) \u2011 \u2011 (1,348)Assets retired from active use (78) (2,683) (726) (3,487)Disposals (7,644) \u2011 \u2011 (7,644)Revaluation4,680 \u2011 \u2011 4,680 Balance at 31 December 2025 174,353 42,526 38,910 255,789 Accumulated depreciationBalance at 1 January 2024 25,334 26,147 20,847 72,328 Depreciation for the year 2,282 3,206 1,676 7,164 Assets retired from active use (9) (8) (105) (122)Disposals(104) \u2011 (25) (129)Balance at 31 December 2024 27,503 29,345 22,393 79,241 Balance at 1 January 2025 27,503 29,345 22,393 79,241 Depreciation for the year 2,558 3,446 2,182 8,186 Reclassfication to Assets held for realisation (48) \u2011 \u2011 (48) Assets retired from active use (68) (2,677) (709) (3,454)Disposals(341) \u2011 \u2011 (341)Balance at 31 December 2025 29,604 30,114 23,866 83,584 Carrying amount at:Balance at 1 January 2024119,316 6,514 8,342 134,172 Balance at 31 December 2024 130,245 11,752 11,522 153,519 Balance at 31 December 2025 144,749 12,412 15,044 172,205 As at 31 December 2025, Property and Equipment includes right-of-use assets with a carrying amount of \u20ac7.0 million (2024: \u20ac6.0 million) (Note 22).Reconciliation of carrying amount (continued)IT infrastructure Land and and buildingsequipment Other TotalThe Bank\u20ac000 \u20ac000 \u20ac000 \u20ac000Cost or valuationBalance at 1 January 2024 144,584 31,620 27,765 203,969 Additions 6,637 8,473 5,210 20,320 Assets retired from active use (21) (37) (437) (495)Disposals (403) \u2011 (38) (441)Revaluation6,861 \u2011 \u2011 6,861 Balance at 31 December 2024 157,658 40,056 32,500 230,214 Balance at 1 January 2025 157,658 40,056 32,500 230,214 Additions 20,995 4,112 5,720 30,827 Reclassification to Assets held for realisation (1,348) \u2011 \u2011 (1,348)Assets retired from active use (78) (2,683) (726) (3,487)Disposals (7,645) \u2011 \u2011 (7,645)Revaluation4,679 \u2011 \u2011 4,679 Balance at 31 December 2025 174,261 41,485 37,494 253,240 Accumulated depreciationBalance at 1 January 2024 25,268 25,138 19,438 69,844 Depreciation for the year 2,282 3,178 1,673 7,133 Assets retired from active use (9) (8) (105) (122)Disposals(104) \u2011 (24) (128)Balance at 31 December 2024 27,437 28,308 20,982 76,727 Balance at 1 January 2025 27,437 28,308 20,982 76,727 Depreciation for the year 2,557 3,442 2,178 8,177 Reclassification to Assets held for realisation (48) \u2011 \u2011 (48)Assets retired from active use (68) (2,677) (709) (3,454)Disposals(341) \u2011 \u2011 (341)Balance at 31 December 2025 29,537 29,073 22,451 81,061 Carrying amount at:Balance at 1 January 2024119,316 6,482 8,327 134,125Balance at 31 December 2024 130,221 11,748 11,518 153,487 Balance at 31 December 2025 144,724 12,412 15,043 172,179 As at 31 December 2025, Property and Equipment include right-of-use assets with a carrying amount of \u20ac7.0 million (2024: \u20ac5.9 million)(see Note 22).21.1 RECONCILIATION OF CARRYING AMOUNT The Group The Bank2025 2024 2025 2024\u20ac000 \u20ac000 \u20ac000 \u20ac000Carrying amount of land and buildings occupied for own use144,749 130,245 144,724 130,221Future capital expenditure:\u2011 contracted but not provided for in the financial statements 811 17,496 811 17,496 \u2011 authorised by the directors but not contracted26,159 38,721 26,159 38,721 Land and buildings are revalued by professionally qualified architects on the basis of open market value in accordance with the Group\u2019s accounting policy disclosed within Note 1. The carrying amounts of land and buildings that would have been included in the financial statements had these assets been carried at cost less accumulated depreciation are: 2025: Group \u20ac66.6 million (2024: \u20ac55.0 million) 2025: Bank \u20ac66.6 million (2024: \u20ac55.0 million)Valuation processesRevaluations are carried out on a regular basis in accordance with the Group\u2019s accounting policy. The valuations of the properties are performed on the basis of valuation reports prepared by qualified valuers, which are supported by valuation models and assumptions utilised by the valuers, with assumptions being typically market related based on market observation and professional judgement and by information provided by the Group. The information provided to the valuers, together with the valuation models and the assumptions used by the valuers, are reviewed by management and the appropriateness of the valuation reports is also assessed by management. At the end of every reporting period, management assess whether any significant changes or developments have been experienced since the last valuation report. This analysis is generally supported by assessments performed by the qualified valuers referred to above.Valuation techniquesThe external valuations of the Level 3 property are performed using a multi-criteria approach, with every property being valued utilising the valuation technique considered by the external valuer to be the most appropriate for the respective property. The highest and best use of the Group\u2019s properties is considered equivalent to their current use. Property values are primarily estimated using the \u2018investment approach\u2019, the outcome of which is validated utilising the \u2018comparative method\u2019. Under the investment approach, the market value is determined by capitalising the annual income the property would generate if leased to third parties, using an appropriate yield rate. Under the comparative method, estate agency listings of similar properties are analysed to derive an average sales value per square metre, adjusted for relevant parameters. All the recurring property fair value measurements at the end of each financial period presented are derived through the use of significant unobservable inputs and are accordingly categorised within Level 3 of the fair valuation hierarchy. The Group\u2019s policy is to recognise transfers into and out of fair value hierarchy levels as of the end of the reporting period. There were no transfers between different levels of the fair value hierarchy during the current and preceding financial years. A reconciliation from the opening balance to the closing balance of property for recurring fair value measurements categorised within Level 3 of the fair value hierarchy is reflected in the tables above. Significant unobservable inputs used in the valuation of these properties are the rental income for office space and the percentage capitalisation rate which indicates the multiplier relationship between net rental income and property value. Further details about these significant inputs are summarised in the table below:Significant unobservable input Narrative sensitivityBuildings in Commercial Area Rental per square metre, The higher the rental per square metre the higher the fair valueranging from \u20ac125/sqm to \u20ac880/sqm (2024: \u20ac125/sqm to \u20ac880/sqm with a weighted average of \u20ac212/sqm (2024: \u20ac204/sqm)Capitalisation rate, ranging fromThe higher the capitalisation ratethe lower the fair value 5.31% to 8.30% (2024: 5.31% to 8.30%)Buildings in Residential Area Price per square metre, ranging fromThe higher the rental per square metrethe higher the fair value\u20ac125/sqm to \u20ac611/sqm(2024: \u20ac125/sqm to \u20ac880/sqm) with a weighted average of \u20ac170/sqm (2024: \u20ac162/sqm)Capitalisation rate, ranging fromThe higher the capitalisation ratethe lower the fair value5.50% to 8.00%(2024: 5.50% to 8.00%)",
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"concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:529900RWC8ZYB066JF16",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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},
"f1__s7__6__111-1": {
"value": "22. LEASESThe Group\u2019s lease arrangements comprise long-term leasehold properties, other immovable property leaseholds, property space for ATMs and motor vehicles. Extension and termination options are included in some property and certain motor vehicles leases. These terms are used to maximise operational flexibility in respect of managing contracts. The extension and termination options held are exercisable only by the Group and not by the respective lessor.Information about leases for which the Group is a lessee is presented below.i. Right-of-use assetsRight-of-use assets are presented within property and equipment (see Note 21).Land and Buildings Other TotalThe Group \u20ac000 \u20ac000 \u20ac000CostBalance at 1 January 2024 12,536 1,854 14,390 Additions 650 158 808 Terminations(173) (8) (181)Balance at 31 December 2024 13,013 2,004 15,017 Balance at 1 January 2025 13,013 2,004 15,017 Additions 2,259 150 2,409 Terminations(13) \u2011 (13)Balance at 31 December 2025 15,259 2,154 17,413 Accumulated DepreciationBalance at 1 January 2024 6,514 1,284 7,798Depreciation charge for the year 1,064 196 1,260 Balance at 31 December 2024 7,578 1,480 9,058Balance at 1 January 2025 7,578 1,480 9,058Depreciation charge for the year 1,143 162 1,305 Balance at 31 December 2025 8,721 1,642 10,363Carrying amount at:Balance at 1 January 20246,022 570 6,592Balance at 31 December 2024 5,435 524 5,959Balance at 31 December 2025 6,538 512 7,050Land and Buildings Other TotalThe Bank\u20ac000 \u20ac000 \u20ac000CostBalance at 1 January 2024 12,222 1,804 14,026 Additions 651 136 787 Terminations(173) (8) (181)Balance at 31 December 2024 12,700 1,932 14,632 Balance at 1 January 2025 12,700 1,932 14,632 Additions 2,258 153 2,411 Terminations(13) \u2011 (13)Balance at 31 December 2025 14,945 2,085 17,030 Accumulated DepreciationBalance at 1 January 2024 6,201 1,237 7,438 Depreciation charge for the year 1,064 192 1,256 Balance at 31 December 2024 7,265 1,429 8,694 Balance at 1 January 2025 7,265 1,429 8,694 Depreciation charge for the year 1,143 159 1,302 Balance at 31 December 2025 8,408 1,588 9,996 Carrying amount at:Balance at 1 January 20246,021 567 6,588 Balance at 31 December 2024 5,435 503 5,938Balance at 31 December 2025 6,537 497 7,034 See Note 28 for maturity analysis of lease liabilities as at 31 December 2025 and 31 December 2024.ii. Amounts recognised in profit or loss The GroupLand and Buildings Other Total\u20ac000 \u20ac000 \u20ac000Depreciation charge 2024 1,064 196 1,260 Interest on lease liabilities 2024 166 9 175 Expenses relating to short\u2011term leases 2024240 \u2011 240 1,470 205 1,675 Depreciation charge 2025 1,143 162 1,305 Interest on lease liabilities 2025 183 12 195 Expenses relating to short\u2011term leases 2025527 \u2011 527 1,853 174 2,027 The BankLand and Buildings Other Total\u20ac000 \u20ac000 \u20ac000Depreciation charge 2024 1,064 192 1,256 Interest on lease liabilities 2024 166 9 175 Expenses relating to short\u2011term leases 2024240 \u2011 240 1,470 201 1,671 Depreciation charge 2025 1,143 159 1,302 Interest on lease liabilities 2025 183 11 194 Expenses relating to short\u2011term leases 2025527 \u2011 527 1,853 170 2,023 iii. Amounts recognised in statement of cash flows The GroupLand and Buildings Other Total\u20ac000 \u20ac000 \u20ac000Total cash outflow for leases 20241,205 208 1,413 Total cash outflow for leases 2025 1,196 174 1,370 The BankLand and Buildings Other Total\u20ac000 \u20ac000 \u20ac000Total cash outflow for leases 20241,207 203 1,410 Total cash outflow for leases 2025 1,196 170 1,366 iv. Extension optionsSome property leases contain extension options exercisable by the Group and not by the lessors. The Group assesses atlease commencement date whether it is reasonably certain to exercise the extension options, and if it is reasonably certainto exercise the extension option, the Group includes this period in the lease term and the potential future lease payments inthe lease liability. The majority of extension periods have been included in this respect.28. LEASE LIABILITIESThe GroupLand and Buildings Other Total\u20ac000 \u20ac000 \u20ac000Balance at 1 January 2024 6,315 580 6,895Additions 650 158 808 Interest charge for the year 166 9 175 Lease payments (1,198) (208) (1,406)Terminations(183) (9) (192)Balance at 31 December 2024 5,750 530 6,280Balance at 1 January 2025 5,750 530 6,280Additions 2,258 154 2,412 Interest charge for the year 183 12 195 Lease payments (1,196) (174) (1,370)Terminations(16) \u2011 (16)Balance at 31 December 2025 6,979 522 7,501The BankLand and Buildings Other Total\u20ac000 \u20ac000 \u20ac000Balance at 1 January 2024 6,315 577 6,892 Additions 650 138 788 Interest charge for the year 166 9 175 Lease payments (1,198) (203) (1,401)Terminations(183) (9) (192)Balance at 31 December 2024 5,750 512 6,262 Balance at 1 January 2025 5,750 512 6,262 Additions 2,259 153 2,412 Interest charge for the year 183 11 194 Lease payments (1,196) (170) (1,366)Terminations(16) \u2011 (16)Balance at 31 December 2025 6,980 506 7,486At 31 December 2025, the future minimum lease payments under non-cancellable leases, where the Group is a lessee, were payable as follows:The GroupLand and Buildings Other Total\u20ac000 \u20ac000 \u20ac000Maturity analysis - Contractual undiscounted cash flowsLess than one year 1,193 164 1,357 Between one and five years 3,509 339 3,848 More than five years4,587 54 4,641 Total undiscounted lease liabilities at 31 December 2025 9,289 557 9,846 Lease liabilities included in statement of financial position at 31 December 2025:Current 976 152 1,128 Non\u2011current6,006 367 6,373 6,982 519 7,501 The BankLand and Buildings Other Total\u20ac000 \u20ac000 \u20ac000Maturity analysis - Contractual undiscounted cash flowsLess than one year 1,193 161 1,354 Between one and five years 3,509 327 3,836 More than five years4,587 54 4,641 Total undiscounted lease liabilities at 31 December 2025 9,289 542 9,831 Lease liabilities included in statement of financial position at 31 December 2025:Current 976 149 1,125 Non\u2011current6,005 356 6,361 6,981 505 7,486 At 31 December 2024, the future minimum lease payments under non-cancellable leases, where the Group is a lessee, were payable as follows:The GroupLand and Buildings Other Total\u20ac000 \u20ac000 \u20ac000Maturity analysis - Contractual undiscounted cash flowsLess than one year 953 165 1,118 Between one and five years 3,088 363 3,451 More than five years3,404 26 3,430 Total undiscounted lease liabilities at 31 December 2024 7,445 554 7,999 Lease liabilities included in statement of financial position at 31 December 2024:Current 802 157 959 Non\u2011current4,949 372 5,321 5,751 529 6,280 The BankLand and Buildings Other Total\u20ac000 \u20ac000 \u20ac000Maturity analysis - Contractual undiscounted cash flowsLess than one year 953 162 1,115 Between one and five years 3,088 348 3,436 More than five years3,404 26 3,430 Total undiscounted lease liabilities at 31 December 2024 7,445 536 7,981 Lease liabilities included in statement of financial position at 31 December 2024:Current 802 153 955 Non\u2011current4,948 359 5,307 5,750 512 6,262",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLeasesExplanatory",
"language": "en",
"entity": "scheme:529900RWC8ZYB066JF16",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s7__6__114": {
"value": "23. DEFERRED TAXThe Group\u2019s deferred tax assets and liabilities on the statement of financial position have not been off-set to the extent that there is no legally enforceable right of set-off with the tax authorities. The principal tax rate used is 35% (2024: 35%), with the exception of deferred taxation on the fair valuation of property which is computed on the basis applicable to property disposals i.e. tax effect of 8% - 10% (2024: 8% - 10%) of the transfer value.The Bank is expected to have sufficient taxable profits in the future to absorb the deferred tax asset recognised. The recognised deferred tax assets and liabilities are expected to be recovered or settled principally after more than twelve months from the end of the reporting period. The Group The Bank2025 2024 2025 2024\u20ac000 \u20ac000 \u20ac000 \u20ac000Deferred taxation is analysed as follows:Net deferred tax asset arising on: Fair value movement of financial instruments 510 281 510 281 Expected credit allowances 35,463 36,753 35,463 36,753 Termination benefits 2,577 2,896 2,577 2,896 Excess of capital allowances over depreciation (12,923) (14,275) (12,923) (14,275) Post\u2011employment benefits 2,409 2,597 2,409 2,597 Provisions918 780 927 752 28,954 29,032 28,963 29,004 Deferred tax liability arising on: Surplus on revaluation of property8,291 8,119 8,291 8,119 The Group At 31 At 31 December Recognised in Recognised in Recognised in December 2024profit or lossOCIother equity2025\u20ac000 \u20ac000 \u20ac000 \u20ac000 \u20ac000Movement in temporary differences relating to: Fair value movement of financial instruments 281 \u2011 229 \u2011 510 Expected credit loss allowances 36,753 (1,290) \u2011 \u2011 35,463 Termination benefits 2,896 (319) \u2011 \u2011 2,577 Excess of capital allowances over depreciation (14,275) 1,352 \u2011 \u2011 (12,923) Post\u2011employment benefits 2,597 \u2011 (188) \u2011 2,409 Surplus on revaluation of property (8,119) \u2011 (468) 296 (8,291) Provisions780 138 \u2011 \u2011 918 20,913 (119) (427) 296 20,663 - - At 31 At 31 December Recognised in Recognised in Recognised in December 2023profit or lossOCIother equity2024\u20ac000 \u20ac000 \u20ac000 \u20ac000 \u20ac000Movement in temporary differences relating to: Fair value movement of financial instruments (1,733) \u2011 2,014 \u2011 281 Expected credit loss allowances 42,876 (6,123) \u2011 \u2011 36,753 Termination benefits 3,411 (515) \u2011 \u2011 2,896 Excess of capital allowances over depreciation (15,870) 1,595 \u2011 \u2011 (14,275) Post\u2011employment benefits 2,415 \u2011 182 \u2011 2,597 Surplus on revaluation of property (7,435) 2 (686) \u2011 (8,119) Provisions912 (132) \u2011 \u2011 780 24,576 (5,173) 1,510 - 20,913 The Bank At 31 At 31 December Recognised in Recognised in Recognised in December 2024profit or lossOCIother equity2025\u20ac000 \u20ac000 \u20ac000 \u20ac000 \u20ac000Movement in temporary differences relating to: Fair value movement of financial instruments 281 \u2011 229 \u2011 510 Expected credit loss allowances 36,753 (1,290) \u2011 \u2011 35,463 Termination benefits 2,896 (319) \u2011 \u2011 2,577 Excess of capital allowances over depreciation (14,275) 1,352 \u2011 \u2011 (12,923) Post\u2011employment benefits 2,597 \u2011 (188) \u2011 2,409 Surplus on revaluation of property (8,119) \u2011 (468) 296 (8,291) Provisions752 175 \u2011 \u2011 927 20,885 (82) (427) 296 20,672 - - At 31 At 31 December Recognised in Recognised in Recognised in December 2023profit or lossOCIother equity2024\u20ac000 \u20ac000 \u20ac000 \u20ac000 \u20ac000Movement in temporary differences relating to: Fair value movement of financial instruments (1,733) \u2011 2,014 \u2011 281 Expected credit loss allowances 42,876 (6,123) \u2011 \u2011 36,753 Termination benefits 3,411 (515) \u2011 \u2011 2,896 Excess of capital allowances over depreciation (15,870) 1,595 \u2011 \u2011 (14,275) Post\u2011employment benefits 2,415 \u2011 182 \u2011 2,597 Surplus on revaluation of property (7,435) 2 (686) \u2011 (8,119) Provisions 824 (72) \u2011 \u2011 752 24,488 (5,113) 1,510 - 20,885",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory",
"language": "en",
"entity": "scheme:529900RWC8ZYB066JF16",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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},
"f1__s7__6__115": {
"value": "24. OTHER ASSETS The Group The Bank2025 2024 2025 2024Note \u20ac000 \u20ac000 \u20ac000 \u20ac000Prepayments 26,183 20,511 23,416 18,296 Assets held for realisation 24.1 12,588 11,870 12,588 11,870 Card processing receivables 8,897 9,464 8,897 9,464 Other assets3,224 8,590 3,204 8,571 50,892 50,435 48,105 48,201 24.1 Assets held for realisation mainly comprise immovable properties that were held as collateral for outstanding loans, which properties were taken into the possession of the Bank following defaults by the counterparty. The Bank\u2019s policy is to dispose of such assets within a reasonable timeframe from the date of classification, unless events or circumstances which are beyond the Bank\u2019s control extend the period to complete the sale. The item also includes property owned by the Bank that is classified as property held for sale, where management is committed to a plan of disposal, the assets are available for immediate sale in their present condition, and the sale is considered highly probable.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory",
"language": "en",
"entity": "scheme:529900RWC8ZYB066JF16",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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"f1__s7__6__116": {
"value": "25. AMOUNTS OWED TO BANKS The Group The Bank2025 2024 2025 2024\u20ac000 \u20ac000 \u20ac000 \u20ac000Repayable on demand99,894 9,150 99,894 9,150 99,894 9,150 99,894 9,150 Balances with a carrying amount of \u20ac1.8 million (2024: \u20ac1.7 million) as at 31 December 2025 were held as collateral in relation to derivative financial instruments.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDepositsFromBanksExplanatory",
"language": "en",
"entity": "scheme:529900RWC8ZYB066JF16",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s7__6__117": {
"value": "26. AMOUNTS OWED TO CUSTOMERS The Group The Bank2025 2024 2025 2024\u20ac000 \u20ac000 \u20ac000 \u20ac000Term deposits 78,584 106,546 78,584 106,546 Repayable on demand13,661,981 12,697,369 13,666,526 12,701,411 13,740,565 12,803,915 13,745,110 12,807,957",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDepositsFromCustomersExplanatory",
"language": "en",
"entity": "scheme:529900RWC8ZYB066JF16",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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"f1__s7__6__118": {
"value": "27. OTHER LIABILITIES The Group The Bank2025 2024 2025 2024\u20ac000 \u20ac000 \u20ac000 \u20ac000Post\u2011employment and termination benefits (see note 35) 14,370 15,788 14,370 15,788 Cash collateral for commitments 77,834 65,772 77,834 65,772 Deposits from companies in formation 15,741 8,855 15,741 8,855 Bills and drafts payable 52,996 40,318 52,996 40,318 Payment orders 9,266 23,405 9,266 23,405 Accruals and deferred income 39,075 30,035 38,593 29,522Lease liabilities (see note 28) 7,501 6,280 7,486 6,262 Indirect taxation and withheld taxes 7,229 6,101 7,229 6,101 Other9,083 28,819 9,078 28,819 233,095 225,373 232,593 224,842",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:529900RWC8ZYB066JF16",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s7__6__122-1": {
"value": "30. UNSUBORDINATED DEBT SECURITIES IN ISSUE AND SUBORDINATED LIABILITIES The Group The Bank2025 2024 2025 2024\u20ac000 \u20ac000 \u20ac000 \u20ac000Unsubordinated debt securities in issueSenior non\u2011preferred notes351,659 350,846 351,659 350,846 351,659 350,846 351,659 350,846 Subordinated liabilities3.50% Euro subordinated unsecured bonds 113,140 113,130 113,140 113,130 3.75% Euro subordinated unsecured bonds 50,088 50,107 50,088 50,107 5.00% Euro subordinated unsecured bonds376,915 99,899 376,915 99,899 540,143 263,136 540,143 263,13630.2 SUBORDINATED LIABILITIESThe Group\u2019s subordinated liabilities comprise unsecured subordinated debt instruments issued in the capital markets, which are subordinated to the claims of all holders of senior indebtedness. These instruments are all listed on the Malta Stock Exchange. The bonds were issued at par value, with interest payable annually in arrears.During the comparative period, the Bank had issued \u20ac100 million 5% Unsecured Subordinated Bonds, maturing between 2030 and 2035, under the \u20ac250 million Unsecured Euro Medium Term Bond Programme approved by the Malta Financial Services Authority in the second half of 2024. On 2 June 2025, the Bank issued \u20ac150 million under the same Programme.On 17 October 2025, the Malta Financial Services Authority approved another Unsecured Euro Medium Term Bond Programme of up to \u20ac325 million and a first tranche of Tier 2 bonds under the Programme was utilised in the form of an issue of \u20ac100 million (with an over-allotment option of up to \u20ac125 million) 5% unsecured subordinated bonds (2030-2035). The over-allotment option was exercised up to the maximum amount resulting in the issue of bonds for a total amount of \u20ac125 million.The proceeds from the bond issuances are intended to strengthen the Bank\u2019s Tier 2 capital and support its strategic growth initiatives. In accordance with the requirements of IFRS 9 Financial Instruments, the bonds have been classified as long-term financial liabilities measured at amortised cost. Transaction costs directly attributable to the issuance have been deducted from the carrying amount of the liability and will be amortised over the term of the bonds using the effective interest method.At the reporting date, the Bank and the Group had the following subordinated instruments in issue: The Group and the Bank The Group and the Bank2025 2024 2025 2024Nominal Carrying Security ISIN Redeemable at par on/byamount Fair value Fair valueFair valueamountissued\u20ac000 \u20ac000 \u20ac000 \u20ac000 \u20ac0003.5% Bank of MT0000021312 8 August 2030 66,921 64,177 63,541 76,050 76,050 Valletta plc \u20ac Notes 2030 S1 T1 3.5% Bank of MT0000021320 8 August 2030 44,670 41,320 43,330 37,099 37,099 Valletta plc \u20ac Notes 2030 S2 T1 3.75% Bank MT0000021353 15 June 2031 50,000 48,550 49,000 50,088 50,088 of Valletta plc Unsecured Sub \u20ac 2026\u20112031 5% Bank of MT0000021361 28 November 2034 100,000 100,000 103,500 99,524 99,899 Valletta Unsecured Subordinated \u20ac 2029\u20112034 5.00% Bank of MT0000021379 7 July 2035 150,000 150,075 \u2011 152,984 \u2011 Valletta plc \u20ac Unsec Sub 2030\u20132035 S2 T1 5.00% Bank of MT0000021387 5 December 2035 125,000 125,000 \u2011 124,398 \u2011 Valletta plc \u20ac Unsec Sub 2030 \u2013 2035 S1 T1 Subordinated Liabilities as per Statement of Financial Position 540,143 263,136",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSubordinatedLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:529900RWC8ZYB066JF16",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s7__6__125-1": {
"value": "31. SHARE CAPITAL AND SHARE PREMIUM The Bank2025 2024\u20ac000 \u20ac000Share CapitalAuthorised:1,000,000,000 Ordinary shares of \u20ac1.00 each1,000,000 1,000,000 (2024: 1,000,000,000 Ordinary shares of \u20ac1.00 each)Issued and paid up:642,234,197 Ordinary shares of \u20ac1.00 each fully paid642,234 583,849 (2024: 583,849,270 Ordinary shares of \u20ac1.00 each)31.1 SHARE PREMIUM RESERVEThe share premium reserve represents the excess of proceeds received over the nominal value of ordinary shares issued by the Bank.The balance of the reserve primarily arises from historical equity transactions. In particular, an amount of \u20ac44.4 million relates to the rights issue completed in 2017, pursuant to which 105 million new ordinary shares were issued, resulting in an increase in the share premium account of \u20ac0.43 per share, net of share issue expenses.Furthermore, during 2018, the Bank\u2019s ordinary share capital increased by 5,772,064 shares because of a scrip dividend programme, under which shareholders elected to receive shares in lieu of cash dividends. This resulted in a further increase in the share premium account of \u20ac0.667 per share amounting to an additional \u20ac3.8 million.In accordance with the provisions of the Companies Act (Cap. 386 of the Laws of Malta), the share premium reserve is treated as a non-distributable reserve and may only be utilised for purposes permitted by law and subject to applicable regulatory requirements31.2 SHARE BUYBACK PROGRAMMEWith the objective of enhancing the liquidity and orderly trading of the Bank\u2019s shares, a share buyback programme was launched during 2025. At the Bank\u2019s 51st Annual General Meeting, held on 29 May 2025, shareholders approved a resolution authorising the Board of Directors to repurchase up to 3,060,000 (three million and sixty thousand) of the Company\u2019s shares, each with a nominal value of \u20ac1.00. Purchases may be made at prices ranging from a minimum of \u20ac1.55 per share to a maximum of \u20ac2.55 per share. This authorisation is valid for a period of 12 months, commencing on 17 July 2025, and will remain in effect until the next Annual General Meeting.The Share Buyback (non-cancellable) Programme officially commenced on 18th August 2025. The Bank carries out the Programme in line with the relevant safe harbour provisions outlined in Article 5 of the Market Abuse Regulation (MAR) and the Commission Delegated Regulation (CDR), insofar as practicable. To support market liquidity, no volume parameters have been imposed. In line with the programme\u2019s stated objectives, the re-purchased shares will not be cancelled, as the initiative is solely intended to improve market liquidity rather than to reduce the Bank\u2019s capital base.The Bank is committed to operating the programme with full transparency. Accordingly, all transactions executed under the buyback, both on aggregated and individual bases, are disclosed through weekly Company Announcements and are also accessible in the Investor Relations section in the BOV website.In aggregate, from the commencement of the scheme until 26 December 2025, the Bank has purchased a total of 564,032 shares at a weighted average purchase price of \u20ac1.8989 per share, for a total amount of \u20ac1,071,000. Shares repurchased under the programme are held as treasury shares, with the consideration paid recognised directly in equity (Note 32).31.3 BONUS ISSUEOn 26 June 2025, the Bank effected a bonus issue of 58,384,927 fully paid ordinary shares of a nominal value of \u20ac1.00 each, representing one (1) bonus share for every ten (10) shares held by shareholders on the register as at that date. The bonus issue was funded through the capitalisation of \u20ac58.4 million from retained earnings, as approved by shareholders at the Bank\u2019s 51st Annual General Meeting held in on 29 May 2025. In accordance with the requirements of IAS 33 Earnings per Share, the earnings per share (EPS) for all periods presented in this annual report have been restated retrospectively to reflect the bonus issue as if it had occurred at the beginning of the earliest period presented.The bonus issue did not result in any change to the total equity of the Bank but has increased the number of issued shares from 583,849,270 to 642,234,197.32. REVALUATION RESERVES AND OTHER COMPONENTS OF EQUITY 32.1 RETAINED EARNINGSRetained earnings represent the profits retained over the years and primarily comprise the profit attributable to equity holders, adjusted for actuarial gains and losses arising on remeasurement of defined benefit obligations attributable to post-employment benefits which are recognised directly within retained earnings.32.2 TREASURY SHARESTreasury shares are presented within \u2018Revaluation reserves and other components of equity\u2019 in the Statement of financial position. All treasury shares are non-cancellable shares held by the Bank itself in connection with its share buyback programme (Note 31.2). As at 31 December 2025, the number of treasury shares held accounted for 0.09% of the Bank\u2019s share capital.Number of Nominal Purchase % of share sharesvalueconsiderationcapitalNo \u20ac \u20ac %Balance at 1 January 2025 \u2011 \u2011 \u2011 \u2011Acquisition of treasury shares 564,032 564,032 1,071,000 0.09%Balance at 31 December 2025 564,032 564,032 1,071,000 0.09%32.3 SHARE BUYBACK RESERVEThe share buy back reserve is presented within \u2018Revaluation reserves and other components of equity\u2019 in the Statement of financial position. During the year ended 31 December 2025, \u20ac7.8 million was appropriated from retained earnings to the share buyback reserve to fund the Bank\u2019s share buyback programme. The reserve is maintained to reflect the portion of equity and the related estimated consideration earmarked for the acquisition of the Bank\u2019s own shares. Amounts transferred to the share buy back reserve are accordingly not available for distribution to shareholders. Any unutilised balance remaining within the share buy back reserve following the completion or expiry of the programme may be reclassified to retained earnings.32.4 REVALUATION RESERVESRevaluation reserves represent fair value movements on the land and buildings class within property and equipment and financial assets measured at FVOCI, net of tax, which are recognised in Other Comprehensive Income. The revaluation reserves are not available for distribution.The Group The Bank\u20ac000 \u20ac000On land and buildings:Balance at 31 December 2023 55,560 55,560 Surplus on revaluation 6,861 6,861 tax thereon (686) (686) Realisation of gains on sale (24) (24) tax thereon2 2 Balance at 31 December 202461,713 61,713 Surplus on revaluation of property 4,680 4,680 tax thereon (468) (468) Release on sale of property (2,957) (2,957) tax thereon296 296 Balance at 31 December 2025 63,264 63,264 On investments measured at fair value through other comprehensive income:Balance at 31 December 2023 4,068 3,956 Fair value adjustments (5,754) (5,754) tax thereon 2,014 2,014 Realisation of losses on sale 428 428 tax thereon(150) (150)Balance at 31 December 2024606 494 Fair value adjustments (651) (651) tax thereon 228 228 Realisation of gains on sale (354) (354) tax thereon124 124 Balance at 31 December 2025 (47) (159)Total revaluation reserves 63,217 63,105 32.5 DEPOSITOR COMPENSATION SCHEME IRREVOCABLE PAYMENT COMMITMENT RESERVESIncluded within Other reserves is an amount of \u20ac29.1 million (2024: \u20ac27.7million) relating to the Bank\u2019s irrevocable payment commitment (IPC) in respect of the Depositor Compensation Scheme (DCS). In accordance with the DCS funding mechanism, a portion of the Bank\u2019s annual contribution is maintained as an irrevocable payment commitment rather than settled in cash. While the IPC does not give rise to an immediate cash outflow, management considers that the legally binding and irrevocable nature of the commitment gives rise to a restriction over an equivalent portion of equity. Accordingly, an amount equivalent to the IPC outstanding at the reporting date has been appropriated within Other reserves to reflect the potential obligation that may arise. The reserve does not represent a distributable reserve and may only be released when the irrevocable payment commitment is either settled, cancelled, or otherwise extinguished. Further details are disclosed in Note 41.2.",
"dimensions": {
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"f1__s7__6__124": {
"value": "31. SHARE CAPITAL AND SHARE PREMIUM The Bank2025 2024\u20ac000 \u20ac000Share CapitalAuthorised:1,000,000,000 Ordinary shares of \u20ac1.00 each1,000,000 1,000,000 (2024: 1,000,000,000 Ordinary shares of \u20ac1.00 each)Issued and paid up:642,234,197 Ordinary shares of \u20ac1.00 each fully paid642,234 583,849 (2024: 583,849,270 Ordinary shares of \u20ac1.00 each)",
"dimensions": {
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"f1__s7__6__126": {
"value": "32. REVALUATION RESERVES AND OTHER COMPONENTS OF EQUITY 32.1 RETAINED EARNINGSRetained earnings represent the profits retained over the years and primarily comprise the profit attributable to equity holders, adjusted for actuarial gains and losses arising on remeasurement of defined benefit obligations attributable to post-employment benefits which are recognised directly within retained earnings.32.2 TREASURY SHARESTreasury shares are presented within \u2018Revaluation reserves and other components of equity\u2019 in the Statement of financial position. All treasury shares are non-cancellable shares held by the Bank itself in connection with its share buyback programme (Note 31.2). As at 31 December 2025, the number of treasury shares held accounted for 0.09% of the Bank\u2019s share capital.Number of Nominal Purchase % of share sharesvalueconsiderationcapitalNo \u20ac \u20ac %Balance at 1 January 2025 \u2011 \u2011 \u2011 \u2011Acquisition of treasury shares 564,032 564,032 1,071,000 0.09%Balance at 31 December 2025 564,032 564,032 1,071,000 0.09%32.3 SHARE BUYBACK RESERVEThe share buy back reserve is presented within \u2018Revaluation reserves and other components of equity\u2019 in the Statement of financial position. During the year ended 31 December 2025, \u20ac7.8 million was appropriated from retained earnings to the share buyback reserve to fund the Bank\u2019s share buyback programme. The reserve is maintained to reflect the portion of equity and the related estimated consideration earmarked for the acquisition of the Bank\u2019s own shares. Amounts transferred to the share buy back reserve are accordingly not available for distribution to shareholders. Any unutilised balance remaining within the share buy back reserve following the completion or expiry of the programme may be reclassified to retained earnings.32.4 REVALUATION RESERVESRevaluation reserves represent fair value movements on the land and buildings class within property and equipment and financial assets measured at FVOCI, net of tax, which are recognised in Other Comprehensive Income. The revaluation reserves are not available for distribution.The Group The Bank\u20ac000 \u20ac000On land and buildings:Balance at 31 December 2023 55,560 55,560 Surplus on revaluation 6,861 6,861 tax thereon (686) (686) Realisation of gains on sale (24) (24) tax thereon2 2 Balance at 31 December 202461,713 61,713 Surplus on revaluation of property 4,680 4,680 tax thereon (468) (468) Release on sale of property (2,957) (2,957) tax thereon296 296 Balance at 31 December 2025 63,264 63,264 On investments measured at fair value through other comprehensive income:Balance at 31 December 2023 4,068 3,956 Fair value adjustments (5,754) (5,754) tax thereon 2,014 2,014 Realisation of losses on sale 428 428 tax thereon(150) (150)Balance at 31 December 2024606 494 Fair value adjustments (651) (651) tax thereon 228 228 Realisation of gains on sale (354) (354) tax thereon124 124 Balance at 31 December 2025 (47) (159)Total revaluation reserves 63,217 63,105 32.5 DEPOSITOR COMPENSATION SCHEME IRREVOCABLE PAYMENT COMMITMENT RESERVESIncluded within Other reserves is an amount of \u20ac29.1 million (2024: \u20ac27.7million) relating to the Bank\u2019s irrevocable payment commitment (IPC) in respect of the Depositor Compensation Scheme (DCS). In accordance with the DCS funding mechanism, a portion of the Bank\u2019s annual contribution is maintained as an irrevocable payment commitment rather than settled in cash. While the IPC does not give rise to an immediate cash outflow, management considers that the legally binding and irrevocable nature of the commitment gives rise to a restriction over an equivalent portion of equity. Accordingly, an amount equivalent to the IPC outstanding at the reporting date has been appropriated within Other reserves to reflect the potential obligation that may arise. The reserve does not represent a distributable reserve and may only be released when the irrevocable payment commitment is either settled, cancelled, or otherwise extinguished. Further details are disclosed in Note 41.2.",
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"f1__s7__6__127": {
"value": "32.2 TREASURY SHARESTreasury shares are presented within \u2018Revaluation reserves and other components of equity\u2019 in the Statement of financial position. All treasury shares are non-cancellable shares held by the Bank itself in connection with its share buyback programme (Note 31.2). As at 31 December 2025, the number of treasury shares held accounted for 0.09% of the Bank\u2019s share capital.Number of Nominal Purchase % of share sharesvalueconsiderationcapitalNo \u20ac \u20ac %Balance at 1 January 2025 \u2011 \u2011 \u2011 \u2011Acquisition of treasury shares 564,032 564,032 1,071,000 0.09%Balance at 31 December 2025 564,032 564,032 1,071,000 0.09%",
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"f1__s7__6__129": {
"value": "33. PROVISIONS AND CONTINGENT LIABILITIES33.1 PROVISIONSThe GroupExpected credit losses - Financial guarantees and loan Litigation commitments provision TotalProvisions \u20ac000 \u20ac000 \u20ac000Carrying amount at 1 January 2024 17,813 2,353 20,166 Recognised in profit or loss: Net decrease in expected credit loss allowances (1,425) \u2011 (1,425) Reversal of unused amounts\u2011 (353) (353)Carrying amount at 31 December 202416,388 2,000 18,388 Recognised in profit or loss: Net decrease in expected credit loss allowances (1,334) \u2011 (1,334) Additional provisions\u2011 500 500Carrying amount at 31 December 202515,054 2,500 17,554 The BankExpected credit losses - Financial guarantees and loan Litigation commitmentsprovision TotalProvisions \u20ac000 \u20ac000 \u20ac000Carrying amount at 1 January 2024 17,813 2,353 20,166 Recognised in profit or loss: Net decrease in expected credit loss allowances (1,425) \u2011 (1,425) Reversal of unused amounts\u2011 (353) (353)Carrying amount at 31 December 202416,388 2,000 18,388 Recognised in profit or loss: Net decrease in expected credit loss allowances (1,334) \u2011 (1,334) Additional provisions\u2011 500 500Carrying amount at 31 December 202515,054 2,500 17,554 The amounts reflected in the tables above in respect of financial guarantee contracts issued and loan commitments represent the expected credit loss allowances as of 31 December 2025 attributable to those items in accordance with the expected credit loss model under the requirements of IFRS 9 Financial Instruments. Litigation provision reflects management\u2019s best estimate of the probable outflows required to settle obligations from litigation and other claims. 33.2 CONTINGENT LIABILITIES In its ordinary course of business, the Group and the Bank is subject to complaints or legal proceedings by third parties, as well as regulatory reviews, enquiries and examinations concerning legal, operational and compliance risks in relation to but not limited to compliance with legislation and regulations. Such legal and regulatory matters are reassessed on an ongoing basis whilst the Group and the Bank collaborates continuously with the relevant authorities as appropriate. The assistance of external professional consultants is sought where appropriate, to determine the likelihood that the Group and the Bank will incur a liability as it would be deemed probable that an outflow of resources is required to settle such obligation. The estimated amount of aggregated potential liabilities in respect of such legal and regulatory matters is not considered material for the purposes of disclosure within these financial statements. The Group\u2019s contingent liabilities reflected in the tables below are backed by corresponding obligations from third parties. In this respect, as part of its business the Group provides guarantees and similar instruments on behalf of clients, which could require the Group to affect future payments thus potentially exposing it to credit risk. The Group and the Bank also have a potential liability arising from irrevocable payment commitments attributable to contributions to the Depositor Compensation Scheme, which potential liability is not reflected within the table below. Further information is disclosed in Note 41.2.Contingent LiabilitiesThe Group The Bank2025 2024 2025 2024\u20ac000 \u20ac000 \u20ac000 \u20ac000Acceptances and endorsements 11 278 11 278 Financial guarantees 631,613 395,536 631,613 395,536 Other contingent liabilities15,266 18,367 15,266 18,367 646,890 414,181 646,890 414,181",
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"entity": "scheme:529900RWC8ZYB066JF16",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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"f1__s7__6__130": {
"value": "33.1 PROVISIONSThe GroupExpected credit losses - Financial guarantees and loan Litigation commitments provision TotalProvisions \u20ac000 \u20ac000 \u20ac000Carrying amount at 1 January 2024 17,813 2,353 20,166 Recognised in profit or loss: Net decrease in expected credit loss allowances (1,425) \u2011 (1,425) Reversal of unused amounts\u2011 (353) (353)Carrying amount at 31 December 202416,388 2,000 18,388 Recognised in profit or loss: Net decrease in expected credit loss allowances (1,334) \u2011 (1,334) Additional provisions\u2011 500 500Carrying amount at 31 December 202515,054 2,500 17,554 The BankExpected credit losses - Financial guarantees and loan Litigation commitmentsprovision TotalProvisions \u20ac000 \u20ac000 \u20ac000Carrying amount at 1 January 2024 17,813 2,353 20,166 Recognised in profit or loss: Net decrease in expected credit loss allowances (1,425) \u2011 (1,425) Reversal of unused amounts\u2011 (353) (353)Carrying amount at 31 December 202416,388 2,000 18,388 Recognised in profit or loss: Net decrease in expected credit loss allowances (1,334) \u2011 (1,334) Additional provisions\u2011 500 500Carrying amount at 31 December 202515,054 2,500 17,554 The amounts reflected in the tables above in respect of financial guarantee contracts issued and loan commitments represent the expected credit loss allowances as of 31 December 2025 attributable to those items in accordance with the expected credit loss model under the requirements of IFRS 9 Financial Instruments. Litigation provision reflects management\u2019s best estimate of the probable outflows required to settle obligations from litigation and other claims.",
"dimensions": {
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"language": "en",
"entity": "scheme:529900RWC8ZYB066JF16",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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"f1__s7__6__133": {
"value": "33.2 CONTINGENT LIABILITIES In its ordinary course of business, the Group and the Bank is subject to complaints or legal proceedings by third parties, as well as regulatory reviews, enquiries and examinations concerning legal, operational and compliance risks in relation to but not limited to compliance with legislation and regulations. Such legal and regulatory matters are reassessed on an ongoing basis whilst the Group and the Bank collaborates continuously with the relevant authorities as appropriate. The assistance of external professional consultants is sought where appropriate, to determine the likelihood that the Group and the Bank will incur a liability as it would be deemed probable that an outflow of resources is required to settle such obligation. The estimated amount of aggregated potential liabilities in respect of such legal and regulatory matters is not considered material for the purposes of disclosure within these financial statements. The Group\u2019s contingent liabilities reflected in the tables below are backed by corresponding obligations from third parties. In this respect, as part of its business the Group provides guarantees and similar instruments on behalf of clients, which could require the Group to affect future payments thus potentially exposing it to credit risk. The Group and the Bank also have a potential liability arising from irrevocable payment commitments attributable to contributions to the Depositor Compensation Scheme, which potential liability is not reflected within the table below. Further information is disclosed in Note 41.2.Contingent LiabilitiesThe Group The Bank2025 2024 2025 2024\u20ac000 \u20ac000 \u20ac000 \u20ac000Acceptances and endorsements 11 278 11 278 Financial guarantees 631,613 395,536 631,613 395,536 Other contingent liabilities15,266 18,367 15,266 18,367 646,890 414,181 646,890 414,181",
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"language": "en",
"entity": "scheme:529900RWC8ZYB066JF16",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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},
"f1__s7__6__132-1": {
"value": "33.2 CONTINGENT LIABILITIES In its ordinary course of business, the Group and the Bank is subject to complaints or legal proceedings by third parties, as well as regulatory reviews, enquiries and examinations concerning legal, operational and compliance risks in relation to but not limited to compliance with legislation and regulations. Such legal and regulatory matters are reassessed on an ongoing basis whilst the Group and the Bank collaborates continuously with the relevant authorities as appropriate. The assistance of external professional consultants is sought where appropriate, to determine the likelihood that the Group and the Bank will incur a liability as it would be deemed probable that an outflow of resources is required to settle such obligation. The estimated amount of aggregated potential liabilities in respect of such legal and regulatory matters is not considered material for the purposes of disclosure within these financial statements. The Group\u2019s contingent liabilities reflected in the tables below are backed by corresponding obligations from third parties. In this respect, as part of its business the Group provides guarantees and similar instruments on behalf of clients, which could require the Group to affect future payments thus potentially exposing it to credit risk. The Group and the Bank also have a potential liability arising from irrevocable payment commitments attributable to contributions to the Depositor Compensation Scheme, which potential liability is not reflected within the table below. Further information is disclosed in Note 41.2.Contingent LiabilitiesThe Group The Bank2025 2024 2025 2024\u20ac000 \u20ac000 \u20ac000 \u20ac000Acceptances and endorsements 11 278 11 278 Financial guarantees 631,613 395,536 631,613 395,536 Other contingent liabilities15,266 18,367 15,266 18,367 646,890 414,181 646,890 414,18134. COMMITMENTS The Group The Bank2025 2024 2025 2024\u20ac000 \u20ac000 \u20ac000 \u20ac000Documentary credits 36,133 45,873 36,133 45,873 Undrawn formal standby facilities, credit facilities and other commitments to lend 3,173,537 2,936,765 3,173,537 2,936,765 Capital expenditure contracted but not provided for in the 899 17,620 899 17,620 financial statements3,210,569 3,000,258 3,210,569 3,000,258",
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"f1__s7__6__131": {
"value": "34. COMMITMENTS The Group The Bank2025 2024 2025 2024\u20ac000 \u20ac000 \u20ac000 \u20ac000Documentary credits 36,133 45,873 36,133 45,873 Undrawn formal standby facilities, credit facilities and other commitments to lend 3,173,537 2,936,765 3,173,537 2,936,765 Capital expenditure contracted but not provided for in the 899 17,620 899 17,620 financial statements3,210,569 3,000,258 3,210,569 3,000,258",
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"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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"f1__s7__6__136": {
"value": "36. NOTES TO THE STATEMENTS OF CASH FLOWS The Group The BankNote2025 2024 2025 2024\u20ac000 \u20ac000 \u20ac000 \u20ac000Cash 13 75,804 66,674 75,804 66,674 Balances with Central Bank of Malta 594,979 830,705 594,979 830,705 (excluding Reserve Deposit)Treasury bills (with original maturity of less than 3 months) 70,721 64,777 70,721 64,777 Loans and advances to banks with contractual maturity of less than 3 months 254,580 324,219 254,580 324,219 Amounts owed to banks(99,894) (9,150) (99,894) (9,150)Cash and cash equivalents included in the statements of 896,190 1,277,225 896,190 1,277,225 cash flowsBalances with contractual maturity of more than 3 months48,931 4,328 48,931 4,328 945,121 1,281,553 945,121 1,281,553 Line items as reported in the statements of financial position:Balances with Central Bank of Malta, Treasury bills and 786,261 962,156 786,261 962,156 cash (excluding Reserve Deposit)Loans and advances to banks 258,754 328,547 258,754 328,547 Amounts owed to banks(99,894) (9,150) (99,894) (9,150)945,121 1,281,553 945,121 1,281,553",
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"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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"value": "37. RELATED PARTY TRANSACTIONSDuring the current and prior year, the Group and the Bank entered into transactions, in the normal course of their business, with equity-accounted investees, subsidiaries, the Government of Malta (\u201cThe Government\u201d) (which has a 25% holding in the Bank), Government-related entities, key management personnel, and other related parties. Government-related entities are those over which the Government is deemed to exercise control, and entities inextricably linked to the Government even though not controlled by the Government.Key management personnel include the Chairperson, Directors and the members of the Management Board. Related parties also comprise close family members of key management personnel, including their respective spouses, spousal equivalents and dependants. Other related parties are those entities over which key management personnel exercise control or significant influence.Transactions with related parties are carried out on an arm\u2019s length basis.The amount of related party transactions effected during the current and preceding financial years and outstanding balances at the reporting date are disclosed below:The Group2025 2024Related Total Related Total party activity/ party activity/ transactionsbalance % oftransactionsbalance % of\u20ac000 \u20ac000 total \u20ac000 \u20ac000 totalInterest and similar income:- on loans and advancesThe Government and 31,333 76,399 Government\u2011related entitiesKey management personnel 35 35 Other related parties473 22 31,841 282,228 11% 76,456 306,747 25%Interest and similar income: - on debt and other fixed income instrumentsThe Government53,688 163,998 33% 38,880 130,427 30%Interest expenseThe Government and 272 1,055 Government\u2011related entitiesKey management personnel1 1 273 58,833 0% 1,056 51,257 2%Fee and commission incomeEquity\u2011accounted investees 4,057 3,806 The Government and 4,209 5,750 Government\u2011related entitiesKey management personnel 8 8 Other related parties105 8 8,379 108,036 8% 9,572 98,500 10%2025 2024Related Total Related Total party activity/ party activity/ transactionsbalance % oftransactionsbalance % of\u20ac000 \u20ac000 total \u20ac000 \u20ac000 totalShort term employee compensation and benefits including post-employment benefitsKey management personnel 4,418 136,831 3% 4,025 123,360 3%General administrative expensesEquity\u2011accounted investees 332 372 Key management personnel195 107 527 89,024 1% 479 73,016 1%Movement in impairment allowancesThe Government and (334) 233 Government\u2011related entitiesKey management personnel (2) 6 Other related parties(5) 26 (341) (42) 265 23,831 Balances with Central Bank of Maltatreasury bills and cashThe Government845,420 921,224 92% 1,019,198 1,085,871 94%InvestmentsThe Government2,192,568 6,855,039 32% 2,054,976 6,336,696 32%Loans and advances to customers (net)The Government and 417,786 406,242 Government\u2011related entitiesKey management personnel 5,223 3,982 Other related parties10,105 461 433,114 7,985,473 5% 410,685 6,846,302 6%Impairment allowancesThe Government and (547) (213)Government\u2011related entitiesKey management personnel (3) (1)Other related parties(5) \u2011 (555) (85,303) (214) (87,289)2025 2024Related Total Related Total party activity/ party activity/ transactionsbalance % oftransactionsbalance % of\u20ac000 \u20ac000 total \u20ac000 \u20ac000 totalAmounts owed to customersEquity\u2011accounted investees 36,568 58,802 The Government and 1,082,823 1,188,694Government\u2011related entitiesKey management personnel 10,698 9,925 Other related parties474 595 1,130,563 13,740,565 8% 1,258,016 12,803,915 10%CommitmentsEquity\u2011accounted investees 382 317 The Government and 348,674 179,787 Government\u2011related entitiesOther related parties7,136 47 356,192 3,210,569 11% 180,151 3,000,258 6%Contingent LiabilitiesEquity\u2011accounted investees 152 152The Government and 68,963 68,883 Government\u2011related entitiesKey management personnel 29 18Other related parties36 2069,180 646,890 11% 69,073 414,181 17%The BankInterest and similar income:- on loans and advancesThe Government and 31,333 76,399 Government\u2011related entitiesKey management personnel 14 12 Other related parties473 18 31,820 282,228 11% 76,429 306,747 25%Interest and similar income: - on debt and other fixed income instrumentsThe Government53,688 163,996 33% 38,880 130,396 30%Interest expenseThe Government and 272 1,055 Government\u2011related entitiesKey management personnel1 2 273 58,833 0% 1,057 51,257 2%2025 2024Related Total Related Total party activity/ party activity/ transactionsbalance % oftransactionsbalance % of\u20ac000 \u20ac000 total \u20ac000 \u20ac000 totalFee and commission incomeEquity\u2011accounted investees 4,057 3,806 Subsidiaries 3,095 2,677 The Government and 4,209 5,750 Government\u2011related entitiesKey management personnel 15 8 Other related parties101 5 11,477 98,898 12% 12,246 89,419 14%Dividend incomeEquity\u2011accounted investees 4,554 3,242 Subsidiaries4,300 4,500 8,854 9,417 94% 7,742 8,309 93%Short term employee compensation and benefits including post-employment benefitsKey management personnel 4,281 134,127 3% 3,893 120,649 3%General administrative expensesEquity\u2011accounted investees 332 372 Key management personnel174 119 506 87,477 1% 491 71,340 1%Movement in impairment allowancesThe Government and (334) 233 Government\u2011related entitiesKey management personnel (1) 5 Other related parties(5) 22 (340) (42) 260 23,831 Balances with Central Bank of Maltatreasury bills and cashThe Government845,420 921,224 92% 1,019,198 1,085,871 94%InvestmentsThe Government2,192,568 6,855,039 32% 2,054,976 6,336,696 32%Loans and advances to customers (net)The Government and 417,786 406,242 Government\u2011related entitiesKey management personnel 3,625 2,368 Other related parties10,105 461 431,516 7,985,473 5% 409,071 6,846,302 6%2025 2024Related party Total activity/ Related party Total activity/ transactionsbalance % oftransactionsbalance % of\u20ac000 \u20ac000 total \u20ac000 \u20ac000 totalImpairment allowancesThe Government and (547) (213)Government\u2011related entitiesKey management personnel (2) (1)Other related parties(5) \u2011 (554) (85,303) (214) (87,289)Amounts owed to customersEquity\u2011accounted investees 36,568 58,802 Subsidiaries 4,380 4,044 The Government and 1,082,823 1,188,694 Government\u2011related entitiesKey management personnel 9,752 9,172 Other related parties257 156 1,133,780 13,745,110 8% 1,260,868 12,807,957 10%CommitmentsEquity\u2011accounted investees 382 317 The Government and 348,674 179,787 Government\u2011related entitiesOther related parties7,136 47 356,192 3,210,569 11% 180,151 3,000,258 6%Contingent LiabilitiesEquity\u2011accounted investees 152 152The Government and 68,963 68,883 Government\u2011related entitiesKey management personnel 17 18Other related parties36 2069,168 646,890 11% 69,073 414,181 17% The Group The BankDec-25 Dec-24 Dec-25 Dec-24\u20ac000 \u20ac000 \u20ac000 \u20ac000All outstanding balances are secured except for the following:Loans and advances to customers:\u2011 Key management personnel516 182 477 140 Details of guarantees received are disclosed below:Loans and advances to customers:\u2011 Amounts guaranteed by The Government363,924 345,097 363,924 345,097 The above facilities do not involve more than the normal risk of repayment or present other unfavourable features and were made in the ordinary course of business on substantially the same terms as for comparable transactions with persons of a similar standing, or where applicable, other employees.Loans to and commitments to lend to directors and other key management personnel (including close family members):The Group The BankLoans and Loans and advances Commitmentsadvances Commitments\u20ac000 \u20ac000 \u20ac000 \u20ac000DirectorsAt 31 December 2023 1,455 658 433 56 Additions1,144 1,480 9 264 2,599 2,138 442 320 Less reductions/repayments(387) (269) (21) (18) At 31 December 2024 2,212 1,869 421 302 Additions251 218 73 13 2,463 2,087 494 315 Less reductions/repayments(402) (984) (34) (45)At 31 December 20252,061 1,103 460 270 Other key management personnelAt 31 December 2023 1,697 223 1,697 223 Additions858 728 858 728 2,555 951 2,555 951 Less reductions/repayments(202) (134) (202) (134)At 31 December 2024 2,353 817 2,353 817 Additions954 14 954 14 3,307 831 3,307 831 Less reductions/repayments(143) (284) (143) (284)At 31 December 20253,164 547 3,164 547",
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"value": "38. SEGMENTAL INFORMATION BY CLASSES OF BUSINESSThe Group\u2019s reportable segments as at 31 December 2025 and 31 December 2024 are as follows:Reportable segments OperationsRetail Banking Loan products, cards, payment and other transactions for personal client segments of the Bank. It also includes all deposit products for non-corporate and non-institutional client segments, internet/mobile banking activities, ATM activities and all Bank retail branches operations.Wealth Management Discretionary advisory and wealth management services, insurance and stock broking services, asset and fund management, prestige and private banking.Business Banking Financing and deposit products for all business client segments attributable to business and corporate centres.Treasury Proprietary investments, derivatives, and other investment related revenues.Others This includes the management of the Bank\u2019s property, plant and equipment, investments in associates, other assets, long-term liabilities and other liabilities.38.1 INFORMATION BY SEGMENTInterest income is the main revenue generating activity for all segments. The customer-oriented segments also have income derived from fees and commissions and earnings arising on foreign exchange transactions.Total Reportable Retail Banking Wealth Management Business Banking Treasury OthersSegments2025 2024 2025 2024 2025 2024 2025 2024 2025 2024 2025 2024\u20ac000 \u20ac000 \u20ac000 \u20ac000 \u20ac000 \u20ac000 \u20ac000 \u20ac000 \u20ac000 \u20ac000 \u20ac000 \u20ac000 Interest income 120,503 134,715 2 31 158,534 168,211 167,185 134,216 2 1 446,226 437,174 Interest expense (14,290) (16,098) (206) (40) (30,759) (17,282) (9,867) (11,348) (3,711) (6,489) (58,833) (51,257)Fee and 49,555 44,588 23,544 22,418 32,358 27,572 \u2011 1,211 2,579 2,711 108,036 98,500 commission incomeFee and commission (18,596) (15,911) (28) 3 \u2011 \u2011 (25) \u2011 (1,315) (1,213) (19,964) (17,121)expenseDividend income \u2011 \u2011 \u2011 \u2011 \u2011 \u2011 563 567 \u2011 \u2011 563 567 Trading profits 3,310 \u2011 153 4 1,035 \u2011 7,221 4,445 1,898 9,343 13,617 13,792 Net (loss)/gain on investment securities \u2011 3,119 \u2011 174 \u2011 1,516 (91) (708) \u2011 \u2011 (91) 4,101 and hedging instrumentsOther income 6,423 \u2011 (38) \u2011 \u2011 \u2011 422 \u2011 476 \u2011 7,283 - Employee compensation (66,783) (63,971) (21,432) (19,632) (41,348) (31,559) (6,989) (4,032) (279) (4,166) (136,831) (123,360)and benefitsGeneral administrative (46,370) (43,514) (11,053) (10,553) (23,363) (12,744) (7,527) (4,024) (711) (2,181) (89,024) (73,016)expensesDepreciation/(11,764) (12,361) (2,443) (2,739) (5,006) (3,997) (1,631) (684) (112) (531) (20,956) (20,312)AmortisationImpairment 5,019 8,059 \u2011 \u2011 (4,768) 15,984 (293) (212) \u2011 \u2011 (42) 23,831 (charge)/reversalOperating profit/(loss) before share of results of equity-accounted investees27,007 38,626 (11,501) (10,334) 86,683 147,701 148,968 119,431 (1,173) (2,525) 249,984 292,899 Group share results after tax of \u2011 \u2011 \u2011 \u2011 \u2011 \u2011 \u2011 \u2011 10,409 9,466 10,409 9,466 equity\u2011accounted investeesTotal Assets4,435,470 3,742,693 4,470 4,647 3,610,156 3,202,373 8,033,905 7,780,527 446,322 368,859 16,530,323 15,099,099 Total Liabilities9,371,044 8,493,556 12,986 14,408 4,564,569 4,549,056 104,684 100,932 980,066 533,348 15,033,349 13,691,300 The revenue which is reported above represents revenue generated from external customers. There was no inter-segment revenue during the year and comparative year.The accounting policies of the reportable segments are the same as the Group\u2019s accounting policies described in note 1. Segment\u2019s operating profit represents the profit earned by each segment.There are no material activities which are carried out outside Malta.",
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"value": "39. FINANCIAL RISK MANAGEMENT39.1 USE OF FINANCIAL INSTRUMENTS By their nature, the Group\u2019s activities are principally related to the use of financial instruments including derivatives. The Group accepts deposits from customers at both fixed and floating rates and for various periods and seeks to earn interest margins by investing these funds in high-quality assets. The Group seeks to increase these margins by consolidating short-term funds and lending for longer periods at higher rates, while maintaining sufficient liquidity to meet all claims that might fall due.The Group also seeks to increase its interest margins through lending to commercial and retail borrowers with a range of credit standings. Such exposures involve both on-balance sheet loans and advances, as well as guarantees and other commitments such as performance guarantees and other bonds and letters of credit.The Board places trading limits on the level of exposure that can be taken in relation to both overnight and intra-day market positions. Foreign exchange and interest rate exposures are normally offset by entering into counterbalancing positions, thereby controlling the variability in the net cash amounts required to liquidate market positions.Given that the difference between the Group and the Bank balances in respect of financial instruments, and the corresponding effect on the statement of profit or loss and other comprehensive income and reserves in respect thereof, are not material, references in this note to the Group are to be construed as references to the Bank, unless otherwise stated.The principal areas of financial risk are detailed below: 39.2 CREDIT RISK Credit risk is the risk that one party to a financial instrument will cause a financial loss to the other party by failing to discharge an obligation.Financial assets which could potentially expose the Group to credit risk, mainly include balances with Central Bank of Malta (\u2018CBM\u2019), treasury bills and cash, derivative financial assets, debt and other fixed income instruments, and loans and advances to banks and customers.39.2.1 CREDIT RISK MANAGEMENTResponsibilities of the credit risk management departmentThe credit risk management department is tasked with maintaining the Bank\u2019s credit risk exposure at a level that is acceptable in relation to capital. This includes safeguarding the quality of assets and ensuring that returns are appropriate for the risks taken. The department aims to create a loan portfolio that delivers high returns on both capital and assets.Credit risk is overseen and controlled across the Bank through established credit processes, a structured credit policy, and delegated authorities based on responsibility, skill and experience. The department is responsible for credit grading and monitoring systems, which facilitate the timely identification and management of any decline in loan quality. Furthermore, an independent credit review system underpins the credit management process.Credit risk analysis is conducted at both the individual borrower (single name) and the overall lending portfolio level. The department also manages credit risk in relation to other financial assets by setting limits in the Treasury Management Policy and monitoring exposures in accordance with external agency ratings.Regular reviews of credit ratings and limits are undertaken, with Board approval required at intervals. Only authorised counterparties are permitted for security transactions, and investments are limited to securities that meet the quality standards specified in the Treasury Management Policy.Impacts of economic realities of 2025 on credit risk managementThe Maltese economy has maintained its resilience, showing no significant departures from established trends or expectations, with a favourable outlook as long as no unexpected shocks occur. Economic activity has normalised, evidenced by real GDP growth stabilising at approximately 4%, inflation edging closer to the European Central Bank\u2019s 2% target, unemployment staying at a historic low near 3%, and both the fiscal deficit and public debt remaining comfortably below 3% and 50% of GDP, respectively. Forecasts from various institutions reinforce confidence in Malta\u2019s positive trajectory. Key sectors, such as wholesale and retail trade, accommodation, and property, are performing in line with long-standing patterns, while household consumption continues to be buoyed by wealth accumulation. The Central Bank of Malta has found no signs of property market overvaluation, and increased hotel capacity has coincided with record tourist arrivals. Noteworthy developments in 2025 include the European Central Bank\u2019s decision to pause interest rate cuts, expectations of stable rates for the next two years, US tariffs not adversely affecting Malta\u2019s exports amidst geopolitical tensions, and continued energy subsidies in the 2026 Budget shielding households and businesses from price volatility. Inflation has remained within the 2\u20133% range, avoiding any wage-price spiral, and the tourism sector has seen record inbound arrivals and spending. Over the past six months, economic statistics have matched earlier projections, with no major negative surprises or significant new developments. While domestic conditions remain steady and supportive, ongoing vigilance and proactive management are necessary given the uncertain external environment.In addition, the Bank is actively assessing climate-related risks and has incorporated both transitional and physical risk parameters into its Loss Given Default (LGD) modelling. This approach ensures that potential impacts arising from climate change, such as regulatory shifts, changes in market dynamics, and the physical effects of extreme weather events, are systematically factored into the credit risk evaluation process, thereby supporting the Bank\u2019s resilience and forward-looking risk management.Credit risk management proceduresThe Bank manages credit risk through the implementation of high-level credit policies that ensure a balanced and measured approach to risk identification and mitigation. Lending guidelines are applied to define the responsibilities of lending officers and to set a disciplined framework for credit decisions. Independent reviews of credit exposures are conducted to maintain objectivity and thoroughness in the credit assessment process. Additionally, sector caps for various industries and specific product types are established to articulate the Board\u2019s risk appetite and to control concentration risk. Policies for large exposures and provisioning are set and maintained in compliance with regulatory reporting requirements. The Bank undertakes ongoing monitoring of credit ratings and exposures, with limits being reviewed and approved regularly by the Board of Directors. It is also committed to communicating and providing guidance on all credit-related risk issues, including regulatory changes, to ensure consistency and best practice across the organisation. Settlement RiskThe Group\u2019s activity may give rise to risk at the time of settlement of transactions and trades. Settlement risk is the risk of loss due to failure of a company to honour its obligations to deliver cash, securities or other assets as contractually agreed. Settlement risk in respect of security transactions is mitigated through settlement limits assigned to counterparties based on external credit ratings or by effecting payment on a delivery versus payment (DVP) basis.Sovereign RiskSovereign risk refers to the risk that a government may default on its obligations and includes refinancing risk related to the inability to raise capital to repay maturing bonds. The Group monitors sovereign risks through sovereign credit ratings issued by credit rating agencies which include Fitch, Moody\u2019s, and Standard & Poor\u2019s. The Treasury Management Policy seeks to mitigate sovereign risk, whether directly or indirectly through exposures to corporate and financial institutions domiciled therein, through investment limits assigned on the basis of the long-term credit rating of such sovereigns. This is further supplemented by in depth economic reviews undertaken periodically and assessments of the fiscal, economic and socio-political aspects upon which such limits are accordingly aligned.a. Maximum exposure to credit riskThe table below sets out the Group\u2019s maximum exposure to credit risk arising from on-balance sheet and off-balance sheet financial instruments, before taking account of any collateral held or other credit enhancements. For financial assets recognised in the statement of financial position, the maximum exposure to credit risk corresponds to the carrying amount of the asset, which is presented net of impairment losses. In the case of financial guarantees and similar arrangements, the maximum exposure to credit risk represents the full amount that the Group would be required to pay if such guarantees were called in full. For loan commitments and other credit related commitments that are irrevocable over the term of the facilities, the maximum exposure reflects the full amount of the committed but undrawn facilities.Maximum exposure to credit risk2025 2024\u20ac000 \u20ac000Balances with CBM and treasury bills 845,420 1,019,197 Debt securities measured at fair value through other comprehensive income 70,786 80,541 Debt securities measured at amortised cost 6,781,209 6,251,257 Loans and advances to banks 258,754 328,547 Loans and advances to customers 7,985,473 6,846,302 Other assets 8,897 9,464 Off\u2011balance sheet:\u2011 financial guarantees and similar contracts 631,624 395,814 \u2011 loan commitments and other credit related commitments 3,209,670 2,982,638 19,791,833 17,913,760 The following table contains the Group\u2019s maximum exposure to credit risk arising from financial assets not subject to impairment (i.e. FVTPL):Maximum exposure to credit risk2025 2024\u20ac000 \u20ac000Financial assets mandatorily measured at FVTPL:\u2011 Debt securities 1 22 \u2011 Derivative financial instruments 2,987 4,071 2,988 4,093 Financial assets designated at fair value:\u2011 Debt securities 1,391 1,398 \u2011 Loans and advances to customers 36,643 50,677 38,034 52,075 41,022 56,168 b. Financial instruments subject to IFRS 9 impairment requirementsThe Bank\u2019s exposure to credit risk mainly arises from its lending activities. In this respect, all lending activities are classified under either business or retail lending.The business portfolio comprises lending to business customers, including small and medium-sized enterprises and business entities. Lending within this portfolio supports both working capital requirements and investment activities, with a strong focus on real estate lending and income-producing assets, as well as construction and development projects. The retail portfolio includes a broad range of secured and unsecured lending products offered to individual customers. Secured lending primarily consists of advances for residential property purchases, where loans are secured by the assets acquired, as well as lending secured over existing assets, including first charges over residential property. Unsecured retail lending products include overdrafts, credit cards and car loans.All tables and figures within the rest of Note 39 on the following pages exclude those items that are not subject to the impairment requirements emanating from IFRS 9.The following disclosure presents the gross carrying/nominal amount of financial instruments measured at amortised cost to which the impairment requirements in IFRS 9 are applied and the associated expected credit loss (\u2018ECL\u2019) allowances, as well as the fair value of debt instruments measured at FVOCI and the associated ECL allowances.2025 2024\ue60e\ue675\ue66f\ue676\ue676\ue602\ue631\ue62d\ue675\ue675\ue68b\ue662\ue66d\ue65d\ue746\ue602\ue60e\ue675\ue66f\ue676\ue676\ue602\ue631\ue62d\ue675\ue675\ue68b\ue662\ue66d\ue65d\ue746\ue602nominal amount ECL Allowancesnominal amount ECL Allowances\u20ac000 \u20ac000 \u20ac000 \u20ac000Balances with CBM 729,942 \u2011 954,420 \u2011 \ue608\ue627\ue623\ue63b\ue602\ue639\ue627\ue624\ue63c\ue638\ue62d\uefa7\ue627\ue639\ue602\ue631\ue627\ue621\ue639\ue63c\ue638\ue627\ue626\ue602\ue621\ue63b\ue602\ue621\ue631\ue633\ue638\uefa7\ue639\ue627\ue626\ue602\ue624\ue633\ue639\ue63b 6,782,605 (1,396) 6,252,361 (1,104)Loans and advances to banks 258,755 (1) 328,551 (4)Loans and advances to customers\u2011 Retail 4,434,059 (15,147) 3,749,262 (21,619)\u2011 Business 3,636,717 (70,156) 3,184,329 (65,670)Other assets 8,897 \u2011 9,464 \u2011 Total gross carrying amount on\u2011balance sheet15,850,975 (86,700) 14,478,387 (88,397)\ue606\ue633\ue632\uefa7\ue632\ue62b\ue627\ue632\ue63b\ue602\ue6a3\ue62d\ue621\ue623\ue62d\ue6a3\ue62d\uefa7\ue627\ue639\ue602\ue621\ue632\ue626\ue602\ue624\ue633\ue631\ue631\ue62d\ue63b\ue631\ue627\ue632\ue63b\ue639 3,841,294 (15,054) 3,378,452 (16,388)\ue61a\ue633\ue63b\ue621\ue6a3\ue602\ue632\ue633\ue631\ue62d\ue632\ue621\ue6a3\ue602\ue621\ue631\ue633\ue63c\ue632\ue63b\ue602\ue633\ue6f8\ue666\ue623\ue621\ue6a3\ue621\ue632\ue624\ue627\ue602\ue639\ue62c\ue627\ue627\ue63b 3,841,294 (15,054) 3,378,452 (16,388)19,692,269 (101,754) 17,856,839 (104,785)Total2025 2024Fair value ECL Allowances Fair value ECL Allowances\u20ac000 \u20ac000 \u20ac000 \u20ac000Treasury bills 115,478 (5) 64,777 (3)\ue608\ue627\ue623\ue63b\ue602\ue639\ue627\ue624\ue63c\ue638\ue62d\uefa7\ue627\ue639\ue602\ue631\ue627\ue621\ue639\ue63c\ue638\ue627\ue626\ue602\ue621\ue63b\ue602\ue628\ue621\ue62d\ue638\ue602\ue63d\ue621\ue6a3\ue63c\ue627\ue602\ue63b\ue62c\ue638\ue633\ue63c\ue62b\ue62c\ue602other comprehensive income 70,786 (25) 80,541 (25)186,264 (30) 145,318 (28)Total39.2.2 CONCENTRATION RISKWhere possible the Bank aims to reduce and control risk concentrations. Broadly stated, concentration results when the Bank has a high level of exposure to a single or related group of borrowers, credit exposures secured by a single security, or credit exposures with common characteristics within an industry, such that adverse developments in this exposure would be damaging to the Bank.Given the size and nature of the domestic financial sector and the local economy, the Bank is exposed to concentration risk in its credit business. The Bank has systems in place to identify material concentrations in the loan portfolio, and to ensure adherence to prudential limits set by the Board of Directors and/or the regulator to single borrowers or groups of related borrowers and other significant risk concentrations. The CEO and the Board of Directors are regularly informed on the concentration of the Bank\u2019s portfolio.The following table contains the Group\u2019s on-balance sheet loans and advances to customers as per Note 17, analysed by industry sector. 2025Gross Carrying Amount ECL AllowancesStage 1 Stage 2 Stage 3 Total Stage 1 Stage 2 Stage 3 Total \u20ac000 \u20ac000 \u20ac000 \u20ac000 \u20ac000 \u20ac000 \u20ac000 \u20ac000 Households and Individuals 4,226,314 133,213 34,332 4,393,859 (1,884) (1,120) (12,026) (15,030)\ue603\ue624\ue624\ue633\ue631\ue631\ue633\ue626\ue621\uefa7\ue633\ue632\ue602\ue621\ue632\ue626\ue602\ue628\ue633\ue633\ue626\ue639\ue627\ue638\ue63d\ue62d\ue624\ue627\ue602\ue621\ue624\uefa7\ue63d\ue62d\uefa7\ue627\ue639 570,006 69,550 23,756 663,312 (1,329) (2,940) (8,308) (12,577)\ue618\ue627\ue621\ue6a3\ue602\ue627\ue639\ue63b\ue621\ue63b\ue627\ue602\ue621\ue624\uefa7\ue63d\ue62d\uefa7\ue627\ue639\ue602 596,694 75,724 2,150 674,568 (1,796) (435) (525) (2,756) Financial and insurance\ue621\ue624\uefa7\ue63d\ue62d\uefa7\ue627\ue639 532,856 11,310 4,857 549,023 (1,297) (138) (2,134) (3,569)Wholesale and retail trade 407,458 72,741 27,773 507,972 (1,645) (1,853) (16,202) (19,700) \ue606\ue633\ue632\ue639\ue63b\ue638\ue63c\ue624\uefa7\ue633\ue632\ue602 202,332 47,090 20,077 269,499 (1,264) (1,755) (15,527) (18,546) \ue61a\ue638\ue621\ue632\ue639\ue636\ue633\ue638\ue63b\ue621\uefa7\ue633\ue632\ue602\ue621\ue632\ue626\ue602\ue639\ue63b\ue633\ue638\ue621\ue62b\ue627\ue602 274,666 27,520 236 302,422 (1,120) (622) (234) (1,976) Human health and Social\ue63e\ue633\ue638\ue630\ue602\ue621\ue624\uefa7\ue63d\ue62d\uefa7\ue627\ue639\ue602 87,216 19,170 147 106,533 (157) (52) (32) (241)Electricity, Gas, Steam and\ue603\ue62d\ue638\ue602\ue606\ue633\ue632\ue626\ue62d\uefa7\ue633\ue632\ue62d\ue632\ue62b\ue602\ue619\ue63c\ue636\ue636\ue6a3\ue640\ue602 64,667 50,029 1,174 115,870 (362) (355) (653) (1,370)Manufacturing 77,813 20,404 6,702 104,919 (436) (484) (1,021) (1,941) \ue60d\ue632\ue628\ue633\ue638\ue631\ue621\uefa7\ue633\ue632\ue602\ue621\ue632\ue626\ue624\ue633\ue631\ue631\ue63c\ue632\ue62d\ue624\ue621\uefa7\ue633\ue632\ue602 119,884 4,372 1,657 125,913 (1,342) (41) (1,070) (2,453)Arts, Entertainment and\ue618\ue627\ue624\ue638\ue627\ue621\uefa7\ue633\ue632 60,510 6,920 8,093 75,523 (876) (25) (541) (1,442)Agriculture, Forestry andFishing 35,635 20,284 17 55,936 (12) (597) (4) (613)\ue616\ue638\ue633\ue628\ue627\ue639\ue639\ue62d\ue633\ue632\ue621\ue6a3\ue654\ue602\ue619\ue624\ue62d\ue627\ue632\uefa7\ue629\ue624\ue602\ue621\ue632\ue626\ue61a\ue627\ue624\ue62c\ue632\ue62d\ue624\ue621\ue6a3\ue602\ue621\ue624\uefa7\ue63d\ue62d\uefa7\ue627\ue639\ue602 48,306 1,414 1,769 51,489 (86) (45) (263) (394)\ue603\ue626\ue631\ue62d\ue632\ue62d\ue639\ue63b\ue638\ue621\uefa7\ue63d\ue627\ue602\ue621\ue632\ue626\ue602\ue619\ue63c\ue636\ue636\ue633\ue638\ue63b\ue639\ue627\ue638\ue63d\ue62d\ue624\ue627\ue602\ue621\ue624\uefa7\ue63d\ue62d\uefa7\ue627\ue639\ue602 39,148 1,465 372 40,985 (264) (13) (234) (511)\ue609\ue626\ue63c\ue624\ue621\uefa7\ue633\ue632\ue602 27,962 3,714 874 32,550 (48) (6) (53) (107) Water supply, Seweragewaste management and\ue638\ue627\ue631\ue627\ue626\ue62d\ue621\uefa7\ue633\ue632\ue602\ue621\ue624\uefa7\ue63d\ue62d\uefa7\ue627\ue639\ue602 2,745 9,475 83 12,303 (5) (326) (83) (414)\ue613\ue63b\ue62c\ue627\ue638\ue602\ue639\ue627\ue638\ue63d\ue62d\ue624\ue627\ue639\ue602\ue621\ue624\uefa7\ue63d\ue62d\uefa7\ue627\ue639\ue602 9,173 951 2,308 12,432 (10) (7) (1,623) (1,640) \ue616\ue63c\ue623\ue6a3\ue62d\ue624\ue602\ue621\ue626\ue631\ue62d\ue632\ue62d\ue639\ue63b\ue638\ue621\uefa7\ue633\ue632\ue602\ue621\ue632\ue626Defence, Compulsory socialsecurity 6,957 127 4 7,088 (4) (2) (4) (10) Mining and quarrying 3,890 1,333 \u2011 5,223 (2) (11) \u2011 (13)7,394,232 576,806 136,381 8,107,419 (13,939) (10,827) (60,537) (85,303) 2024Gross Carrying Amount ECL AllowancesStage 1 Stage 2 Stage 3 Total Stage 1 Stage 2 Stage 3 Total \u20ac000 \u20ac000 \u20ac000 \u20ac000 \u20ac000 \u20ac000 \u20ac000 \u20ac000 Households and Individuals 3,632,026 45,797 35,580 3,713,403 (2,567) (1,298) (17,589) (21,454)\ue603\ue624\ue624\ue633\ue631\ue631\ue633\ue626\ue621\uefa7\ue633\ue632\ue602\ue621\ue632\ue626\ue602\ue628\ue633\ue633\ue626\ue639\ue627\ue638\ue63d\ue62d\ue624\ue627\ue602\ue621\ue624\uefa7\ue63d\ue62d\uefa7\ue627\ue639 474,696 50,058 27,502 552,256 (1,035) (468) (8,441) (9,944)\ue618\ue627\ue621\ue6a3\ue602\ue627\ue639\ue63b\ue621\ue63b\ue627\ue602\ue621\ue624\uefa7\ue63d\ue62d\uefa7\ue627\ue639\ue602 493,444 23,344 8,656 525,444 (949) (95) (1,301) (2,345) Financial and insurance\ue621\ue624\uefa7\ue63d\ue62d\uefa7\ue627\ue639 462,622 9,590 5,230 477,442 (2,174) (155) (386) (2,715)Wholesale and retail trade 348,713 68,064 28,966 445,743 (1,558) (1,885) (13,409) (16,852) \ue606\ue633\ue632\ue639\ue63b\ue638\ue63c\ue624\uefa7\ue633\ue632\ue602 185,206 56,986 11,622 253,814 (1,832) (2,363) (8,594) (12,789) \ue61a\ue638\ue621\ue632\ue639\ue636\ue633\ue638\ue63b\ue621\uefa7\ue633\ue632\ue602\ue621\ue632\ue626\ue602\ue639\ue63b\ue633\ue638\ue621\ue62b\ue627\ue602 212,874 28,160 9,405 250,439 (895) (258) (2,454) (3,607) Human health and Social\ue63e\ue633\ue638\ue630\ue602\ue621\ue624\uefa7\ue63d\ue62d\uefa7\ue627\ue639\ue602 85,296 30,387 30,789 146,472 (183) (52) (3,119) (3,354)Electricity, Gas, Steam and\ue603\ue62d\ue638\ue602\ue606\ue633\ue632\ue626\ue62d\uefa7\ue633\ue632\ue62d\ue632\ue62b\ue602\ue619\ue63c\ue636\ue636\ue6a3\ue640\ue602 107,853 2,903 1,581 112,337 (545) (306) (993) (1,844)Manufacturing 76,709 22,977 9,562 109,248 (253) (728) (1,529) (2,510) \ue60d\ue632\ue628\ue633\ue638\ue631\ue621\uefa7\ue633\ue632\ue602\ue621\ue632\ue626\ue624\ue633\ue631\ue631\ue63c\ue632\ue62d\ue624\ue621\uefa7\ue633\ue632\ue602 98,368 5,464 185 104,017 (1,511) (105) (128) (1,744)Arts, Entertainment and\ue618\ue627\ue624\ue638\ue627\ue621\uefa7\ue633\ue632 60,596 3,767 8,713 73,076 (925) (1,043) (820) (2,788)Agriculture, Forestry andFishing 56,870 1,095 140 58,105 (66) (44) (67) (177)\ue616\ue638\ue633\ue628\ue627\ue639\ue639\ue62d\ue633\ue632\ue621\ue6a3\ue654\ue602\ue619\ue624\ue62d\ue627\ue632\uefa7\ue629\ue624\ue602\ue621\ue632\ue626\ue61a\ue627\ue624\ue62c\ue632\ue62d\ue624\ue621\ue6a3\ue602\ue621\ue624\uefa7\ue63d\ue62d\uefa7\ue627\ue639\ue602 47,915 1,685 2,855 52,455 (134) (96) (888) (1,118)\ue603\ue626\ue631\ue62d\ue632\ue62d\ue639\ue63b\ue638\ue621\uefa7\ue63d\ue627\ue602\ue621\ue632\ue626\ue602\ue619\ue63c\ue636\ue636\ue633\ue638\ue63b\ue639\ue627\ue638\ue63d\ue62d\ue624\ue627\ue602\ue621\ue624\uefa7\ue63d\ue62d\uefa7\ue627\ue639\ue602 29,308 5,323 2,386 37,017 (71) (1,084) (215) (1,370)\ue609\ue626\ue63c\ue624\ue621\uefa7\ue633\ue632\ue602 27,505 4,784 856 33,145 (23) (10) (51) (84) Water supply, Seweragewaste management and\ue638\ue627\ue631\ue627\ue626\ue62d\ue621\uefa7\ue633\ue632\ue602\ue621\ue624\uefa7\ue63d\ue62d\uefa7\ue627\ue639\ue602 4,362 9,731 85 14,178 (5) (364) (85) (454)\ue613\ue63b\ue62c\ue627\ue638\ue602\ue639\ue627\ue638\ue63d\ue62d\ue624\ue627\ue639\ue602\ue621\ue624\uefa7\ue63d\ue62d\uefa7\ue627\ue639\ue602 8,711 1,127 2,830 12,668 (9) (40) (2,056) (2,105) \ue616\ue63c\ue623\ue6a3\ue62d\ue624\ue602\ue621\ue626\ue631\ue62d\ue632\ue62d\ue639\ue63b\ue638\ue621\uefa7\ue633\ue632\ue602\ue621\ue632\ue626Defence, Compulsory socialsecurity 8,081 174 \u2011 8,255 (3) (9) \u2011 (12)Mining and quarrying 2,404 2,350 \u2011 4,754 \u2011 (23) \u2011 (23) 6,423,559 373,766 186,943 6,984,268 (14,738) (10,426) (62,125) (87,289)The level of concentration in respect of other significant financial assets is disclosed in the other notes to the financial statements.39.2.3 CREDIT QUALITYCredit exposures arising from lending activities and debt securities are categorised into the following credit quality groups, according to an evaluation of their contractual performance and related credit risk. The categories are described below:Performing These exposures reflect a strong and consistent ability of the borrower to fulfil their financial obligations. They are marked by a minimal risk of default and expected credit losses, with no signs of declining credit quality.WatchThese exposures have experienced an increase in credit risk, evident through initial signs of financial weakness. Borrowers are showing a reduced ability to meet their financial obligations, and there is greater sensitivity to unfavourable economic or business conditions, indicating a moderate risk of default.Sub-standardExposures where credit risk has risen significantly and there is considerable doubt about the borrower\u2019s capacity to honour contractual obligations. These require varying levels of special attention, as deterioration in credit quality is apparent and the risk of default is elevated.Non-performingExposures classified as credit-impaired, including those where the borrower is 90 days or more overdue, or where there is observable evidence of substantial financial difficulty which negatively affects expected future cash flows. These exposures are regarded as defaulted.The Bank evaluates credit quality by employing tailored approaches for its different portfolios. For loans and other credit exposures to customers, the Bank utilises an internal credit grading system anchored in the Internal Credit Rating System (\u2018ICRS\u2019) model. The model leverages specialised scorecards for each exposure type, taking into account factors such as manual grading upon specific reviews, days past due, and forbearance measures, to provide a nuanced assessment. The methodology ensures that both quantitative and qualitative risk characteristics are reflected within the internal credit grading. This is further explained within Note 39.2.3 (c).For other exposures, the Bank relies on external credit ratings issued by independent agencies, including Fitch, Moody\u2019s, and Standard & Poor\u2019s. These ratings provide an objective benchmark, enabling the Bank to make informed decisions about the creditworthiness of its investment portfolio. Where exposures are not externally rated, the Bank performs an internal credit assessment to determine the appropriate credit-quality classification and corresponding IFRS 9 stage.Balances with Central Bank of Malta and Treasury Bills\ue609\ue63b\ue630\ue67c\ue602\ue643\ue66d\ue62d\ue66d\ue631\ue662\ue62d\uea74\ue602\ue662\ue66d\ue676\ue67c\ue675\ue686\ue66c\ue63b\ue66d\ue67c\ue676Loans and advances to \ue620\ue686\ue62d\uea74\ue662\ue67c\ue68b\ue602\ue631\uea74\ue62d\ue676\ue676\ue662\ue643\ue631\ue62d\uef9e\ue66f\ue66d StageLoans and advances to bankscustomersPerforming 1 BBB\u2011 and above ICRS 1 to 6Watch 2 BB\u2011 to BB+ ICRS 7Substandard 2 B\u2011 to B+ ICRS 8 to 9Non\u2011performing 3 CCC to CCC+ ICRS 10 to 15As at 31 December 2025 and 31 December 2024, all unrated exposures were assessed as being with borrowers of good standing and were accordingly classified within the relevant performing credit quality categories.a. Distribution of Financial Assets by credit qualityAs at 31 December 2025 Non-ECL Performing Watch Substandard performing TotalAllowances\u20ac000 \u20ac000 \u20ac000 \u20ac000 \u20ac000 \u20ac000 Gross Carrying AmountBalances with CBM 729,942 \u2011 \u2011 \u2011 729,942 - Debt securities measured at amortised cost 6,782,605 \u2011 \u2011 \u2011 6,782,605 (1,396)Loans and advances to banks 258,459 \u2011 296 \u2011 258,755 (1)Loans and advances to customers\u2011 Retail 4,173,737 188,349 37,524 34,449 4,434,059 (15,147)\u2011 Business 2,970,870 501,491 62,424 101,932 3,636,717 (70,156)14,915,613 689,840 100,244 136,381 15,842,078 (86,700)Fair ValueTreasury bills 115,478 \u2011 \u2011 \u2011 115,478 (5)Debt securities measured at fair value through other comprehensive income 70,786 \u2011 \u2011 \u2011 70,786 (25)186,264 - - - 186,264 (30)As at 31 December 2024 Non-ECL Performing Watch Substandard performing TotalAllowances\u20ac000 \u20ac000 \u20ac000 \u20ac000 \u20ac000 \u20ac000 Gross Carrying AmountBalances with CBM 954,420 \u2011 \u2011 \u2011 954,420 - Debt securities measured at amortised cost 6,247,366 4,995 \u2011 \u2011 6,252,361 (1,104)Loans and advances to banks 328,330 \u2011 221 \u2011 328,551 (4)Loans and advances to customers\u2011 Retail 3,659,454 49,221 4,712 35,875 3,749,262 (21,619)\u2011 Business 2,532,230 437,071 63,961 151,067 3,184,329 (65,670)13,721,800 491,287 68,894 186,942 14,468,923 (88,397)Fair ValueTreasury bills 64,777 \u2011 \u2011 \u2011 64,777 (3)Debt securities measured at fair value through other comprehensive income 80,541 \u2011 \u2011 \u2011 80,541 (25)145,318 - - - 145,318 (28)The Bank also holds a significant amount of off-balance sheet exposures, comprising commitments, guarantees, and unutilised credit facilities. These exposures are predominantly classified as performing, reflecting the Bank\u2019s prudent risk management and sound credit quality across its contingent liabilities.b. Debt securities by sector, classification and residencyThe tables below analyse debt securities by sector, classification and residency.Sector The GroupAmortised cost FVOCI FVTPL2025 \u20ac000 \u20ac000 \u20ac000Banks 688,633 141 6 Government 6,017,090 13,598 1,386 Public \u2011 56,813 \u2011 Others 75,486 234 \u2011 6,781,209 70,786 1,392 The GroupAmortised cost FVOCI FVTPL2024 \u20ac000 \u20ac000 \u20ac000Banks 834,953 1,077 27 Government 5,332,551 14,460 1,393 Public \u2011 64,445 \u2011 Others 83,753 559 \u2011 6,251,257 80,541 1,420 Residency The GroupAmortised cost FVOCI FVTPL2025 \u20ac000 \u20ac000 \u20ac000Malta 2,179,313 70,069 259Monetary Union member states 3,301,549 \u2011 1,041Rest of the world 1,300,347 717 92 6,781,209 70,786 1,392 The GroupAmortised cost FVOCI FVTPL2024 \u20ac000 \u20ac000 \u20ac000Malta 2,042,024 77,912 \u2011Monetary Union member states 3,035,617 940 1,393Rest of the world 1,173,616 1,689 27 6,251,257 80,541 1,420 c. Expected credit loss measurementIFRS 9 outlines a \u2018three-stage\u2019 model for impairment based on changes in credit quality since initial recognition as summarised below:\u2022 A financial instrument that is not credit-impaired on initial recognition is classified in Stage 1 and has its credit risk continuously monitored by the Group.\u2022 If a significant increase in credit risk (SICR) since initial recognition is identified, the financial instrument is moved to Stage 2 but is not yet deemed to be credit-impaired. Refer to the significant increase in credit risk section of this note for a description of how the Group determines when a significant increase in credit risk has occurred.\u2022 If the financial instrument is credit-impaired, the financial instrument is then moved to Stage 3. Refer to the definition of default and credit impaired section of this note for a description of how the Group defines credit-impaired and default.\u2022 Financial instruments in Stage 1 have their ECL allowances measured at an amount equal to the portion of lifetime expected credit losses that result from default events possible within the next 12 months. Instruments in Stages 2 and 3 have their ECL measured based on expected loss allowances on a lifetime basis. Refer to the measuring ECL section of this note for a description of inputs, assumptions and estimation techniques used in measuring the ECL. A pervasive concept in measuring ECL allowances in accordance with IFRS 9 is that it should consider forward-looking information. Note 39.2.3 (i) includes an explanation of how the Group has incorporated this in its ECL models.The following diagram summarises the impairment requirements under IFRS 9 (other than purchased or originated credit-impaired financial assets):Change in credit quality since initial recognitionStage 1 Stage 2 Stage 3 \ue66c\ue619\ue62d\ue62b\ue632\ue62d\ue629\ue624\ue621\ue632\ue63b\ue602\ue62d\ue632\ue624\ue638\ue627\ue621\ue639\ue627\ue602\ue62d\ue632\ue602\ue624\ue638\ue627\ue626\ue62d\ue63b\ue602\ue638\ue62d\ue639\ue630\ue602\ue639\ue62d\ue632\ue624\ue627\ue602\ue66c\ue60d\ue632\ue62d\uefa7\ue621\ue6a3\ue602\ue638\ue627\ue624\ue633\ue62b\ue632\ue62d\uefa7\ue633\ue632\ue66d(Credit\u2011impaired assets)\ue62d\ue632\ue62d\uefa7\ue621\ue6a3\ue602\ue638\ue627\ue624\ue633\ue62b\ue632\ue62d\uefa7\ue633\ue632\ue66d12\u2011month expected credit losses \ue610\ue62d\ue628\ue627\uefa7\ue631\ue627\ue602\ue627\ue63f\ue636\ue627\ue624\ue63b\ue627\ue626\ue602\ue624\ue638\ue627\ue626\ue62d\ue63b\ue602\ue6a3\ue633\ue639\ue639\ue627\ue639 \ue610\ue62d\ue628\ue627\uefa7\ue631\ue627\ue602\ue627\ue63f\ue636\ue627\ue624\ue63b\ue627\ue626\ue602\ue624\ue638\ue627\ue626\ue62d\ue63b\ue602\ue6a3\ue633\ue639\ue639\ue627\ue639Significant increase in credit riskWith the exception of instruments measured at FVTPL, exposures with low credit risk at the reporting date and any originated credit-impaired financial assets, the Group assesses whether financial instruments have experienced a significant increase in credit risk since initial recognition.When determining whether the risk of default on a financial instrument has increased significantly since initial recognition, the Group considers reasonable and supportable information that is relevant and available without undue cost or effort. This includes both quantitative and qualitative information and analysis, based on the Group\u2019s historical experience and expert credit assessment, and including forward-looking information. A backstop trigger (30 days in arrears) shifts credit exposures within loan portfolios from stage 1 to stage 2 as significant increase in credit risk is deemed to have occurred.The credit quality of the Group\u2019s portfolios of financial instruments is assessed by reference to the Group\u2019s credit rating system as described in Note 39.2.3.The Group allocates each credit exposure within loan portfolios to an internal credit risk grade based on a variety of quantitative and qualitative data that is determined to be predictive of the risk of default. An exposure\u2019s final internal credit grade is dependent on four inputs:i. a system credit grade which is based on days past due data; ii. a manual credit grade being assigned by Bank officers who review and monitor exposures having access to customers and their financial information; iii. a regulatory credit grade which takes cognisance of the two grades referred to above as well as other regulatory requirements such as in the case of forbearance measures; and iv. an Internal Credit Rating System (\u2018ICRS\u2019) grade which is based on a scorecard approach that takes into consideration a number of both quantitative and qualitative indicators that vary depending on the nature of the exposure and the type of borrower, in conjunction with the three grades previously mentioned assigned to the specific financial instrument. The final credit risk grade assigned to each credit exposure is the ICRS grade, based on a rating scale which is composed of 15 grades. Credit exposures are subject to ongoing qualitative monitoring, which may also result in an exposure being moved to a different ICRS grade. The monitoring typically involves use of the following data.Business exposures Retail exposures All exposures\u2022 \ue60d\ue632\ue628\ue633\ue638\ue631\ue621\uefa7\ue633\ue632\ue602\ue633\ue623\ue63b\ue621\ue62d\ue632\ue627\ue626\ue602\ue626\ue63c\ue638\ue62d\ue632\ue62b\ue602\ue636\ue627\ue638\ue62d\ue633\ue626\ue62d\ue624\ue602\u2022 Internally collected data on customer \u2022 Payment record \u2011 this includes overdue \ue638\ue627\ue63d\ue62d\ue627\ue63e\ue602\ue633\ue628\ue602\ue624\ue63c\ue639\ue63b\ue633\ue631\ue627\ue638\ue602\ue629\ue6a3\ue627\ue639\ue602\ue666\ue602\ue627\ue657\ue62b\ue657\ue602\ue621\ue63c\ue626\ue62d\ue63b\ue627\ue626\ue602\ue623\ue627\ue62c\ue621\ue63d\ue62d\ue633\ue63c\ue638\ue602\ue666\ue602\ue627\ue657\ue62b\ue657\ue602\ue63c\uefa7\ue6a3\ue62d\ue639\ue621\uefa7\ue633\ue632\ue602\ue633\ue628\ue602\ue624\ue638\ue627\ue626\ue62d\ue63b\ue602\ue624\ue621\ue638\ue626\ue602status as well as a range of variables \ue629\ue632\ue621\ue632\ue624\ue62d\ue621\ue6a3\ue602\ue639\ue63b\ue621\ue63b\ue627\ue631\ue627\ue632\ue63b\ue639\ue654\ue602\ue631\ue621\ue632\ue621\ue62b\ue627\ue631\ue627\ue632\ue63b\ue602\ue628\ue621\ue624\ue62d\ue6a3\ue62d\uefa7\ue627\ue639\ue621\ue623\ue633\ue63c\ue63b\ue602\ue636\ue621\ue640\ue631\ue627\ue632\ue63b\ue602\ue638\ue621\uefa7\ue633\ue639\ue602\ue621\ue624\ue624\ue633\ue63c\ue632\ue63b\ue639\ue654\ue602\ue623\ue63c\ue626\ue62b\ue627\ue63b\ue639\ue602\ue621\ue632\ue626\ue602\ue636\ue638\ue633\ue62f\ue627\ue624\uefa7\ue633\ue632\ue639\ue657\ue602\u2022 \ue603\ue6f8\ue633\ue638\ue626\ue621\ue623\ue62d\ue6a3\ue62d\ue63b\ue640\ue602\ue631\ue627\ue63b\ue638\ue62d\ue624\ue639\u2022 \ue61b\uefa7\ue6a3\ue62d\ue639\ue621\uefa7\ue633\ue632\ue602\ue633\ue628\ue602\ue63b\ue62c\ue627\ue602\ue62b\ue638\ue621\ue632\ue63b\ue627\ue626\ue602\ue6a3\ue62d\ue631\ue62d\ue63b\ue609\ue63f\ue621\ue631\ue636\ue6a3\ue627\ue639\ue602\ue633\ue628\ue602\ue621\ue638\ue627\ue621\ue639\ue602\ue633\ue628\ue602\ue636\ue621\ue638\uefa7\ue624\ue63c\ue6a3\ue621\ue638\ue602\ue628\ue633\ue624\ue63c\ue639\ue602\ue621\ue638\ue627\ue656\ue602\ue62b\ue638\ue633\ue639\ue639\ue602\ue636\ue638\ue633\ue629\ue63b\ue602\ue631\ue621\ue638\ue62b\ue62d\ue632\ue639\ue654\ue602\ue629\ue632\ue621\ue632\ue624\ue62d\ue621\ue6a3\ue602\u2022 \ue618\ue627\ue637\ue63c\ue627\ue639\ue63b\ue639\ue602\ue628\ue633\ue638\ue602\ue621\ue632\ue626\ue602\ue62b\ue638\ue621\ue632\uefa7\ue632\ue62b\ue602\ue633\ue628\ue602\ue6a3\ue627\ue63d\ue627\ue638\ue621\ue62b\ue627\ue602\ue638\ue621\uefa7\ue633\ue639\ue654\ue602\ue626\ue627\ue623\ue63b\ue602\ue639\ue627\ue638\ue63d\ue62d\ue624\ue627\ue602\ue624\ue633\ue63d\ue627\ue638\ue621\ue62b\ue627\ue654\ue602forbearancecompliance with covenants, quality \u2022 \ue60a\ue62d\ue632\ue621\ue632\ue624\ue62d\ue621\ue6a3\ue602\ue621\ue632\ue626\ue602\ue627\ue624\ue633\ue632\ue633\ue631\ue62d\ue624\ue602\ue624\ue633\ue632\ue626\ue62d\uefa7\ue633\ue632\ue639of management, senior management changes\u2022 \ue603\ue624\ue63b\ue63c\ue621\ue6a3\ue602\ue621\ue632\ue626\ue602\ue627\ue63f\ue636\ue627\ue624\ue63b\ue627\ue626\ue602\ue639\ue62d\ue62b\ue632\ue62d\ue629\ue624\ue621\ue632\ue63b\ue602\ue624\ue62c\ue621\ue632\ue62b\ue627\ue639\ue602\ue62d\ue632\ue602\ue63b\ue62c\ue627\ue602\ue636\ue633\ue6a3\ue62d\uefa7\ue624\ue621\ue6a3\ue654\ue602\ue638\ue627\ue62b\ue63c\ue6a3\ue621\ue63b\ue633\ue638\ue640\ue602and technological environment of the \ue623\ue633\ue638\ue638\ue633\ue63e\ue627\ue638\ue602\ue633\ue638\ue602\ue62d\ue632\ue602\ue62d\ue63b\ue639\ue602\ue623\ue63c\ue639\ue62d\ue632\ue627\ue639\ue639\ue602\ue621\ue624\uefa7\ue63d\ue62d\uefa7\ue627\ue639\u2022 \ue609\ue63f\ue62d\ue639\uefa7\ue632\ue62b\ue602\ue621\ue632\ue626\ue602\ue628\ue633\ue638\ue627\ue624\ue621\ue639\ue63b\ue602\ue624\ue62c\ue621\ue632\ue62b\ue627\ue639\ue602\ue62d\ue632\ue602businessStage Allocation At the origination of a loan, all exposures (except for POCI), irrelevant of the respective ICRS grade, are allocated to stage 1 as the Bank accepts the credit risk profile at an agreed interest rate. Accordingly, 12 months of expected credit losses are held against newly originated loans as long as the credit risk at origination does not increase significantly. A transfer to stage 2 is only triggered when SICR, compared to the credit risk at origination, occurs. Assessment of SICR comprises a comparative assessment between the PD at a point in time and that at origination to determine whether credit risk has increased over time. For instance, the Group might originate a loan to a customer having a specific ICRS grade. At the subsequent period end, the ICRS has deteriorated and another loan is granted to the customer, with the new loan also having the updated ICRS. In relation to the first loan, if the increase in ICRS is considered significant increase in credit risk, also taking cognisance of the shift in associated PDs, the asset will be transferred to stage 2. For the second loan, the ICRS at initial recognition is the updated one and this loan will remain in stage 1 until the ICRS increases significantly, giving rise to significant increase in credit risk, in subsequent periods. An ICRS grade of 7 is generally indicative of SICR. The Bank also makes use of a second backstop trigger for SICR. The latter pushes exposures to underperforming (stage 2) whenever the PD is found to have doubled when compared to that at origination.Credit exposures within the Group\u2019s treasury portfolio, including balances with the Central Bank of Malta, Treasury Bills, debt securities, and loans and advances to banks are allocated to stage 1 upon initial recognition, irrespective of whether the exposure is investment grade or sub-investment grade. The Group applies the low credit risk simplification to all investments that are of an investment grade, which constitute the vast majority of this portfolio. The Group accordingly only assesses SICR for exposures that are rated as sub-investment grade. For sub-investment grade securities, the Group considers an instrument to have experienced a significant increase in credit risk if the security has been the subject of a credit rating downgrade since initial recognition.Definition of default and credit-impairedAt each reporting date, the Group assesses whether all financial assets carried at amortised cost and debt investments carried at FVOCI are credit-impaired. A financial asset is \u2018credit-impaired\u2019 when one or more events that have a detrimental impact on the estimated future cash flows of the financial asset have occurred.Evidence that a financial asset is credit-impaired includes the following observable data:\u2022 significant financial difficulty of the borrower or issuer;\u2022 a breach of contract such as a default or past due event;\u2022 the restructuring of a loan or advance by the Group on terms that the Group would not consider otherwise;\u2022 it is becoming probable that the borrower will enter bankruptcy or financial reorganisation; or\u2022 the disappearance of an active market for a security because of financial difficulties.The Group considers financial assets in the advances portfolio to be in default when:\u2022 the borrower is unlikely to pay its credit obligations to the Group in full, without recourse by the Group to actions such as realising security (if any is held); or\u2022 the borrower is past due by 90 days or more on any credit obligation to the Group.Overdrafts are considered as being past due once the customer has breached an advised limit or been advised of a limit lower than the current amount outstanding.In assessing whether a borrower is in default, the Group considers indicators that are:\u2022 qualitative \u2013 e.g. breaches of covenant, overdue status and non-payment on another obligation of the same borrower to the Group;\u2022 quantitative; and\u2022 based on data developed internally and on data obtained from external sources.An ICRS grade of 10 is generally indicative of credit-impaired status. A loan that has been renegotiated due to a deterioration in the borrower\u2019s condition is usually considered to be credit-impaired unless there is evidence that the risk of not receiving contractual cash flows has reduced significantly and there are no other indicators of impairment.Inputs into the assessment of whether a financial instrument is in default and their significance may vary over time to reflect changes in circumstances.The definition of default aligns with that applied by the Group for regulatory purposes.In the case of the treasury portfolio, the Group considers investments in debt instruments to be in default when a payment, including a coupon payment, is missed.Movement between stages Financial assets (other than POCI) are transferred between stages based on changes in credit risk since initial recognition. Within the Group\u2019s advances portfolio, financial instruments, excluding forborne assets (refer to Note 39.2.3 (g)), are transferred out of stage 2 into stage 1 when their credit risk is no longer considered to have increased significantly since initial recognition. This is evidenced when the financial instrument is assigned an ICRS grade of 6 or better and the instrument has completed three consecutive months with an ICRS grade of 6 or better. Financial instruments, excluding forborne assets (refer to Note 39.2.3 (g)) are considered to be no longer in default and are transferred out of stage 3 (i.e. have cured) into stage 2 when they no longer meet any of the default criteria for a consecutive period of three months. This is evidenced when the financial instrument is assigned an ICRS grade of 9 or better and retains such ICRS grade for a consecutive period of three months. This period of three months has been determined based on an analysis which considers the likelihood of a financial instrument returning to default status after cure using different possible cure definitions. As a general principle, except in specific circumstances, financial instruments cannot transition directly from stage 3 to stage 1 in a single step.Within the Group\u2019s treasury portfolio, debt investments are transferred out of stage 2 following upgrade to an investment-grade rating if the instrument was assigned an investment-grade rating at the acquisition date and had been downgraded to a sub-investment-grade. In the case of an investment acquired at sub-investment-grade, a return to stage 1 is only permissible following a return to the acquisition-date rating (or better). The Group\u2019s experience is that defaulted debt investments within the treasury portfolio do not cure given that a security\u2019s default mechanism is triggered when a security\u2019s issuer misses a coupon payment. Any new instrument which the Group receives as part of an eventual debt restructuring exercise is considered to be a new instrument altogether.Measuring ECLECL allowances are measured on either a 12-month (12M) or Lifetime basis depending on whether a significant increase in credit risk has occurred since initial recognition or whether an asset is considered to be credit-impaired. Expected credit losses are the discounted product of the Probability of Default (PD), Exposure at Default (EAD), and Loss Given Default (LGD), defined as follows:\u2022 The PD represents the likelihood of a borrower defaulting on its financial obligation (as per \u201cDefinition of default and credit-impaired\u201d above), either over the next 12 months (12M PD), or over the remaining lifetime (Lifetime PD) of the obligation.\u2022 EAD is based on the amounts the Group expects to be owed at the time of default, over the next 12 months (12M EAD) or over the remaining lifetime (Lifetime EAD). For a revolving overdraft, the Group includes the current drawn balance plus any further amount that is expected to be drawn up to the current contractual limit by the time of default, should it occur.\u2022 LGD represents the Group\u2019s expectation of the extent of loss on a defaulted exposure. LGD varies by type of counterparty, type and seniority of claim and availability of collateral or other credit support. LGD is expressed as a percentage loss per unit of exposure at the time of default (EAD). LGD is calculated on a 12-month or lifetime basis, where 12-month LGD is the percentage of loss expected to be incurred if the default occurs in the next 12 months and Lifetime LGD is the percentage of loss expected to be incurred if the default occurs over the remaining expected lifetime of the loan.The ECL is determined by projecting the PD, LGD and EAD for each future month and for each individual exposure. These three components are multiplied together and adjusted for the likelihood of survival (i.e. the exposure has not prepaid or defaulted in an earlier month). This effectively calculates an ECL for each future month, which are then discounted back to the reporting date and are summed. The discount rate used in the ECL calculation is the original effective interest rate or an approximation thereof.The parameters referred to above are generally derived from internally developed statistical models and other historical data. They are adjusted to reflect forward-looking information as described in Note 39.2.3 (i).In relation to loan portfolios, the Group estimates PDs based on its own historical default data adjusted to incorporate forward-looking information, as explained further in Note 39.2.3 (i). All loan exposures are allocated into two primary portfolios, business and retail, in accordance with their respective characteristics, and are further segmented based on product type. Each exposure is assigned an ICRS grade as explained previously (refer to Note 39.2.3 (c). The cumulative PD curves are derived for each segment by ICRS grade through the development of transition matrices based on historical movements of the respective exposures using Markov chains, which are based on the Group\u2019s monthly data in respect of its business and retail portfolios reflecting transitions between different ICRS grades for an extensive historical period comprising a significant number of years. Initially, the Group develops baseline transition matrices which capture unconditional migration probabilities, where the underlying assumption is that the transition probabilities between the rating grades are sufficiently described by a first-order Markov process. As an integral part of this process, the Group incorporates a Credit Cycle Factor (i.e. macro-economic adjustment) utilised to derive point-in-time PDs adjusted for forward-looking information. The monthly PD curves are computed by combining the Credit Cycle Factor with the Markov model coefficients and use Markov chains principle to obtain conditional point-in-time lifetime PDs for each segment and rating grade. This structure ensures that lifetime PDs are sensitive to macro-economic conditions while at the same time maintaining sufficiently granular perspective.For the treasury portfolio, the Group adopts a similar approach in PD assessment, based on Standard and Poor\u2019s historical issuer ratings data covering an extensive number of years, and applying Markov chains principle for the lifetime PD estimation. However, for the forward-looking information and estimation of the Credit Cycle component, the Group decided to adopt the Cox model, as well as vector autoregression, for the development of the baseline, optimistic, and pessimistic scenarios.With respect to the Group\u2019s lending activities, the EAD forecasts the credit risk exposure the Group might have if a borrower defaults, taking into account the current balance and any portion of the undrawn commitment that is expected to be drawn by the time of default. The Group applies different methodologies to estimate the EAD for loans with fixed payment schedules and for revolving instruments. The Group derives the EAD for loans with fixed payment schedules as the net present value of future expected cash flows, discounted at the effective interest rate or an approximation thereof. For revolving credit products such as credit cards, encroachments, and overdrafts, and for lending commitments and financial guarantees, the EAD is computed based on the application of the Credit Conversion Factor (\u2018CCF\u2019), which is used to estimate the proportion of the undrawn commitment that is likely to be utilised before default. The CCF is a percentage utilised to convert an undrawn balance into an expected drawn amount. For revolving exposures, the CCF is estimated using the Bank\u2019s internal historical data and depends on product type and time to default. In the case of the treasury portfolio, the Group derives the EAD as net present value of future expected cash flows, discounted using the effective interest rate of the instrument. For floating coupon instruments the Group forecasts the future spot interest rates through a model based on principal component analysis (\u2018PCA\u2019) and vector autoregression (\u2018VAR\u2019).The Group calculates the LGD for the secured and unsecured portions of the EAD separately, in relation to its loan portfolios. The LGD for the secured portion is estimated based on collateral valuation adjustments. The LGD for the unsecured portion (including unsecured products) is set at 100%. Subsequent to origination, collateral values are monitored and reviewed by the Bank\u2019s qualified valuers on a regular and periodic basis. For the purposes of ECL estimation, haircuts are applied to such values also taking into account the Bank\u2019s historical data on property contractual prices and on recoveries from claims against defaulted counterparties. In relation to the secured portion of loan exposures covered by immovable property collateral, the value attributable to the collateral is adjusted to capture the impact of macro-economic conditions through the application of an adjustment factor reflecting forecasted movements in the House Price Index (\u2018HPI\u2019). The Bank\u2019s LGD model indexes the collateral value at reporting date to the expected disposal date on the basis of expected movements in HPI, as explained in further detail in Note 39.2.3 (i). Indexed property values are adjusted to reflect estimated costs to sell and maintenance costs incurred by the Bank on foreclosed properties during the time to sell period. The net realisable values are discounted to present value using the individual exposure\u2019s interest rate.The Bank\u2019s LGD models generally consider the structure of the instrument, collateral, seniority of the claim, counterparty industry and recovery costs in relation to any collateral that is linked to the financial asset. In the case of the Group\u2019s treasury portfolio, the Group lacks historical experience of defaults and accordingly makes use of the loss and recovery information on a substantial number of defaulted instruments of non\u2013financial institutions obtained from Standard & Poor\u2019s. The Group estimates weighted average LGD per instrument and industry type, with weights corresponding to the principal amount at default. Due to data restrictions Sovereigns and Financial Institutions are not included in the industry groups. Instead, the Group assigns a 45% LGD across these two industries based on regulatory practices.As described above, and subject to using a maximum of a 12-month PD for financial assets for which credit risk has not significantly increased, the Group measures ECL considering the risk of default over the maximum contractual period (including any borrower\u2019s extension options) over which it is exposed to credit risk, even if, for risk management purposes, the Group considers a longer period. The maximum contractual period extends to the date at which the Group has the right to require repayment of an advance or terminate a loan commitment or guarantee.For products with a fixed contractual maturity, the term over which the Group measures ECL is the contractual maturity. However, for retail overdrafts and credit card facilities that include both a loan and an undrawn component, the Group measures ECL over a period longer than the maximum contractual period if the Group\u2019s contractual ability to demand repayment and cancel the undrawn component does not limit the Group\u2019s exposure to credit losses to the contractual notice period. These facilities do not have a fixed term or repayment structure. Although, the Group can cancel them with immediate effect, this contractual right is not enforced in the normal day-to-day management, but only when the Group becomes aware of an increase in credit risk at the facility level. This longer period is estimated taking into account the credit risk management actions that the Group expects to take and that serve to mitigate ECL. These actions include a reduction in limits, cancellation of the facility and/or turning the outstanding balance into a loan with fixed repayment terms. For overdrafts, encroachments and credit card facilities, ECL allowances are measured over a period of 12 months. Likewise, for guarantees, ECL provisions are measured over a period of 12 months.d. Gross carrying amount and exposure to credit riskThe following table sets out information about the credit quality of financial assets measured at amortised cost, and FVOCI debt investments. Unless specifically indicated, for financial assets, the amounts in the table represent gross carrying amounts.The explanation of the terms mentioned in the following tables, including 12-month ECL, lifetime ECL and credit-impaired, are included in note 39.2.3 (c). Balances held with the Central Bank of Malta are measured at amortised cost, reflecting prudent management of liquid assets. These are classified as stage 1 exposures since the balances exhibit a strong and stable credit profile and there are no indications of deterioration in credit quality. Consequently, the risk of default is considered minimal. As at the reporting date, these balances amount to \u20ac224 million (2024: \u20ac129 million).Treasury bills, which are measured at fair value through other comprehensive income (FVOCI), represent investments in highly rated government securities. These assets are also classified as stage 1 performing exposures. Their classification is supported by a good credit standing of the issuer and an absence of adverse credit-related events. The treasury bills continue to demonstrate high credit quality and the probability of future credit losses remains extremely low. In line with the credit quality groups described above, these exposures reflect a stable and secure position within the portfolio. As at 31 December 2025 these balances amounted to \u20ac115 million (2024: \u20ac65 million).For loans and advances to banks and investments in debt securities, the Group makes use of external ratings based on major rating agencies.Stage 1 Stage 2 Stage 3 Total\u20ac000 \u20ac000 \u20ac000 \u20ac000\ue615\ue66f\ue62d\ue66d\ue676\ue602\ue62d\ue66d\ue637\ue602\ue62d\ue637\ue688\ue62d\ue66d\ue631\ue63b\ue676\ue602\ue67c\ue66f\ue602\ue630\ue62d\ue66d\ue668\ue676\ue602\ue62d\ue67c\ue602\ue62d\ue66c\ue66f\ue675\uef9e\ue676\ue63b\ue637\ue602\ue631\ue66f\ue676\ue67cAs at 31 December 2025AAA 245 \u2011 \u2011 245 AA\u2011 to AA+ 100,186 \u2011 \u2011 100,186 A\u2011 to A+ 136,291 \u2011 \u2011 136,291 BBB\u2011 to BBB+ 19,284 \u2011 \u2011 19,284 Lower than BBB\u2011 \u2011 296 \u2011 296 2,453 \u2011 \u2011 2,453 Unrated258,459 296 - 258,755 (1) \u2011 \u2011 (1)ECL allowancesCarrying amount 258,458 296 - 258,754 Stage 1 Stage 2 Stage 3 Total\u20ac000 \u20ac000 \u20ac000 \u20ac000\ue615\ue66f\ue62d\ue66d\ue676\ue602\ue62d\ue66d\ue637\ue602\ue62d\ue637\ue688\ue62d\ue66d\ue631\ue63b\ue676\ue602\ue67c\ue66f\ue602\ue630\ue62d\ue66d\ue668\ue676\ue602\ue62d\ue67c\ue602\ue62d\ue66c\ue66f\ue675\uef9e\ue676\ue63b\ue637\ue602\ue631\ue66f\ue676\ue67cAs at 31 December 2024AAA 331 \u2011 \u2011 331 AA\u2011 to AA+ 75,158 \u2011 \u2011 75,158 A\u2011 to A+ 208,746 \u2011 \u2011 208,746 BBB\u2011 to BBB+ 41,582 \u2011 \u2011 41,582 Lower than BBB\u2011 \u2011 221 \u2011 221 2,513 \u2011 \u2011 2,513 Unrated328,330 221 \u2011 328,551 ECL allowances (4) \u2011 \u2011 (4)Carrying amount 328,326 221 - 328,547 Stage 1 Stage 2 Stage 3 Total\u20ac000 \u20ac000 \u20ac000 \u20ac000\ue611\ue66d\ue688\ue63b\ue676\ue67c\ue66c\ue63b\ue66d\ue67c\ue676\ue602\ue662\ue66d\ue602\ue637\ue63b\ue630\ue67c\ue602\ue676\ue63b\ue631\ue686\ue675\ue662\uef9e\ue63b\ue676\ue602\ue62d\ue67c\ue602\ue62d\ue66c\ue66f\ue675\uef9e\ue676\ue63b\ue637\ue602\ue631\ue66f\ue676\ue67cAs at 31 December 2025AAA 1,254,323 \u2011 \u2011 1,254,323 AA\u2011 to AA+ 954,362 \u2011 \u2011 954,362 A\u2011 to A+ 4,214,068 \u2011 \u2011 4,214,068BBB\u2011 to BBB+ 359,852 \u2011 \u2011 359,852 Lower than BBB\u2011 \u2011 \u2011 \u2011 - 6,782,605 - - 6,782,605ECL allowances (1,396) \u2011 \u2011 (1,396)Carrying amount 6,781,209 - - 6,781,209Stage 1 Stage 2 Stage 3 Total\u20ac000 \u20ac000 \u20ac000 \u20ac000\ue611\ue66d\ue688\ue63b\ue676\ue67c\ue66c\ue63b\ue66d\ue67c\ue676\ue602\ue662\ue66d\ue602\ue637\ue63b\ue630\ue67c\ue602\ue676\ue63b\ue631\ue686\ue675\ue662\uef9e\ue63b\ue676\ue602\ue62d\ue67c\ue602\ue62d\ue66c\ue66f\ue675\uef9e\ue676\ue63b\ue637\ue602\ue631\ue66f\ue676\ue67cAs at 31 December 2024AAA 1,048,325 \u2011 \u2011 1,048,325 AA\u2011 to AA+ 1,402,170 \u2011 \u2011 1,402,170 A\u2011 to A+ 3,226,561 \u2011 \u2011 3,226,561 BBB\u2011 to BBB+ 570,310 \u2011 \u2011 570,310 Lower than BBB\u2011 \u2011 4,995 \u2011 4,995 6,247,366 4,995 - 6,252,361 ECL allowances (1,104) \u2011 \u2011 (1,104)Carrying amount 6,246,262 4,995 - 6,251,257 Stage 1 Stage 2 Stage 3 Total\u20ac000 \u20ac000 \u20ac000 \u20ac000\ue611\ue66d\ue688\ue63b\ue676\ue67c\ue66c\ue63b\ue66d\ue67c\ue676\ue602\ue662\ue66d\ue602\ue637\ue63b\ue630\ue67c\ue602\ue676\ue63b\ue631\ue686\ue675\ue662\uef9e\ue63b\ue676\ue602\ue62d\ue67c\ue602\ue63d\ue62d\ue662\ue675\ue602\ue688\ue62d\uea74\ue686\ue63b\ue602\ue67c\ue65f\ue675\ue66f\ue686\ue65d\ue65f\ue602other comprehensive incomeAs at 31 December 2025132 \u2011 \u2011 132 AAA351 \u2011 \u2011 351AA\u2011 to AA+70,294 \u2011 \u2011 70,294A\u2011 to A+\u2011 \u2011 \u2011 -BBB\u2011 to BBB+\u2011 \u2011 \u2011 -Lower than BBB\u20119 \u2011 \u2011 9Unrated70,786 - - 70,786Fair value(25) \u2011 \u2011 (25)ECL allowancesStage 1 Stage 2 Stage 3 Total\u20ac000 \u20ac000 \u20ac000 \u20ac000\ue611\ue66d\ue688\ue63b\ue676\ue67c\ue66c\ue63b\ue66d\ue67c\ue676\ue602\ue662\ue66d\ue602\ue637\ue63b\ue630\ue67c\ue602\ue676\ue63b\ue631\ue686\ue675\ue662\uef9e\ue63b\ue676\ue602\ue62d\ue67c\ue602\ue63d\ue62d\ue662\ue675\ue602\ue688\ue62d\uea74\ue686\ue63b\ue602\ue67c\ue65f\ue675\ue66f\ue686\ue65d\ue65f\ue602other comprehensive incomeAs at 31 December 2024681 \u2011 \u2011 681 AAA995 \u2011 \u2011 995 AA\u2011 to AA+78,158 \u2011 \u2011 78,158 A\u2011 to A+707 \u2011 \u2011 707 BBB\u2011 to BBB+\u2011 \u2011 \u2011 - Lower than BBB\u2011\u2011 \u2011 \u2011 - Unrated80,541 - - 80,541 Fair value(25) - - (25)ECL allowances12-month average Stage 1 Stage 2Stage 3TotalPD\u20ac000\u20ac000\u20ac000\u20ac000\ue615\ue66f\ue62d\ue66d\ue676\ue602\ue62d\ue66d\ue637\ue602\ue62d\ue637\ue688\ue62d\ue66d\ue631\ue63b\ue676\ue602\ue67c\ue66f\ue602\ue631\ue686\ue676\ue67c\ue66f\ue66c\ue63b\ue675\ue676\ue602\ue62d\ue67c\ue602\ue62d\ue66c\ue66f\ue675\uef9e\ue676\ue63b\ue637\ue602cost: RetailAs at 31 December 2025Grades 1\u20112 0.37% 1,691,643 961 \u2011 1,692,604 Grades 3\u20114 1.03% 1,642,111 1,410 \u2011 1,643,521 Grades 5\u20116 4.18% 833,862 3,750 \u2011 837,612 Grade 7 12.16% 93,044 95,305 \u2011 118,349Grades 8\u20119 16.14% 4,808 32,716 \u2011 37,524 Grades 10\u201115 100.00% \u2011 \u2011 34,449 34,449 4,265,468 134,142 34,449 4,434,059ECL allowances (1,923) (1,145) (12,079) (15,147)Carrying amount 4,263,545 132,997 22,370 4,418,91212-month average Stage 1 Stage 2Stage 3TotalPD\u20ac000\u20ac000\u20ac000\u20ac000\ue615\ue66f\ue62d\ue66d\ue676\ue602\ue62d\ue66d\ue637\ue602\ue62d\ue637\ue688\ue62d\ue66d\ue631\ue63b\ue676\ue602\ue67c\ue66f\ue602\ue631\ue686\ue676\ue67c\ue66f\ue66c\ue63b\ue675\ue676\ue602\ue62d\ue67c\ue602\ue62d\ue66c\ue66f\ue675\uef9e\ue676\ue63b\ue637\ue602cost: BusinessAs at 31 December 2025Grades 1\u20112 0.53% 249,213 \u2011 \u2011 249,213 Grades 3\u20114 0.58% 1,729,572 \u2011 \u2011 1,729,572 Grades 5\u20116 1.66% 907,920 84,164 \u2011 992,084 Grade 7 5.05% 209,921 291,571 \u2011 501,492Grades 8\u20119 26.10% \u2011 62,424 \u2011 62,424 Grades 10\u201115 100.00% \u2011 \u2011 101,932 101,932 3,096,626 438,159 101,932 3,636,717ECL allowances (12,016) (9,682) (48,458) (70,156)Carrying amount 3,084,610 428,477 53,474 3,566,56112-month average Stage 1 Stage 2Stage 3TotalPD\u20ac000\u20ac000\u20ac000\u20ac000\ue615\ue66f\ue62d\ue66d\ue676\ue602\ue62d\ue66d\ue637\ue602\ue62d\ue637\ue688\ue62d\ue66d\ue631\ue63b\ue676\ue602\ue67c\ue66f\ue602\ue631\ue686\ue676\ue67c\ue66f\ue66c\ue63b\ue675\ue676\ue602\ue62d\ue67c\ue602\ue62d\ue66c\ue66f\ue675\uef9e\ue676\ue63b\ue637\ue602cost: RetailAs at 31 December 2024Grades 1\u20112 0.48% 2,655,403 217 \u2011 2,655,620Grades 3\u20114 0.74% 808,512 1,030 \u2011 809,542Grades 5\u20116 1.52% 191,603 2,688 \u2011 194,291Grade 7 9.24% 10,840 38,381 \u2011 49,221Grades 8\u20119 35.59% 18 4,694 \u2011 4,712Grades 10\u201115 100.00% \u2011 \u2011 35,876 35,8763,666,376 47,010 35,876 3,749,262ECL allowances (2,614) (1,348) (17,657) (21,619)Carrying amount 3,663,762 45,662 18,219 3,727,64312-month average Stage 1 Stage 2Stage 3TotalPD\u20ac000\u20ac000\u20ac000\u20ac000\ue615\ue66f\ue62d\ue66d\ue676\ue602\ue62d\ue66d\ue637\ue602\ue62d\ue637\ue688\ue62d\ue66d\ue631\ue63b\ue676\ue602\ue67c\ue66f\ue602\ue631\ue686\ue676\ue67c\ue66f\ue66c\ue63b\ue675\ue676\ue602\ue62d\ue67c\ue602\ue62d\ue66c\ue66f\ue675\uef9e\ue676\ue63b\ue637\ue602cost: BusinessAs at 31 December 2024Grades 1\u20112 0.56% 240,634 \u2011 \u2011 240,634Grades 3\u20114 0.62% 1,456,602 263 \u2011 1,456,865Grades 5\u20116 2.03% 812,935 21,797 \u2011 834,732Grade 7 5.55% 197,476 239,594 \u2011 437,070Grades 8\u20119 29.42% 753 63,208 \u2011 63,961Grades 10\u201115 100.00% \u2011 \u2011 151,067 151,0672,708,400 324,862 151,067 3,184,329ECL allowances (12,124) (9,078) (44,468) (65,670)Carrying amount 2,696,276 315,784 106,599 3,118,659Exposures which experienced a deterioration in stage subject to the doubling of the PD result in an ECL stage which is worse than the stage related to their internal grading.Exposures graded 7, 8 and 9 that are allocated to Stage 1 comprise of newly originated business exposures. (Refer to 39.2.3 (c)). The Bank maintains a considerable portfolio of off-balance sheet items, comprised of commitments, guarantees, and unused credit facilities. The majority of these exposures are designated as stage 1, highlighting the Bank\u2019s effective risk controls and robust credit standards with respect to its contingent liabilities.The Bank holds a limited portfolio of derivative financial instruments, which are measured at fair value through profit or loss (FVTPL). These instruments are primarily entered into for risk-management purposes and are considered immaterial in the context of the overall statement of financial position. Given the creditworthiness of the counterparties, the derivatives exposure is regarded as low-risk and these positions are predominantly treated as performing exposures. e. Ageing analysis of past due financial assetsAnalysis of past due balances comprise all loan exposures (including forborne exposures).A financial asset is past due when a counterparty has failed to make a payment when contractually due.2025Gross Carrying Amount ECL AllowancesOf which Of which Of which Of which Of which Of which past due past due past due past due past due past due up to 29 30 - 59 60 - 89 up to 29 30 - 59 60 - 89 Stage 2daysdaysdays Stage 2daysdaysdays\u20ac000 \u20ac000 \u20ac000 \u20ac000 \u20ac000 \u20ac000 \u20ac000 \u20ac000L&As to customers:\u2011 Retail 134,142 10,787 5,618 958 (1,145) (105) (335) (45)\u2011 Business 438,159 2,329 603 651 (9,682) (175) (12) (6)572,301 13,116 6,221 1,609 (10,827) (280) (347) (51)2024Gross Carrying Amount ECL AllowancesOf which Of which Of which Of which Of which Of which past due past due past due past due past due past due up to 29 30 - 59 60 - 89 up to 29 30 - 59 60 - 89 Stage 2daysdaysdays Stage 2daysdaysdays\u20ac000 \u20ac000 \u20ac000 \u20ac000 \u20ac000 \u20ac000 \u20ac000 \u20ac000L&As to customers:\u2011 Retail 47,010 984 3,377 271 (1,348) (63) (199) (56)\u2011 Business 324,862 5,895 2,009 248 (9,078) (231) (52) (70)371,872 6,879 5,386 519 (10,426) (294) (251) (126)In stage 1, there are facilities with a balance of \u20ac6.2 million and an ECL allowance of \u20ac0.09 million, having days past due ranging from 1 to 29 days. Within stage 3, balances of \u20ac47.4 million are reported with days past due exceeding 90 days, and an associated ECL allowance of \u20ac27.1 million. Additionally, there is a balance of \u20ac88.9 million with days past due less than 90 days, for which the ECL allowance stands at \u20ac33.5 million.f. Reconciliation of ECLSignificant changes in the gross carrying amount of loans and advances to customers that contributed to changes in the ECL allowances were as follows:\u2022 Gross loans and advances increased by 16% during the year (2024: increase of 11%). The high volume of new loans originated during the period, aligned with the Group\u2019s organic growth objective, increased the gross carrying amount of the loan book by 23% (2024: 20%), with a corresponding \u20ac7.6 million increase in ECL allowances (2024: increase of \u20ac11.1 million).\u2022 The write-off of loans with a total gross carrying amount of \u20ac8.9 million (2024: \u20ac1.3 million) resulted in the reduction of the Stage 3 expected credit losses by \u20ac8.7 million (2024: \u20ac1.1 million).The following tables further explain changes in the gross carrying amount of the loan portfolio to help explain their significance to the changes in the ECL allowances for the same portfolio as above. Gross carrying amount comprises of loans and advances to customers at amortised cost and loans and advances to customers designated as fair value through profit or loss.Stage 1 Stage 2 Stage 3 Total\u20ac000 \u20ac000 \u20ac000 \u20ac000Total Gross Carrying Amount at 1 January 2025 6,423,559 373,766 186,943 6,984,268 RetailGross Carrying Amount as at 1 January 2025 3,666,376 47,010 35,876 3,749,262 Transfer from: Stage 1 (109,023) 104,103 4,920 - Stage 2 14,969 (18,130) 3,161 - Stage 3 568 1,597 (2,165) - \ue612\ue627\ue63e\ue602\ue629\ue632\ue621\ue632\ue624\ue62d\ue621\ue6a3\ue602\ue621\ue639\ue639\ue627\ue63b\ue639\ue602\ue633\ue638\ue62d\ue62b\ue62d\ue632\ue621\ue63b\ue627\ue626\ue602\ue633\ue638\ue602\ue628\ue63c\ue638\ue63b\ue62c\ue627\ue638\ue602\ue6a3\ue627\ue632\ue626\ue62d\ue632\ue62b 1,029,052 13,713 1,843 1,044,608 Financial assets that have been derecognised or repaid (336,474) (14,151) (5,358) (355,983) \ue61d\ue638\ue62d\ue63b\ue627\ue666\ue633\ue6f8\ue639 \u2011 \u2011 (3,828) (3,828) Gross Carrying Amount as at 31 December 2025 4,265,468 134,142 34,449 4,434,059 BusinessGross Carrying Amount as at 1 January 2025 2,757,183 326,756 151,067 3,235,006 Transfer from: Stage 1 (197,850) 181,981 15,869 - Stage 2 38,856 (45,836) 6,980 - Stage 3 1,284 12,994 (14,278) - \ue612\ue627\ue63e\ue602\ue629\ue632\ue621\ue632\ue624\ue62d\ue621\ue6a3\ue602\ue621\ue639\ue639\ue627\ue63b\ue639\ue602\ue633\ue638\ue62d\ue62b\ue62d\ue632\ue621\ue63b\ue627\ue626\ue602\ue633\ue638\ue602\ue628\ue63c\ue638\ue63b\ue62c\ue627\ue638\ue602\ue6a3\ue627\ue632\ue626\ue62d\ue632\ue62b 1,046,444 71,497 4,313 1,122,254 Financial assets that have been derecognised or repaid (517,153) (104,728) (56,869) (678,750) \ue61d\ue638\ue62d\ue63b\ue627\ue666\ue633\ue6f8\ue639 \u2011 \u2011 (5,150) (5,150) Gross Carrying Amount as at 31 December 2025 3,128,764 442,664 101,932 3,673,360 Total Gross Carrying Amount as at 31 December 2025 7,394,232 576,806 136,381 8,107,419 Less ECL allowances (13,939) (10,827) (60,537) (85,303) Net Loans and Advances to customers 7,380,293 565,979 75,844 8,022,116 Less Loans and Advances at FVTPL (36,643)\ue615\ue66f\ue62d\ue66d\ue676\ue602\ue62d\ue66d\ue637\ue602\ue603\ue637\ue688\ue62d\ue66d\ue631\ue63b\ue676\ue602\ue67c\ue66f\ue602\ue631\ue686\ue676\ue67c\ue66f\ue66c\ue63b\ue675\ue676\ue602\ue62d\ue67c\ue602\ue62d\ue66c\ue66f\ue675\uef9e\ue676\ue63b\ue637\ue602\ue631\ue66f\ue676\ue67c 7,985,473 Stage 1 Stage 2 Stage 3 Total\u20ac000 \u20ac000 \u20ac000 \u20ac000Total Gross Carrying Amount at 1 January 2024 5,633,851 457,190 192,399 6,283,440RetailGross Carrying Amount as at 1 January 2024 3,155,600 55,050 38,057 3,248,707 Transfer from: Stage 1 (21,824) 16,314 5,510 - Stage 2 19,382 (21,649) 2,267 - Stage 3 3,144 1,884 (5,028) - \ue612\ue627\ue63e\ue602\ue629\ue632\ue621\ue632\ue624\ue62d\ue621\ue6a3\ue602\ue621\ue639\ue639\ue627\ue63b\ue639\ue602\ue633\ue638\ue62d\ue62b\ue62d\ue632\ue621\ue63b\ue627\ue626\ue602\ue633\ue638\ue602\ue628\ue63c\ue638\ue63b\ue62c\ue627\ue638\ue602\ue6a3\ue627\ue632\ue626\ue62d\ue632\ue62b 805,268 4,416 2,388 812,072 Financial assets that have been derecognised or repaid (295,194) (9,005) (6,796) (310,995) \ue61d\ue638\ue62d\ue63b\ue627\ue666\ue633\ue6f8\ue639 \u2011 \u2011 (522) (522) Gross Carrying Amount as at 31 December 20243,666,376 47,010 35,876 3,749,262 BusinessGross Carrying Amount as at 1 January 2024 2,478,251 402,140 154,342 3,034,733 Transfer from: Stage 1 (91,550) 85,287 6,263 - Stage 2 75,910 (95,685) 19,775 - Stage 3 1,872 9,404 (11,276) - \ue612\ue627\ue63e\ue602\ue629\ue632\ue621\ue632\ue624\ue62d\ue621\ue6a3\ue602\ue621\ue639\ue639\ue627\ue63b\ue639\ue602\ue633\ue638\ue62d\ue62b\ue62d\ue632\ue621\ue63b\ue627\ue626\ue602\ue633\ue638\ue602\ue628\ue63c\ue638\ue63b\ue62c\ue627\ue638\ue602\ue6a3\ue627\ue632\ue626\ue62d\ue632\ue62b 789,548 53,824 22,186 865,558 Financial assets that have been derecognised or repaid (496,848) (128,214) (39,427) (664,489)\ue61d\ue638\ue62d\ue63b\ue627\ue666\ue633\ue6f8\ue639 \u2011 \u2011 (796) (796)Gross Carrying Amount as at 31 December 20242,757,183 326,756 151,067 3,235,006 Total Gross Carrying Amount as at 31 December 2024 6,423,559 373,766 186,943 6,984,268 Less ECL allowances (14,738) (10,426) (62,125) (87,289) Net Loans and Advances to customers 6,408,821 363,340 124,818 6,896,979 Less Loans and Advances at FVTPL (50,677)\ue615\ue66f\ue62d\ue66d\ue676\ue602\ue62d\ue66d\ue637\ue602\ue603\ue637\ue688\ue62d\ue66d\ue631\ue63b\ue676\ue602\ue67c\ue66f\ue602\ue631\ue686\ue676\ue67c\ue66f\ue66c\ue63b\ue675\ue676\ue602\ue62d\ue67c\ue602\ue62d\ue66c\ue66f\ue675\uef9e\ue676\ue63b\ue637\ue602\ue631\ue66f\ue676\ue67c6,846,302 Newly originated financial assets during the period comprises of:\u2022 In stage 2 - all facilities originate in stage 1 and deteriorate to stage 2 if they experience a significant increase in credit risk. An exception to this arises when new accounts are opened and suffer significant increase in credit risk during the year.\u2022 In stage 3 - include \u20ac2.1 million (2024: \u20ac13.0 million) of originated credit-impaired assets which relate to new facilities granted to counterparties in default as part of existing commitments. The remainder consists of additional lending to existing Stage 3 exposures and exposures that were originated in Stage 1 but experienced significant credit deterioration during the year and transitioned to Stage 3.The following tables explain the changes in the ECL allowances on loans and advances to customers between the beginning and the end of the annual period due to the following factors:\u2022 Transfers between Stage 1 and Stages 2 or 3 due to financial instruments experiencing significant increases of credit risk or becoming credit-impaired during the period, and backward migrations in this respect. The impact of changes in the staging allocation of balances existing at 1 January 2025 (and associated ECL changes) are presented within \u201ctransfers from\u201d;\u2022 The \u2018Net remeasurement of ECL arising from stage transfers\u2019 presents the consequent \u201cstep up\u201d (or \u201cstep down\u201d) between 12-month and Lifetime ECL;\u2022 Additional ECL allowances for new financial instruments and further drawdowns on existing financial instruments during the year, are presented within \u2018New financial assets originated or further lending\u2019. Any repayments done on new loans opened during the year are also captured within this line item;\u2022 Financial assets derecognised related to settlements during the period and corresponding reversals of ECL allowances and provisions are presented within \u2018Financial assets that have been derecognised or repaid\u2019;\u2022 Impact on the measurement of ECL due to changes in PDs, EADs and LGDs during the period, arising from regular refreshing of inputs to models and impacts on the measurement of ECL due to changes effected to models and assumptions, updates to reflect changes in collateral and changes in credit gradings which do not impact IFRS 9 staging, are presented within \u2018Changes in risk parameters\u2019; and\u2022 Write-offs related to assets written off during the period (see note 39.2.3 (k)).Stage 1 Stage 2 Stage 3 Total\u20ac000 \u20ac000 \u20ac000 \u20ac000Total ECL Allowances as at 1 January 2025 14,738 10,426 62,125 87,289 RetailECL Allowances as at 1 January 2025 2,614 1,348 17,657 21,619 Transfer from: Stage 1 (105) 96 9 - Stage 2 413 (438) 25 - Stage 3 197 565 (762) - Net remeasurement of ECL arising from stage transfers (563) (163) 463 (263) \ue612\ue627\ue63e\ue602\ue629\ue632\ue621\ue632\ue624\ue62d\ue621\ue6a3\ue602\ue621\ue639\ue639\ue627\ue63b\ue639\ue602\ue633\ue638\ue62d\ue62b\ue62d\ue632\ue621\ue63b\ue627\ue626\ue602\ue633\ue638\ue602\ue628\ue63c\ue638\ue63b\ue62c\ue627\ue638\ue602\ue6a3\ue627\ue632\ue626\ue62d\ue632\ue62b 572 212 254 1,038 Financial assets that have been derecognised or repaid (1,219) (474) (1,890) (3,583) \ue61d\ue638\ue62d\ue63b\ue627\ue666\ue633\ue6f8\ue639 \u2011 \u2011 (3,617) (3,617) Change in risk parameters 14 (1) (60) (47) ECL Allowances as at 31 December 2025 1,923 1,145 12,079 15,147 BusinessECL Allowances as at 1 January 2025 12,124 9,078 44,468 65,670 Transfer from: Stage 1 (803) 459 344 - Stage 2 2,293 (2,497) 204 - Stage 3 35 2,161 (2,196) - Net remeasurement of ECL arising from stage transfers (2,075) 1,876 17,147 16,948 \ue612\ue627\ue63e\ue602\ue629\ue632\ue621\ue632\ue624\ue62d\ue621\ue6a3\ue602\ue621\ue639\ue639\ue627\ue63b\ue639\ue602\ue633\ue638\ue62d\ue62b\ue62d\ue632\ue621\ue63b\ue627\ue626\ue602\ue633\ue638\ue602\ue628\ue63c\ue638\ue63b\ue62c\ue627\ue638\ue602\ue6a3\ue627\ue632\ue626\ue62d\ue632\ue62b 4,373 736 346 5,455 Financial assets that have been derecognised or repaid (3,911) (2,105) (6,883) (12,899) \ue61d\ue638\ue62d\ue63b\ue627\ue666\ue633\ue6f8\ue639 \u2011 \u2011 (5,021) (5,021) Change in risk parameters (20) (26) 49 3 ECL Allowances as at 31 December 2025 12,016 9,682 48,458 70,156 Total ECL Allowances as at 31 December 202513,939 10,827 60,537 85,303 Stage 1 Stage 2 Stage 3 Total\u20ac000 \u20ac000 \u20ac000 \u20ac000Total ECL Allowances as at 1 January 2024 12,186 17,872 73,488 103,546 RetailECL Allowances as at 1 January 2024 2,126 1,746 17,782 21,654 Transfer from: Stage 1 (103) 97 6 - Stage 2 687 (741) 54 - Stage 3 411 586 (997) - Net remeasurement of ECL arising from stage transfers (795) (12) 1,421 614 \ue612\ue627\ue63e\ue602\ue629\ue632\ue621\ue632\ue624\ue62d\ue621\ue6a3\ue602\ue621\ue639\ue639\ue627\ue63b\ue639\ue602\ue633\ue638\ue62d\ue62b\ue62d\ue632\ue621\ue63b\ue627\ue626\ue602\ue633\ue638\ue602\ue628\ue63c\ue638\ue63b\ue62c\ue627\ue638\ue602\ue6a3\ue627\ue632\ue626\ue62d\ue632\ue62b 850 201 2,334 3,385 Financial assets that have been derecognised or repaid (870) (515) (2,436) (3,821) \ue61d\ue638\ue62d\ue63b\ue627\ue666\ue633\ue6f8\ue639 \u2011 \u2011 (327) (327) Change in risk parameters 308 (14) (180) 114 ECL Allowances as at 31 December 20242,614 1,348 17,657 21,619 BusinessECL Allowances as at 1 January 2024 10,060 16,126 55,706 81,892 Transfer from: Stage 1 (508) 477 31 - Stage 2 911 (1,083) 172 - Stage 3 1,219 3,020 (4,239) - Net remeasurement of ECL arising from stage transfers (1,116) (546) 4,624 2,962 \ue612\ue627\ue63e\ue602\ue629\ue632\ue621\ue632\ue624\ue62d\ue621\ue6a3\ue602\ue621\ue639\ue639\ue627\ue63b\ue639\ue602\ue633\ue638\ue62d\ue62b\ue62d\ue632\ue621\ue63b\ue627\ue626\ue602\ue633\ue638\ue602\ue628\ue63c\ue638\ue63b\ue62c\ue627\ue638\ue602\ue6a3\ue627\ue632\ue626\ue62d\ue632\ue62b 4,951 835 3,130 8,916 Financial assets that have been derecognised or repaid (3,012) (9,765) (14,400) (27,177) \ue61d\ue638\ue62d\ue63b\ue627\ue666\ue633\ue6f8\ue639 \u2011 \u2011 (780) (780) Change in risk parameters (381) 14 224 (143) ECL Allowances as at 31 December 202412,124 9,078 44,468 65,670 Total ECL Allowances as at 31 December 202414,738 10,426 62,125 87,289 The Bank\u2019s off-balance sheet exposures which expose the Bank to credit risk and are subject to the IFRS 9 impairment requirements consist of commitments, guarantees, and unused portions of other credit facilities, such as loans and overdrafts. These instruments are considered contingent liabilities, which could lead to future cash outflows if customers use their available credit or trigger guarantees. In FY2025, there was a significant increase in off-balance sheet exposures, including a \u20ac1.7 billion rise due to new facilities established that year. However, this growth was counterbalanced by various facility closures and the utilisation of certain facilities throughout the year, with some of the off-balance sheet exposures being moved on-balance sheet as customers drew down funds.The table below presents the ECL provision recognised on the unsecured components of these off-balance sheet exposures. Stage 1 Stage 2 Stage 3 Total\u20ac000 \u20ac000 \u20ac000 \u20ac000Total ECL Provisions as at 1 January 2025 10,644 1,311 4,258 16,213 RetailECL Provisions as at 1 January 2025 2,958 100 506 3,564 Transfer from: Stage 1 (37) 33 4 - Stage 2 88 (88) \u2011 - Stage 3 19 2 (21) - Net remeasurement of ECL arising from stage transfers (93) (18) 147 36 \ue612\ue627\ue63e\ue602\ue62d\ue632\ue639\ue63b\ue638\ue63c\ue631\ue627\ue632\ue63b\ue639\ue602\ue633\ue638\ue62d\ue62b\ue62d\ue632\ue621\ue63b\ue627\ue626\ue602\ue633\ue638\ue602\ue62d\ue632\ue624\ue638\ue627\ue621\ue639\ue627\ue602\ue62d\ue632\ue602\ue63c\ue632\ue63c\uefa7\ue6a3\ue62d\ue639\ue627\ue626\ue602\ue6a3\ue62d\ue631\ue62d\ue63b\ue639 619 63 47 729 Instruments that have been derecognised or further withdrawals (763) (6) (383) (1,152) \ue61d\ue638\ue62d\ue63b\ue627\ue666\ue633\ue6f8\ue639 \u2011 \u2011 (4) (4) Change in risk parameters (100) (2) 114 12 ECL Provisions as at 31 December 20252,691 84 410 3,185 BusinessECL Provisions as at 1 January 2025 7,686 1,211 3,752 12,649 Transfer from: Stage 1 (56) 56 \u2011 \u2011 Stage 2 352 (358) 6 \u2011 Stage 3 237 237 (474) \u2011 Net remeasurement of ECL arising from stage transfers (522) 98 70 (354) \ue612\ue627\ue63e\ue602\ue62d\ue632\ue639\ue63b\ue638\ue63c\ue631\ue627\ue632\ue63b\ue639\ue602\ue633\ue638\ue62d\ue62b\ue62d\ue632\ue621\ue63b\ue627\ue626\ue602\ue633\ue638\ue602\ue62d\ue632\ue624\ue638\ue627\ue621\ue639\ue627\ue602\ue62d\ue632\ue602\ue63c\ue632\ue63c\uefa7\ue6a3\ue62d\ue639\ue627\ue626\ue602\ue6a3\ue62d\ue631\ue62d\ue63b\ue639 3,691 200 1,368 5,259 Instruments that have been derecognised or further withdrawals (3,288) (94) (847) (4,229) \ue61d\ue638\ue62d\ue63b\ue627\ue666\ue633\ue6f8\ue639 \u2011 \u2011 (52) (52) Change in risk parameters (804) (264) (402) (1,470) ECL Provisions as at 31 December 20257,296 1,086 3,421 11,803 Total ECL Provisions as at 31 December 20259,987 1,170 3,831 14,988 Stage 1 Stage 2 Stage 3 Total\u20ac000 \u20ac000 \u20ac000 \u20ac000Total ECL Provisions as at 1 January 2024 6,802 3,632 7,311 17,745 RetailECL Provisions as at 1 January 2024 768 1,459 1,683 3,910Transfer from: Stage 1 (8) 7 1 - Stage 2 1,400 (1,406) 6 - Stage 3 1,095 3 (1,098) -Net remeasurement of ECL arising from stage transfers (1,942) \u2011 17 (1,925) \ue612\ue627\ue63e\ue602\ue62d\ue632\ue639\ue63b\ue638\ue63c\ue631\ue627\ue632\ue63b\ue639\ue602\ue633\ue638\ue62d\ue62b\ue62d\ue632\ue621\ue63b\ue627\ue626\ue602\ue62d\ue632\ue624\ue638\ue627\ue621\ue639\ue627\ue602\ue62d\ue632\ue602\ue63c\ue632\ue63c\uefa7\ue6a3\ue62d\ue639\ue627\ue626\ue602\ue6a3\ue62d\ue631\ue62d\ue63b\ue639 648 77 220 945 Instruments that have been derecognised or further withdrawals (467) (45) (453) (965) \ue61d\ue638\ue62d\ue63b\ue627\ue666\ue633\ue6f8\ue639 \u2011 \u2011 (4) (4)Change in risk parameters 1,464 5 134 1,603ECL Provisions as at 31 December 2024 2,958 100 506 3,564BusinessECL Provisions as at 1 January 2024 6,034 2,173 5,628 13,835Transfer from: Stage 1 (196) 186 10 - Stage 2 1,049 (1,074) 25 - Stage 3 1,149 154 (1,303) -Net remeasurement of ECL arising from stage transfers (454) 135 1,014 695 \ue612\ue627\ue63e\ue602\ue62d\ue632\ue639\ue63b\ue638\ue63c\ue631\ue627\ue632\ue63b\ue639\ue602\ue633\ue638\ue62d\ue62b\ue62d\ue632\ue621\ue63b\ue627\ue626\ue602\ue633\ue638\ue602\ue62d\ue632\ue624\ue638\ue627\ue621\ue639\ue627\ue602\ue62d\ue632\ue602\ue63c\ue632\ue63c\uefa7\ue6a3\ue62d\ue639\ue627\ue626\ue602\ue6a3\ue62d\ue631\ue62d\ue63b\ue639 5,811 77 650 6,538 Instruments that have been derecognised or further withdrawals (3,294) (372) (1,784) (5,450) \ue61d\ue638\ue62d\ue63b\ue627\ue666\ue633\ue6f8\ue639 \u2011 \u2011 (31) (31)Change in risk parameters (2,413) (68) (457) (2,938)ECL Provisions as at 31 December 2024 7,686 1,211 3,752 12,649Total ECL Provisions as at 31 December 2024 10,644 1,311 4,258 16,213The following tables present an analysis of the net impairment charge/reversal recognised by the Bank during the year ended 31 December 2025 and the year ended 31 December 2024. These tables provide insight into the changes in credit risk provisions and the overall credit quality of the Bank\u2019s loan portfolio during the two reporting years.Net impairment movement 2025 Stage 1 Stage 2 Stage 3 Total\u20ac000 \u20ac000 \u20ac000 \u20ac000\ue609\ue606\ue610\ue602\ue633\ue632\ue602\ue63b\ue62c\ue627\ue602\ue606\ue638\ue627\ue626\ue62d\ue63b\ue602\ue616\ue633\ue638\ue724\ue633\ue6a3\ue62d\ue633 1,457 (261) 2,016 3,212 \ue609\ue606\ue610\ue602\ue633\ue632\ue602\ue63b\ue62c\ue627\ue602\ue61a\ue638\ue627\ue621\ue639\ue63c\ue638\ue640\ue602\ue616\ue633\ue638\ue724\ue633\ue6a3\ue62d\ue633 (298) \u2011 115 (183)\ue618\ue627\ue624\ue6a3\ue621\ue639\ue639\ue62d\ue629\ue624\ue621\uefa7\ue633\ue632\ue602\ue633\ue628\ue602\ue63b\ue62c\ue627\ue602\ue626\ue62d\ue639\ue624\ue633\ue63c\ue632\ue63b\ue602\ue63c\ue632\ue63e\ue62d\ue632\ue626\ue602\ue627\ue6a3\ue627\ue631\ue627\ue632\ue63b\ue602\ue63b\ue633\ue602\ue62d\ue632\ue63b\ue627\ue638\ue627\ue639\ue63b\ue602\ue62d\ue632\ue624\ue633\ue631\ue627 \u2011 \u2011 2,875 2,875 Total ECL 1,159 (261) 5,006 5,904 \ue603\ue631\ue633\ue63c\ue632\ue63b\ue639\ue602\ue63e\ue638\ue62d\ue727\ue627\ue632\ue602\ue633\ue6f8 \u2011 \u2011 (8,978) (8,978)\ue618\ue627\ue624\ue633\ue63d\ue627\ue638\ue62d\ue627\ue639\ue602\ue633\ue628\ue602\ue621\ue631\ue633\ue63c\ue632\ue63b\ue639\ue602\ue636\ue638\ue627\ue63d\ue62d\ue633\ue63c\ue639\ue6a3\ue640\ue602\ue63e\ue638\ue62d\ue727\ue627\ue632\ue602\ue633\ue6f8 \u2011 \u2011 3,032 3,032 \ue612\ue627\ue63b\ue602\ue63e\ue638\ue62d\ue63b\ue627\ue666\ue633\ue6f8\ue639 \u2011 \u2011 (5,946) (5,946)\ue619\ue63b\ue67c\ue602\ue662\ue66c\ue672\ue62d\ue662\ue675\ue66c\ue63b\ue66d\ue67c\ue602\ue750\ue631\ue65f\ue62d\ue675\ue65d\ue63b\ue751\ue746\ue675\ue63b\ue688\ue63b\ue675\ue676\ue62d\uea74 1,159 (261) (940) (42)Net impairment movement 2024 Stage 1 Stage 2 Stage 3 Total\u20ac000 \u20ac000 \u20ac000 \u20ac000\ue609\ue606\ue610\ue602\ue633\ue632\ue602\ue63b\ue62c\ue627\ue602\ue606\ue638\ue627\ue626\ue62d\ue63b\ue602\ue616\ue633\ue638\ue724\ue633\ue6a3\ue62d\ue633 (6,395) 9,768 14,414 17,787 \ue609\ue606\ue610\ue602\ue633\ue632\ue602\ue63b\ue62c\ue627\ue602\ue61a\ue638\ue627\ue621\ue639\ue63c\ue638\ue640\ue602\ue616\ue633\ue638\ue724\ue633\ue6a3\ue62d\ue633 (263) 80 (117) (300)\ue618\ue627\ue624\ue6a3\ue621\ue639\ue639\ue62d\ue629\ue624\ue621\uefa7\ue633\ue632\ue602\ue633\ue628\ue602\ue63b\ue62c\ue627\ue602\ue626\ue62d\ue639\ue624\ue633\ue63c\ue632\ue63b\ue602\ue63c\ue632\ue63e\ue62d\ue632\ue626\ue602\ue627\ue6a3\ue627\ue631\ue627\ue632\ue63b\ue602\ue63b\ue633\ue602\ue62d\ue632\ue63b\ue627\ue638\ue627\ue639\ue63b\ue602\ue62d\ue632\ue624\ue633\ue631\ue627 \u2011 \u2011 3,734 3,734 Total ECL (6,658) 9,848 18,031 21,221 \ue603\ue631\ue633\ue63c\ue632\ue63b\ue639\ue602\ue63e\ue638\ue62d\ue727\ue627\ue632\ue602\ue633\ue6f8 \u2011 \u2011 (1,319) (1,319)\ue618\ue627\ue624\ue633\ue63d\ue627\ue638\ue62d\ue627\ue639\ue602\ue633\ue628\ue602\ue621\ue631\ue633\ue63c\ue632\ue63b\ue639\ue602\ue636\ue638\ue627\ue63d\ue62d\ue633\ue63c\ue639\ue6a3\ue640\ue602\ue63e\ue638\ue62d\ue727\ue627\ue632\ue602\ue633\ue6f8 \u2011 \u2011 3,929 3,929 Net recoveries \u2011 \u2011 2,610 2,610 \ue619\ue63b\ue67c\ue602\ue662\ue66c\ue672\ue62d\ue662\ue675\ue66c\ue63b\ue66d\ue67c\ue602\ue750\ue631\ue65f\ue62d\ue675\ue65d\ue63b\ue751\ue746\ue675\ue63b\ue688\ue63b\ue675\ue676\ue62d\uea74(6,658) 9,848 20,641 23,831 The movement in allowance accounts for loans and advances to customers is as follows:The GroupECL Allowances ECL Allowances2025 2024\u20ac000 \u20ac000\ue606\ue62c\ue621\ue632\ue62b\ue627\ue602\ue62d\ue632\ue602\ue621\ue6a3\ue6a3\ue633\ue63e\ue621\ue632\ue624\ue627\ue639\ue602\ue628\ue633\ue638\ue602\ue63c\ue632\ue624\ue633\ue6a3\ue6a3\ue627\ue624\uefa7\ue623\ue62d\ue6a3\ue62d\ue63b\ue640\ue656At 1 January 87,289 103,546 \ue603\ue626\ue626\ue62d\uefa7\ue633\ue632\ue639 36,525 27,936 Reversals (38,511) (44,193)At 31 December 85,303 87,289g. ForbearanceA \u2018forborne loan\u2019 is a loan where the contractual payment terms have been renegotiated or otherwise modified because the Group concluded that with the original terms and conditions of the contract satisfactory repayment may not be possible. A loan that has been renegotiated due to a deterioration in the borrower\u2019s condition is usually considered to be credit-impaired unless there is evidence that the risk of not receiving contractual cash flows has reduced significantly and there are no other indicators of impairment. An expectation of forbearance may constitute evidence that an exposure is credit-impaired. A forborne loan is considered to no longer be in default when it no longer meets any of the default criteria for a consecutive period of twelve months. This is evidenced by an ICRS grade of 9 or better for a consecutive period of twelve months. Forbearance is considered a qualitative indicator of a significant increase in credit risk. Movement out of Stage 2 is only permissible once an exposure is no longer considered to be forborne. A loan will cease to be considered forborne when the facility is considered to be performing as evidenced by an ICRS grade of 6 or better for a minimum consecutive period of twenty four months, regular payments and timely payments of principal or interest have been made during at least half of the probation period and none of the exposures to the debtor is more than 30 days past due at the end of the probation period.Modification of financial assets\u2019 termsThe contractual terms of a loan may be modified for a number of reasons, including changing market conditions, customer retention and other factors not related to a current or potential credit deterioration of the customer. An existing loan whose terms have been modified, irrespective of the reason, may be derecognised and the renegotiated loan recognised as a new loan at fair value in accordance with the accounting policy set out in Note 1.4.2.When the terms of a financial asset are modified and the modification does not result in derecognition, the determination of whether the asset\u2019s credit risk has increased significantly also reflects comparison of:\u2022 its remaining lifetime PD at the reporting date based on the modified terms; with\u2022 the remaining lifetime PD estimated based on date of initial recognition and the original contractual terms.For financial assets modified as part of the Group\u2019s policy, the estimate of PD reflects whether the modification has improved or restored the Group\u2019s ability to collect interest and principal and the Group\u2019s previous experience of similar forbearance action. As part of this process, the Group evaluates the borrower\u2019s payment performance against the modified contractual terms and considers various behavioural indicators.During the current financial year there were no significant modifications of financial assets that resulted in the derecognition of the respective assets, whether arising from forbearance measures or other actions.The following table presents the extent of forborne assets out of the gross carrying amounts of the Bank\u2019s loans and advances to customers presented by portfolio and by stage.Of which Of which TotalForborne TotalForborne2025 2025 2024 2024\u20ac000 \u20ac000 \u20ac000 \u20ac000GrossPerformingStage 1: 7,394,232 - 6,423,559 - Retail 4,265,468 \u2011 3,666,376 \u2011 Business 3,128,764 \u2011 2,757,183 \u2011 UnderperformingStage 2: 576,806 203,022 373,766 164,808 Retail 134,142 2,655 47,010 3,424 Business 442,664 200,367 326,756 161,384 Non-performingStage 3: 136,381 65,422 186,943 76,964 Retail 34,449 9,494 35,876 8,541 Business 101,932 55,928 151,067 68,423 \ue624\ue66f\ue67c\ue62d\uea74\ue602\ue60e\ue675\ue66f\ue676\ue676\ue602\ue746\ue602\ue60d\ue66f\ue675\ue630\ue66f\ue675\ue66d\ue63b\ue602\ue63b\ue68a\ue672\ue66f\ue676\ue686\ue675\ue63b\ue676 8,107,419 268,444 6,984,268 241,772 ECL AllowancesPerformingStage 1: (13,939) - (14,738) - Retail (1,923) \u2011 (2,614) \u2011 Business (12,016) \u2011 (12,124) \u2011 UnderperformingStage 2: (10,827) (4,162) (10,426) (6,053)Retail (1,145) (2) (1,348) (19)Business (9,682) (4,160) (9,078) (6,034)Non-performingStage 3: (60,537) (24,357) (62,125) (29,383)Retail (12,079) (3,271) (17,657) (4,556)Business (48,458) (21,086) (44,468) (24,827)Total ECL allowances (85,303) (28,519) (87,289) (35,436)As at 31 December 2025, total forborne loans and advances (L&As) to customers represented 3.31% of total gross L&As to customers, compared with 3.46% as at 31 December 2024. The table below provides a breakdown of this ratio by IFRS 9 stage:2025 2024Stage 1 0.00% 0.00%Stage 2 35.20% 44.09%Stage 3 47.97% 41.17%Gross Forborne Exposures are analysed as follows:\ue618\ue66f\ue637\ue662\ue643\ue631\ue62d\uef9e\ue66f\ue66d\ue602\ue662\ue66d\ue602\ue618\ue66f\ue637\ue662\ue643\ue631\ue62d\uef9e\ue66f\ue66d\ue602\ue662\ue66d\ue602Terms \ue621\ue63b\ue643\ue66d\ue62d\ue66d\ue631\ue662\ue66d\ue65dTerms \ue621\ue63b\ue643\ue66d\ue62d\ue66d\ue631\ue662\ue66d\ue65d2025 2025 2024 2024Underperforming \u20ac000 \u20ac000 \u20ac000 \u20ac000Retail 2,655 \u2011 3,422 2 Business 197,233 3,134 159,409 1,975 199,888 3,134 162,831 1,977 Non-performing Retail 9,384 110 8,522 19 Business 46,121 9,807 57,781 10,642 55,505 9,917 66,303 10,661 'Modification in Terms\u2019 refers to changes made to the contractual conditions of an existing credit exposure when a borrower is experiencing, or is expected to experience, financial difficulties. Such changes represent a concession compared with the original terms and may include measures such as extending the loan maturity, adjusting the interest rate, or relaxing covenants. A modification is considered forbearance when these adjusted terms are necessary to enable the borrower to meet repayment obligations that could not be fulfilled under the original agreement.\u2018Refinancing\u2019 occurs when a borrower settles an existing credit exposure, such as a loan, overdraft, or credit card facility, using the proceeds of a new loan, which may be granted under different contractual terms, including a revised structure or interest rate.The movement in forebearance activity during the period is as follows:Loans & Advances 2025 2024\u20ac000 \u20ac0001 January 241,772 226,093 \ue603\ue626\ue626\ue62d\uefa7\ue633\ue632\ue639 87,712 89,594 \ue618\ue627\uefa7\ue638\ue627\ue626\ue602\ue628\ue638\ue633\ue631\ue602\ue628\ue633\ue638\ue623\ue633\ue638\ue632\ue627 (61,040) (73,915)31 December 268,444 241,772 Interest income recognised during the year ended 31 December 2025 in respect of forborne assets amounted to \u20ac13.0 million (2024: \u20ac12.0 million).h. CollateralCollateral and other credit enhancementsCredit risk mitigation is one of the key elements of the Group\u2019s credit policy. The Group employs a range of policies and practices to mitigate credit risk. These include the requirement to obtain collateral, depending on the nature of the proposal, as set out in the Bank\u2019s policies and procedures. The nature and level of collateral required depends on a number of factors, including, but not limited to the amount of the exposure, the type of facility provided, the term of the facility, the amount of the counterparty\u2019s contribution and an evaluation of the level of the credit risk or probability of default involved. The most common credit risk mitigation technique is accepting collateral for funds advanced. The Group has internal policies on the acceptability of specific classes of collateral or credit risk mitigation. The principal collateral types for loans and advances and other financial assets are:\u2022 Mortgages over residential properties;\u2022 Charges over business assets such as premises, inventory and accounts receivable;\u2022 Charges over financial instruments such as debt securities and equities; and\u2022 Margin agreement for derivatives, for which the Group has master netting agreements.Longer-term finance and lending to business entities are generally secured; revolving individual credit facilities are generally unsecured.Collateral held as security for financial assets other than loans and advances depends on the nature of the instrument. Debt securities, treasury and other eligible bills are generally unsecured, with the exception of asset-backed securities and similar instruments, which are secured by portfolios of financial instruments. Derivatives are also collateralised as highlighted above.The Group\u2019s policies regarding obtaining collateral have not significantly changed during the reporting period and there has been no significant change in the overall quality of the collateral held by the Group since the prior period.A portion of the Group\u2019s mortgage portfolio has sufficiently low \u2018loan to value\u2019 (LTV) ratios, which results in no ECL allowances being recognised in accordance with the Group\u2019s expected credit loss model. The carrying amount of such financial assets is \u20ac491.8 million as at 31 December 2025 (2024: \u20ac428.5 million).A portion of the Group\u2019s business portfolio has sufficiently low \u2018loan to value\u2019 (LTV) ratios, which results in no ECL allowances being recognised in accordance with the Group\u2019s expected credit loss model. The carrying amount of such financial assets is \u20ac382.7 million as at 31 December 2025 (2024: \u20ac358.4 million).Security values are monitored and reviewed on a regular basis and are also re-assessed at time of default if it is found that the value of the collateral item could have materially changed since the last valuation. Further information of how the Bank calculates the value of immovable property collateral is presented within Note 39.2.3 (c). For financial instruments utilised as collateral, haircuts are calculated according to the risk profile of each individual security and depend on a number of variables including price volatility and liquidity/marketability of the instrument.The table below shows the financial effects of the main types of collateral held in respect of the Group\u2019s customer loan exposures:CollateralGross on-balance sheet Prime bank Govt. \ue621\ue63b\ue676\ue662\ue637\ue63b\ue66d\uef9e\ue62d\uea74\ue602Commercial Personal Net maximum exposureguarantees Cashguaranteesproperty property guarantees OthersexposureThe Group \u20ac000 \u20ac000 \u20ac000 \u20ac000 \u20ac000 \u20ac000 \u20ac000 \u20ac000 \u20ac000At 31 December 2025L&As to customersRetail: 4,434,059 \u2011 27,122 1,289 3,880,557 133,914 \u2011 35,738 355,439Business: 3,636,717 1,527 79,046 327,931 222,403 1,777,554 7,357 276,535 944,3648,070,776 1,527 106,168 329,220 4,102,960 1,911,468 7,357 312,273 1,299,803CollateralGross on-balance sheet Prime bank Govt. \ue621\ue63b\ue676\ue662\ue637\ue63b\ue66d\uef9e\ue62d\uea74\ue602Commercial Personal Net maximum exposureguarantees Cashguaranteesproperty property guarantees OthersexposureThe Group \u20ac000 \u20ac000 \u20ac000 \u20ac000 \u20ac000 \u20ac000 \u20ac000 \u20ac000 \u20ac000At 31 December 2024L&As to customersRetail: 3,749,262 \u2011 30,660 722 3,273,227 113,415 \u2011 36,904 294,334 Business: 3,184,329 461 88,886 313,724 199,001 1,484,038 8,698 400,436 689,0856,933,591 461 119,546 314,446 3,472,228 1,597,453 8,698 437,340 983,419The off-balance sheet exposures are secured predominantly by the same types of collateral as those used for on-balance sheet exposures. This means that the Bank relies on consistent collateral types, such as properties, cash or government guarantees, to mitigate credit risk across its portfolio.The Group closely monitors collateral held for financial assets considered to be credit-impaired, as it becomes more likely that the Group will take possession of collateral to mitigate potential credit losses. Financial assets that are credit-impaired and related collateral held in order to mitigate potential losses are shown below: The GroupAs at 31 December 2025Fair value of collateral held post haircut Gross carrying ECL Net carrying as per ECL amountallowancesamountmodel\u20ac000 \u20ac000 \u20ac000 \u20ac000Credit\u2011impaired assetsRetail loans:\u2011 Personal Loans 5,078 (2,578) 2,500 2,665 \u2011 Home Loans 28,646 (8,781) 19,865 24,776 \ue666\ue602\ue616\ue627\ue638\ue639\ue633\ue632\ue621\ue6a3\ue602\ue613\ue63d\ue627\ue638\ue626\ue638\ue621\ue711\ue639 70 (67) 3 9 \u2011 Credit Cards 173 (172) 1 \u2011 \ue610\ue633\ue621\ue632\ue639\ue602\ue63b\ue633\ue602\ue623\ue63c\ue639\ue62d\ue632\ue627\ue639\ue639\ue602\ue627\ue632\uefa7\uefa7\ue627\ue639\ue656\u2011 Business Loans 73,064 (29,862) 43,202 40,332 \ue666\ue602\ue605\ue63c\ue639\ue62d\ue632\ue627\ue639\ue639\ue602\ue613\ue63d\ue627\ue638\ue626\ue638\ue621\ue711\ue639 28,399 (18,132) 10,267 10,781 Encroachments* 951 (945) 6 \u2011 Total credit-impaired assets 136,381 (60,537) 75,844 78,563 The GroupAs at 31 December 2024Fair value of collateral held post haircut Gross carrying ECL Net carrying as per ECL amountallowancesamountmodel\u20ac000 \u20ac000 \u20ac000 \u20ac000Credit\u2011impaired assetsRetail loans:\u2011 Personal Loans 5,226 (3,397) 1,829 2,261 \u2011 Home Loans 29,788 (13,414) 16,374 24,893 \ue666\ue602\ue616\ue627\ue638\ue639\ue633\ue632\ue621\ue6a3\ue602\ue613\ue63d\ue627\ue638\ue626\ue638\ue621\ue711\ue639 87 (77) 10 14 \u2011 Credit Cards 260 (258) 2 \u2011 \ue610\ue633\ue621\ue632\ue639\ue602\ue63b\ue633\ue602\ue623\ue63c\ue639\ue62d\ue632\ue627\ue639\ue639\ue602\ue627\ue632\uefa7\uefa7\ue627\ue639\ue656\u2011 Business Loans 123,925 (31,403) 92,522 93,939 \ue666\ue602\ue605\ue63c\ue639\ue62d\ue632\ue627\ue639\ue639\ue602\ue613\ue63d\ue627\ue638\ue626\ue638\ue621\ue711\ue639 21,758 (9,711) 12,047 14,152 Encroachments* 5,899 (3,865) 2,034 \u2011 Total credit-impaired assets 186,943 (62,125) 124,818 135,259 * Encroachments include exposures which form part of both loans to individuals and business entities. On specific exposures, the fair value of the collateral exceeds the carrying amount of the loan. The values of the collateral presented within this note are capped to the gross carrying amount of the exposures. Fair value of property collateral presented within the tables above refers to architect\u2019s valuations less applicable haircuts.Property collateral valuations extend from full valuations by external independent appraisers to desktop valuations according to the Bank\u2019s collateral policy. The frequency of collateral valuations ranges between 1 and 3 years depending on the type of property, exposure status (i.e. whether performing or non-performing) as well as exposure amount in line with the Bank\u2019s collateral policy. Lending and Commitments covered by real estateThe table below stratifies credit exposures, covered by real estate, to customers by ranges of loan-to-value (\u2018LTV\u2019). LTV is calculated as the ratio of the gross amount of loan to the value of the collateral. The gross amounts exclude any ECL allowances. The valuation of the collateral excludes any adjustments for obtaining and selling the collateral. The value of the collateral for these loans is based on the collateral value at origination updated based on changes in house price indices.2025 Gross Carrying Amount ECL AllowancesStage 1 Stage 2 Stage 3 Total Stage 1 Stage 2 Stage 3 Total \u20ac000 \u20ac000 \u20ac000 \u20ac000 \u20ac000 \u20ac000 \u20ac000 \u20ac000 Commercial Real EstateLess than 25% 166,949 31,437 4,982 203,368 (26) (1,001) (813) (1,840)25% to 50% 536,697 100,688 25,494 662,879 (640) (105) (5,922) (6,667)51% to 75% 757,383 106,114 8,251 871,748 (1,180) (597) (1,854) (3,631)76% to 90% 165,843 17,242 \u2011 183,085 (344) (197) \u2011 (541)91% to 100% \u2011 \u2011 \u2011 - \u2011 \u2011 \u2011 - 1,626,872 255,481 38,727 1,921,080 (2,190) (1,900) (8,589) (12,679)\ue621\ue63b\ue676\ue662\ue637\ue63b\ue66d\uef9e\ue62d\uea74\ue602\ue621\ue63b\ue62d\uea74\ue602\ue60b\ue676\ue67c\ue62d\ue67c\ue63bLess than 25% 486,285 47,861 12,775 546,921 (20) (12) (4,499) (4,531)25% to 50% 1,127,460 45,005 12,922 1,185,387 (46) (54) (5,770) (5,870)51% to 75% 1,327,327 33,750 8,613 1,369,690 (164) (360) (3,153) (3,677)76% to 90% 1,000,049 10,121 970 1,011,140 (140) (9) (44) (193)91% to 100% 28,252 1,255 \u2011 29,507 (7) (8) \u2011 (15)3,969,373 137,992 35,280 4,142,645 (377) (443) (13,466) (14,286)2024 Gross Carrying Amount ECL AllowancesStage 1 Stage 2 Stage 3 Total Stage 1 Stage 2 Stage 3 Total \u20ac000 \u20ac000 \u20ac000 \u20ac000 \u20ac000 \u20ac000 \u20ac000 \u20ac000 Commercial Real EstateLess than 25% 212,955 29,366 10,919 253,240 (100) (51) (2,745) (2,896)25% to 50% 409,862 76,824 26,713 513,399 (110) (229) (4,315) (4,654)51% to 75% 615,342 73,194 13,192 701,728 (745) (416) (1,798) (2,959)76% to 90% 117,169 8,786 155 126,110 (143) (146) (189) (478)91% to 100% 10,920 \u2011 \u2011 10,920 (8) \u2011 \u2011 (8)1,366,248 188,170 50,979 1,605,397 (1,106) (842) (9,047) (10,995)\ue621\ue63b\ue676\ue662\ue637\ue63b\ue66d\uef9e\ue62d\uea74\ue602\ue621\ue63b\ue62d\uea74\ue602\ue60b\ue676\ue67c\ue62d\ue67c\ue63bLess than 25% 449,170 16,963 12,318 478,451 (45) (84) (5,449) (5,578)25% to 50% 1,066,824 19,064 16,540 1,102,428 (42) (30) (9,193) (9,265)51% to 75% 1,070,205 13,494 9,485 1,093,184 (106) (270) (4,223) (4,599)76% to 90% 775,522 1,721 712 777,955 (286) (17) (382) (685)91% to 100% 28,994 \u2011 \u2011 28,994 (5) \u2011 \u2011 (5)3,390,715 51,242 39,055 3,481,012 (484) (401) (19,247) (20,132)The business portfolio is predominantly secured by commercial real estate, while the retail portfolio is primarily secured by residential real estate.i. Forward-looking informationThe assessment of SICR and the calculation of ECL allowances both incorporate forward-looking information. The Group performs historical analysis and identifies the key macro-economic variables (or macro-economic factors) impacting credit risk and expected credit losses for each portfolio. These variables and their associated impact on the PD and LGD vary by financial instrument. For the purposes of the Bank\u2019s PD models in relation to loan portfolios, quarterly Central Bank of Malta (\u2018CBM\u2019) forecasts are used for those macro-economic variables that are found to be relevant for the Bank\u2019s portfolios. On an annual basis, as part of the model recalibration exercise an assessment is carried out to ensure that the selected macro-economic variables are adequate and relevant. During the financial year ended 31 December 2025, the Group performed linear regression analysis on a wide range of macro-economic variables to assess their significance with respect to historical default rates and accordingly the range of macro-economic variables was regressed against the Bank\u2019s observed default rates with the target variable for the macro-economic regression being the historically observed defaults. The Group utilises linear regression model to construct the Credit Cycle Factor from the respective regression coefficients used as weights for the individual macro-economic variables applied within the final model. The regressions were performed for three distinct business segments: business loans, home loans and other retail loans (excluding home loans) for the year ended 31 December 2025. The selected variables are GDP year-over-year (YY) change, Unemployment Rate year-over-year (YY) difference and Income Growth year-over-year (YY) change. These variables depict the most appropriate combination in terms of the economic rationale and statistical significance. Additionally, the Group also included a dummy variable (\u2018COVID dummy\u2019) to capture the exogenous shock during the COVID period. The final form of the regression equations is presented in the tables overleaf. The estimation of macro-economic forecasts is required in order to modify the PDs through the application of forward-looking information as required by IFRS 9 Financial Instruments. In relation to the Bank\u2019s LGD models applied to loan portfolios, the Group developed an internal Housing Price Index ('HPI') using historical data for the purposes of projecting the future evolution of immovable collateral values and indexing the Bank\u2019s collateral values at reporting date to the expected disposal date on the basis of forecasted movements in HPI. The utilised technique aligns with Eurostat\u2019s recommended approach in measuring housing prices. Once the HPI is estimated, the forecast is performed using autoregressive integrated moving average time series model with exogenous variables. The regression includes quarterly time series of year-on-year growth rates for prices per square metre in relation to immovable property, as outlined in the HPI, for an extensive historical period covering a significant number of years.To construct the model, using the HPI as the target variable, the Group used three autoregressive terms of one, two and three lags, as well as GDP growth and Unemployment rates as the exogenous variables.The estimation of macro-economic forecasts is required in order to modify the LGDs through the application of forward-looking information as required by IFRS 9 Financial Instruments.As with any economic forecasts, the projections and likelihoods of occurrence are subject to a high degree of inherent uncertainty and therefore the actual outcomes may be significantly different to those projected. The Group considers the forecasts it selected in respect of the macro-economic variables referred to above to represent its best estimate of the possible outcomes. The Bank\u2019s calibrated ECL model includes three scenarios in respect of the derivation of PDs for the loan portfolios (baseline/optimistic/pessimistic), whereby the baseline scenario is mapped to the economic forecasts published quarterly by the Central Bank of Malta for the Unemployment rate, and bi-annually in the Budgetary Plan and the Update of Stability Program issued by the Ministry for Finance and Employment for the GDP growth rate.The upside and downside scenarios within the PD model are then derived as follows:\u2022 The Budgetary Plan and the Update of Stability Program publish upside and downside scenarios for real GDP growth (GDP fan chart) and the Group selects appropriate upper and lower boundaries in this respect based on expert judgement;\u2022 Okun\u2019s law is used to derive the upside and downside scenarios for the Unemployment rate. Okun\u2019s law prescribes a presumably stable economic relationship between the Unemployment rate and the GDP growth rate; and\u2022 Fisher transformation formula is utilised to estimate Income growth using the HICP scenario-specific inflation paths to project baseline, optimistic and pessimistic scenarios. Based on expert judgement, the Group assigns probability weights of 50% to the baseline scenario, and 25% for each of the optimistic and pessimistic scenarios.To estimate forward-looking information in respect of the PDs on the treasury portfolio, the Group selected four macroeconomic variables (GDP growth rate, Unemployment rate, Interest rates, Loans to private sector) to include as independent variables in the Cox model, with its regression results being used in the construction of the respective Credit Cycle Factor. The vector auto regression model is utilised to forecast future paths for each macro-economic factor using normally distributed random numbers, with the distribution used by the Group to determine the baseline, optimistic, and pessimistic scenarios. The three scenarios are based on the quantiles set to 75%, 50%, and 25% boundaries, which correspond to the probability of 25% for the optimistic, 50% for the baseline, and 25% for the pessimistic. In respect of the Bank\u2019s LGD models for the loan portfolios, the forecasts for the GDP growth rate and the Unemployment rate and the related scenarios are developed in the same manner as that utilised within the PD model, however with different probability weights being assigned to the three scenarios (baseline, optimistic, and pessimistic). Furthermore, the Group has also introduced an additional extreme pessimistic scenario whereby the respective forecasts are derived from the EIOPA stress test exercise. The assignment of probability weights for each scenario was based on expert judgement as follows: 60% for baseline, 5% for optimistic, 30% for pessimistic, and 5% for extreme pessimistic. As at 31 December 2025, the IFRS 9 ECL model was updated with the Central Bank of Malta (CBM) Quarter 3, 2025 baseline macro- economic projections for the period 2025 to 2027 for GDP growth, unemployment and income growth.The following table compares the three key forecasts as per CBM issue Quarter 4: 2024 to those issued by the CBM in Quarter 3: 2025. December 24 CBM Forecasts December 25 CBM Forecasts2024 2025 2026 2025 2026 2027Macro-variable % % % % % %GDPDownside 3.26% 1.72% 1.72% 1.27% 1.18% 1.18%Baseline (CBM forecast) 4.90% 3.90% 3.60% 3.90% 3.50% 3.30%Upside 8.56% 7.53% 7.53% 6.72% 7.01% 7.01%UnemploymentDownside 3.48% 3.57% 3.42% 3.25% 3.09% 3.06%Baseline (CBM forecast) 3.20% 3.20% 3.10% 2.80% 2.70% 2.70%Upside 2.58% 2.58% 2.43% 2.32% 2.10% 2.07%Income GrowthDownside 8.31% 5.66% 4.55%Baseline (CBM forecast) 8.44% 5.78% 4.65%Upside 8.58% 5.95% 4.83%The credit cycle coefficients together with their relative weights in the credit cycle utilised within the PD models for the loan portfolios are summarised in the table below:2025Retail Home Variable Business Weights(excl. Home Loans) WeightsLoans WeightsGDP Growth \u20110.0270 54.80%Income Growth \u20110.0430 40.00% \u20110.0560 72.60% \u20110.1000 76.00%Unemployment Rate 0.4990 17.50% 0.6040 12.50%COVID Dummy 0.5510 5.20% 0.7530 9.90% 1.4920 11.50%2024 Variable Business Weights Retail WeightsGDP Growth \u20110.0052 12.64% \u20110.0060 37.80%Unemployment Rate 0.2800 87.36% 0.0800 62.20%The table presents the final credit cycle specifications for Retail (distinguishing between home loans and other loans), and Business portfolios, with a focus on the three macroeconomic variables: GDP year-over-year (YY) change, Income Growth year-over-year (YY) change and Unemployment Rate year-over-year (YY) difference. The retail portfolio\u2019s credit cycle is influenced by income growth and unemployment rates, with income growth having a negative impact and unemployment rates having a positive impact. Different weights have been assigned to distinguish between home loans and other loans within the retail portfolio. For home loans the weights assigned are 76.00% for income growth, 12.50% for unemployment rates, and 11.5% for the COVID dummy, as at 31 December 2025. In respect of other loans weights of 72.60% for income growth, 17.50% for unemployment rate, and 9.9% for the COVID dummy, were assigned.The business portfolio\u2019s credit cycle is influenced by GDP and income growth both with a negative coefficient. GDP has a weight of 54.80%, whilst income growth has a weight of 40.00% and 5.2% is attributable to the COVID dummy as at 31 December 2025.Overall, the table illustrates that both the retail and business portfolios are influenced by macroeconomic conditions. The signs of the coefficients align with theoretical expectations, where economic growth (reflected by GDP) and income growth tend to improve credit conditions, while rising unemployment rates tend to worsen them. The differences in the weights indicate that income growth affects the retail portfolio to a greater degree, whilst the business portfolio is influenced more by GDP relative to income growth. This is because the business portfolio is typically more sensitive to changes in GDP growth, which directly reflects the overall economic activity and market demand for goods and services. When GDP rises, businesses generally experience increased sales, higher profits, and improved cash flow, thereby enhancing their ability to meet financial obligations and reducing credit risk. In contrast, income growth primarily influences individual consumers and households, making it a stronger driver for the retail portfolio, where loans are more closely tied to personal earnings and spending power. For businesses, the aggregate economic environment captured by GDP is a more comprehensive indicator of their financial health and prospects than individual income growth, explaining why the model assigns greater weight to GDP for the business portfolio. Other forward-looking considerations not incorporated within the above scenarios, such as the impact of any regulatory, legislative, or political changes, have also been considered, but are not deemed to have a material impact. This is reviewed and monitored for appropriateness on an annual basis.Sensitivity of ECL to future economic conditionsECL is sensitive to judgements and assumptions made regarding formulation of forward-looking scenarios and how such scenarios are incorporated into the calculations. A sensitivity analysis is performed on the ECL allowances for the credit portfolio, assuming the upside and downside forward-looking scenarios as the baseline and weighted at 100% instead of applying an unbiased set of probability weights.2025\u20ac000Gross performing exposures 7,934,395ECL variance \u2011 Upside 1,107 \u2011 Downside (1,068)Applying a baseline scenario would approximate the probability weighted scenario.The Group performed additional ECL runs to sensitise ECL allowances to changes in macro-economic variable inputs and their impact on projected PD curves. Shifts in macro-economic variables create a non-linear effect on the Bank\u2019s ECL model outcome and the sensitivity analysis highlighted below has been devised accordingly. Set out below are the changes to ECL allowances as at 31 December 2025 that would result from changes in parameters based on the outcome of the sensitivity analysis tests:Increase in ECL Macro-variable \ue622\ue65f\ue662\ue65b\ue602\ue662\ue66d\ue602\ue630\ue62d\ue676\ue662\ue676\ue602\ue672\ue66f\ue662\ue66d\ue67c\ue676\u20ac000Unemployment rate 1.50% (230)\ue60b\ue638\ue633\ue639\ue639\ue602\ue608\ue633\ue631\ue627\ue639\uefa7\ue624\ue602\ue616\ue638\ue633\ue626\ue63c\ue624\ue63b \u20112.50% (104)Income Growth \u20111.75% (147)j. Management adjustments to models for impairmentManagement adjustments to impairment models are applied in order to factor in certain conditions that are not fully incorporated into the impairment models, or to additional facts and circumstances at the period end. Management adjustments are reviewed and incorporated into future model development where applicable.Post-model adjustments due to long-outstanding non-performing exposures A total of \u20ac7.9 million (2024: \u20ac16.1 million) are reflected as post-model adjustments related to non-performing exposures, with a release of \u20ac8.2 million during the current year mainly attributable to account closures and write-offs. Specific long-outstanding/legacy non-performing exposures are considered as very high-risk exposures with a high degree of uncertainty associated with the realisation of their collateral. For this group of exposures time to sell is longer than normally expected resulting in additional costs to maintain the assets in a good and saleable condition, and it is highly probable that the debt is realised through court proceedings, with further legal costs being incurred. Taking all these factors into consideration, the Bank is of the view that an additional specific adjustment to the LGD model is necessary to reflect the estimated impact of the factors outlined above and to increase the ECL coverage for this group of exposures.k. Write-offsLoans and debt securities are written off in full when there is no realistic prospect of recovery. This is generally the case when the Group determines that the borrower does not have assets or sources of income that could generate sufficient cash flows to repay the amounts. However, financial assets that are written off could be subject to enforcement activities in order to comply with the Group\u2019s procedures for recovery of amounts due.The contractual amount outstanding on financial assets that were written off during the year ended 31 December 2025 and that is still subject to enforcement activity is \u20ac7.3 million (2024: \u20ac0.4 million).39.3 LIQUIDITY RISKLiquidity risk is the risk that an entity will encounter difficulty in raising funds to meet commitments associated with financial instruments. Liquidity risk may result from an inability to sell a financial asset quickly at close to its fair value. The Group monitors and manages this risk by maintaining sufficient cash and, where possible, financial assets for which there is a liquid market and that are readily saleable to meet liquidity needs. The Group is exposed to daily calls on its available cash resources from overnight deposits, current and call deposits, maturing term deposits, loan drawdowns, guarantees and from margin and other calls on cash-settled derivatives. In order to ensure that maturing funds are always available to meet expected demand for cash, the Board sets parameters within which maturities of assets and liabilities may be mismatched. Unmatched positions potentially enhance profitability, but also increase the risk of losses. In addition, the Group manages its risk to a shortage of funds by monitoring forecast and actual cashflows, by monitoring the mechanisms available to raise funds to meet commitments associated with financial instruments and by holding financial assets which are expected to generate cash inflows that will be available to meet cash outflows on liabilities.The following table analyses Group financial liabilities into relevant maturity groupings, based on the remaining period at the reporting date to the contractual maturity date. The Bank's financial liabilities and relevant maturity groupings are not materially different from the Group's. The balances in this table will not agree directly to the balances in the statement of financial position as the table incorporates all cash flows, on an undiscounted basis, related to both principal as well as those associated with all future coupon payments. Furthermore, loan commitments do not meet the criteria for recognition in the statement of financial position. The amounts presented in respect of derivative liabilities held for risk management and derivatives designated as hedging instruments reflect gross or net settled amounts as appropriate.The below table is presented at Group level as there are no material differences between the Group and the Bank in respect of amounts disclosed.The GroupDue between Due within 3 and 12 Due between Due after Gross Nominal Carrying 3 monthsmonths1 and 5 years5 yearsoutflowamountAt 31 December 2025 \u20ac000 \u20ac000 \u20ac000 \u20ac000 \u20ac000 \u20ac000Derivative contracts held for risk management 2,220 2,312 \u2011 \u2011 4,532 4,532 Derivative contracts designated as hedging instruments \u2011 507 915 \u2011 1,422 36 Amounts owed to banks 100,035 8 \u2011 \u2011 100,043 99,894 Amounts owed to customers 13,661,825 49,110 25,826 4,293 13,741,054 13,740,565 Unsubordinated debt securities in issue \u2011 35,000 385,000 \u2011 420,000 351,659 Subordinated liabilities 1,953 22,574 209,699 515,607 749,833 540,143 Other financial liabilities 221,174 \u2011 \u2011 \u2011 221,174 250,64913,987,207 109,511 621,440 519,900 15,238,058 14,987,478Loan commitments 3,173,537 Financial Guarantees 631,613 At 31 December 2024Derivative contracts held for risk management 2,976 614 610 \u2011 4,200 4,200 Derivative contracts designated as hedging instruments \u2011 94 608 \u2011 702 \u2011 Amounts owed to banks 9,151 8 \u2011 \u2011 9,159 9,150 Amounts owed to customers 12,696,567 68,718 34,868 4,480 12,804,633 12,803,915 Unsubordinated debt securities in issue \u2011 35,000 420,000 \u2011 455,000 350,846 Subordinated liabilities 1,953 9,156 43,123 294,247 348,479 263,136 Other financial liabilities 211,130 \u2011 \u2011 \u2011 211,130 243,76112,921,777 113,590 499,209 298,727 13,833,303 13,675,008Loan commitments 2,936,765 Financial Guarantees 395,536 Assets available to meet these liabilities, and to cover outstanding commitments, include balances with Central Bank of Malta, treasury bills and cash, cheques in course of collection, loans to banks and to customers and marketable securities, together with undrawn credit lines. Although the tables below reflect a significant gap between financial liabilities and financial assets in the earlier time band presented, this imbalance is managed effectively in view of the nature of the Group\u2019s investments portfolio composed principally of highly liquid assets and of the stickiness profile of the deposit base. The Group also monitors the management of this gap through the utilisation of metrics and ratios referred to below.The following table analyses the assets and liabilities that are recognised in the statement of financial position into relevant maturity groupings, based on the remaining period at the reporting date to their contractual maturity date.The GroupBetween 3 Less than 3 months and 1 Between 1 and More than 5 No maturity monthsyear5 yearsyearsdate TotalAt 31 December 2025 \u20ac000 \u20ac000 \u20ac000 \u20ac000 \u20ac000 \u20ac000Assets Balances with Central Bank of Malta, cash and other related assets 800,663 44,757 \u2011 \u2011 75,804 921,224 Financial assets at fair value \ue63b\ue62c\ue638\ue633\ue63c\ue62b\ue62c\ue602\ue636\ue638\ue633\ue629\ue63b\ue602\ue633\ue638\ue602\ue6a3\ue633\ue639\ue639\ue602\ue666\ue602\ue608\ue627\ue623\ue63b\ue602\ue621\ue632\ue626\ue602\ue633\ue63b\ue62c\ue627\ue638\ue602\ue629\ue63f\ue627\ue626\ue602\ue602income instruments 1,386 \u2011 \u2011 6 \u2011 1,392 \ue602\ue666\ue602\ue609\ue637\ue63c\ue62d\ue63b\ue640\ue602\ue621\ue632\ue626\ue602\ue633\ue63b\ue62c\ue627\ue638\ue602\ue632\ue633\ue632\ue666\ue629\ue63f\ue627\ue626\ue602income instruments \u2011 \u2011 \u2011 \u2011 51,203 51,203 \u2011 Loans and advances \u2011 500 15,171 20,972 \u2011 36,643 \ue602\ue666\ue602\ue608\ue627\ue638\ue62d\ue63d\ue621\uefa7\ue63d\ue627\ue602\ue629\ue632\ue621\ue632\ue624\ue62d\ue621\ue6a3\ue602instruments 614 2,315 13 45 \u2011 2,987 Investments\ue602\ue666\ue602\ue608\ue627\ue623\ue63b\ue602\ue621\ue632\ue626\ue602\ue633\ue63b\ue62c\ue627\ue638\ue602\ue629\ue63f\ue627\ue626\ue602\ue62d\ue632\ue624\ue633\ue631\ue627\ue602 \ue629\ue632\ue621\ue632\ue624\ue62d\ue621\ue6a3\ue602\ue62d\ue632\ue639\ue63b\ue638\ue63c\ue631\ue627\ue632\ue63b\ue639 \u2011 FVOCI 132 234 63,102 7,318 \u2011 70,786 \ue602\ue602\ue602\ue666\ue602\ue603\ue631\ue633\ue638\uefa7\ue639\ue627\ue626\ue602\ue624\ue633\ue639\ue63b 117,425 631,073 2,881,071 3,151,640 \u2011 6,781,209 \ue602\ue666\ue602\ue609\ue637\ue63c\ue62d\ue63b\ue640\ue602\ue621\ue632\ue626\ue602\ue633\ue63b\ue62c\ue627\ue638\ue602\ue632\ue633\ue632\ue666\ue629\ue63f\ue627\ue626\ue602income instruments \u2011 FVOCI \u2011 \u2011 \u2011 \u2011 3,044 3,044 Loans and advances to banks 254,580 4,174 \u2011 \u2011 \u2011 258,754 Loans and advances to customers 699,134 148,117 683,212 6,455,010 \u2011 7,985,473 Other assets \u2011 \u2011 \u2011 \u2011 11,209 11,2091,873,934 831,170 3,642,569 9,634,991 141,260 16,123,924\ue615\ue662\ue62d\ue630\ue662\uea74\ue662\uef9e\ue63b\ue676\ue608\ue627\ue638\ue62d\ue63d\ue621\uefa7\ue63d\ue627\ue602\ue624\ue633\ue632\ue63b\ue638\ue621\ue624\ue63b\ue639\ue602\ue62c\ue627\ue6a3\ue626\ue602\ue628\ue633\ue638\ue602risk management 2,220 2,312 \u2011 \u2011 \u2011 4,532 \ue608\ue627\ue638\ue62d\ue63d\ue621\uefa7\ue63d\ue627\ue602\ue624\ue633\ue632\ue63b\ue638\ue621\ue624\ue63b\ue639\ue602designated as hedging instruments \u2011 \u2011 36 \u2011 \u2011 36 Amounts owed to banks 99,894 \u2011 \u2011 \u2011 \u2011 99,894 Amounts owed to customers 13,661,743 49,102 25,723 3,997 \u2011 13,740,565 \ue613\ue63b\ue62c\ue627\ue638\ue602\ue6a3\ue62d\ue621\ue623\ue62d\ue6a3\ue62d\uefa7\ue627\ue639 221,174 \u2011 \u2011 \u2011 \u2011 221,174Unsubordinated debt \ue639\ue627\ue624\ue63c\ue638\ue62d\uefa7\ue627\ue639\ue602\ue62d\ue632\ue602\ue62d\ue639\ue639\ue63c\ue627 \u2011 2,493 349,166 \u2011 \u2011 351,659 \ue619\ue63c\ue623\ue633\ue638\ue626\ue62d\ue632\ue621\ue63b\ue627\ue626\ue602\ue6a3\ue62d\ue621\ue623\ue62d\ue6a3\ue62d\uefa7\ue627\ue639 1,540 4,959 \u2011 533,644 \u2011 540,143 13,986,571 58,866 374,925 537,641 - 14,958,003The GroupBetween 3 Less than 3 months and 1 Between 1 More than 5 No maturity monthsyearand 5 yearsyearsdate TotalAt 31 December 2024 \u20ac000 \u20ac000 \u20ac000 \u20ac000 \u20ac000 \u20ac000Assets Balances with Central Bankof Malta, cash and otherrelated assets 1,019,197 \u2011 \u2011 \u2011 66,674 1,085,871 Financial assets at fair value \ue63b\ue62c\ue638\ue633\ue63c\ue62b\ue62c\ue602\ue636\ue638\ue633\ue629\ue63b\ue602\ue633\ue638\ue602\ue6a3\ue633\ue639\ue639\ue602\ue666\ue602\ue608\ue627\ue623\ue63b\ue602\ue621\ue632\ue626\ue602\ue633\ue63b\ue62c\ue627\ue638\ue602\ue629\ue63f\ue627\ue626\ue602\ue602income instruments 1,026 355 \u2011 39 \u2011 1,420 \ue602\ue666\ue602\ue609\ue637\ue63c\ue62d\ue63b\ue640\ue602\ue621\ue632\ue626\ue602\ue633\ue63b\ue62c\ue627\ue638\ue602\ue632\ue633\ue632\ue666\ue629\ue63f\ue627\ue626\ue602income instruments \u2011 \u2011 \u2011 \u2011 50,052 50,052 \u2011 Loans and advances \u2011 4,601 14,409 31,667 \u2011 50,677 \ue602\ue666\ue602\ue608\ue627\ue638\ue62d\ue63d\ue621\uefa7\ue63d\ue627\ue602\ue629\ue632\ue621\ue632\ue624\ue62d\ue621\ue6a3\ue602instruments 3,368 1 648 54 \u2011 4,071 Investments\ue602\ue666\ue602\ue608\ue627\ue623\ue63b\ue602\ue621\ue632\ue626\ue602\ue633\ue63b\ue62c\ue627\ue638\ue602\ue629\ue63f\ue627\ue626\ue602\ue62d\ue632\ue624\ue633\ue631\ue627\ue602 \ue629\ue632\ue621\ue632\ue624\ue62d\ue621\ue6a3\ue602\ue62d\ue632\ue639\ue63b\ue638\ue63c\ue631\ue627\ue632\ue63b\ue639 \u2011 FVOCI \u2011 \u2011 73,051 7,490 \u2011 80,541 \ue602\ue602\ue602\ue666\ue602\ue603\ue631\ue633\ue638\uefa7\ue639\ue627\ue626\ue602\ue624\ue633\ue639\ue63b 104,005 602,177 3,033,320 2,511,755 \u2011 6,251,257 \ue602\ue666\ue602\ue609\ue637\ue63c\ue62d\ue63b\ue640\ue602\ue621\ue632\ue626\ue602\ue633\ue63b\ue62c\ue627\ue638\ue602\ue632\ue633\ue632\ue666\ue629\ue63f\ue627\ue626\ue602income instruments \u2011 FVOCI \u2011 \u2011 \u2011 \u2011 4,898 4,898 Loans and advances to banks 324,219 4,328 \u2011 \u2011 \u2011 328,547 Loans and advances to customers 579,858 94,913 632,963 5,538,568 \u2011 6,846,302 Other assets \u2011 \u2011 \u2011 \u2011 14,425 14,4252,031,673 706,375 3,754,391 8,089,573 136,049 14,718,061\ue615\ue662\ue62d\ue630\ue662\uea74\ue662\uef9e\ue63b\ue676\ue608\ue627\ue638\ue62d\ue63d\ue621\uefa7\ue63d\ue627\ue602\ue624\ue633\ue632\ue63b\ue638\ue621\ue624\ue63b\ue639\ue602\ue62c\ue627\ue6a3\ue626\ue602\ue628\ue633\ue638\ue602risk management 2,976 614 610 \u2011 \u2011 4,200 Amounts owed to banks 9,150 \u2011 \u2011 \u2011 \u2011 9,150 Amounts owed to customers 12,696,314 68,671 34,750 4,180 \u2011 12,803,915 \ue613\ue63b\ue62c\ue627\ue638\ue602\ue6a3\ue62d\ue621\ue623\ue62d\ue6a3\ue62d\uefa7\ue627\ue639 211,130 \u2011 \u2011 \u2011 \u2011 211,130Unsubordinated debt \ue639\ue627\ue624\ue63c\ue638\ue62d\uefa7\ue627\ue639\ue602\ue62d\ue632\ue602\ue62d\ue639\ue639\ue63c\ue627 \u2011 2,493 348,353 \u2011 \u2011 350,846 \ue619\ue63c\ue623\ue633\ue638\ue626\ue62d\ue632\ue621\ue63b\ue627\ue626\ue602\ue6a3\ue62d\ue621\ue623\ue62d\ue6a3\ue62d\uefa7\ue627\ue639 1,540 900 \u2011 260,696 \u2011 263,136 12,921,110 72,678 383,713 264,876 - 13,642,377The BankBetween 3 Less than 3 months and 1 Between 1 and More than 5 No maturity monthsyear5 years years date TotalAt 31 December 2025 \u20ac000 \u20ac000 \u20ac000 \u20ac000 \u20ac000 \u20ac000AssetsBalances with Central Bankof Malta, cash and otherrelated assets 800,663 44,757 \u2011 \u2011 75,804 921,224 Financial assets at fair value \ue63b\ue62c\ue638\ue633\ue63c\ue62b\ue62c\ue602\ue636\ue638\ue633\ue629\ue63b\ue602\ue633\ue638\ue602\ue6a3\ue633\ue639\ue639\ue602\ue666\ue602\ue608\ue627\ue623\ue63b\ue602\ue621\ue632\ue626\ue602\ue633\ue63b\ue62c\ue627\ue638\ue602\ue629\ue63f\ue627\ue626\ue602income instruments \u2011 \u2011 \u2011 6 \u2011 6 \ue602\ue666\ue602\ue609\ue637\ue63c\ue62d\ue63b\ue640\ue602\ue621\ue632\ue626\ue602\ue633\ue63b\ue62c\ue627\ue638\ue602\ue632\ue633\ue632\ue666\ue629\ue63f\ue627\ue626\ue602income instruments \u2011 \u2011 \u2011 \u2011 51,198 51,198 \u2011 Loans and advances \u2011 500 15,171 20,972 \u2011 36,643 \ue602\ue666\ue602\ue608\ue627\ue638\ue62d\ue63d\ue621\uefa7\ue63d\ue627\ue602\ue629\ue632\ue621\ue632\ue624\ue62d\ue621\ue6a3\ue602instruments 614 2,315 13 45 \u2011 2,987 Investments\ue602\ue666\ue602\ue608\ue627\ue623\ue63b\ue602\ue621\ue632\ue626\ue602\ue633\ue63b\ue62c\ue627\ue638\ue602\ue629\ue63f\ue627\ue626\ue602\ue62d\ue632\ue624\ue633\ue631\ue627\ue602 \ue629\ue632\ue621\ue632\ue624\ue62d\ue621\ue6a3\ue602\ue62d\ue632\ue639\ue63b\ue638\ue63c\ue631\ue627\ue632\ue63b\ue639 \u2011 FVOCI 132 234 63,102 7,318 \u2011 70,786 \ue602\ue602\ue602\ue666\ue602\ue603\ue631\ue633\ue638\uefa7\ue639\ue627\ue626\ue602\ue624\ue633\ue639\ue63b 117,425 631,073 2,881,071 3,151,640 \u2011 6,781,209 \u2011 Equity and other non\u2011 \ue602\ue602\ue602\ue629\ue63f\ue627\ue626\ue602\ue62d\ue632\ue624\ue633\ue631\ue627\ue602\ue62d\ue632\ue639\ue63b\ue638\ue63c\ue631\ue627\ue632\ue63b\ue639 \u2011 FVOCI \u2011 \u2011 \u2011 \u2011 3,044 3,044 Loans and advances to banks 254,580 4,174 \u2011 \u2011 \u2011 258,754 Loans and advances to customers 699,134 148,117 683,212 6,455,010 \u2011 7,985,473 Other assets \u2011 \u2011 \u2011 \u2011 11,209 11,2091,872,548 831,170 3,642,569 9,634,991 141,255 16,122,533\ue615\ue662\ue62d\ue630\ue662\uea74\ue662\uef9e\ue63b\ue676\ue608\ue627\ue638\ue62d\ue63d\ue621\uefa7\ue63d\ue627\ue602\ue624\ue633\ue632\ue63b\ue638\ue621\ue624\ue63b\ue639\ue602\ue62c\ue627\ue6a3\ue626\ue602\ue628\ue633\ue638\ue602risk management 2,220 2,312 \u2011 \u2011 \u2011 4,532 \ue608\ue627\ue638\ue62d\ue63d\ue621\uefa7\ue63d\ue627\ue602\ue624\ue633\ue632\ue63b\ue638\ue621\ue624\ue63b\ue639\ue602\ue626\ue627\ue639\ue62d\ue62b\ue632\ue621\ue63b\ue627\ue626\ue602 as hedging instruments \u2011 \u2011 36 \u2011 \u2011 36 Amounts owed to banks 99,894 \u2011 \u2011 \u2011 \u2011 99,894 Amounts owed to customers 13,666,288 49,102 25,723 3,997 \u2011 13,745,110 \ue613\ue63b\ue62c\ue627\ue638\ue602\ue6a3\ue62d\ue621\ue623\ue62d\ue6a3\ue62d\uefa7\ue627\ue639 221,011 \u2011 \u2011 \u2011 \u2011 221,011Unsubordinated debt \ue639\ue627\ue624\ue63c\ue638\ue62d\uefa7\ue627\ue639\ue602\ue62d\ue632\ue602\ue62d\ue639\ue639\ue63c\ue627 \u2011 2,493 349,166 \u2011 \u2011 351,659 \ue619\ue63c\ue623\ue633\ue638\ue626\ue62d\ue632\ue621\ue63b\ue627\ue626\ue602\ue6a3\ue62d\ue621\ue623\ue62d\ue6a3\ue62d\uefa7\ue627\ue639 1,540 4,959 \u2011 533,644 \u2011 540,143 13,990,953 58,866 374,925 537,641 - 14,962,385The BankBetween 3 Less than 3 months and 1 Between 1 and More than 5 No maturity monthsyear5 years yearsdate TotalAt 31 December 2024 \u20ac000 \u20ac000 \u20ac000 \u20ac000 \u20ac000 \u20ac000AssetsBalances with Central Bankof Malta, cash and otherrelated assets 1,019,197 \u2011 \u2011 \u2011 66,674 1,085,871 Financial assets at fair value \ue63b\ue62c\ue638\ue633\ue63c\ue62b\ue62c\ue602\ue636\ue638\ue633\ue629\ue63b\ue602\ue633\ue638\ue602\ue6a3\ue633\ue639\ue639\ue602\ue666\ue602\ue608\ue627\ue623\ue63b\ue602\ue621\ue632\ue626\ue602\ue633\ue63b\ue62c\ue627\ue638\ue602\ue629\ue63f\ue627\ue626\ue602income instruments \u2011 \u2011 \u2011 39 \u2011 39 \ue602\ue666\ue602\ue609\ue637\ue63c\ue62d\ue63b\ue640\ue602\ue621\ue632\ue626\ue602\ue633\ue63b\ue62c\ue627\ue638\ue602\ue632\ue633\ue632\ue666\ue629\ue63f\ue627\ue626\ue602income instruments \u2011 \u2011 \u2011 \u2011 49,891 49,891 \u2011 Loans and advances \u2011 4,601 14,409 31,667 \u2011 50,677 \ue602\ue666\ue602\ue608\ue627\ue638\ue62d\ue63d\ue621\uefa7\ue63d\ue627\ue602\ue629\ue632\ue621\ue632\ue624\ue62d\ue621\ue6a3\ue602instruments 3,368 1 648 54 \u2011 4,071 Investments\ue602\ue666\ue602\ue608\ue627\ue623\ue63b\ue602\ue621\ue632\ue626\ue602\ue633\ue63b\ue62c\ue627\ue638\ue602\ue629\ue63f\ue627\ue626\ue602\ue62d\ue632\ue624\ue633\ue631\ue627\ue602\ue629\ue632\ue621\ue632\ue624\ue62d\ue621\ue6a3\ue602\ue62d\ue632\ue639\ue63b\ue638\ue63c\ue631\ue627\ue632\ue63b\ue639 \u2011 FVOCI \u2011 \u2011 73,051 7,490 \u2011 80,541 \ue602\ue602\ue602\ue666\ue602\ue603\ue631\ue633\ue638\uefa7\ue639\ue627\ue626\ue602\ue624\ue633\ue639\ue63b 104,005 602,177 3,033,320 2,511,755 \u2011 6,251,257 \ue602\ue666\ue602\ue609\ue637\ue63c\ue62d\ue63b\ue640\ue602\ue621\ue632\ue626\ue602\ue633\ue63b\ue62c\ue627\ue638\ue602\ue632\ue633\ue632\ue666\ue629\ue63f\ue627\ue626\ue602income instruments \u2011 FVOCI \u2011 \u2011 \u2011 \u2011 4,898 4,898 Loans and advances to banks 324,219 4,328 \u2011 \u2011 \u2011 328,547 Loans and advances to customers 579,858 94,913 632,963 5,538,568 \u2011 6,846,302 Other assets\u2011 \u2011 \u2011 \u2011 14,425 14,4252,030,647 706,020 3,754,391 8,089,573 135,888 14,716,519\ue615\ue662\ue62d\ue630\ue662\uea74\ue662\uef9e\ue63b\ue676\ue608\ue627\ue638\ue62d\ue63d\ue621\uefa7\ue63d\ue627\ue602\ue624\ue633\ue632\ue63b\ue638\ue621\ue624\ue63b\ue639\ue602\ue62c\ue627\ue6a3\ue626\ue602\ue628\ue633\ue638\ue602risk management 2,976 614 610 \u2011 \u2011 4,200 Amounts owed to banks 9,150 \u2011 \u2011 \u2011 \u2011 9,150 Amounts owed to customers 12,700,356 68,671 34,750 4,180 \u2011 12,807,957 \ue613\ue63b\ue62c\ue627\ue638\ue602\ue6a3\ue62d\ue621\ue623\ue62d\ue6a3\ue62d\uefa7\ue627\ue639210,695 \u2011 \u2011 \u2011 \u2011 210,695 Unsubordinated debt \ue639\ue627\ue624\ue63c\ue638\ue62d\uefa7\ue627\ue639\ue602\ue62d\ue632\ue602\ue62d\ue639\ue639\ue63c\ue627 \u2011 2,493 348,353 \u2011 \u2011 350,846 \ue619\ue63c\ue623\ue633\ue638\ue626\ue62d\ue632\ue621\ue63b\ue627\ue626\ue602\ue6a3\ue62d\ue621\ue623\ue62d\ue6a3\ue62d\uefa7\ue627\ue639 1,540 900 \u2011 260,696 \u2011 263,136 12,924,717 72,678 383,713 264,876 - 13,645,984As outlined previously, liquidity risk is the risk that the Group is unable to meet its current or future payment obligations asthey fall due, and/or to replace funding at a reasonable cost, when funds are withdrawn even when this occurs unexpectedly. Funding liquidity risk encompasses the inability to efficiently meet various cash flow and collateral needs without affecting the Group\u2019s daily operations and financial position. The Group\u2019s objective of effectively managing liquidity risk is to ensure that both foreseeable and unpredicted funding commitments can be met when due and at a reasonable cost. The Liquidity Coverage Ratio (LCR) and the Net Stable Funding Ratio (NSFR) are key regulatory metrics used by the Group for managing liquidity risk. The LCR measures the Group\u2019s ability to withstand short-term liquidity stress by requiring it to hold sufficient unencumbered high-quality liquid assets to cover net liquidity outflows over a 30-calendar-day stressed scenario, thereby promoting resilienceagainst acute liquidity shocks. The NSFR complements the LCR by assessing the Group\u2019s structural funding stability over a one-year horizon, ensuring that longer-term assets and off-balance-sheet exposures are funded with an appropriate level of stable funding sources and limiting excessive reliance on short-term funding. The European Banking Authority had issued guidelines aimed at harmonising liquidity risk disclosures in accordance with the Capital Requirements Regulation (CRR). Since the implementation of the regulatory LCR requirement, the Group has consistentlymaintained LCR levels well above the minimum regulatory requirement of 100%. As at 31 December 2025, the Group reported an LCR of 384.41% (31 December 2024: 368.78%). Additional disclosures on LCR are included within the Pillar 3 Disclosures Report published on the Group\u2019s website. The NSFR requirement emanates from the Basel III framework developed by the Basel Committee on Banking Supervision and is implemented within the EU through the CRR, with the requirement applying as a binding minimum requirement. As at the endof December 2025, the Group reported an NSFR of 196.45% (31 December 2024: 195.53%), remaining comfortably above the minimum regulatory requirement of 100%. These ratios are monitored on an ongoing basis as part of the Group\u2019s liquidity risk management framework. Throughout the periods presented within these financial statements, the Group remained fully compliant with the applicable minimum regulatoryliquidity requirements.Asset EncumbranceCarrying amount Fair value of Carrying amount of Fair value of of unencumbered unencumbered encumbered assetsencumbered assets assetsassets \u20ac000 \u20ac000 \u20ac000 \u20ac000The GroupAs at 31 December 2025Equity instruments \u2011 \u2011 54,247 54,247 \ue608\ue627\ue623\ue63b\ue602\ue639\ue627\ue624\ue63c\ue638\ue62d\uefa7\ue627\ue639 100,931 99,586 6,867,934 6,795,108 Loans and advances \u2011 \u2011 9,010,816 Other assets \u2011 \u2011 496,395 100,931 99,586 16,429,392 The GroupAs at 31 December 2024Equity instruments \u2011 \u2011 54,950 54,950 \ue608\ue627\ue623\ue63b\ue602\ue639\ue627\ue624\ue63c\ue638\ue62d\uefa7\ue627\ue639 40,153 38,452 6,357,842 6,284,671 Loans and advances \u2011 \u2011 8,179,950 Other assets \u2011 \u2011 466,204 40,153 38,452 15,058,946 The BankAs at 31 December 2025Equity instruments \u2011 \u2011 54,242 54,242 \ue608\ue627\ue623\ue63b\ue602\ue639\ue627\ue624\ue63c\ue638\ue62d\uefa7\ue627\ue639 100,931 99,586 6,866,549 6,793,557 Loans and advances \u2011 \u2011 9,010,816 Other assets \u2011 \u2011 448,113 100,931 99,586 16,379,720 The BankAs at 31 December 2024Equity instruments \u2011 \u2011 54,789 54,789\ue608\ue627\ue623\ue63b\ue602\ue639\ue627\ue624\ue63c\ue638\ue62d\uefa7\ue627\ue639 40,153 38,452 6,356,460 6,283,291 Loans and advances \u2011 \u2011 8,179,950 Other assets \u2011 \u2011 425,840 40,153 38,452 15,017,039 The fair value of Loans and advances and Other assets is not deemed to differ materially from their carrying amount at the respective reporting dates.The Group and the Bank undertake the following:i. Pledging of debt securities in favour of the Depositor Compensation Scheme.ii. Pledging of debt securities which are covered by the TBMA/ISMA Global Repurchase Master Agreement.39.4 MARKET RISKMarket risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market prices. Market risk comprises three types of risk: interest rate risk, currency risk and other price risk. It arises in all areas of the Group\u2019s activities and is managed by a variety of different techniques as detailed below.The objective of the Group is to manage and control market risk exposures in order to optimise return on risk while maintaining a market profile consistent with the Bank\u2019s status as a leading Bank in providing financial products and services.The market risk appetite is articulated in the Treasury Management Policy. It is defined as the quantum and composition of market risk that the Bank tolerates and the manner in which the Bank manages this risk. Market risk is managed through limits set in the Treasury Management Policy. The Policy is reviewed by Treasury department in co-ordination with the Risk Management department and is approved by the Asset and Liability Management Committee (ALCO) and the Board of Directors.39.4.1 INTEREST RATE RISKInterest rate risk is the risk that the fair value or future cash flows of a financial instrument would fluctuate because of changes in market interest rates.The Group is exposed to fair value interest rate risk arising from financial assets and liabilities with fixed interest rates and to cash flow interest rate risk arising from financial assets and liabilities with floating interest rates. The Group is not directly exposed to interest rate risk on investment in equity instruments. The Group uses interest rate swaps to hedge the interest rate risk of certain financial instruments.The analysis of interest rate risk is performed through a comprehensive methodology which covers all interest sensitive assets and liabilities, as well as off-balance sheet items. This methodology effectively entails a wide analysis and enables the stressing of various movements in the yield curves. The tables below depict the movement of stressed yield curves and the changes in the Reported Equity and Net Interest Income to such movements. Further information related to the measurement of interest rate risk can be located within Pillar 3 Disclosures Report as included in the Bank\u2019s website.Bps \ue609\ue662\ue675\ue63b\ue631\uef9e\ue66f\ue66dParallel Shock Up 200 Up Parallel Shock Down 200 Down Short Rates Up 250 Up Short Rates Down 250 Down Steepener 250 Short Rates Down 100 Long Rates Up \ue60d\uea74\ue62d\ue682\ue63b\ue66d\ue63b\ue675 250 Short Rates Up100 Long Rates DownThe below table applies to both the Group and the Bank. Parallel Parallel Short Rates Short Rates Shock Up Shock Down Up Down Steepener \ue602\ue60d\uea74\ue62d\ue682\ue63b\ue66d\ue63b\ue675\ue602\u20ac millions \u20ac millions \u20ac millions \u20ac millions \u20ac millions \u20ac millions\ue622\ue63b\ue66d\ue676\ue662\uef9e\ue688\ue662\ue67c\ue68b\ue602\ue66f\ue63d\ue602\ue675\ue63b\ue672\ue66f\ue675\ue67c\ue63b\ue637\ue602\ue63b\ue674\ue686\ue662\ue67c\ue68b\ue602\ue67c\ue66f\ue602interest rate movements2025At 31 December 67 (61) 55 (58) (26) 39 Average for the year 17 (2) 44 (47) (39) 44 Most favourable for the year 67 53 55 (38) (26) 51 Least favourable for the year (28) (61) 36 (58) (52) 39 2024At 31 December 23 (10) 45 (48) (37) 44 Average for the year 52 (44) 48 (51) (26) 37 Most favourable for the year 69 (10) 52 (46) (20) 44 Least favourable for the year 23 (67) 44 (55) (37) 31 Parallel Parallel Shock UpShock Down\u20ac millions \u20ac millions\ue622\ue63b\ue66d\ue676\ue662\uef9e\ue688\ue662\ue67c\ue68b\ue602\ue66f\ue63d\ue602\ue672\ue675\ue66f\ue666\ue63b\ue631\ue67c\ue63b\ue637\ue602\ue66d\ue63b\ue67c\ue602interest income to interest rate movements2025At 31 December 37 (37)Average for the year 32 (32)Most favourable for the year 37 (23)Least favourable for the year 23 (37)2024At 31 December 36 (36)Average for the year 40 (41)Most favourable for the year 50 (36)Least favourable for the year 36 (50)Interest rate repricing gapThe table below summarises the Group\u2019s exposure to interest rate risk. Included in the table are Group assets and liabilities, including derivative financial instruments which are principally used to reduce exposure to interest rate risk, categorised by repricing date. The management of repricing gaps within specific time bands presented in the table below takes cognisance of the interest rate profile of the Bank\u2019s deposit base, with a significant portion of the deposit base currently not bearing any interest expense. The below table is presented at Group level as there are no material differences between the Group and the Bank in respect of amounts disclosed.The Group\u2019s assets and liabilities are set to reprice as follows:3 months or 1 year or less Up to less but over 1 but over 3 1 Monthmonthmonths Over 1 year Others Total\u20ac000 \u20ac000 \u20ac000 \u20ac000 \u20ac000 \u20ac000AssetsBalances with Central Bank of Malta, cash and other related assets 805,750 115,474 \u2011 \u2011 \u2011 921,224 Financial assets at fair \ue63d\ue621\ue6a3\ue63c\ue627\ue602\ue63b\ue62c\ue638\ue633\ue63c\ue62b\ue62c\ue602\ue636\ue638\ue633\ue629\ue63b\ue602\ue633\ue638\ue602\ue6a3\ue633\ue639\ue639\ue602\ue666\ue602\ue608\ue627\ue623\ue63b\ue602\ue621\ue632\ue626\ue602\ue633\ue63b\ue62c\ue627\ue638\ue602\ue629\ue63f\ue627\ue626\ue602\ue62d\ue632\ue624\ue633\ue631\ue627\ue602instruments \u2011 11 1 1,380 \u2011 1,392 \ue602\ue666\ue602\ue609\ue637\ue63c\ue62d\ue63b\ue640\ue602\ue621\ue632\ue626\ue602\ue633\ue63b\ue62c\ue627\ue638\ue602\ue632\ue633\ue632\ue666\ue629\ue63f\ue627\ue626\ue602income instruments \u2011 \u2011 \u2011 \u2011 51,203 51,203 \u2011 Loans and advances 36,643 \u2011 \u2011 \u2011 \u2011 36,643 Investments\ue602\ue666\ue602\ue608\ue627\ue623\ue63b\ue602\ue621\ue632\ue626\ue602\ue633\ue63b\ue62c\ue627\ue638\ue602\ue629\ue63f\ue627\ue626\ue602\ue62d\ue632\ue624\ue633\ue631\ue627\ue602\ue629\ue632\ue621\ue632\ue624\ue62d\ue621\ue6a3\ue602\ue62d\ue632\ue639\ue63b\ue638\ue63c\ue631\ue627\ue632\ue63b\ue639 \u2011 FVOCI \u2011 337 610 69,839 \u2011 70,786 \ue602\ue666\ue602\ue603\ue631\ue633\ue638\uefa7\ue639\ue627\ue626\ue602\ue624\ue633\ue639\ue63b 48,370 87,421 651,255 5,994,163 \u2011 6,781,209 \ue666\ue602\ue609\ue637\ue63c\ue62d\ue63b\ue640\ue602\ue621\ue632\ue626\ue602\ue633\ue63b\ue62c\ue627\ue638\ue602\ue632\ue633\ue632\ue666\ue629\ue63f\ue627\ue626\ue602income instruments \u2011 FVOCI \u2011 \u2011 \u2011 \u2011 3,044 3,044 Loans and advances to banks 63,533 \u2011 \u2011 \u2011 195,221 258,754 Loans and advances to customers 5,995,789 410,670 156,550 1,422,464 \u2011 7,985,473 Other assets \u2011 \u2011 \u2011 \u2011 11,209 11,209Total 2025 6,950,085 613,913 808,416 7,487,846 260,677 16,120,937Total 2024 6,668,136 619,996 785,213 6,387,717 252,929 14,713,991\ue615\ue662\ue62d\ue630\ue662\uea74\ue662\uef9e\ue63b\ue676Amounts owed to banks 14,096 65,162 \u2011 \u2011 20,636 99,894 Amounts owed to customers 13,661,402 11,938 43,117 10,745 13,363 13,740,565 \ue613\ue63b\ue62c\ue627\ue638\ue602\ue6a3\ue62d\ue621\ue623\ue62d\ue6a3\ue62d\uefa7\ue627\ue639 \u2011 \u2011 \u2011 \u2011 221,174 221,174\ue61b\ue632\ue639\ue63c\ue623\ue633\ue638\ue626\ue62d\ue632\ue621\ue63b\ue627\ue626\ue602\ue626\ue627\ue623\ue63b\ue602\ue639\ue627\ue624\ue63c\ue638\ue62d\uefa7\ue627\ue639\ue602in issue \u2011 \u2011 \u2011 351,659 \u2011 351,659 \ue619\ue63c\ue623\ue633\ue638\ue626\ue62d\ue632\ue621\ue63b\ue627\ue626\ue602\ue6a3\ue62d\ue621\ue623\ue62d\ue6a3\ue62d\uefa7\ue627\ue639 \u2011 \u2011 \u2011 540,143 \u2011 540,143 Total 2025 13,675,498 77,100 43,117 902,547 255,173 14,953,435 Total 2024 12,691,332 15,069 61,762 632,615 237,399 13,638,1773 months or 1 year or less Up to less but over 1 but over 3 1 Monthmonthmonths Over 1 year Others Total\u20ac000 \u20ac000 \u20ac000 \u20ac000 \u20ac000 \u20ac000 Interest rate swaps - 2025 (5,804) (25,384) (72,209) 103,396 \u2011 Interest rate swaps - 2024 (8,650) (22,649) (76,171) 107,470 \u2011 Gap - 2025(6,731,217) 511,429 693,090 6,688,695 - Gap \u2011 2024 (6,031,846) 582,278 647,280 5,862,572 \u2011 \ue602\ue607\ue686\ue66c\ue686\uea74\ue62d\uef9e\ue688\ue63b\ue602\ue60e\ue62d\ue672\ue602\ue74a\ue602\ue791\ue78f\ue791\ue794 (6,731,217) (6,219,788) (5,526,698) 1,161,997 - \ue602\ue606\ue63c\ue631\ue63c\ue6a3\ue621\uefa7\ue63d\ue627\ue602\ue60b\ue621\ue636\ue602\ue666\ue602\ue689\ue687\ue689\ue68b (6,031,846) (5,449,568) (4,802,288) 1,060,284 \u2011 39.4.2 CURRENCY RISKCurrency risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in foreign exchange rates. The Board of Directors sets limits on the level of exposure by currency and in total, which levels are monitored daily.The following table summarises the Group\u2019s exposure to foreign currency exchange rate risk at the reporting date. Included in the table are the Group\u2019s assets and liabilities at carrying amounts, analysed into relevant currency groupings.Other The Bank EUR USD GBP AUDCurrencies Total31 December 2025 \u20ac000 \u20ac000 \u20ac000 \u20ac000 \u20ac000 \u20ac000AssetsBalances with Central Bank of Malta, cash and other related assets 918,407 1,169 470 290 888 921,224 Financial assets at fair value \ue63b\ue62c\ue638\ue633\ue63c\ue62b\ue62c\ue602\ue636\ue638\ue633\ue629\ue63b\ue602\ue633\ue638\ue602\ue6a3\ue633\ue639\ue639\ue666\ue602\ue608\ue627\ue623\ue63b\ue602\ue621\ue632\ue626\ue602\ue633\ue63b\ue62c\ue627\ue638\ue602\ue629\ue63f\ue627\ue626\ue602\ue62d\ue632\ue624\ue633\ue631\ue627\ue602instruments income instruments 6 \u2011 \u2011 \u2011 \u2011 6 \ue666\ue602\ue609\ue637\ue63c\ue62d\ue63b\ue640\ue602\ue621\ue632\ue626\ue602\ue633\ue63b\ue62c\ue627\ue638\ue602\ue632\ue633\ue632\ue666\ue629\ue63f\ue627\ue626\ue602income instruments \u2011 31,634 \u2011 \u2011 \u2011 31,634 \u2011 Loans and advances 36,643 \u2011 \u2011 \u2011 \u2011 36,643 \ue666\ue602\ue608\ue627\ue638\ue62d\ue63d\ue621\uefa7\ue63d\ue627\ue602\ue629\ue632\ue621\ue632\ue624\ue62d\ue621\ue6a3\ue602\ue621\ue639\ue639\ue627\ue63b\ue639 58 \u2011 \u2011 \u2011 \u2011 58 Investments\ue602\ue666\ue602\ue608\ue627\ue623\ue63b\ue602\ue621\ue632\ue626\ue602\ue633\ue63b\ue62c\ue627\ue638\ue602\ue629\ue63f\ue627\ue626\ue602\ue62d\ue632\ue624\ue633\ue631\ue627\ue602\ue629\ue632\ue621\ue632\ue624\ue62d\ue621\ue6a3\ue602\ue62d\ue632\ue639\ue63b\ue638\ue63c\ue631\ue627\ue632\ue63b\ue639 \u2011 FVOCI 13,256 56,813 717 \u2011 \u2011 70,786 \ue602\ue666\ue602\ue603\ue631\ue633\ue638\uefa7\ue639\ue627\ue626\ue602\ue606\ue633\ue639\ue63b 6,758,026 \u2011 17,417 5,766 \u2011 6,781,209 Loans and advances to banks 61,947 51,238 30,110 24,613 90,846 258,754 Loans and advances to customers 7,958,324 5,104 22,045 \u2011 \u2011 7,985,473 Other assets 24,190 297 1 \u2011 339 24,827 15,770,857 146,255 70,760 30,669 92,073 16,110,614 \ue615\ue662\ue62d\ue630\ue662\uea74\ue662\uef9e\ue63b\ue676\ue608\ue627\ue638\ue62d\ue63d\ue621\uefa7\ue63d\ue627\ue602\ue629\ue632\ue621\ue632\ue624\ue62d\ue621\ue6a3\ue602\ue6a3\ue62d\ue621\ue623\ue62d\ue6a3\ue62d\uefa7\ue627\ue639 \u2011 36 \u2011 \u2011 \u2011 36 Amounts owed to banks 90,658 5,689 57 38 3,452 99,894Amounts owed to customers 13,256,038 204,218 110,375 32,460 142,019 13,745,110 \ue613\ue63b\ue62c\ue627\ue638\ue602\ue6a3\ue62d\ue621\ue623\ue62d\ue6a3\ue62d\uefa7\ue627\ue639 217,436 8,436 485 187 267 226,811 Provisions 17,551 2 1 \u2011 \u2011 17,554 \ue61b\ue632\ue639\ue63c\ue623\ue633\ue638\ue626\ue62d\ue632\ue621\ue63b\ue627\ue626\ue602\ue626\ue627\ue623\ue63b\ue602\ue639\ue627\ue624\ue63c\ue638\ue62d\uefa7\ue627\ue639\ue602in issue 351,659 \u2011 \u2011 \u2011 \u2011 351,659 \ue619\ue63c\ue623\ue633\ue638\ue626\ue62d\ue632\ue621\ue63b\ue627\ue626\ue602\ue6a3\ue62d\ue621\ue623\ue62d\ue6a3\ue62d\uefa7\ue627\ue639 540,143 \u2011 \u2011 \u2011 \u2011 540,143 14,473,485 218,381 110,918 32,685 145,738 14,981,207\ue612\ue627\ue63b\ue602\ue633\ue632\ue602\ue623\ue621\ue6a3\ue621\ue632\ue624\ue627\ue602\ue639\ue62c\ue627\ue627\ue63b\ue602\ue629\ue632\ue621\ue632\ue624\ue62d\ue621\ue6a3\ue602\ue636\ue633\ue639\ue62d\uefa7\ue633\ue632 (72,126) (40,158) (2,016) (53,665)\ue612\ue633\uefa7\ue633\ue632\ue621\ue6a3\ue602\ue621\ue631\ue633\ue63c\ue632\ue63b\ue602\ue633\ue628\ue602\ue626\ue627\ue638\ue62d\ue63d\ue621\uefa7\ue63d\ue627\ue602instruments 69,430 38,488 1,991 54,464 \ue612\ue627\ue63b\ue602\ue633\ue636\ue627\ue632\ue602\ue636\ue633\ue639\ue62d\uefa7\ue633\ue632\ue602 (2,696) (1,670) (25) 799 Other The Bank EUR USD GBP AUDCurrencies Total31 December 2024 \u20ac000 \u20ac000 \u20ac000 \u20ac000 \u20ac000 \u20ac000AssetsBalances with Central Bank of Malta, cash and other related assets 1,083,117 896 991 88 779 1,085,871 Financial assets at fair value \ue63b\ue62c\ue638\ue633\ue63c\ue62b\ue62c\ue602\ue636\ue638\ue633\ue629\ue63b\ue602\ue633\ue638\ue602\ue6a3\ue633\ue639\ue639\ue666\ue602\ue608\ue627\ue623\ue63b\ue602\ue621\ue632\ue626\ue602\ue633\ue63b\ue62c\ue627\ue638\ue602\ue629\ue63f\ue627\ue626\ue602\ue62d\ue632\ue624\ue633\ue631\ue627\ue602instruments 39 \u2011 \u2011 \u2011 \u2011 39 \ue666\ue602\ue609\ue637\ue63c\ue62d\ue63b\ue640\ue602\ue621\ue632\ue626\ue602\ue633\ue63b\ue62c\ue627\ue638\ue602\ue632\ue633\ue632\ue666\ue629\ue63f\ue627\ue626\ue602income instruments \u2011 31,123 \u2011 \u2011 \u2011 31,123 \u2011Loans and advances 50,677 \u2011 \u2011 \u2011 \u2011 50,677\ue666\ue602\ue608\ue627\ue638\ue62d\ue63d\ue621\uefa7\ue63d\ue627\ue602\ue629\ue632\ue621\ue632\ue624\ue62d\ue621\ue6a3\ue602\ue621\ue639\ue639\ue627\ue63b\ue639 94 \u2011 \u2011 \u2011 \u2011 94 Investments \u2011 FVOCI 13,467 64,445 2,629 \u2011 \u2011 80,541 \ue602\ue666\ue602\ue603\ue631\ue633\ue638\uefa7\ue639\ue627\ue626\ue602\ue624\ue633\ue639\ue63b 6,189,962 12,386 29,085 19,824 \u2011 6,251,257 Loans and advances to banks 52,960 84,359 53,864 7,448 129,916 328,547 Loans and advances to customers 6,819,355 9,761 17,186 \u2011 \u2011 6,846,302 Other assets 30,670 \u2011 \u2011 1 2 30,67314,240,341 202,970 103,755 27,361 130,697 14,705,124\ue615\ue662\ue62d\ue630\ue662\uea74\ue662\uef9e\ue63b\ue676Amounts owed to banks 6,604 946 344 17 1,239 9,150 Amounts owed to customers 12,334,027 203,427 117,868 27,143 125,492 12,807,957 \ue613\ue63b\ue62c\ue627\ue638\ue602\ue6a3\ue62d\ue621\ue623\ue62d\ue6a3\ue62d\uefa7\ue627\ue639 222,582 2,037 911 199 126 225,855 Provisions 18,386 2 \u2011 \u2011 \u2011 18,388 \ue61b\ue632\ue639\ue63c\ue623\ue633\ue638\ue626\ue62d\ue632\ue621\ue63b\ue627\ue626\ue602\ue626\ue627\ue623\ue63b\ue602\ue639\ue627\ue624\ue63c\ue638\ue62d\uefa7\ue627\ue639\ue602in issue 350,846 \u2011 \u2011 \u2011 \u2011 350,846 \ue619\ue63c\ue623\ue633\ue638\ue626\ue62d\ue632\ue621\ue63b\ue627\ue626\ue602\ue6a3\ue62d\ue621\ue623\ue62d\ue6a3\ue62d\uefa7\ue627\ue639 263,136 \u2011 \u2011 \u2011 \u2011 263,136 13,195,581 206,412 119,123 27,359 126,857 13,675,332 \ue612\ue627\ue63b\ue602\ue633\ue632\ue602\ue623\ue621\ue6a3\ue621\ue632\ue624\ue627\ue602\ue639\ue62c\ue627\ue627\ue63b\ue602\ue629\ue632\ue621\ue632\ue624\ue62d\ue621\ue6a3\ue602\ue636\ue633\ue639\ue62d\uefa7\ue633\ue632 (3,442) (15,368) 2 3,840 \ue612\ue633\uefa7\ue633\ue632\ue621\ue6a3\ue602\ue621\ue631\ue633\ue63c\ue632\ue63b\ue602\ue633\ue628\ue602\ue626\ue627\ue638\ue62d\ue63d\ue621\uefa7\ue63d\ue627\ue602instruments 3,805 14,994 \u2011 (3,793)\ue612\ue627\ue63b\ue602\ue633\ue636\ue627\ue632\ue602\ue636\ue633\ue639\ue62d\uefa7\ue633\ue632\ue602 363 (374) 2 47 Currency risk, commonly referred to as exchange-rate risk, arises from the change in price of one currency in relation to another where a possibility of losing money due to unfavourable moves in exchange rates can arise. The following table shows how a 1% change in the exchange rate of the main three foreign currencies, to which the Group is exposed, would impact the institution. The sensitivity analysis performed shows that the impact on the balance sheet is minimal. No currency other than the domestic currency exceeded the level of 5% aggregate amount of liabilities denominated in the respective currency as a proportion of the total liabilities. Thus, the euro is principally utilised in the Group\u2019s business and 96.6% of total liabilities are euro-denominated. In principle, the Group does not finance its assets in a currency which is different from that in which the assets are denominated, and funding in a foreign currency is deployed in assets denominated in that same currency. Any residual net exposures in a specific foreign currency are generally eliminated through the use of derivative financial instruments as reflected in the tables above.USD GBP AUD Total 2025 \u20ac000 \u20ac000 \u20ac000 \u20ac000+1% change in foreign exchange 27 17 \u2011 44 \u20111% change in foreign exchange (27) (17) \u2011 (44)USD GBP AUD Total 2024 \u20ac000 \u20ac000 \u20ac000 \u20ac000+1% change in foreign exchange (4) 4 \u2011 \u2011 \u20111% change in foreign exchange 4 (4) \u2011 \u201139.4.3 OTHER PRICE RISKOther price risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market prices (other than those arising from interest rate risk or currency risk), whether those changes are caused by factors specific to the individual financial instrument or its issuer, or factors affecting all similar financial instruments traded in the market.The Group is exposed to equity price risks arising from the holding of equity instruments classified either as FVOCI or at fair value through profit or loss, which are not considered significant in the context of the amounts presented in the statement of financial position. The carrying amounts of financial instruments at the reporting date which could potentially subject the Group to equity price risk are disclosed in the notes to the financial statements. Further disclosures as required by IFRSs as adopted by the EU were not deemed necessary in view of the extent of the Group\u2019s equity investments.This risk is monitored and managed by the Risk management function of the Bank, as disclosed in more detail above.39.5 TRANSFERRED FINANCIAL ASSETS THAT ARE NOT DERECOGNISED IN THEIR ENTIRETYThe Group and the Bank2025 2024\u20ac000 \u20ac000Debt securities measured at amortised cost 64,875 \u2011 64,895 - Amounts owed to banksThese transactions, which are outstanding as at the end of the reporting period, are covered by the TBMA/ISMA Global Repurchase Master Agreement (\u201cthe Agreement\u201d) and involve the sale of financial assets with a simultaneous agreement to repurchase them at a pre-determined price at a future date. The securities sold comprise investment securities measured at amortised cost. The counterparty\u2019s liability is included within amounts owed to banks. The Group and the Bank continue to recognise the transferred assets since all the risks and rewards of the assets will be substantially retained in a manner that does not result in the transferred assets being derecognised for accounting purposes.Each party to these transactions is subject to the events of default listed in the Agreement. In the event that any of the events of default is triggered, transactions are immediately terminated. Consequently, performance of the respective obligations of the parties with respect to the delivery of securities, the payment of the repurchase prices for securities and the repayment of any cash margin shall become due and payable.39.6 FAIR VALUE OF FINANCIAL INSTRUMENTSFor financial reporting purposes, fair value measurements are categorised into Level 1, 2 or 3 based on the degree to which the inputs to the fair value measurements are observable and the significance of the inputs to the fair value measurement in its entirety, which are described as follows:\u2022 Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the entity can access at the measurement date.\u2022 Level 2 inputs are inputs, other than quoted prices included within Level 1, that are observable for the asset or liability, either directly or indirectly. This category includes instruments valued using: quoted market prices in active markets for similar instruments; quoted prices for identical or similar instruments in markets that are considered less than active; or other valuation techniques in which all significant inputs are directly or indirectly observable from market data.\u2022 Level 3 inputs are unobservable inputs for the asset or liability. This category includes all instruments for which the valuation technique includes inputs not based on observable data and the unobservable inputs have a significant effect on the instruments\u2019 valuation. This category includes instruments that are valued based on quoted prices for similar instruments for which significant unobservable adjustments or assumptions are required to reflect differences between the instruments.For assets and liabilities that are recognised in the financial statements at fair value on a recurring basis, the Group and the Bank determine when transfers are deemed to have occurred between Levels in the hierarchy at the end of each reporting period. 39.6.1 CONTROL FRAMEWORKFair values are subject to a control framework designed to ensure that they are either determined or validated by a function independent of the risk taker and that they are appropriately assessed and reviewed by competent personnel. To this end, the determination of fair values is a process which is performed by Financial Markets and Investments and reviewed by Finance. Finance establishes the accounting policies and, in conjunction with Financial Markets and Investments, it establishes the procedures governing fair valuation and is responsible for ensuring that fair value estimates are prepared in accordance with the requirements of all relevant accounting standards. The valuation techniques and procedures applied are subject to a process of due diligence, which process was duly approved by the Board and the Audit Committee and documented accordingly.For all financial instruments where fair values are determined by reference to externally quoted prices or observable pricing inputs to valuation techniques, independent price determination or validation is utilised, to the extent practicable. In inactive markets, direct observation of a traded price may not be possible. In these circumstances, the Bank sources alternative market information to validate the financial instrument\u2019s fair value, with greater weight given to information that is considered to be more relevant and reliable. The factors which are mainly considered are the following:\u2022 the extent to which prices may be expected to represent genuine traded or tradable prices;\u2022 the degree of similarity between financial instruments;\u2022 the degree of consistency between different sources;\u2022 the process followed by the pricing provider to derive the data;\u2022 the elapsed time between the date to which the market data relates and the end of the reporting period; and\u2022 the manner in which the data was sourced.In determining the fair values for financial instruments measured at fair value the credit risk adjustment for the counterparty, the Bank or both, as the case may be, is deemed to be immaterial and hence no adjustment to the fair value of financial instruments measured at fair value was effected.Fair value measurementThe Group Level 1 Level 2 Level 3 TotalAt 31 December 2025 \u20ac000 \u20ac000 \u20ac000 \u20ac000AssetsFinancial assets at fair value through profit or loss \u2011 debt and other fixed income instruments 1,386 \u2011 6 1,392 \u2011 equity and other non\u2011fixed income instruments 135 47,113 3,955 51,203 \u2011 loans and advances \u2011 36,643 \u2011 36,643 \u2011 derivative financial instruments* \u2011 2,987 \u2011 2,987 InvestmentsDebt and other fixed income instruments \u2011 FVOCI 726 70,060 \u2011 70,786 Equity and other non\u2011fixed income instruments \u2011 FVOCI 3,044 \u2011 \u2011 3,044 5,291 156,803 3,961 166,055 LiabilitiesDerivative contracts held for risk management \u2011 4,532 \u2011 4,532 Derivative contracts designated as hedging instruments** \u2011 36 \u2011 36 - 4,568 - 4,568 *Derivative financial instruments with a gross carrying amount of \u20ac4.8m are offset by \u20ac1.8 million, netted against Amounts owed to banks in the Statement of Financial Position. This offsetting is enforceable by master netting agreements. The resulting net amount of \u20ac3.0m is disclosed in table above.**Derivative contracts designated as hedging instruments with a gross carrying amount of \u20ac1.4m are offset by \u20ac1.4 million, netted against Loans and advances to banks in the Statement of Financial Position. This offsetting is enforceable by master netting agreements. The resulting net amount of \u20ac0.04m is disclosed in table above.Fair value measurementThe Group Level 1 Level 2 Level 3 TotalAt 31 December 2024 \u20ac000 \u20ac000 \u20ac000 \u20ac000Assets\ue60a\ue62d\ue632\ue621\ue632\ue624\ue62d\ue621\ue6a3\ue602\ue621\ue639\ue639\ue627\ue63b\ue639\ue602\ue621\ue63b\ue602\ue628\ue621\ue62d\ue638\ue602\ue63d\ue621\ue6a3\ue63c\ue627\ue602\ue63b\ue62c\ue638\ue633\ue63c\ue62b\ue62c\ue602\ue636\ue638\ue633\ue629\ue63b\ue602\ue633\ue638\ue602\ue6a3\ue633\ue639\ue639\ue602\ue666\ue602\ue626\ue627\ue623\ue63b\ue602\ue621\ue632\ue626\ue602\ue633\ue63b\ue62c\ue627\ue638\ue602\ue629\ue63f\ue627\ue626\ue602\ue62d\ue632\ue624\ue633\ue631\ue627\ue602\ue62d\ue632\ue639\ue63b\ue638\ue63c\ue631\ue627\ue632\ue63b\ue639 1,408 5 7 1,420 \ue602\ue666\ue602\ue627\ue637\ue63c\ue62d\ue63b\ue640\ue602\ue621\ue632\ue626\ue602\ue633\ue63b\ue62c\ue627\ue638\ue602\ue632\ue633\ue632\ue666\ue629\ue63f\ue627\ue626\ue602\ue62d\ue632\ue624\ue633\ue631\ue627\ue602\ue62d\ue632\ue639\ue63b\ue638\ue63c\ue631\ue627\ue632\ue63b\ue639 274 44,409 5,369 50,052 \u2011 loans and advances \u2011 50,677 \u2011 50,677 \ue602\ue666\ue602\ue626\ue627\ue638\ue62d\ue63d\ue621\uefa7\ue63d\ue627\ue602\ue629\ue632\ue621\ue632\ue624\ue62d\ue621\ue6a3\ue602\ue62d\ue632\ue639\ue63b\ue638\ue63c\ue631\ue627\ue632\ue63b\ue639\ue672 \u2011 4,071 \u2011 4,071 Investments\ue608\ue627\ue623\ue63b\ue602\ue621\ue632\ue626\ue602\ue633\ue63b\ue62c\ue627\ue638\ue602\ue629\ue63f\ue627\ue626\ue602\ue62d\ue632\ue624\ue633\ue631\ue627\ue602\ue62d\ue632\ue639\ue63b\ue638\ue63c\ue631\ue627\ue632\ue63b\ue639 \u2011 FVOCI 2,702 77,839 \u2011 80,541 \ue609\ue637\ue63c\ue62d\ue63b\ue640\ue602\ue621\ue632\ue626\ue602\ue633\ue63b\ue62c\ue627\ue638\ue602\ue632\ue633\ue632\ue666\ue629\ue63f\ue627\ue626\ue602\ue62d\ue632\ue624\ue633\ue631\ue627\ue602\ue62d\ue632\ue639\ue63b\ue638\ue63c\ue631\ue627\ue632\ue63b\ue639 \u2011 FVOCI 4,898 \u2011 \u2011 4,898 9,282 177,001 5,376 191,659 \ue615\ue662\ue62d\ue630\ue662\uea74\ue662\uef9e\ue63b\ue676\ue608\ue627\ue638\ue62d\ue63d\ue621\uefa7\ue63d\ue627\ue602\ue624\ue633\ue632\ue63b\ue638\ue621\ue624\ue63b\ue639\ue602\ue62c\ue627\ue6a3\ue626\ue602\ue628\ue633\ue638\ue602\ue638\ue62d\ue639\ue630\ue602\ue631\ue621\ue632\ue621\ue62b\ue627\ue631\ue627\ue632\ue63b \u2011 4,200 \u2011 4,200 - 4,200 - 4,200 *Derivative financial instruments with a gross carrying amount of \u20ac5.8m are offset by \u20ac1.7 million, netted against Amounts owed to banks in the Statement of Financial Position. This offsetting is enforceable by master netting agreements. The resulting net amount of \u20ac4.1m is disclosed in table above.**Derivative contracts designated as hedging instruments with a gross carrying amount of \u20ac0.6m are offset against Loans and advances to banks in the Statement of Financial Position. This offsetting is enforceable by master netting agreements. The net amount is therefore nil and is reflected in the table above.During the current year, there were no changes in levels within the fair value hierarchy for financial instruments measured at fair value through profit or loss and financial assets measured at fair value through other comprehensive income. The fair values of equity instruments categorised as level 2 within the fair value hierarchy are mainly based on quoted prices in an active market, whereas the fair value of loans and advances and debt instruments are principally derived from discontinued cash flow models with observable market interest rates and credit spreads, where applicable, being the main input.39.6.3 EQUITY INSTRUMENTS DESIGNATED AS AT FVOCIThe fair value of equity instruments designated at FVOCI and the dividend income recognised is detailed below.Dividend income Dividend income Fair value recognised Fair value recognised2025 2025 2024 2024\u20ac000 \u20ac000 \u20ac000 \u20ac000Local other issuers 2,305 12 3,425 33 Foreign other issuers \u2011 \u2011 506 \u2011 Local banks 34 1 33 1 Local public bodies 705 38 934 62 3,044 51 4,898 96 Other disclosures in respect of equity investments measured at fair value through comprehensive income, as required by IFRSs as adopted by the EU, were not deemed necessary taking cognisance of the immateriality of the carrying amount of the Group\u2019s such equity investments in the context of the amounts presented within the Group\u2019s statement of financial position.39.6.4 FINANCIAL ASSETS AND LIABILITIES NOT MEASURED AT FAIR VALUEThe following tables provide an analysis of the fair value of financial instruments that are not measured at fair value subsequent to initial recognition:Fair value measurement CarryingLevel 1 Level 2 Level 3 Total AmountAt 31 December 2025 \u20ac000 \u20ac000 \u20ac000 \u20ac000 \u20ac000Financial assetsInvestments \ue608\ue627\ue623\ue63b\ue602\ue621\ue632\ue626\ue602\ue633\ue63b\ue62c\ue627\ue638\ue602\ue629\ue63f\ue627\ue626\ue602\ue62d\ue632\ue624\ue633\ue631\ue627\ue602instruments\ue666\ue603\ue631\ue633\ue638\uefa7\ue639\ue627\ue6264,269,894 2,436,949 \u2011 6,706,843 6,781,209 \ue60d\ue662\ue66d\ue62d\ue66d\ue631\ue662\ue62d\uea74\ue602\uea74\ue662\ue62d\ue630\ue662\uea74\ue662\uef9e\ue63b\ue676\ue61b\ue632\ue639\ue63c\ue623\ue633\ue638\ue626\ue62d\ue632\ue621\ue63b\ue627\ue626\ue602\ue626\ue627\ue623\ue63b\ue602\ue639\ue627\ue624\ue63c\ue638\ue62d\uefa7\ue627\ue639\ue602370,195 \u2011 \u2011 370,195 351,659 in issue\ue619\ue63c\ue623\ue633\ue638\ue626\ue62d\ue632\ue621\ue63b\ue627\ue626\ue602\ue6a3\ue62d\ue621\ue623\ue62d\ue6a3\ue62d\uefa7\ue627\ue639 529,122 \u2011 \u2011 529,122 540,143 899,317 - - 899,317 891,802 Fair value measurement CarryingLevel 1 Level 2 Level 3 Total AmountAt 31 December 2024 \u20ac000 \u20ac000 \u20ac000 \u20ac000 \u20ac000Financial assetsInvestments \ue608\ue627\ue623\ue63b\ue602\ue621\ue632\ue626\ue602\ue633\ue63b\ue62c\ue627\ue638\ue602\ue629\ue63f\ue627\ue626\ue602\ue62d\ue632\ue624\ue633\ue631\ue627\ue602instruments\ue666\ue603\ue631\ue633\ue638\uefa7\ue639\ue627\ue626\ue602 3,761,542 2,414,844 \u2011 6,176,386 6,251,257 \ue60d\ue662\ue66d\ue62d\ue66d\ue631\ue662\ue62d\uea74\ue602\uea74\ue662\ue62d\ue630\ue662\uea74\ue662\uef9e\ue63b\ue676\ue61b\ue632\ue639\ue63c\ue623\ue633\ue638\ue626\ue62d\ue632\ue621\ue63b\ue627\ue626\ue602\ue626\ue627\ue623\ue63b\ue602\ue639\ue627\ue624\ue63c\ue638\ue62d\uefa7\ue627\ue639\ue602in issue 384,545 \u2011 \u2011 384,545 350,846 \ue619\ue63c\ue623\ue633\ue638\ue626\ue62d\ue632\ue621\ue63b\ue627\ue626\ue602\ue6a3\ue62d\ue621\ue623\ue62d\ue6a3\ue62d\uefa7\ue627\ue639 259,405 \u2011 \u2011 259,405 263,136 643,950 - - 643,950 613,982 The following are all other financial instruments that are not measured at fair value subsequent to initial recognition and that are not included in the table above:i. Loans and advances to customersLoans and advances to customers are the largest financial asset held by the Group and are reported net of expected credit loss allowance to reflect the estimated recoverable amounts. The carrying amount of loans and advances to customers is a reasonable approximation of fair value because these are re-priced to consider changes in both benchmark interest rates and credit spreads. Their fair value estimate is considered Level 2.ii. Loans and advances to banks and balances with Central BankThe majority of these assets reprice or mature in less than 1 year. Hence their fair value is not deemed to differ materially from their carrying amount at the respective reporting dates.iii. Other financial assetsThe fair value of other financial assets is not deemed to differ materially from their carrying amount at the respective reporting dates.iv. Amounts owed to banks and customersThese liabilities are carried at amortised cost. The majority of these liabilities reprice or mature in less than 1 year. Hence their fair value is not deemed to differ materially from their carrying amount at the respective reporting dates. Their fair value estimate is considered Level 2.v. Other financial liabilitiesThe fair value of other financial liabilities is not deemed to differ materially from their carrying amount at the respective reporting dates.39.6.5 RECONCILIATION OF LEVEL 3 FAIR VALUE MEASUREMENTSThe following table shows a reconciliation from the opening balances to the closing balances of the Group\u2019s financial assets measured at fair value categorised as Level 3 within the fair value hierarchy.FVTPL FVTPL FVOCI FVOCIEquity and Debt and other Equity and other Debt and other other non-\ue643\ue68a\ue63b\ue637\ue602\ue662\ue66d\ue631\ue66f\ue66c\ue63b\ue602\ue66d\ue66f\ue66d\ue74a\ue643\ue68a\ue63b\ue637\ue602\ue662\ue66d\ue631\ue66f\ue66c\ue63b\ue602\ue643\ue68a\ue63b\ue637\ue602\ue662\ue66d\ue631\ue66f\ue66c\ue63b\ue602\ue643\ue68a\ue63b\ue637\ue602\ue662\ue66d\ue631\ue66f\ue66c\ue63b\ue602instrumentsinstrumentsinstrumentsinstruments Total2025 \u20ac000 \u20ac000 \u20ac000 \u20ac000 \u20ac000Opening balance 7 5,369 \u2011 \u2011 5,376 Total gains or losses \ue666\ue602\ue62d\ue632\ue602\ue636\ue638\ue633\ue629\ue63b\ue602\ue633\ue638\ue602\ue6a3\ue633\ue639\ue639 (1) (1,414) \u2011 \u2011 (1,415)Closing balance6 3,955 - - 3,961 FVTPL FVTPL FVOCI FVOCIEquity and Debt and other Equity and other Debt and other other non-\ue643\ue68a\ue63b\ue637\ue602\ue662\ue66d\ue631\ue66f\ue66c\ue63b\ue602\ue66d\ue66f\ue66d\ue74a\ue643\ue68a\ue63b\ue637\ue602\ue662\ue66d\ue631\ue66f\ue66c\ue63b\ue602\ue643\ue68a\ue63b\ue637\ue602\ue662\ue66d\ue631\ue66f\ue66c\ue63b\ue602\ue643\ue68a\ue63b\ue637\ue602\ue662\ue66d\ue631\ue66f\ue66c\ue63b\ue602instrumentsinstrumentsinstrumentsinstruments Total2024 \u20ac000 \u20ac000 \u20ac000 \u20ac000 \u20ac000Opening balance 7 6,061 62,533 \u2011 68,601 Total gains or losses \ue666\ue602\ue62d\ue632\ue602\ue636\ue638\ue633\ue629\ue63b\ue602\ue633\ue638\ue602\ue6a3\ue633\ue639\ue639 \u2011 (692) \u2011 (692)\u2011 in other comprehensive income \u2011 \u2011 1,912 \u2011 1,912 Transfers \u2011 \u2011 (64,445) \u2011 (64,445)Closing balance7 5,369 - - 5,376 The main instruments classified within Level 3 comprise:\u2022 an externally managed fund with the reported net asset value of the fund representing its fair value at the end of the reporting period; and\u2022 shares in a global payments technology company valued using the intrinsic value of the conversion shares less a discount for liquidity and litigation risk.Taking cognisance of the insignificance of the carrying amount of the Group\u2019s Level 3 assets, disclosures in respect of significant unobservable inputs and other related disclosures are required by IFRS 13 Fair Value Measurement were not deemed necessary.39.7 CAPITAL RISK MANAGEMENT The Group adheres to the requirements laid down in the Capital Requirements Regulation (CRR) and the principles laid down in the Capital Requirements Directive (CRD). The Group\u2019s capital management approach ensures a sufficient level of capitalisation to manage risk exposures whilst supporting business growth and providing adequate returns to the shareholders. Under this approach, Risk capital management does not in any way substitute risk mitigation measures. The structure of limits and thresholds, as stipulated in the Bank\u2019s Risk Appetite Framework, should be able to prevent concentrations of risk from building up in such a way as to compromise a significant proportion of the Group\u2019s capital resources.The Group has implemented the necessary measures to ensure full compliance with the Pillar I capital requirements set by the CRR and its subsequent revisions. Furthermore, the Group and the Bank implemented the updated capital requirements introduced through the Capital Requirements Regulation 3 (CRR3), which came into force from 1 January 2025. The amendments to the regulation introduced enhancements to the credit and operational risk methodologies, updated CVA and market risk capital requirements, and included the gradual phasein of the output floor. In line with the CRR, both the Group and the Bank classify their capital base into Common Equity Tier 1 (CET1) capital and Tier 2 capital. CET1 capital represents the highest quality of capital and consists primarily of shareholders\u2019 equity and is adjusted with specific deductions and regulatory adjustments mandated by the CRR, such as relating to intangible assets, prudent valuation adjustments, the Depositor Compensation Scheme reserve and adjustment in respect of coverage on non-performing exposures. Tier 2 capital principally consists of subordinated debt.The Group and the Bank utilise the Standardised Approach for credit risk and operational risk, the Simplified Standardised Approach for foreign exchange risk, and the Simplified Approach for Credit Valuation Adjustment (CVA) risk in order to calculate the Pillar 1 minimum capital requirements.In addition to the Pillar 1 capital requirements, the Malta Financial Services Authority (MFSA\u2019s) Banking Rule BR/15 \u2013 \u2018Capital Buffers of Credit Institutions authorised under the Banking Act, 1994\u2019 \u2013 requires credit institutions to always comply with additional regulatory capital buffers. These are: the Capital Conservation Buffer (CCB), the Countercyclical Capital Buffer (CCyB), the Institution Specific CCyB, the Systemic Risk buffer, and the Other-Systemically Important Institutions (O-SII) Buffer. These buffers are aimed at strengthening the institution\u2019s resilience Automatic restrictions on capital distributions apply if the Group\u2019s and the Bank\u2019s CET1 capital fall below the level of its combined buffer.In addition to the regulatory requirements referred to above, the Group and the Bank are required to maintain a Pillar 2 Requirement (P2R) to be held in excess of the minimum own funds requirement and to be maintained at all times in accordance with Article 104a of the CRD. Furthermore, a Pillar 2 Guidance (P2G) made up entirely of CET1 capital is to be held over and above the Overall Capital Requirement (OCR), which comprises the Pillar 1 capital requirement, the P2R and the combined buffer requirements.Other material risks are also allocated capital as part of the Internal Capital Adequacy Assessment Process (ICAAP) embedded within the Pillar II framework. This process enables a more risksensitive assessment of the regulatory capital required to cover risks assumed in the course of business, including those not captured under Pillar I. The Board is set to submit the latest ICAAP capital document to the JST in March 2026, with 2025 as the reference year.Capital management is under the direct control of the Asset and Liability Committee (ALCO). During the financial period, ALCO has monitored the adequacy of the Group\u2019s capital and gave strategic direction on the most efficient use of capital.During 2025, the Bank issued two Tier 2 issuances of \u20ac150m and \u20ac125m, respectively. During the financial years ended 31 December 2025 and 31 December 2024, the Group and the Bank have met all externally imposed capital requirements at all times. The following table shows the components and basis of calculation of the Group\u2019s and the Bank\u2019s own funds.The Group The BankAt 31 December 2025 \u20ac000 \u20ac000Own fundsTier 1\u2011Paid up capital instruments 642,234 642,234\u2011Share premium 49,277 49,277\u2011Direct holdings of CET1 instruments (1,071) (1,071)\u2011Retained earnings* 603,198 601,571\u2011Accumulated other comprehensive income (46) (158)\u2011Other reserves 92,363 92,363\u2011Funds for general banking risk 2,466 2,466\u2011Deductions: Prudential Valuation fair valued assets and liabilities (423) (376) Other intangible assets (27,953) (27,953) Depositor Compensation Scheme (29,099) (29,099) Insufficient coverage for non\u2011performing exposure (21,369) (21,369)Total Tier 1 Capital 1,309,577 1,307,885*Retained earnings include the current period\u2019s profit which is subject to regulatory approval.Tier 2\u2011Capital instruments and subordinated loans 540,143 540,143\u2011Amortisation in accordance with Article 64 of the CRR III (10,364) (10,364)Total Tier 2 Capital 529,779 529,779Total Own Funds 1,839,356 1,837,664The Group The BankAt 31 December 2024 \u20ac000 \u20ac000Own fundsTier 1\u2011Paid up capital instruments 583,849 583,849\u2011Share premium 49,277 49,277\u2011Retained earnings* 611,453 610,200\u2011Accumulated other comprehensive income 607 495\u2011Other reserves 61,713 61,713\u2011Funds for general banking risk 6,727 6,727\u2011Deductions: Prudential Valuation fair valued assets and liabilities (390) (350) Other intangible assets (32,740) (32,740) Depositor Compensation Scheme (27,660) (27,660) Regulatory coverage on non\u2011performing exposures (18,376) (18,376)Total Tier 1 Capital 1,234,460 1,233,135*Retained earnings include the current period\u2019s profit which is subject to regulatory approval.Tier 2\u2011Capital instruments and subordinated loans 263,136 263,136Total Tier 2 Capital 263,136 263,136Total Own Funds 1,497,596 1,496,271Further information on the Group\u2019s capital adequacy ratios may be found in the Pillar 3 Disclosures Report \u2013 section 4.2, table CC1. The report will be available on the Bank\u2019s website. 39.8 OFFSETTING FINANCIAL ASSETS AND FINANCIAL LIABILITIES The disclosures set out in the following table include financial assets and financial liabilities that:\u2022 are offset in the Group\u2019s statement of financial position; or\u2022 are subject to an enforceable master netting arrangement that covers similar financial instruments irrespective of whether they are offset in the statement of financial position.The derivative financial assets with a positive carrying amount and the derivative financial liabilities with a negative carrying amount are set-off to the extent that there are liabilities and if not, they are presented separately in the Statement of Financial Position.These instruments are subject to the ISDA Master Agreement. The ISDA Master Agreement provides, amongst others, for the netting of termination values for purposes of determining a single lump-sum termination amount upon the insolvency of a counterparty. By virtue of the Set-off and Netting on Insolvency Act, 2003 (Chapter 459, Laws of Malta), the close-out netting provisions contained in the ISDA Master Agreement are valid and enforceable under Maltese law. The cleared interest rate swaps assets and liabilities which include related financial collateral, are offset on the Statement of Financial Position given the right of set-off both in the normal course of business and in the event of default, insolvency, and bankruptcy. The remaining derivatives do not meet the criteria for offsetting in the Statement of Financial Position given the set-off provisions under the ISDA Master Agreement are enforceable only where there is an event of default, credit event upon merger or any termination event has been declared.The Bank also has in place credit support annexes \u201cCSAs\u201d with a number of its financial counterparties for purposes of the collateralisation of exposures between the Bank and its counterparties. The CSA is a schedule to the ISDA Master Agreement. By virtue of such CSAs, a party to a derivative that has an exposure to its counterparty, will post collateral to its counterpart to cover such exposure by way of an outright title transfer of such collateral. All CSAs that the Bank has in place are of a two-way nature.In the case of non-financial counterparties, the Bank enters into pledging collateral arrangements with the counterparties, in favour of the Bank. Such pledging agreements are of a one-way nature, in favour of the Bank.The Group20252024\u20ac000\u20ac000\ue609\ue63b\ue675\ue662\ue688\ue62d\uef9e\ue688\ue63b\ue602\ue643\ue66d\ue62d\ue66d\ue631\ue662\ue62d\uea74\ue602\ue62d\ue676\ue676\ue63b\ue67c\ue676\ue60b\ue638\ue633\ue639\ue639\ue602\ue621\ue631\ue633\ue63c\ue632\ue63b\ue639\ue602\ue633\ue628\ue602\ue638\ue627\ue624\ue633\ue62b\ue632\ue62d\ue639\ue627\ue626\ue602\ue629\ue632\ue621\ue632\ue624\ue62d\ue621\ue6a3\ue602\ue621\ue639\ue639\ue627\ue63b\ue639\ue602\ue66c\ue626\ue627\ue638\ue62d\ue63d\ue621\uefa7\ue63d\ue627\ue639\ue66d 4,771 5,801 \ue60b\ue638\ue633\ue639\ue639\ue602\ue621\ue631\ue633\ue63c\ue632\ue63b\ue639\ue602\ue633\ue628\ue602\ue638\ue627\ue624\ue633\ue62b\ue632\ue62d\ue639\ue627\ue626\ue602\ue629\ue632\ue621\ue632\ue624\ue62d\ue621\ue6a3\ue602\ue6a3\ue62d\ue621\ue623\ue62d\ue6a3\ue62d\uefa7\ue627\ue639\ue602\ue66c\ue636\ue6a3\ue621\ue624\ue627\ue631\ue627\ue632\ue63b\ue639\ue66d\ue602\ue639\ue627\ue63b\ue602\ue633\ue6f8\ue602\ue62d\ue632\ue602\ue63b\ue62c\ue627\ue602\ue639\ue63b\ue621\ue63b\ue627\ue631\ue627\ue632\ue63b\ue602\ue633\ue628\ue602\ue629\ue632\ue621\ue632\ue624\ue62d\ue621\ue6a3\ue602\ue636\ue633\ue639\ue62d\uefa7\ue633\ue632 (1,784) (1,730)\ue612\ue627\ue63b\ue602\ue621\ue631\ue633\ue63c\ue632\ue63b\ue639\ue602\ue633\ue628\ue602\ue629\ue632\ue621\ue632\ue624\ue62d\ue621\ue6a3\ue602\ue621\ue639\ue639\ue627\ue63b\ue639\ue602\ue636\ue638\ue627\ue639\ue627\ue632\ue63b\ue627\ue626\ue602\ue62d\ue632\ue602\ue63b\ue62c\ue627\ue602\ue639\ue63b\ue621\ue63b\ue627\ue631\ue627\ue632\ue63b\ue602\ue633\ue628\ue602\ue629\ue632\ue621\ue632\ue624\ue62d\ue621\ue6a3\ue602\ue636\ue633\ue639\ue62d\uefa7\ue633\ue632 2,987 4,071 \ue618\ue627\ue6a3\ue621\ue63b\ue627\ue626\ue602\ue621\ue631\ue633\ue63c\ue632\ue63b\ue639\ue602\ue632\ue633\ue63b\ue602\ue639\ue627\ue63b\ue602\ue633\ue6f8\ue602\ue62d\ue632\ue602\ue63b\ue62c\ue627\ue602\ue639\ue63b\ue621\ue63b\ue627\ue631\ue627\ue632\ue63b\ue602\ue633\ue628\ue602\ue629\ue632\ue621\ue632\ue624\ue62d\ue621\ue6a3\ue602\ue636\ue633\ue639\ue62d\uefa7\ue633\ue632\ue656\ue60a\ue62d\ue632\ue621\ue632\ue624\ue62d\ue621\ue6a3\ue602\ue62d\ue632\ue639\ue63b\ue638\ue63c\ue631\ue627\ue632\ue63b\ue639\ue602\ue66c\ue626\ue627\ue638\ue62d\ue63d\ue621\uefa7\ue63d\ue627\ue639\ue66d (2,322) (1,077)Net amount 665 2,994\ue60a\ue62d\ue632\ue621\ue632\ue624\ue62d\ue621\ue6a3\ue602\ue6a3\ue62d\ue621\ue623\ue62d\ue6a3\ue62d\uefa7\ue627\ue639\ue602\ue639\ue63c\ue623\ue62f\ue627\ue624\ue63b\ue602\ue63b\ue633\ue602\ue633\ue6f8\ue639\ue627\uefb7\ue632\ue62b\ue654\ue602\ue627\ue632\ue628\ue633\ue638\ue624\ue627\ue621\ue623\ue6a3\ue627\ue602\ue631\ue621\ue639\ue63b\ue627\ue638\ue602\ue632\ue627\uefb7\ue632\ue62b\ue602\ue621\ue638\ue638\ue621\ue632\ue62b\ue627\ue631\ue627\ue632\ue63b\ue639\ue602\ue621\ue632\ue626\ue602\ue639\ue62d\ue631\ue62d\ue6a3\ue621\ue638\ue602\ue621\ue62b\ue638\ue627\ue627\ue631\ue627\ue632\ue63b\ue639\ue609\ue63b\ue675\ue662\ue688\ue62d\uef9e\ue688\ue63b\ue602\ue643\ue66d\ue62d\ue66d\ue631\ue662\ue62d\uea74\ue602\uea74\ue662\ue62d\ue630\ue662\uea74\ue662\uef9e\ue63b\ue676\ue60b\ue638\ue633\ue639\ue639\ue602\ue621\ue631\ue633\ue63c\ue632\ue63b\ue639\ue602\ue633\ue628\ue602\ue638\ue627\ue624\ue633\ue62b\ue632\ue62d\ue639\ue627\ue626\ue602\ue629\ue632\ue621\ue632\ue624\ue62d\ue621\ue6a3\ue602\ue6a3\ue62d\ue621\ue623\ue62d\ue6a3\ue62d\uefa7\ue627\ue639\ue602\ue66c\ue626\ue627\ue638\ue62d\ue63d\ue621\uefa7\ue63d\ue627\ue639\ue66d 5,956 4,820 \ue60b\ue638\ue633\ue639\ue639\ue602\ue621\ue631\ue633\ue63c\ue632\ue63b\ue639\ue602\ue633\ue628\ue602\ue638\ue627\ue624\ue633\ue62b\ue632\ue62d\ue639\ue627\ue626\ue602\ue629\ue632\ue621\ue632\ue624\ue62d\ue621\ue6a3\ue602\ue621\ue639\ue639\ue627\ue63b\ue639\ue602\ue66c\ue636\ue6a3\ue621\ue624\ue627\ue631\ue627\ue632\ue63b\ue639\ue66d\ue602\ue639\ue627\ue63b\ue602\ue633\ue6f8\ue602\ue62d\ue632\ue602\ue63b\ue62c\ue627\ue602\ue639\ue63b\ue621\ue63b\ue627\ue631\ue627\ue632\ue63b\ue602\ue633\ue628\ue602\ue629\ue632\ue621\ue632\ue624\ue62d\ue621\ue6a3\ue602\ue636\ue633\ue639\ue62d\uefa7\ue633\ue632 (1,388) (620)\ue612\ue627\ue63b\ue602\ue621\ue631\ue633\ue63c\ue632\ue63b\ue639\ue602\ue633\ue628\ue602\ue629\ue632\ue621\ue632\ue624\ue62d\ue621\ue6a3\ue602\ue6a3\ue62d\ue621\ue623\ue62d\ue6a3\ue62d\uefa7\ue627\ue639\ue602\ue636\ue638\ue627\ue639\ue627\ue632\ue63b\ue627\ue626\ue602\ue62d\ue632\ue602\ue63b\ue62c\ue627\ue602\ue639\ue63b\ue621\ue63b\ue627\ue631\ue627\ue632\ue63b\ue602\ue633\ue628\ue602\ue629\ue632\ue621\ue632\ue624\ue62d\ue621\ue6a3\ue602\ue636\ue633\ue639\ue62d\uefa7\ue633\ue632 4,568 4,200 \ue618\ue627\ue6a3\ue621\ue63b\ue627\ue626\ue602\ue621\ue631\ue633\ue63c\ue632\ue63b\ue639\ue602\ue632\ue633\ue63b\ue602\ue639\ue627\ue63b\ue602\ue633\ue6f8\ue602\ue62d\ue632\ue602\ue63b\ue62c\ue627\ue602\ue639\ue63b\ue621\ue63b\ue627\ue631\ue627\ue632\ue63b\ue602\ue633\ue628\ue602\ue629\ue632\ue621\ue632\ue624\ue62d\ue621\ue6a3\ue602\ue636\ue633\ue639\ue62d\uefa7\ue633\ue632\ue656\ue60a\ue62d\ue632\ue621\ue632\ue624\ue62d\ue621\ue6a3\ue602\ue62d\ue632\ue639\ue63b\ue638\ue63c\ue631\ue627\ue632\ue63b\ue639\ue602\ue66c\ue626\ue627\ue638\ue62d\ue63d\ue621\uefa7\ue63d\ue627\ue639\ue66d (2,322) (1,077)Financial collateral pledged (placements) (1,998) (2,818)Net amount 248 305A number of financial assets and financial liabilities are being offset and it is the intention to settle net, since they relate to the same counterparties and have the same maturities.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory",
"language": "en",
"entity": "scheme:529900RWC8ZYB066JF16",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s7__6__140": {
"value": "39.2 CREDIT RISK Credit risk is the risk that one party to a financial instrument will cause a financial loss to the other party by failing to discharge an obligation.Financial assets which could potentially expose the Group to credit risk, mainly include balances with Central Bank of Malta (\u2018CBM\u2019), treasury bills and cash, derivative financial assets, debt and other fixed income instruments, and loans and advances to banks and customers.39.2.1 CREDIT RISK MANAGEMENTResponsibilities of the credit risk management departmentThe credit risk management department is tasked with maintaining the Bank\u2019s credit risk exposure at a level that is acceptable in relation to capital. This includes safeguarding the quality of assets and ensuring that returns are appropriate for the risks taken. The department aims to create a loan portfolio that delivers high returns on both capital and assets.Credit risk is overseen and controlled across the Bank through established credit processes, a structured credit policy, and delegated authorities based on responsibility, skill and experience. The department is responsible for credit grading and monitoring systems, which facilitate the timely identification and management of any decline in loan quality. Furthermore, an independent credit review system underpins the credit management process.Credit risk analysis is conducted at both the individual borrower (single name) and the overall lending portfolio level. The department also manages credit risk in relation to other financial assets by setting limits in the Treasury Management Policy and monitoring exposures in accordance with external agency ratings.Regular reviews of credit ratings and limits are undertaken, with Board approval required at intervals. Only authorised counterparties are permitted for security transactions, and investments are limited to securities that meet the quality standards specified in the Treasury Management Policy.Impacts of economic realities of 2025 on credit risk managementThe Maltese economy has maintained its resilience, showing no significant departures from established trends or expectations, with a favourable outlook as long as no unexpected shocks occur. Economic activity has normalised, evidenced by real GDP growth stabilising at approximately 4%, inflation edging closer to the European Central Bank\u2019s 2% target, unemployment staying at a historic low near 3%, and both the fiscal deficit and public debt remaining comfortably below 3% and 50% of GDP, respectively. Forecasts from various institutions reinforce confidence in Malta\u2019s positive trajectory. Key sectors, such as wholesale and retail trade, accommodation, and property, are performing in line with long-standing patterns, while household consumption continues to be buoyed by wealth accumulation. The Central Bank of Malta has found no signs of property market overvaluation, and increased hotel capacity has coincided with record tourist arrivals. Noteworthy developments in 2025 include the European Central Bank\u2019s decision to pause interest rate cuts, expectations of stable rates for the next two years, US tariffs not adversely affecting Malta\u2019s exports amidst geopolitical tensions, and continued energy subsidies in the 2026 Budget shielding households and businesses from price volatility. Inflation has remained within the 2\u20133% range, avoiding any wage-price spiral, and the tourism sector has seen record inbound arrivals and spending. Over the past six months, economic statistics have matched earlier projections, with no major negative surprises or significant new developments. While domestic conditions remain steady and supportive, ongoing vigilance and proactive management are necessary given the uncertain external environment.In addition, the Bank is actively assessing climate-related risks and has incorporated both transitional and physical risk parameters into its Loss Given Default (LGD) modelling. This approach ensures that potential impacts arising from climate change, such as regulatory shifts, changes in market dynamics, and the physical effects of extreme weather events, are systematically factored into the credit risk evaluation process, thereby supporting the Bank\u2019s resilience and forward-looking risk management.Credit risk management proceduresThe Bank manages credit risk through the implementation of high-level credit policies that ensure a balanced and measured approach to risk identification and mitigation. Lending guidelines are applied to define the responsibilities of lending officers and to set a disciplined framework for credit decisions. Independent reviews of credit exposures are conducted to maintain objectivity and thoroughness in the credit assessment process. Additionally, sector caps for various industries and specific product types are established to articulate the Board\u2019s risk appetite and to control concentration risk. Policies for large exposures and provisioning are set and maintained in compliance with regulatory reporting requirements. The Bank undertakes ongoing monitoring of credit ratings and exposures, with limits being reviewed and approved regularly by the Board of Directors. It is also committed to communicating and providing guidance on all credit-related risk issues, including regulatory changes, to ensure consistency and best practice across the organisation. Settlement RiskThe Group\u2019s activity may give rise to risk at the time of settlement of transactions and trades. Settlement risk is the risk of loss due to failure of a company to honour its obligations to deliver cash, securities or other assets as contractually agreed. Settlement risk in respect of security transactions is mitigated through settlement limits assigned to counterparties based on external credit ratings or by effecting payment on a delivery versus payment (DVP) basis.Sovereign RiskSovereign risk refers to the risk that a government may default on its obligations and includes refinancing risk related to the inability to raise capital to repay maturing bonds. The Group monitors sovereign risks through sovereign credit ratings issued by credit rating agencies which include Fitch, Moody\u2019s, and Standard & Poor\u2019s. The Treasury Management Policy seeks to mitigate sovereign risk, whether directly or indirectly through exposures to corporate and financial institutions domiciled therein, through investment limits assigned on the basis of the long-term credit rating of such sovereigns. This is further supplemented by in depth economic reviews undertaken periodically and assessments of the fiscal, economic and socio-political aspects upon which such limits are accordingly aligned.a. Maximum exposure to credit riskThe table below sets out the Group\u2019s maximum exposure to credit risk arising from on-balance sheet and off-balance sheet financial instruments, before taking account of any collateral held or other credit enhancements. For financial assets recognised in the statement of financial position, the maximum exposure to credit risk corresponds to the carrying amount of the asset, which is presented net of impairment losses. In the case of financial guarantees and similar arrangements, the maximum exposure to credit risk represents the full amount that the Group would be required to pay if such guarantees were called in full. For loan commitments and other credit related commitments that are irrevocable over the term of the facilities, the maximum exposure reflects the full amount of the committed but undrawn facilities.Maximum exposure to credit risk2025 2024\u20ac000 \u20ac000Balances with CBM and treasury bills 845,420 1,019,197 Debt securities measured at fair value through other comprehensive income 70,786 80,541 Debt securities measured at amortised cost 6,781,209 6,251,257 Loans and advances to banks 258,754 328,547 Loans and advances to customers 7,985,473 6,846,302 Other assets 8,897 9,464 Off\u2011balance sheet:\u2011 financial guarantees and similar contracts 631,624 395,814 \u2011 loan commitments and other credit related commitments 3,209,670 2,982,638 19,791,833 17,913,760 The following table contains the Group\u2019s maximum exposure to credit risk arising from financial assets not subject to impairment (i.e. FVTPL):Maximum exposure to credit risk2025 2024\u20ac000 \u20ac000Financial assets mandatorily measured at FVTPL:\u2011 Debt securities 1 22 \u2011 Derivative financial instruments 2,987 4,071 2,988 4,093 Financial assets designated at fair value:\u2011 Debt securities 1,391 1,398 \u2011 Loans and advances to customers 36,643 50,677 38,034 52,075 41,022 56,168 b. Financial instruments subject to IFRS 9 impairment requirementsThe Bank\u2019s exposure to credit risk mainly arises from its lending activities. In this respect, all lending activities are classified under either business or retail lending.The business portfolio comprises lending to business customers, including small and medium-sized enterprises and business entities. Lending within this portfolio supports both working capital requirements and investment activities, with a strong focus on real estate lending and income-producing assets, as well as construction and development projects. The retail portfolio includes a broad range of secured and unsecured lending products offered to individual customers. Secured lending primarily consists of advances for residential property purchases, where loans are secured by the assets acquired, as well as lending secured over existing assets, including first charges over residential property. Unsecured retail lending products include overdrafts, credit cards and car loans.All tables and figures within the rest of Note 39 on the following pages exclude those items that are not subject to the impairment requirements emanating from IFRS 9.The following disclosure presents the gross carrying/nominal amount of financial instruments measured at amortised cost to which the impairment requirements in IFRS 9 are applied and the associated expected credit loss (\u2018ECL\u2019) allowances, as well as the fair value of debt instruments measured at FVOCI and the associated ECL allowances.2025 2024\ue60e\ue675\ue66f\ue676\ue676\ue602\ue631\ue62d\ue675\ue675\ue68b\ue662\ue66d\ue65d\ue746\ue602\ue60e\ue675\ue66f\ue676\ue676\ue602\ue631\ue62d\ue675\ue675\ue68b\ue662\ue66d\ue65d\ue746\ue602nominal amount ECL Allowancesnominal amount ECL Allowances\u20ac000 \u20ac000 \u20ac000 \u20ac000Balances with CBM 729,942 \u2011 954,420 \u2011 \ue608\ue627\ue623\ue63b\ue602\ue639\ue627\ue624\ue63c\ue638\ue62d\uefa7\ue627\ue639\ue602\ue631\ue627\ue621\ue639\ue63c\ue638\ue627\ue626\ue602\ue621\ue63b\ue602\ue621\ue631\ue633\ue638\uefa7\ue639\ue627\ue626\ue602\ue624\ue633\ue639\ue63b 6,782,605 (1,396) 6,252,361 (1,104)Loans and advances to banks 258,755 (1) 328,551 (4)Loans and advances to customers\u2011 Retail 4,434,059 (15,147) 3,749,262 (21,619)\u2011 Business 3,636,717 (70,156) 3,184,329 (65,670)Other assets 8,897 \u2011 9,464 \u2011 Total gross carrying amount on\u2011balance sheet15,850,975 (86,700) 14,478,387 (88,397)\ue606\ue633\ue632\uefa7\ue632\ue62b\ue627\ue632\ue63b\ue602\ue6a3\ue62d\ue621\ue623\ue62d\ue6a3\ue62d\uefa7\ue627\ue639\ue602\ue621\ue632\ue626\ue602\ue624\ue633\ue631\ue631\ue62d\ue63b\ue631\ue627\ue632\ue63b\ue639 3,841,294 (15,054) 3,378,452 (16,388)\ue61a\ue633\ue63b\ue621\ue6a3\ue602\ue632\ue633\ue631\ue62d\ue632\ue621\ue6a3\ue602\ue621\ue631\ue633\ue63c\ue632\ue63b\ue602\ue633\ue6f8\ue666\ue623\ue621\ue6a3\ue621\ue632\ue624\ue627\ue602\ue639\ue62c\ue627\ue627\ue63b 3,841,294 (15,054) 3,378,452 (16,388)19,692,269 (101,754) 17,856,839 (104,785)Total2025 2024Fair value ECL Allowances Fair value ECL Allowances\u20ac000 \u20ac000 \u20ac000 \u20ac000Treasury bills 115,478 (5) 64,777 (3)\ue608\ue627\ue623\ue63b\ue602\ue639\ue627\ue624\ue63c\ue638\ue62d\uefa7\ue627\ue639\ue602\ue631\ue627\ue621\ue639\ue63c\ue638\ue627\ue626\ue602\ue621\ue63b\ue602\ue628\ue621\ue62d\ue638\ue602\ue63d\ue621\ue6a3\ue63c\ue627\ue602\ue63b\ue62c\ue638\ue633\ue63c\ue62b\ue62c\ue602other comprehensive income 70,786 (25) 80,541 (25)186,264 (30) 145,318 (28)Total39.2.2 CONCENTRATION RISKWhere possible the Bank aims to reduce and control risk concentrations. Broadly stated, concentration results when the Bank has a high level of exposure to a single or related group of borrowers, credit exposures secured by a single security, or credit exposures with common characteristics within an industry, such that adverse developments in this exposure would be damaging to the Bank.Given the size and nature of the domestic financial sector and the local economy, the Bank is exposed to concentration risk in its credit business. The Bank has systems in place to identify material concentrations in the loan portfolio, and to ensure adherence to prudential limits set by the Board of Directors and/or the regulator to single borrowers or groups of related borrowers and other significant risk concentrations. The CEO and the Board of Directors are regularly informed on the concentration of the Bank\u2019s portfolio.The following table contains the Group\u2019s on-balance sheet loans and advances to customers as per Note 17, analysed by industry sector. 2025Gross Carrying Amount ECL AllowancesStage 1 Stage 2 Stage 3 Total Stage 1 Stage 2 Stage 3 Total \u20ac000 \u20ac000 \u20ac000 \u20ac000 \u20ac000 \u20ac000 \u20ac000 \u20ac000 Households and Individuals 4,226,314 133,213 34,332 4,393,859 (1,884) (1,120) (12,026) (15,030)\ue603\ue624\ue624\ue633\ue631\ue631\ue633\ue626\ue621\uefa7\ue633\ue632\ue602\ue621\ue632\ue626\ue602\ue628\ue633\ue633\ue626\ue639\ue627\ue638\ue63d\ue62d\ue624\ue627\ue602\ue621\ue624\uefa7\ue63d\ue62d\uefa7\ue627\ue639 570,006 69,550 23,756 663,312 (1,329) (2,940) (8,308) (12,577)\ue618\ue627\ue621\ue6a3\ue602\ue627\ue639\ue63b\ue621\ue63b\ue627\ue602\ue621\ue624\uefa7\ue63d\ue62d\uefa7\ue627\ue639\ue602 596,694 75,724 2,150 674,568 (1,796) (435) (525) (2,756) Financial and insurance\ue621\ue624\uefa7\ue63d\ue62d\uefa7\ue627\ue639 532,856 11,310 4,857 549,023 (1,297) (138) (2,134) (3,569)Wholesale and retail trade 407,458 72,741 27,773 507,972 (1,645) (1,853) (16,202) (19,700) \ue606\ue633\ue632\ue639\ue63b\ue638\ue63c\ue624\uefa7\ue633\ue632\ue602 202,332 47,090 20,077 269,499 (1,264) (1,755) (15,527) (18,546) \ue61a\ue638\ue621\ue632\ue639\ue636\ue633\ue638\ue63b\ue621\uefa7\ue633\ue632\ue602\ue621\ue632\ue626\ue602\ue639\ue63b\ue633\ue638\ue621\ue62b\ue627\ue602 274,666 27,520 236 302,422 (1,120) (622) (234) (1,976) Human health and Social\ue63e\ue633\ue638\ue630\ue602\ue621\ue624\uefa7\ue63d\ue62d\uefa7\ue627\ue639\ue602 87,216 19,170 147 106,533 (157) (52) (32) (241)Electricity, Gas, Steam and\ue603\ue62d\ue638\ue602\ue606\ue633\ue632\ue626\ue62d\uefa7\ue633\ue632\ue62d\ue632\ue62b\ue602\ue619\ue63c\ue636\ue636\ue6a3\ue640\ue602 64,667 50,029 1,174 115,870 (362) (355) (653) (1,370)Manufacturing 77,813 20,404 6,702 104,919 (436) (484) (1,021) (1,941) \ue60d\ue632\ue628\ue633\ue638\ue631\ue621\uefa7\ue633\ue632\ue602\ue621\ue632\ue626\ue624\ue633\ue631\ue631\ue63c\ue632\ue62d\ue624\ue621\uefa7\ue633\ue632\ue602 119,884 4,372 1,657 125,913 (1,342) (41) (1,070) (2,453)Arts, Entertainment and\ue618\ue627\ue624\ue638\ue627\ue621\uefa7\ue633\ue632 60,510 6,920 8,093 75,523 (876) (25) (541) (1,442)Agriculture, Forestry andFishing 35,635 20,284 17 55,936 (12) (597) (4) (613)\ue616\ue638\ue633\ue628\ue627\ue639\ue639\ue62d\ue633\ue632\ue621\ue6a3\ue654\ue602\ue619\ue624\ue62d\ue627\ue632\uefa7\ue629\ue624\ue602\ue621\ue632\ue626\ue61a\ue627\ue624\ue62c\ue632\ue62d\ue624\ue621\ue6a3\ue602\ue621\ue624\uefa7\ue63d\ue62d\uefa7\ue627\ue639\ue602 48,306 1,414 1,769 51,489 (86) (45) (263) (394)\ue603\ue626\ue631\ue62d\ue632\ue62d\ue639\ue63b\ue638\ue621\uefa7\ue63d\ue627\ue602\ue621\ue632\ue626\ue602\ue619\ue63c\ue636\ue636\ue633\ue638\ue63b\ue639\ue627\ue638\ue63d\ue62d\ue624\ue627\ue602\ue621\ue624\uefa7\ue63d\ue62d\uefa7\ue627\ue639\ue602 39,148 1,465 372 40,985 (264) (13) (234) (511)\ue609\ue626\ue63c\ue624\ue621\uefa7\ue633\ue632\ue602 27,962 3,714 874 32,550 (48) (6) (53) (107) Water supply, Seweragewaste management and\ue638\ue627\ue631\ue627\ue626\ue62d\ue621\uefa7\ue633\ue632\ue602\ue621\ue624\uefa7\ue63d\ue62d\uefa7\ue627\ue639\ue602 2,745 9,475 83 12,303 (5) (326) (83) (414)\ue613\ue63b\ue62c\ue627\ue638\ue602\ue639\ue627\ue638\ue63d\ue62d\ue624\ue627\ue639\ue602\ue621\ue624\uefa7\ue63d\ue62d\uefa7\ue627\ue639\ue602 9,173 951 2,308 12,432 (10) (7) (1,623) (1,640) \ue616\ue63c\ue623\ue6a3\ue62d\ue624\ue602\ue621\ue626\ue631\ue62d\ue632\ue62d\ue639\ue63b\ue638\ue621\uefa7\ue633\ue632\ue602\ue621\ue632\ue626Defence, Compulsory socialsecurity 6,957 127 4 7,088 (4) (2) (4) (10) Mining and quarrying 3,890 1,333 \u2011 5,223 (2) (11) \u2011 (13)7,394,232 576,806 136,381 8,107,419 (13,939) (10,827) (60,537) (85,303) 2024Gross Carrying Amount ECL AllowancesStage 1 Stage 2 Stage 3 Total Stage 1 Stage 2 Stage 3 Total \u20ac000 \u20ac000 \u20ac000 \u20ac000 \u20ac000 \u20ac000 \u20ac000 \u20ac000 Households and Individuals 3,632,026 45,797 35,580 3,713,403 (2,567) (1,298) (17,589) (21,454)\ue603\ue624\ue624\ue633\ue631\ue631\ue633\ue626\ue621\uefa7\ue633\ue632\ue602\ue621\ue632\ue626\ue602\ue628\ue633\ue633\ue626\ue639\ue627\ue638\ue63d\ue62d\ue624\ue627\ue602\ue621\ue624\uefa7\ue63d\ue62d\uefa7\ue627\ue639 474,696 50,058 27,502 552,256 (1,035) (468) (8,441) (9,944)\ue618\ue627\ue621\ue6a3\ue602\ue627\ue639\ue63b\ue621\ue63b\ue627\ue602\ue621\ue624\uefa7\ue63d\ue62d\uefa7\ue627\ue639\ue602 493,444 23,344 8,656 525,444 (949) (95) (1,301) (2,345) Financial and insurance\ue621\ue624\uefa7\ue63d\ue62d\uefa7\ue627\ue639 462,622 9,590 5,230 477,442 (2,174) (155) (386) (2,715)Wholesale and retail trade 348,713 68,064 28,966 445,743 (1,558) (1,885) (13,409) (16,852) \ue606\ue633\ue632\ue639\ue63b\ue638\ue63c\ue624\uefa7\ue633\ue632\ue602 185,206 56,986 11,622 253,814 (1,832) (2,363) (8,594) (12,789) \ue61a\ue638\ue621\ue632\ue639\ue636\ue633\ue638\ue63b\ue621\uefa7\ue633\ue632\ue602\ue621\ue632\ue626\ue602\ue639\ue63b\ue633\ue638\ue621\ue62b\ue627\ue602 212,874 28,160 9,405 250,439 (895) (258) (2,454) (3,607) Human health and Social\ue63e\ue633\ue638\ue630\ue602\ue621\ue624\uefa7\ue63d\ue62d\uefa7\ue627\ue639\ue602 85,296 30,387 30,789 146,472 (183) (52) (3,119) (3,354)Electricity, Gas, Steam and\ue603\ue62d\ue638\ue602\ue606\ue633\ue632\ue626\ue62d\uefa7\ue633\ue632\ue62d\ue632\ue62b\ue602\ue619\ue63c\ue636\ue636\ue6a3\ue640\ue602 107,853 2,903 1,581 112,337 (545) (306) (993) (1,844)Manufacturing 76,709 22,977 9,562 109,248 (253) (728) (1,529) (2,510) \ue60d\ue632\ue628\ue633\ue638\ue631\ue621\uefa7\ue633\ue632\ue602\ue621\ue632\ue626\ue624\ue633\ue631\ue631\ue63c\ue632\ue62d\ue624\ue621\uefa7\ue633\ue632\ue602 98,368 5,464 185 104,017 (1,511) (105) (128) (1,744)Arts, Entertainment and\ue618\ue627\ue624\ue638\ue627\ue621\uefa7\ue633\ue632 60,596 3,767 8,713 73,076 (925) (1,043) (820) (2,788)Agriculture, Forestry andFishing 56,870 1,095 140 58,105 (66) (44) (67) (177)\ue616\ue638\ue633\ue628\ue627\ue639\ue639\ue62d\ue633\ue632\ue621\ue6a3\ue654\ue602\ue619\ue624\ue62d\ue627\ue632\uefa7\ue629\ue624\ue602\ue621\ue632\ue626\ue61a\ue627\ue624\ue62c\ue632\ue62d\ue624\ue621\ue6a3\ue602\ue621\ue624\uefa7\ue63d\ue62d\uefa7\ue627\ue639\ue602 47,915 1,685 2,855 52,455 (134) (96) (888) (1,118)\ue603\ue626\ue631\ue62d\ue632\ue62d\ue639\ue63b\ue638\ue621\uefa7\ue63d\ue627\ue602\ue621\ue632\ue626\ue602\ue619\ue63c\ue636\ue636\ue633\ue638\ue63b\ue639\ue627\ue638\ue63d\ue62d\ue624\ue627\ue602\ue621\ue624\uefa7\ue63d\ue62d\uefa7\ue627\ue639\ue602 29,308 5,323 2,386 37,017 (71) (1,084) (215) (1,370)\ue609\ue626\ue63c\ue624\ue621\uefa7\ue633\ue632\ue602 27,505 4,784 856 33,145 (23) (10) (51) (84) Water supply, Seweragewaste management and\ue638\ue627\ue631\ue627\ue626\ue62d\ue621\uefa7\ue633\ue632\ue602\ue621\ue624\uefa7\ue63d\ue62d\uefa7\ue627\ue639\ue602 4,362 9,731 85 14,178 (5) (364) (85) (454)\ue613\ue63b\ue62c\ue627\ue638\ue602\ue639\ue627\ue638\ue63d\ue62d\ue624\ue627\ue639\ue602\ue621\ue624\uefa7\ue63d\ue62d\uefa7\ue627\ue639\ue602 8,711 1,127 2,830 12,668 (9) (40) (2,056) (2,105) \ue616\ue63c\ue623\ue6a3\ue62d\ue624\ue602\ue621\ue626\ue631\ue62d\ue632\ue62d\ue639\ue63b\ue638\ue621\uefa7\ue633\ue632\ue602\ue621\ue632\ue626Defence, Compulsory socialsecurity 8,081 174 \u2011 8,255 (3) (9) \u2011 (12)Mining and quarrying 2,404 2,350 \u2011 4,754 \u2011 (23) \u2011 (23) 6,423,559 373,766 186,943 6,984,268 (14,738) (10,426) (62,125) (87,289)The level of concentration in respect of other significant financial assets is disclosed in the other notes to the financial statements.39.2.3 CREDIT QUALITYCredit exposures arising from lending activities and debt securities are categorised into the following credit quality groups, according to an evaluation of their contractual performance and related credit risk. The categories are described below:Performing These exposures reflect a strong and consistent ability of the borrower to fulfil their financial obligations. They are marked by a minimal risk of default and expected credit losses, with no signs of declining credit quality.WatchThese exposures have experienced an increase in credit risk, evident through initial signs of financial weakness. Borrowers are showing a reduced ability to meet their financial obligations, and there is greater sensitivity to unfavourable economic or business conditions, indicating a moderate risk of default.Sub-standardExposures where credit risk has risen significantly and there is considerable doubt about the borrower\u2019s capacity to honour contractual obligations. These require varying levels of special attention, as deterioration in credit quality is apparent and the risk of default is elevated.Non-performingExposures classified as credit-impaired, including those where the borrower is 90 days or more overdue, or where there is observable evidence of substantial financial difficulty which negatively affects expected future cash flows. These exposures are regarded as defaulted.The Bank evaluates credit quality by employing tailored approaches for its different portfolios. For loans and other credit exposures to customers, the Bank utilises an internal credit grading system anchored in the Internal Credit Rating System (\u2018ICRS\u2019) model. The model leverages specialised scorecards for each exposure type, taking into account factors such as manual grading upon specific reviews, days past due, and forbearance measures, to provide a nuanced assessment. The methodology ensures that both quantitative and qualitative risk characteristics are reflected within the internal credit grading. This is further explained within Note 39.2.3 (c).For other exposures, the Bank relies on external credit ratings issued by independent agencies, including Fitch, Moody\u2019s, and Standard & Poor\u2019s. These ratings provide an objective benchmark, enabling the Bank to make informed decisions about the creditworthiness of its investment portfolio. Where exposures are not externally rated, the Bank performs an internal credit assessment to determine the appropriate credit-quality classification and corresponding IFRS 9 stage.Balances with Central Bank of Malta and Treasury Bills\ue609\ue63b\ue630\ue67c\ue602\ue643\ue66d\ue62d\ue66d\ue631\ue662\ue62d\uea74\ue602\ue662\ue66d\ue676\ue67c\ue675\ue686\ue66c\ue63b\ue66d\ue67c\ue676Loans and advances to \ue620\ue686\ue62d\uea74\ue662\ue67c\ue68b\ue602\ue631\uea74\ue62d\ue676\ue676\ue662\ue643\ue631\ue62d\uef9e\ue66f\ue66d StageLoans and advances to bankscustomersPerforming 1 BBB\u2011 and above ICRS 1 to 6Watch 2 BB\u2011 to BB+ ICRS 7Substandard 2 B\u2011 to B+ ICRS 8 to 9Non\u2011performing 3 CCC to CCC+ ICRS 10 to 15As at 31 December 2025 and 31 December 2024, all unrated exposures were assessed as being with borrowers of good standing and were accordingly classified within the relevant performing credit quality categories.a. Distribution of Financial Assets by credit qualityAs at 31 December 2025 Non-ECL Performing Watch Substandard performing TotalAllowances\u20ac000 \u20ac000 \u20ac000 \u20ac000 \u20ac000 \u20ac000 Gross Carrying AmountBalances with CBM 729,942 \u2011 \u2011 \u2011 729,942 - Debt securities measured at amortised cost 6,782,605 \u2011 \u2011 \u2011 6,782,605 (1,396)Loans and advances to banks 258,459 \u2011 296 \u2011 258,755 (1)Loans and advances to customers\u2011 Retail 4,173,737 188,349 37,524 34,449 4,434,059 (15,147)\u2011 Business 2,970,870 501,491 62,424 101,932 3,636,717 (70,156)14,915,613 689,840 100,244 136,381 15,842,078 (86,700)Fair ValueTreasury bills 115,478 \u2011 \u2011 \u2011 115,478 (5)Debt securities measured at fair value through other comprehensive income 70,786 \u2011 \u2011 \u2011 70,786 (25)186,264 - - - 186,264 (30)As at 31 December 2024 Non-ECL Performing Watch Substandard performing TotalAllowances\u20ac000 \u20ac000 \u20ac000 \u20ac000 \u20ac000 \u20ac000 Gross Carrying AmountBalances with CBM 954,420 \u2011 \u2011 \u2011 954,420 - Debt securities measured at amortised cost 6,247,366 4,995 \u2011 \u2011 6,252,361 (1,104)Loans and advances to banks 328,330 \u2011 221 \u2011 328,551 (4)Loans and advances to customers\u2011 Retail 3,659,454 49,221 4,712 35,875 3,749,262 (21,619)\u2011 Business 2,532,230 437,071 63,961 151,067 3,184,329 (65,670)13,721,800 491,287 68,894 186,942 14,468,923 (88,397)Fair ValueTreasury bills 64,777 \u2011 \u2011 \u2011 64,777 (3)Debt securities measured at fair value through other comprehensive income 80,541 \u2011 \u2011 \u2011 80,541 (25)145,318 - - - 145,318 (28)The Bank also holds a significant amount of off-balance sheet exposures, comprising commitments, guarantees, and unutilised credit facilities. These exposures are predominantly classified as performing, reflecting the Bank\u2019s prudent risk management and sound credit quality across its contingent liabilities.b. Debt securities by sector, classification and residencyThe tables below analyse debt securities by sector, classification and residency.Sector The GroupAmortised cost FVOCI FVTPL2025 \u20ac000 \u20ac000 \u20ac000Banks 688,633 141 6 Government 6,017,090 13,598 1,386 Public \u2011 56,813 \u2011 Others 75,486 234 \u2011 6,781,209 70,786 1,392 The GroupAmortised cost FVOCI FVTPL2024 \u20ac000 \u20ac000 \u20ac000Banks 834,953 1,077 27 Government 5,332,551 14,460 1,393 Public \u2011 64,445 \u2011 Others 83,753 559 \u2011 6,251,257 80,541 1,420 Residency The GroupAmortised cost FVOCI FVTPL2025 \u20ac000 \u20ac000 \u20ac000Malta 2,179,313 70,069 259Monetary Union member states 3,301,549 \u2011 1,041Rest of the world 1,300,347 717 92 6,781,209 70,786 1,392 The GroupAmortised cost FVOCI FVTPL2024 \u20ac000 \u20ac000 \u20ac000Malta 2,042,024 77,912 \u2011Monetary Union member states 3,035,617 940 1,393Rest of the world 1,173,616 1,689 27 6,251,257 80,541 1,420 c. Expected credit loss measurementIFRS 9 outlines a \u2018three-stage\u2019 model for impairment based on changes in credit quality since initial recognition as summarised below:\u2022 A financial instrument that is not credit-impaired on initial recognition is classified in Stage 1 and has its credit risk continuously monitored by the Group.\u2022 If a significant increase in credit risk (SICR) since initial recognition is identified, the financial instrument is moved to Stage 2 but is not yet deemed to be credit-impaired. Refer to the significant increase in credit risk section of this note for a description of how the Group determines when a significant increase in credit risk has occurred.\u2022 If the financial instrument is credit-impaired, the financial instrument is then moved to Stage 3. Refer to the definition of default and credit impaired section of this note for a description of how the Group defines credit-impaired and default.\u2022 Financial instruments in Stage 1 have their ECL allowances measured at an amount equal to the portion of lifetime expected credit losses that result from default events possible within the next 12 months. Instruments in Stages 2 and 3 have their ECL measured based on expected loss allowances on a lifetime basis. Refer to the measuring ECL section of this note for a description of inputs, assumptions and estimation techniques used in measuring the ECL. A pervasive concept in measuring ECL allowances in accordance with IFRS 9 is that it should consider forward-looking information. Note 39.2.3 (i) includes an explanation of how the Group has incorporated this in its ECL models.The following diagram summarises the impairment requirements under IFRS 9 (other than purchased or originated credit-impaired financial assets):Change in credit quality since initial recognitionStage 1 Stage 2 Stage 3 \ue66c\ue619\ue62d\ue62b\ue632\ue62d\ue629\ue624\ue621\ue632\ue63b\ue602\ue62d\ue632\ue624\ue638\ue627\ue621\ue639\ue627\ue602\ue62d\ue632\ue602\ue624\ue638\ue627\ue626\ue62d\ue63b\ue602\ue638\ue62d\ue639\ue630\ue602\ue639\ue62d\ue632\ue624\ue627\ue602\ue66c\ue60d\ue632\ue62d\uefa7\ue621\ue6a3\ue602\ue638\ue627\ue624\ue633\ue62b\ue632\ue62d\uefa7\ue633\ue632\ue66d(Credit\u2011impaired assets)\ue62d\ue632\ue62d\uefa7\ue621\ue6a3\ue602\ue638\ue627\ue624\ue633\ue62b\ue632\ue62d\uefa7\ue633\ue632\ue66d12\u2011month expected credit losses \ue610\ue62d\ue628\ue627\uefa7\ue631\ue627\ue602\ue627\ue63f\ue636\ue627\ue624\ue63b\ue627\ue626\ue602\ue624\ue638\ue627\ue626\ue62d\ue63b\ue602\ue6a3\ue633\ue639\ue639\ue627\ue639 \ue610\ue62d\ue628\ue627\uefa7\ue631\ue627\ue602\ue627\ue63f\ue636\ue627\ue624\ue63b\ue627\ue626\ue602\ue624\ue638\ue627\ue626\ue62d\ue63b\ue602\ue6a3\ue633\ue639\ue639\ue627\ue639Significant increase in credit riskWith the exception of instruments measured at FVTPL, exposures with low credit risk at the reporting date and any originated credit-impaired financial assets, the Group assesses whether financial instruments have experienced a significant increase in credit risk since initial recognition.When determining whether the risk of default on a financial instrument has increased significantly since initial recognition, the Group considers reasonable and supportable information that is relevant and available without undue cost or effort. This includes both quantitative and qualitative information and analysis, based on the Group\u2019s historical experience and expert credit assessment, and including forward-looking information. A backstop trigger (30 days in arrears) shifts credit exposures within loan portfolios from stage 1 to stage 2 as significant increase in credit risk is deemed to have occurred.The credit quality of the Group\u2019s portfolios of financial instruments is assessed by reference to the Group\u2019s credit rating system as described in Note 39.2.3.The Group allocates each credit exposure within loan portfolios to an internal credit risk grade based on a variety of quantitative and qualitative data that is determined to be predictive of the risk of default. An exposure\u2019s final internal credit grade is dependent on four inputs:i. a system credit grade which is based on days past due data; ii. a manual credit grade being assigned by Bank officers who review and monitor exposures having access to customers and their financial information; iii. a regulatory credit grade which takes cognisance of the two grades referred to above as well as other regulatory requirements such as in the case of forbearance measures; and iv. an Internal Credit Rating System (\u2018ICRS\u2019) grade which is based on a scorecard approach that takes into consideration a number of both quantitative and qualitative indicators that vary depending on the nature of the exposure and the type of borrower, in conjunction with the three grades previously mentioned assigned to the specific financial instrument. The final credit risk grade assigned to each credit exposure is the ICRS grade, based on a rating scale which is composed of 15 grades. Credit exposures are subject to ongoing qualitative monitoring, which may also result in an exposure being moved to a different ICRS grade. The monitoring typically involves use of the following data.Business exposures Retail exposures All exposures\u2022 \ue60d\ue632\ue628\ue633\ue638\ue631\ue621\uefa7\ue633\ue632\ue602\ue633\ue623\ue63b\ue621\ue62d\ue632\ue627\ue626\ue602\ue626\ue63c\ue638\ue62d\ue632\ue62b\ue602\ue636\ue627\ue638\ue62d\ue633\ue626\ue62d\ue624\ue602\u2022 Internally collected data on customer \u2022 Payment record \u2011 this includes overdue \ue638\ue627\ue63d\ue62d\ue627\ue63e\ue602\ue633\ue628\ue602\ue624\ue63c\ue639\ue63b\ue633\ue631\ue627\ue638\ue602\ue629\ue6a3\ue627\ue639\ue602\ue666\ue602\ue627\ue657\ue62b\ue657\ue602\ue621\ue63c\ue626\ue62d\ue63b\ue627\ue626\ue602\ue623\ue627\ue62c\ue621\ue63d\ue62d\ue633\ue63c\ue638\ue602\ue666\ue602\ue627\ue657\ue62b\ue657\ue602\ue63c\uefa7\ue6a3\ue62d\ue639\ue621\uefa7\ue633\ue632\ue602\ue633\ue628\ue602\ue624\ue638\ue627\ue626\ue62d\ue63b\ue602\ue624\ue621\ue638\ue626\ue602status as well as a range of variables \ue629\ue632\ue621\ue632\ue624\ue62d\ue621\ue6a3\ue602\ue639\ue63b\ue621\ue63b\ue627\ue631\ue627\ue632\ue63b\ue639\ue654\ue602\ue631\ue621\ue632\ue621\ue62b\ue627\ue631\ue627\ue632\ue63b\ue602\ue628\ue621\ue624\ue62d\ue6a3\ue62d\uefa7\ue627\ue639\ue621\ue623\ue633\ue63c\ue63b\ue602\ue636\ue621\ue640\ue631\ue627\ue632\ue63b\ue602\ue638\ue621\uefa7\ue633\ue639\ue602\ue621\ue624\ue624\ue633\ue63c\ue632\ue63b\ue639\ue654\ue602\ue623\ue63c\ue626\ue62b\ue627\ue63b\ue639\ue602\ue621\ue632\ue626\ue602\ue636\ue638\ue633\ue62f\ue627\ue624\uefa7\ue633\ue632\ue639\ue657\ue602\u2022 \ue603\ue6f8\ue633\ue638\ue626\ue621\ue623\ue62d\ue6a3\ue62d\ue63b\ue640\ue602\ue631\ue627\ue63b\ue638\ue62d\ue624\ue639\u2022 \ue61b\uefa7\ue6a3\ue62d\ue639\ue621\uefa7\ue633\ue632\ue602\ue633\ue628\ue602\ue63b\ue62c\ue627\ue602\ue62b\ue638\ue621\ue632\ue63b\ue627\ue626\ue602\ue6a3\ue62d\ue631\ue62d\ue63b\ue609\ue63f\ue621\ue631\ue636\ue6a3\ue627\ue639\ue602\ue633\ue628\ue602\ue621\ue638\ue627\ue621\ue639\ue602\ue633\ue628\ue602\ue636\ue621\ue638\uefa7\ue624\ue63c\ue6a3\ue621\ue638\ue602\ue628\ue633\ue624\ue63c\ue639\ue602\ue621\ue638\ue627\ue656\ue602\ue62b\ue638\ue633\ue639\ue639\ue602\ue636\ue638\ue633\ue629\ue63b\ue602\ue631\ue621\ue638\ue62b\ue62d\ue632\ue639\ue654\ue602\ue629\ue632\ue621\ue632\ue624\ue62d\ue621\ue6a3\ue602\u2022 \ue618\ue627\ue637\ue63c\ue627\ue639\ue63b\ue639\ue602\ue628\ue633\ue638\ue602\ue621\ue632\ue626\ue602\ue62b\ue638\ue621\ue632\uefa7\ue632\ue62b\ue602\ue633\ue628\ue602\ue6a3\ue627\ue63d\ue627\ue638\ue621\ue62b\ue627\ue602\ue638\ue621\uefa7\ue633\ue639\ue654\ue602\ue626\ue627\ue623\ue63b\ue602\ue639\ue627\ue638\ue63d\ue62d\ue624\ue627\ue602\ue624\ue633\ue63d\ue627\ue638\ue621\ue62b\ue627\ue654\ue602forbearancecompliance with covenants, quality \u2022 \ue60a\ue62d\ue632\ue621\ue632\ue624\ue62d\ue621\ue6a3\ue602\ue621\ue632\ue626\ue602\ue627\ue624\ue633\ue632\ue633\ue631\ue62d\ue624\ue602\ue624\ue633\ue632\ue626\ue62d\uefa7\ue633\ue632\ue639of management, senior management changes\u2022 \ue603\ue624\ue63b\ue63c\ue621\ue6a3\ue602\ue621\ue632\ue626\ue602\ue627\ue63f\ue636\ue627\ue624\ue63b\ue627\ue626\ue602\ue639\ue62d\ue62b\ue632\ue62d\ue629\ue624\ue621\ue632\ue63b\ue602\ue624\ue62c\ue621\ue632\ue62b\ue627\ue639\ue602\ue62d\ue632\ue602\ue63b\ue62c\ue627\ue602\ue636\ue633\ue6a3\ue62d\uefa7\ue624\ue621\ue6a3\ue654\ue602\ue638\ue627\ue62b\ue63c\ue6a3\ue621\ue63b\ue633\ue638\ue640\ue602and technological environment of the \ue623\ue633\ue638\ue638\ue633\ue63e\ue627\ue638\ue602\ue633\ue638\ue602\ue62d\ue632\ue602\ue62d\ue63b\ue639\ue602\ue623\ue63c\ue639\ue62d\ue632\ue627\ue639\ue639\ue602\ue621\ue624\uefa7\ue63d\ue62d\uefa7\ue627\ue639\u2022 \ue609\ue63f\ue62d\ue639\uefa7\ue632\ue62b\ue602\ue621\ue632\ue626\ue602\ue628\ue633\ue638\ue627\ue624\ue621\ue639\ue63b\ue602\ue624\ue62c\ue621\ue632\ue62b\ue627\ue639\ue602\ue62d\ue632\ue602businessStage Allocation At the origination of a loan, all exposures (except for POCI), irrelevant of the respective ICRS grade, are allocated to stage 1 as the Bank accepts the credit risk profile at an agreed interest rate. Accordingly, 12 months of expected credit losses are held against newly originated loans as long as the credit risk at origination does not increase significantly. A transfer to stage 2 is only triggered when SICR, compared to the credit risk at origination, occurs. Assessment of SICR comprises a comparative assessment between the PD at a point in time and that at origination to determine whether credit risk has increased over time. For instance, the Group might originate a loan to a customer having a specific ICRS grade. At the subsequent period end, the ICRS has deteriorated and another loan is granted to the customer, with the new loan also having the updated ICRS. In relation to the first loan, if the increase in ICRS is considered significant increase in credit risk, also taking cognisance of the shift in associated PDs, the asset will be transferred to stage 2. For the second loan, the ICRS at initial recognition is the updated one and this loan will remain in stage 1 until the ICRS increases significantly, giving rise to significant increase in credit risk, in subsequent periods. An ICRS grade of 7 is generally indicative of SICR. The Bank also makes use of a second backstop trigger for SICR. The latter pushes exposures to underperforming (stage 2) whenever the PD is found to have doubled when compared to that at origination.Credit exposures within the Group\u2019s treasury portfolio, including balances with the Central Bank of Malta, Treasury Bills, debt securities, and loans and advances to banks are allocated to stage 1 upon initial recognition, irrespective of whether the exposure is investment grade or sub-investment grade. The Group applies the low credit risk simplification to all investments that are of an investment grade, which constitute the vast majority of this portfolio. The Group accordingly only assesses SICR for exposures that are rated as sub-investment grade. For sub-investment grade securities, the Group considers an instrument to have experienced a significant increase in credit risk if the security has been the subject of a credit rating downgrade since initial recognition.Definition of default and credit-impairedAt each reporting date, the Group assesses whether all financial assets carried at amortised cost and debt investments carried at FVOCI are credit-impaired. A financial asset is \u2018credit-impaired\u2019 when one or more events that have a detrimental impact on the estimated future cash flows of the financial asset have occurred.Evidence that a financial asset is credit-impaired includes the following observable data:\u2022 significant financial difficulty of the borrower or issuer;\u2022 a breach of contract such as a default or past due event;\u2022 the restructuring of a loan or advance by the Group on terms that the Group would not consider otherwise;\u2022 it is becoming probable that the borrower will enter bankruptcy or financial reorganisation; or\u2022 the disappearance of an active market for a security because of financial difficulties.The Group considers financial assets in the advances portfolio to be in default when:\u2022 the borrower is unlikely to pay its credit obligations to the Group in full, without recourse by the Group to actions such as realising security (if any is held); or\u2022 the borrower is past due by 90 days or more on any credit obligation to the Group.Overdrafts are considered as being past due once the customer has breached an advised limit or been advised of a limit lower than the current amount outstanding.In assessing whether a borrower is in default, the Group considers indicators that are:\u2022 qualitative \u2013 e.g. breaches of covenant, overdue status and non-payment on another obligation of the same borrower to the Group;\u2022 quantitative; and\u2022 based on data developed internally and on data obtained from external sources.An ICRS grade of 10 is generally indicative of credit-impaired status. A loan that has been renegotiated due to a deterioration in the borrower\u2019s condition is usually considered to be credit-impaired unless there is evidence that the risk of not receiving contractual cash flows has reduced significantly and there are no other indicators of impairment.Inputs into the assessment of whether a financial instrument is in default and their significance may vary over time to reflect changes in circumstances.The definition of default aligns with that applied by the Group for regulatory purposes.In the case of the treasury portfolio, the Group considers investments in debt instruments to be in default when a payment, including a coupon payment, is missed.Movement between stages Financial assets (other than POCI) are transferred between stages based on changes in credit risk since initial recognition. Within the Group\u2019s advances portfolio, financial instruments, excluding forborne assets (refer to Note 39.2.3 (g)), are transferred out of stage 2 into stage 1 when their credit risk is no longer considered to have increased significantly since initial recognition. This is evidenced when the financial instrument is assigned an ICRS grade of 6 or better and the instrument has completed three consecutive months with an ICRS grade of 6 or better. Financial instruments, excluding forborne assets (refer to Note 39.2.3 (g)) are considered to be no longer in default and are transferred out of stage 3 (i.e. have cured) into stage 2 when they no longer meet any of the default criteria for a consecutive period of three months. This is evidenced when the financial instrument is assigned an ICRS grade of 9 or better and retains such ICRS grade for a consecutive period of three months. This period of three months has been determined based on an analysis which considers the likelihood of a financial instrument returning to default status after cure using different possible cure definitions. As a general principle, except in specific circumstances, financial instruments cannot transition directly from stage 3 to stage 1 in a single step.Within the Group\u2019s treasury portfolio, debt investments are transferred out of stage 2 following upgrade to an investment-grade rating if the instrument was assigned an investment-grade rating at the acquisition date and had been downgraded to a sub-investment-grade. In the case of an investment acquired at sub-investment-grade, a return to stage 1 is only permissible following a return to the acquisition-date rating (or better). The Group\u2019s experience is that defaulted debt investments within the treasury portfolio do not cure given that a security\u2019s default mechanism is triggered when a security\u2019s issuer misses a coupon payment. Any new instrument which the Group receives as part of an eventual debt restructuring exercise is considered to be a new instrument altogether.Measuring ECLECL allowances are measured on either a 12-month (12M) or Lifetime basis depending on whether a significant increase in credit risk has occurred since initial recognition or whether an asset is considered to be credit-impaired. Expected credit losses are the discounted product of the Probability of Default (PD), Exposure at Default (EAD), and Loss Given Default (LGD), defined as follows:\u2022 The PD represents the likelihood of a borrower defaulting on its financial obligation (as per \u201cDefinition of default and credit-impaired\u201d above), either over the next 12 months (12M PD), or over the remaining lifetime (Lifetime PD) of the obligation.\u2022 EAD is based on the amounts the Group expects to be owed at the time of default, over the next 12 months (12M EAD) or over the remaining lifetime (Lifetime EAD). For a revolving overdraft, the Group includes the current drawn balance plus any further amount that is expected to be drawn up to the current contractual limit by the time of default, should it occur.\u2022 LGD represents the Group\u2019s expectation of the extent of loss on a defaulted exposure. LGD varies by type of counterparty, type and seniority of claim and availability of collateral or other credit support. LGD is expressed as a percentage loss per unit of exposure at the time of default (EAD). LGD is calculated on a 12-month or lifetime basis, where 12-month LGD is the percentage of loss expected to be incurred if the default occurs in the next 12 months and Lifetime LGD is the percentage of loss expected to be incurred if the default occurs over the remaining expected lifetime of the loan.The ECL is determined by projecting the PD, LGD and EAD for each future month and for each individual exposure. These three components are multiplied together and adjusted for the likelihood of survival (i.e. the exposure has not prepaid or defaulted in an earlier month). This effectively calculates an ECL for each future month, which are then discounted back to the reporting date and are summed. The discount rate used in the ECL calculation is the original effective interest rate or an approximation thereof.The parameters referred to above are generally derived from internally developed statistical models and other historical data. They are adjusted to reflect forward-looking information as described in Note 39.2.3 (i).In relation to loan portfolios, the Group estimates PDs based on its own historical default data adjusted to incorporate forward-looking information, as explained further in Note 39.2.3 (i). All loan exposures are allocated into two primary portfolios, business and retail, in accordance with their respective characteristics, and are further segmented based on product type. Each exposure is assigned an ICRS grade as explained previously (refer to Note 39.2.3 (c). The cumulative PD curves are derived for each segment by ICRS grade through the development of transition matrices based on historical movements of the respective exposures using Markov chains, which are based on the Group\u2019s monthly data in respect of its business and retail portfolios reflecting transitions between different ICRS grades for an extensive historical period comprising a significant number of years. Initially, the Group develops baseline transition matrices which capture unconditional migration probabilities, where the underlying assumption is that the transition probabilities between the rating grades are sufficiently described by a first-order Markov process. As an integral part of this process, the Group incorporates a Credit Cycle Factor (i.e. macro-economic adjustment) utilised to derive point-in-time PDs adjusted for forward-looking information. The monthly PD curves are computed by combining the Credit Cycle Factor with the Markov model coefficients and use Markov chains principle to obtain conditional point-in-time lifetime PDs for each segment and rating grade. This structure ensures that lifetime PDs are sensitive to macro-economic conditions while at the same time maintaining sufficiently granular perspective.For the treasury portfolio, the Group adopts a similar approach in PD assessment, based on Standard and Poor\u2019s historical issuer ratings data covering an extensive number of years, and applying Markov chains principle for the lifetime PD estimation. However, for the forward-looking information and estimation of the Credit Cycle component, the Group decided to adopt the Cox model, as well as vector autoregression, for the development of the baseline, optimistic, and pessimistic scenarios.With respect to the Group\u2019s lending activities, the EAD forecasts the credit risk exposure the Group might have if a borrower defaults, taking into account the current balance and any portion of the undrawn commitment that is expected to be drawn by the time of default. The Group applies different methodologies to estimate the EAD for loans with fixed payment schedules and for revolving instruments. The Group derives the EAD for loans with fixed payment schedules as the net present value of future expected cash flows, discounted at the effective interest rate or an approximation thereof. For revolving credit products such as credit cards, encroachments, and overdrafts, and for lending commitments and financial guarantees, the EAD is computed based on the application of the Credit Conversion Factor (\u2018CCF\u2019), which is used to estimate the proportion of the undrawn commitment that is likely to be utilised before default. The CCF is a percentage utilised to convert an undrawn balance into an expected drawn amount. For revolving exposures, the CCF is estimated using the Bank\u2019s internal historical data and depends on product type and time to default. In the case of the treasury portfolio, the Group derives the EAD as net present value of future expected cash flows, discounted using the effective interest rate of the instrument. For floating coupon instruments the Group forecasts the future spot interest rates through a model based on principal component analysis (\u2018PCA\u2019) and vector autoregression (\u2018VAR\u2019).The Group calculates the LGD for the secured and unsecured portions of the EAD separately, in relation to its loan portfolios. The LGD for the secured portion is estimated based on collateral valuation adjustments. The LGD for the unsecured portion (including unsecured products) is set at 100%. Subsequent to origination, collateral values are monitored and reviewed by the Bank\u2019s qualified valuers on a regular and periodic basis. For the purposes of ECL estimation, haircuts are applied to such values also taking into account the Bank\u2019s historical data on property contractual prices and on recoveries from claims against defaulted counterparties. In relation to the secured portion of loan exposures covered by immovable property collateral, the value attributable to the collateral is adjusted to capture the impact of macro-economic conditions through the application of an adjustment factor reflecting forecasted movements in the House Price Index (\u2018HPI\u2019). The Bank\u2019s LGD model indexes the collateral value at reporting date to the expected disposal date on the basis of expected movements in HPI, as explained in further detail in Note 39.2.3 (i). Indexed property values are adjusted to reflect estimated costs to sell and maintenance costs incurred by the Bank on foreclosed properties during the time to sell period. The net realisable values are discounted to present value using the individual exposure\u2019s interest rate.The Bank\u2019s LGD models generally consider the structure of the instrument, collateral, seniority of the claim, counterparty industry and recovery costs in relation to any collateral that is linked to the financial asset. In the case of the Group\u2019s treasury portfolio, the Group lacks historical experience of defaults and accordingly makes use of the loss and recovery information on a substantial number of defaulted instruments of non\u2013financial institutions obtained from Standard & Poor\u2019s. The Group estimates weighted average LGD per instrument and industry type, with weights corresponding to the principal amount at default. Due to data restrictions Sovereigns and Financial Institutions are not included in the industry groups. Instead, the Group assigns a 45% LGD across these two industries based on regulatory practices.As described above, and subject to using a maximum of a 12-month PD for financial assets for which credit risk has not significantly increased, the Group measures ECL considering the risk of default over the maximum contractual period (including any borrower\u2019s extension options) over which it is exposed to credit risk, even if, for risk management purposes, the Group considers a longer period. The maximum contractual period extends to the date at which the Group has the right to require repayment of an advance or terminate a loan commitment or guarantee.For products with a fixed contractual maturity, the term over which the Group measures ECL is the contractual maturity. However, for retail overdrafts and credit card facilities that include both a loan and an undrawn component, the Group measures ECL over a period longer than the maximum contractual period if the Group\u2019s contractual ability to demand repayment and cancel the undrawn component does not limit the Group\u2019s exposure to credit losses to the contractual notice period. These facilities do not have a fixed term or repayment structure. Although, the Group can cancel them with immediate effect, this contractual right is not enforced in the normal day-to-day management, but only when the Group becomes aware of an increase in credit risk at the facility level. This longer period is estimated taking into account the credit risk management actions that the Group expects to take and that serve to mitigate ECL. These actions include a reduction in limits, cancellation of the facility and/or turning the outstanding balance into a loan with fixed repayment terms. For overdrafts, encroachments and credit card facilities, ECL allowances are measured over a period of 12 months. Likewise, for guarantees, ECL provisions are measured over a period of 12 months.d. Gross carrying amount and exposure to credit riskThe following table sets out information about the credit quality of financial assets measured at amortised cost, and FVOCI debt investments. Unless specifically indicated, for financial assets, the amounts in the table represent gross carrying amounts.The explanation of the terms mentioned in the following tables, including 12-month ECL, lifetime ECL and credit-impaired, are included in note 39.2.3 (c). Balances held with the Central Bank of Malta are measured at amortised cost, reflecting prudent management of liquid assets. These are classified as stage 1 exposures since the balances exhibit a strong and stable credit profile and there are no indications of deterioration in credit quality. Consequently, the risk of default is considered minimal. As at the reporting date, these balances amount to \u20ac224 million (2024: \u20ac129 million).Treasury bills, which are measured at fair value through other comprehensive income (FVOCI), represent investments in highly rated government securities. These assets are also classified as stage 1 performing exposures. Their classification is supported by a good credit standing of the issuer and an absence of adverse credit-related events. The treasury bills continue to demonstrate high credit quality and the probability of future credit losses remains extremely low. In line with the credit quality groups described above, these exposures reflect a stable and secure position within the portfolio. As at 31 December 2025 these balances amounted to \u20ac115 million (2024: \u20ac65 million).For loans and advances to banks and investments in debt securities, the Group makes use of external ratings based on major rating agencies.Stage 1 Stage 2 Stage 3 Total\u20ac000 \u20ac000 \u20ac000 \u20ac000\ue615\ue66f\ue62d\ue66d\ue676\ue602\ue62d\ue66d\ue637\ue602\ue62d\ue637\ue688\ue62d\ue66d\ue631\ue63b\ue676\ue602\ue67c\ue66f\ue602\ue630\ue62d\ue66d\ue668\ue676\ue602\ue62d\ue67c\ue602\ue62d\ue66c\ue66f\ue675\uef9e\ue676\ue63b\ue637\ue602\ue631\ue66f\ue676\ue67cAs at 31 December 2025AAA 245 \u2011 \u2011 245 AA\u2011 to AA+ 100,186 \u2011 \u2011 100,186 A\u2011 to A+ 136,291 \u2011 \u2011 136,291 BBB\u2011 to BBB+ 19,284 \u2011 \u2011 19,284 Lower than BBB\u2011 \u2011 296 \u2011 296 2,453 \u2011 \u2011 2,453 Unrated258,459 296 - 258,755 (1) \u2011 \u2011 (1)ECL allowancesCarrying amount 258,458 296 - 258,754 Stage 1 Stage 2 Stage 3 Total\u20ac000 \u20ac000 \u20ac000 \u20ac000\ue615\ue66f\ue62d\ue66d\ue676\ue602\ue62d\ue66d\ue637\ue602\ue62d\ue637\ue688\ue62d\ue66d\ue631\ue63b\ue676\ue602\ue67c\ue66f\ue602\ue630\ue62d\ue66d\ue668\ue676\ue602\ue62d\ue67c\ue602\ue62d\ue66c\ue66f\ue675\uef9e\ue676\ue63b\ue637\ue602\ue631\ue66f\ue676\ue67cAs at 31 December 2024AAA 331 \u2011 \u2011 331 AA\u2011 to AA+ 75,158 \u2011 \u2011 75,158 A\u2011 to A+ 208,746 \u2011 \u2011 208,746 BBB\u2011 to BBB+ 41,582 \u2011 \u2011 41,582 Lower than BBB\u2011 \u2011 221 \u2011 221 2,513 \u2011 \u2011 2,513 Unrated328,330 221 \u2011 328,551 ECL allowances (4) \u2011 \u2011 (4)Carrying amount 328,326 221 - 328,547 Stage 1 Stage 2 Stage 3 Total\u20ac000 \u20ac000 \u20ac000 \u20ac000\ue611\ue66d\ue688\ue63b\ue676\ue67c\ue66c\ue63b\ue66d\ue67c\ue676\ue602\ue662\ue66d\ue602\ue637\ue63b\ue630\ue67c\ue602\ue676\ue63b\ue631\ue686\ue675\ue662\uef9e\ue63b\ue676\ue602\ue62d\ue67c\ue602\ue62d\ue66c\ue66f\ue675\uef9e\ue676\ue63b\ue637\ue602\ue631\ue66f\ue676\ue67cAs at 31 December 2025AAA 1,254,323 \u2011 \u2011 1,254,323 AA\u2011 to AA+ 954,362 \u2011 \u2011 954,362 A\u2011 to A+ 4,214,068 \u2011 \u2011 4,214,068BBB\u2011 to BBB+ 359,852 \u2011 \u2011 359,852 Lower than BBB\u2011 \u2011 \u2011 \u2011 - 6,782,605 - - 6,782,605ECL allowances (1,396) \u2011 \u2011 (1,396)Carrying amount 6,781,209 - - 6,781,209Stage 1 Stage 2 Stage 3 Total\u20ac000 \u20ac000 \u20ac000 \u20ac000\ue611\ue66d\ue688\ue63b\ue676\ue67c\ue66c\ue63b\ue66d\ue67c\ue676\ue602\ue662\ue66d\ue602\ue637\ue63b\ue630\ue67c\ue602\ue676\ue63b\ue631\ue686\ue675\ue662\uef9e\ue63b\ue676\ue602\ue62d\ue67c\ue602\ue62d\ue66c\ue66f\ue675\uef9e\ue676\ue63b\ue637\ue602\ue631\ue66f\ue676\ue67cAs at 31 December 2024AAA 1,048,325 \u2011 \u2011 1,048,325 AA\u2011 to AA+ 1,402,170 \u2011 \u2011 1,402,170 A\u2011 to A+ 3,226,561 \u2011 \u2011 3,226,561 BBB\u2011 to BBB+ 570,310 \u2011 \u2011 570,310 Lower than BBB\u2011 \u2011 4,995 \u2011 4,995 6,247,366 4,995 - 6,252,361 ECL allowances (1,104) \u2011 \u2011 (1,104)Carrying amount 6,246,262 4,995 - 6,251,257 Stage 1 Stage 2 Stage 3 Total\u20ac000 \u20ac000 \u20ac000 \u20ac000\ue611\ue66d\ue688\ue63b\ue676\ue67c\ue66c\ue63b\ue66d\ue67c\ue676\ue602\ue662\ue66d\ue602\ue637\ue63b\ue630\ue67c\ue602\ue676\ue63b\ue631\ue686\ue675\ue662\uef9e\ue63b\ue676\ue602\ue62d\ue67c\ue602\ue63d\ue62d\ue662\ue675\ue602\ue688\ue62d\uea74\ue686\ue63b\ue602\ue67c\ue65f\ue675\ue66f\ue686\ue65d\ue65f\ue602other comprehensive incomeAs at 31 December 2025132 \u2011 \u2011 132 AAA351 \u2011 \u2011 351AA\u2011 to AA+70,294 \u2011 \u2011 70,294A\u2011 to A+\u2011 \u2011 \u2011 -BBB\u2011 to BBB+\u2011 \u2011 \u2011 -Lower than BBB\u20119 \u2011 \u2011 9Unrated70,786 - - 70,786Fair value(25) \u2011 \u2011 (25)ECL allowancesStage 1 Stage 2 Stage 3 Total\u20ac000 \u20ac000 \u20ac000 \u20ac000\ue611\ue66d\ue688\ue63b\ue676\ue67c\ue66c\ue63b\ue66d\ue67c\ue676\ue602\ue662\ue66d\ue602\ue637\ue63b\ue630\ue67c\ue602\ue676\ue63b\ue631\ue686\ue675\ue662\uef9e\ue63b\ue676\ue602\ue62d\ue67c\ue602\ue63d\ue62d\ue662\ue675\ue602\ue688\ue62d\uea74\ue686\ue63b\ue602\ue67c\ue65f\ue675\ue66f\ue686\ue65d\ue65f\ue602other comprehensive incomeAs at 31 December 2024681 \u2011 \u2011 681 AAA995 \u2011 \u2011 995 AA\u2011 to AA+78,158 \u2011 \u2011 78,158 A\u2011 to A+707 \u2011 \u2011 707 BBB\u2011 to BBB+\u2011 \u2011 \u2011 - Lower than BBB\u2011\u2011 \u2011 \u2011 - Unrated80,541 - - 80,541 Fair value(25) - - (25)ECL allowances12-month average Stage 1 Stage 2Stage 3TotalPD\u20ac000\u20ac000\u20ac000\u20ac000\ue615\ue66f\ue62d\ue66d\ue676\ue602\ue62d\ue66d\ue637\ue602\ue62d\ue637\ue688\ue62d\ue66d\ue631\ue63b\ue676\ue602\ue67c\ue66f\ue602\ue631\ue686\ue676\ue67c\ue66f\ue66c\ue63b\ue675\ue676\ue602\ue62d\ue67c\ue602\ue62d\ue66c\ue66f\ue675\uef9e\ue676\ue63b\ue637\ue602cost: RetailAs at 31 December 2025Grades 1\u20112 0.37% 1,691,643 961 \u2011 1,692,604 Grades 3\u20114 1.03% 1,642,111 1,410 \u2011 1,643,521 Grades 5\u20116 4.18% 833,862 3,750 \u2011 837,612 Grade 7 12.16% 93,044 95,305 \u2011 118,349Grades 8\u20119 16.14% 4,808 32,716 \u2011 37,524 Grades 10\u201115 100.00% \u2011 \u2011 34,449 34,449 4,265,468 134,142 34,449 4,434,059ECL allowances (1,923) (1,145) (12,079) (15,147)Carrying amount 4,263,545 132,997 22,370 4,418,91212-month average Stage 1 Stage 2Stage 3TotalPD\u20ac000\u20ac000\u20ac000\u20ac000\ue615\ue66f\ue62d\ue66d\ue676\ue602\ue62d\ue66d\ue637\ue602\ue62d\ue637\ue688\ue62d\ue66d\ue631\ue63b\ue676\ue602\ue67c\ue66f\ue602\ue631\ue686\ue676\ue67c\ue66f\ue66c\ue63b\ue675\ue676\ue602\ue62d\ue67c\ue602\ue62d\ue66c\ue66f\ue675\uef9e\ue676\ue63b\ue637\ue602cost: BusinessAs at 31 December 2025Grades 1\u20112 0.53% 249,213 \u2011 \u2011 249,213 Grades 3\u20114 0.58% 1,729,572 \u2011 \u2011 1,729,572 Grades 5\u20116 1.66% 907,920 84,164 \u2011 992,084 Grade 7 5.05% 209,921 291,571 \u2011 501,492Grades 8\u20119 26.10% \u2011 62,424 \u2011 62,424 Grades 10\u201115 100.00% \u2011 \u2011 101,932 101,932 3,096,626 438,159 101,932 3,636,717ECL allowances (12,016) (9,682) (48,458) (70,156)Carrying amount 3,084,610 428,477 53,474 3,566,56112-month average Stage 1 Stage 2Stage 3TotalPD\u20ac000\u20ac000\u20ac000\u20ac000\ue615\ue66f\ue62d\ue66d\ue676\ue602\ue62d\ue66d\ue637\ue602\ue62d\ue637\ue688\ue62d\ue66d\ue631\ue63b\ue676\ue602\ue67c\ue66f\ue602\ue631\ue686\ue676\ue67c\ue66f\ue66c\ue63b\ue675\ue676\ue602\ue62d\ue67c\ue602\ue62d\ue66c\ue66f\ue675\uef9e\ue676\ue63b\ue637\ue602cost: RetailAs at 31 December 2024Grades 1\u20112 0.48% 2,655,403 217 \u2011 2,655,620Grades 3\u20114 0.74% 808,512 1,030 \u2011 809,542Grades 5\u20116 1.52% 191,603 2,688 \u2011 194,291Grade 7 9.24% 10,840 38,381 \u2011 49,221Grades 8\u20119 35.59% 18 4,694 \u2011 4,712Grades 10\u201115 100.00% \u2011 \u2011 35,876 35,8763,666,376 47,010 35,876 3,749,262ECL allowances (2,614) (1,348) (17,657) (21,619)Carrying amount 3,663,762 45,662 18,219 3,727,64312-month average Stage 1 Stage 2Stage 3TotalPD\u20ac000\u20ac000\u20ac000\u20ac000\ue615\ue66f\ue62d\ue66d\ue676\ue602\ue62d\ue66d\ue637\ue602\ue62d\ue637\ue688\ue62d\ue66d\ue631\ue63b\ue676\ue602\ue67c\ue66f\ue602\ue631\ue686\ue676\ue67c\ue66f\ue66c\ue63b\ue675\ue676\ue602\ue62d\ue67c\ue602\ue62d\ue66c\ue66f\ue675\uef9e\ue676\ue63b\ue637\ue602cost: BusinessAs at 31 December 2024Grades 1\u20112 0.56% 240,634 \u2011 \u2011 240,634Grades 3\u20114 0.62% 1,456,602 263 \u2011 1,456,865Grades 5\u20116 2.03% 812,935 21,797 \u2011 834,732Grade 7 5.55% 197,476 239,594 \u2011 437,070Grades 8\u20119 29.42% 753 63,208 \u2011 63,961Grades 10\u201115 100.00% \u2011 \u2011 151,067 151,0672,708,400 324,862 151,067 3,184,329ECL allowances (12,124) (9,078) (44,468) (65,670)Carrying amount 2,696,276 315,784 106,599 3,118,659Exposures which experienced a deterioration in stage subject to the doubling of the PD result in an ECL stage which is worse than the stage related to their internal grading.Exposures graded 7, 8 and 9 that are allocated to Stage 1 comprise of newly originated business exposures. (Refer to 39.2.3 (c)). The Bank maintains a considerable portfolio of off-balance sheet items, comprised of commitments, guarantees, and unused credit facilities. The majority of these exposures are designated as stage 1, highlighting the Bank\u2019s effective risk controls and robust credit standards with respect to its contingent liabilities.The Bank holds a limited portfolio of derivative financial instruments, which are measured at fair value through profit or loss (FVTPL). These instruments are primarily entered into for risk-management purposes and are considered immaterial in the context of the overall statement of financial position. Given the creditworthiness of the counterparties, the derivatives exposure is regarded as low-risk and these positions are predominantly treated as performing exposures. e. Ageing analysis of past due financial assetsAnalysis of past due balances comprise all loan exposures (including forborne exposures).A financial asset is past due when a counterparty has failed to make a payment when contractually due.2025Gross Carrying Amount ECL AllowancesOf which Of which Of which Of which Of which Of which past due past due past due past due past due past due up to 29 30 - 59 60 - 89 up to 29 30 - 59 60 - 89 Stage 2daysdaysdays Stage 2daysdaysdays\u20ac000 \u20ac000 \u20ac000 \u20ac000 \u20ac000 \u20ac000 \u20ac000 \u20ac000L&As to customers:\u2011 Retail 134,142 10,787 5,618 958 (1,145) (105) (335) (45)\u2011 Business 438,159 2,329 603 651 (9,682) (175) (12) (6)572,301 13,116 6,221 1,609 (10,827) (280) (347) (51)2024Gross Carrying Amount ECL AllowancesOf which Of which Of which Of which Of which Of which past due past due past due past due past due past due up to 29 30 - 59 60 - 89 up to 29 30 - 59 60 - 89 Stage 2daysdaysdays Stage 2daysdaysdays\u20ac000 \u20ac000 \u20ac000 \u20ac000 \u20ac000 \u20ac000 \u20ac000 \u20ac000L&As to customers:\u2011 Retail 47,010 984 3,377 271 (1,348) (63) (199) (56)\u2011 Business 324,862 5,895 2,009 248 (9,078) (231) (52) (70)371,872 6,879 5,386 519 (10,426) (294) (251) (126)In stage 1, there are facilities with a balance of \u20ac6.2 million and an ECL allowance of \u20ac0.09 million, having days past due ranging from 1 to 29 days. Within stage 3, balances of \u20ac47.4 million are reported with days past due exceeding 90 days, and an associated ECL allowance of \u20ac27.1 million. Additionally, there is a balance of \u20ac88.9 million with days past due less than 90 days, for which the ECL allowance stands at \u20ac33.5 million.f. Reconciliation of ECLSignificant changes in the gross carrying amount of loans and advances to customers that contributed to changes in the ECL allowances were as follows:\u2022 Gross loans and advances increased by 16% during the year (2024: increase of 11%). The high volume of new loans originated during the period, aligned with the Group\u2019s organic growth objective, increased the gross carrying amount of the loan book by 23% (2024: 20%), with a corresponding \u20ac7.6 million increase in ECL allowances (2024: increase of \u20ac11.1 million).\u2022 The write-off of loans with a total gross carrying amount of \u20ac8.9 million (2024: \u20ac1.3 million) resulted in the reduction of the Stage 3 expected credit losses by \u20ac8.7 million (2024: \u20ac1.1 million).The following tables further explain changes in the gross carrying amount of the loan portfolio to help explain their significance to the changes in the ECL allowances for the same portfolio as above. Gross carrying amount comprises of loans and advances to customers at amortised cost and loans and advances to customers designated as fair value through profit or loss.Stage 1 Stage 2 Stage 3 Total\u20ac000 \u20ac000 \u20ac000 \u20ac000Total Gross Carrying Amount at 1 January 2025 6,423,559 373,766 186,943 6,984,268 RetailGross Carrying Amount as at 1 January 2025 3,666,376 47,010 35,876 3,749,262 Transfer from: Stage 1 (109,023) 104,103 4,920 - Stage 2 14,969 (18,130) 3,161 - Stage 3 568 1,597 (2,165) - \ue612\ue627\ue63e\ue602\ue629\ue632\ue621\ue632\ue624\ue62d\ue621\ue6a3\ue602\ue621\ue639\ue639\ue627\ue63b\ue639\ue602\ue633\ue638\ue62d\ue62b\ue62d\ue632\ue621\ue63b\ue627\ue626\ue602\ue633\ue638\ue602\ue628\ue63c\ue638\ue63b\ue62c\ue627\ue638\ue602\ue6a3\ue627\ue632\ue626\ue62d\ue632\ue62b 1,029,052 13,713 1,843 1,044,608 Financial assets that have been derecognised or repaid (336,474) (14,151) (5,358) (355,983) \ue61d\ue638\ue62d\ue63b\ue627\ue666\ue633\ue6f8\ue639 \u2011 \u2011 (3,828) (3,828) Gross Carrying Amount as at 31 December 2025 4,265,468 134,142 34,449 4,434,059 BusinessGross Carrying Amount as at 1 January 2025 2,757,183 326,756 151,067 3,235,006 Transfer from: Stage 1 (197,850) 181,981 15,869 - Stage 2 38,856 (45,836) 6,980 - Stage 3 1,284 12,994 (14,278) - \ue612\ue627\ue63e\ue602\ue629\ue632\ue621\ue632\ue624\ue62d\ue621\ue6a3\ue602\ue621\ue639\ue639\ue627\ue63b\ue639\ue602\ue633\ue638\ue62d\ue62b\ue62d\ue632\ue621\ue63b\ue627\ue626\ue602\ue633\ue638\ue602\ue628\ue63c\ue638\ue63b\ue62c\ue627\ue638\ue602\ue6a3\ue627\ue632\ue626\ue62d\ue632\ue62b 1,046,444 71,497 4,313 1,122,254 Financial assets that have been derecognised or repaid (517,153) (104,728) (56,869) (678,750) \ue61d\ue638\ue62d\ue63b\ue627\ue666\ue633\ue6f8\ue639 \u2011 \u2011 (5,150) (5,150) Gross Carrying Amount as at 31 December 2025 3,128,764 442,664 101,932 3,673,360 Total Gross Carrying Amount as at 31 December 2025 7,394,232 576,806 136,381 8,107,419 Less ECL allowances (13,939) (10,827) (60,537) (85,303) Net Loans and Advances to customers 7,380,293 565,979 75,844 8,022,116 Less Loans and Advances at FVTPL (36,643)\ue615\ue66f\ue62d\ue66d\ue676\ue602\ue62d\ue66d\ue637\ue602\ue603\ue637\ue688\ue62d\ue66d\ue631\ue63b\ue676\ue602\ue67c\ue66f\ue602\ue631\ue686\ue676\ue67c\ue66f\ue66c\ue63b\ue675\ue676\ue602\ue62d\ue67c\ue602\ue62d\ue66c\ue66f\ue675\uef9e\ue676\ue63b\ue637\ue602\ue631\ue66f\ue676\ue67c 7,985,473 Stage 1 Stage 2 Stage 3 Total\u20ac000 \u20ac000 \u20ac000 \u20ac000Total Gross Carrying Amount at 1 January 2024 5,633,851 457,190 192,399 6,283,440RetailGross Carrying Amount as at 1 January 2024 3,155,600 55,050 38,057 3,248,707 Transfer from: Stage 1 (21,824) 16,314 5,510 - Stage 2 19,382 (21,649) 2,267 - Stage 3 3,144 1,884 (5,028) - \ue612\ue627\ue63e\ue602\ue629\ue632\ue621\ue632\ue624\ue62d\ue621\ue6a3\ue602\ue621\ue639\ue639\ue627\ue63b\ue639\ue602\ue633\ue638\ue62d\ue62b\ue62d\ue632\ue621\ue63b\ue627\ue626\ue602\ue633\ue638\ue602\ue628\ue63c\ue638\ue63b\ue62c\ue627\ue638\ue602\ue6a3\ue627\ue632\ue626\ue62d\ue632\ue62b 805,268 4,416 2,388 812,072 Financial assets that have been derecognised or repaid (295,194) (9,005) (6,796) (310,995) \ue61d\ue638\ue62d\ue63b\ue627\ue666\ue633\ue6f8\ue639 \u2011 \u2011 (522) (522) Gross Carrying Amount as at 31 December 20243,666,376 47,010 35,876 3,749,262 BusinessGross Carrying Amount as at 1 January 2024 2,478,251 402,140 154,342 3,034,733 Transfer from: Stage 1 (91,550) 85,287 6,263 - Stage 2 75,910 (95,685) 19,775 - Stage 3 1,872 9,404 (11,276) - \ue612\ue627\ue63e\ue602\ue629\ue632\ue621\ue632\ue624\ue62d\ue621\ue6a3\ue602\ue621\ue639\ue639\ue627\ue63b\ue639\ue602\ue633\ue638\ue62d\ue62b\ue62d\ue632\ue621\ue63b\ue627\ue626\ue602\ue633\ue638\ue602\ue628\ue63c\ue638\ue63b\ue62c\ue627\ue638\ue602\ue6a3\ue627\ue632\ue626\ue62d\ue632\ue62b 789,548 53,824 22,186 865,558 Financial assets that have been derecognised or repaid (496,848) (128,214) (39,427) (664,489)\ue61d\ue638\ue62d\ue63b\ue627\ue666\ue633\ue6f8\ue639 \u2011 \u2011 (796) (796)Gross Carrying Amount as at 31 December 20242,757,183 326,756 151,067 3,235,006 Total Gross Carrying Amount as at 31 December 2024 6,423,559 373,766 186,943 6,984,268 Less ECL allowances (14,738) (10,426) (62,125) (87,289) Net Loans and Advances to customers 6,408,821 363,340 124,818 6,896,979 Less Loans and Advances at FVTPL (50,677)\ue615\ue66f\ue62d\ue66d\ue676\ue602\ue62d\ue66d\ue637\ue602\ue603\ue637\ue688\ue62d\ue66d\ue631\ue63b\ue676\ue602\ue67c\ue66f\ue602\ue631\ue686\ue676\ue67c\ue66f\ue66c\ue63b\ue675\ue676\ue602\ue62d\ue67c\ue602\ue62d\ue66c\ue66f\ue675\uef9e\ue676\ue63b\ue637\ue602\ue631\ue66f\ue676\ue67c6,846,302 Newly originated financial assets during the period comprises of:\u2022 In stage 2 - all facilities originate in stage 1 and deteriorate to stage 2 if they experience a significant increase in credit risk. An exception to this arises when new accounts are opened and suffer significant increase in credit risk during the year.\u2022 In stage 3 - include \u20ac2.1 million (2024: \u20ac13.0 million) of originated credit-impaired assets which relate to new facilities granted to counterparties in default as part of existing commitments. The remainder consists of additional lending to existing Stage 3 exposures and exposures that were originated in Stage 1 but experienced significant credit deterioration during the year and transitioned to Stage 3.The following tables explain the changes in the ECL allowances on loans and advances to customers between the beginning and the end of the annual period due to the following factors:\u2022 Transfers between Stage 1 and Stages 2 or 3 due to financial instruments experiencing significant increases of credit risk or becoming credit-impaired during the period, and backward migrations in this respect. The impact of changes in the staging allocation of balances existing at 1 January 2025 (and associated ECL changes) are presented within \u201ctransfers from\u201d;\u2022 The \u2018Net remeasurement of ECL arising from stage transfers\u2019 presents the consequent \u201cstep up\u201d (or \u201cstep down\u201d) between 12-month and Lifetime ECL;\u2022 Additional ECL allowances for new financial instruments and further drawdowns on existing financial instruments during the year, are presented within \u2018New financial assets originated or further lending\u2019. Any repayments done on new loans opened during the year are also captured within this line item;\u2022 Financial assets derecognised related to settlements during the period and corresponding reversals of ECL allowances and provisions are presented within \u2018Financial assets that have been derecognised or repaid\u2019;\u2022 Impact on the measurement of ECL due to changes in PDs, EADs and LGDs during the period, arising from regular refreshing of inputs to models and impacts on the measurement of ECL due to changes effected to models and assumptions, updates to reflect changes in collateral and changes in credit gradings which do not impact IFRS 9 staging, are presented within \u2018Changes in risk parameters\u2019; and\u2022 Write-offs related to assets written off during the period (see note 39.2.3 (k)).Stage 1 Stage 2 Stage 3 Total\u20ac000 \u20ac000 \u20ac000 \u20ac000Total ECL Allowances as at 1 January 2025 14,738 10,426 62,125 87,289 RetailECL Allowances as at 1 January 2025 2,614 1,348 17,657 21,619 Transfer from: Stage 1 (105) 96 9 - Stage 2 413 (438) 25 - Stage 3 197 565 (762) - Net remeasurement of ECL arising from stage transfers (563) (163) 463 (263) \ue612\ue627\ue63e\ue602\ue629\ue632\ue621\ue632\ue624\ue62d\ue621\ue6a3\ue602\ue621\ue639\ue639\ue627\ue63b\ue639\ue602\ue633\ue638\ue62d\ue62b\ue62d\ue632\ue621\ue63b\ue627\ue626\ue602\ue633\ue638\ue602\ue628\ue63c\ue638\ue63b\ue62c\ue627\ue638\ue602\ue6a3\ue627\ue632\ue626\ue62d\ue632\ue62b 572 212 254 1,038 Financial assets that have been derecognised or repaid (1,219) (474) (1,890) (3,583) \ue61d\ue638\ue62d\ue63b\ue627\ue666\ue633\ue6f8\ue639 \u2011 \u2011 (3,617) (3,617) Change in risk parameters 14 (1) (60) (47) ECL Allowances as at 31 December 2025 1,923 1,145 12,079 15,147 BusinessECL Allowances as at 1 January 2025 12,124 9,078 44,468 65,670 Transfer from: Stage 1 (803) 459 344 - Stage 2 2,293 (2,497) 204 - Stage 3 35 2,161 (2,196) - Net remeasurement of ECL arising from stage transfers (2,075) 1,876 17,147 16,948 \ue612\ue627\ue63e\ue602\ue629\ue632\ue621\ue632\ue624\ue62d\ue621\ue6a3\ue602\ue621\ue639\ue639\ue627\ue63b\ue639\ue602\ue633\ue638\ue62d\ue62b\ue62d\ue632\ue621\ue63b\ue627\ue626\ue602\ue633\ue638\ue602\ue628\ue63c\ue638\ue63b\ue62c\ue627\ue638\ue602\ue6a3\ue627\ue632\ue626\ue62d\ue632\ue62b 4,373 736 346 5,455 Financial assets that have been derecognised or repaid (3,911) (2,105) (6,883) (12,899) \ue61d\ue638\ue62d\ue63b\ue627\ue666\ue633\ue6f8\ue639 \u2011 \u2011 (5,021) (5,021) Change in risk parameters (20) (26) 49 3 ECL Allowances as at 31 December 2025 12,016 9,682 48,458 70,156 Total ECL Allowances as at 31 December 202513,939 10,827 60,537 85,303 Stage 1 Stage 2 Stage 3 Total\u20ac000 \u20ac000 \u20ac000 \u20ac000Total ECL Allowances as at 1 January 2024 12,186 17,872 73,488 103,546 RetailECL Allowances as at 1 January 2024 2,126 1,746 17,782 21,654 Transfer from: Stage 1 (103) 97 6 - Stage 2 687 (741) 54 - Stage 3 411 586 (997) - Net remeasurement of ECL arising from stage transfers (795) (12) 1,421 614 \ue612\ue627\ue63e\ue602\ue629\ue632\ue621\ue632\ue624\ue62d\ue621\ue6a3\ue602\ue621\ue639\ue639\ue627\ue63b\ue639\ue602\ue633\ue638\ue62d\ue62b\ue62d\ue632\ue621\ue63b\ue627\ue626\ue602\ue633\ue638\ue602\ue628\ue63c\ue638\ue63b\ue62c\ue627\ue638\ue602\ue6a3\ue627\ue632\ue626\ue62d\ue632\ue62b 850 201 2,334 3,385 Financial assets that have been derecognised or repaid (870) (515) (2,436) (3,821) \ue61d\ue638\ue62d\ue63b\ue627\ue666\ue633\ue6f8\ue639 \u2011 \u2011 (327) (327) Change in risk parameters 308 (14) (180) 114 ECL Allowances as at 31 December 20242,614 1,348 17,657 21,619 BusinessECL Allowances as at 1 January 2024 10,060 16,126 55,706 81,892 Transfer from: Stage 1 (508) 477 31 - Stage 2 911 (1,083) 172 - Stage 3 1,219 3,020 (4,239) - Net remeasurement of ECL arising from stage transfers (1,116) (546) 4,624 2,962 \ue612\ue627\ue63e\ue602\ue629\ue632\ue621\ue632\ue624\ue62d\ue621\ue6a3\ue602\ue621\ue639\ue639\ue627\ue63b\ue639\ue602\ue633\ue638\ue62d\ue62b\ue62d\ue632\ue621\ue63b\ue627\ue626\ue602\ue633\ue638\ue602\ue628\ue63c\ue638\ue63b\ue62c\ue627\ue638\ue602\ue6a3\ue627\ue632\ue626\ue62d\ue632\ue62b 4,951 835 3,130 8,916 Financial assets that have been derecognised or repaid (3,012) (9,765) (14,400) (27,177) \ue61d\ue638\ue62d\ue63b\ue627\ue666\ue633\ue6f8\ue639 \u2011 \u2011 (780) (780) Change in risk parameters (381) 14 224 (143) ECL Allowances as at 31 December 202412,124 9,078 44,468 65,670 Total ECL Allowances as at 31 December 202414,738 10,426 62,125 87,289 The Bank\u2019s off-balance sheet exposures which expose the Bank to credit risk and are subject to the IFRS 9 impairment requirements consist of commitments, guarantees, and unused portions of other credit facilities, such as loans and overdrafts. These instruments are considered contingent liabilities, which could lead to future cash outflows if customers use their available credit or trigger guarantees. In FY2025, there was a significant increase in off-balance sheet exposures, including a \u20ac1.7 billion rise due to new facilities established that year. However, this growth was counterbalanced by various facility closures and the utilisation of certain facilities throughout the year, with some of the off-balance sheet exposures being moved on-balance sheet as customers drew down funds.The table below presents the ECL provision recognised on the unsecured components of these off-balance sheet exposures. Stage 1 Stage 2 Stage 3 Total\u20ac000 \u20ac000 \u20ac000 \u20ac000Total ECL Provisions as at 1 January 2025 10,644 1,311 4,258 16,213 RetailECL Provisions as at 1 January 2025 2,958 100 506 3,564 Transfer from: Stage 1 (37) 33 4 - Stage 2 88 (88) \u2011 - Stage 3 19 2 (21) - Net remeasurement of ECL arising from stage transfers (93) (18) 147 36 \ue612\ue627\ue63e\ue602\ue62d\ue632\ue639\ue63b\ue638\ue63c\ue631\ue627\ue632\ue63b\ue639\ue602\ue633\ue638\ue62d\ue62b\ue62d\ue632\ue621\ue63b\ue627\ue626\ue602\ue633\ue638\ue602\ue62d\ue632\ue624\ue638\ue627\ue621\ue639\ue627\ue602\ue62d\ue632\ue602\ue63c\ue632\ue63c\uefa7\ue6a3\ue62d\ue639\ue627\ue626\ue602\ue6a3\ue62d\ue631\ue62d\ue63b\ue639 619 63 47 729 Instruments that have been derecognised or further withdrawals (763) (6) (383) (1,152) \ue61d\ue638\ue62d\ue63b\ue627\ue666\ue633\ue6f8\ue639 \u2011 \u2011 (4) (4) Change in risk parameters (100) (2) 114 12 ECL Provisions as at 31 December 20252,691 84 410 3,185 BusinessECL Provisions as at 1 January 2025 7,686 1,211 3,752 12,649 Transfer from: Stage 1 (56) 56 \u2011 \u2011 Stage 2 352 (358) 6 \u2011 Stage 3 237 237 (474) \u2011 Net remeasurement of ECL arising from stage transfers (522) 98 70 (354) \ue612\ue627\ue63e\ue602\ue62d\ue632\ue639\ue63b\ue638\ue63c\ue631\ue627\ue632\ue63b\ue639\ue602\ue633\ue638\ue62d\ue62b\ue62d\ue632\ue621\ue63b\ue627\ue626\ue602\ue633\ue638\ue602\ue62d\ue632\ue624\ue638\ue627\ue621\ue639\ue627\ue602\ue62d\ue632\ue602\ue63c\ue632\ue63c\uefa7\ue6a3\ue62d\ue639\ue627\ue626\ue602\ue6a3\ue62d\ue631\ue62d\ue63b\ue639 3,691 200 1,368 5,259 Instruments that have been derecognised or further withdrawals (3,288) (94) (847) (4,229) \ue61d\ue638\ue62d\ue63b\ue627\ue666\ue633\ue6f8\ue639 \u2011 \u2011 (52) (52) Change in risk parameters (804) (264) (402) (1,470) ECL Provisions as at 31 December 20257,296 1,086 3,421 11,803 Total ECL Provisions as at 31 December 20259,987 1,170 3,831 14,988 Stage 1 Stage 2 Stage 3 Total\u20ac000 \u20ac000 \u20ac000 \u20ac000Total ECL Provisions as at 1 January 2024 6,802 3,632 7,311 17,745 RetailECL Provisions as at 1 January 2024 768 1,459 1,683 3,910Transfer from: Stage 1 (8) 7 1 - Stage 2 1,400 (1,406) 6 - Stage 3 1,095 3 (1,098) -Net remeasurement of ECL arising from stage transfers (1,942) \u2011 17 (1,925) \ue612\ue627\ue63e\ue602\ue62d\ue632\ue639\ue63b\ue638\ue63c\ue631\ue627\ue632\ue63b\ue639\ue602\ue633\ue638\ue62d\ue62b\ue62d\ue632\ue621\ue63b\ue627\ue626\ue602\ue62d\ue632\ue624\ue638\ue627\ue621\ue639\ue627\ue602\ue62d\ue632\ue602\ue63c\ue632\ue63c\uefa7\ue6a3\ue62d\ue639\ue627\ue626\ue602\ue6a3\ue62d\ue631\ue62d\ue63b\ue639 648 77 220 945 Instruments that have been derecognised or further withdrawals (467) (45) (453) (965) \ue61d\ue638\ue62d\ue63b\ue627\ue666\ue633\ue6f8\ue639 \u2011 \u2011 (4) (4)Change in risk parameters 1,464 5 134 1,603ECL Provisions as at 31 December 2024 2,958 100 506 3,564BusinessECL Provisions as at 1 January 2024 6,034 2,173 5,628 13,835Transfer from: Stage 1 (196) 186 10 - Stage 2 1,049 (1,074) 25 - Stage 3 1,149 154 (1,303) -Net remeasurement of ECL arising from stage transfers (454) 135 1,014 695 \ue612\ue627\ue63e\ue602\ue62d\ue632\ue639\ue63b\ue638\ue63c\ue631\ue627\ue632\ue63b\ue639\ue602\ue633\ue638\ue62d\ue62b\ue62d\ue632\ue621\ue63b\ue627\ue626\ue602\ue633\ue638\ue602\ue62d\ue632\ue624\ue638\ue627\ue621\ue639\ue627\ue602\ue62d\ue632\ue602\ue63c\ue632\ue63c\uefa7\ue6a3\ue62d\ue639\ue627\ue626\ue602\ue6a3\ue62d\ue631\ue62d\ue63b\ue639 5,811 77 650 6,538 Instruments that have been derecognised or further withdrawals (3,294) (372) (1,784) (5,450) \ue61d\ue638\ue62d\ue63b\ue627\ue666\ue633\ue6f8\ue639 \u2011 \u2011 (31) (31)Change in risk parameters (2,413) (68) (457) (2,938)ECL Provisions as at 31 December 2024 7,686 1,211 3,752 12,649Total ECL Provisions as at 31 December 2024 10,644 1,311 4,258 16,213The following tables present an analysis of the net impairment charge/reversal recognised by the Bank during the year ended 31 December 2025 and the year ended 31 December 2024. These tables provide insight into the changes in credit risk provisions and the overall credit quality of the Bank\u2019s loan portfolio during the two reporting years.Net impairment movement 2025 Stage 1 Stage 2 Stage 3 Total\u20ac000 \u20ac000 \u20ac000 \u20ac000\ue609\ue606\ue610\ue602\ue633\ue632\ue602\ue63b\ue62c\ue627\ue602\ue606\ue638\ue627\ue626\ue62d\ue63b\ue602\ue616\ue633\ue638\ue724\ue633\ue6a3\ue62d\ue633 1,457 (261) 2,016 3,212 \ue609\ue606\ue610\ue602\ue633\ue632\ue602\ue63b\ue62c\ue627\ue602\ue61a\ue638\ue627\ue621\ue639\ue63c\ue638\ue640\ue602\ue616\ue633\ue638\ue724\ue633\ue6a3\ue62d\ue633 (298) \u2011 115 (183)\ue618\ue627\ue624\ue6a3\ue621\ue639\ue639\ue62d\ue629\ue624\ue621\uefa7\ue633\ue632\ue602\ue633\ue628\ue602\ue63b\ue62c\ue627\ue602\ue626\ue62d\ue639\ue624\ue633\ue63c\ue632\ue63b\ue602\ue63c\ue632\ue63e\ue62d\ue632\ue626\ue602\ue627\ue6a3\ue627\ue631\ue627\ue632\ue63b\ue602\ue63b\ue633\ue602\ue62d\ue632\ue63b\ue627\ue638\ue627\ue639\ue63b\ue602\ue62d\ue632\ue624\ue633\ue631\ue627 \u2011 \u2011 2,875 2,875 Total ECL 1,159 (261) 5,006 5,904 \ue603\ue631\ue633\ue63c\ue632\ue63b\ue639\ue602\ue63e\ue638\ue62d\ue727\ue627\ue632\ue602\ue633\ue6f8 \u2011 \u2011 (8,978) (8,978)\ue618\ue627\ue624\ue633\ue63d\ue627\ue638\ue62d\ue627\ue639\ue602\ue633\ue628\ue602\ue621\ue631\ue633\ue63c\ue632\ue63b\ue639\ue602\ue636\ue638\ue627\ue63d\ue62d\ue633\ue63c\ue639\ue6a3\ue640\ue602\ue63e\ue638\ue62d\ue727\ue627\ue632\ue602\ue633\ue6f8 \u2011 \u2011 3,032 3,032 \ue612\ue627\ue63b\ue602\ue63e\ue638\ue62d\ue63b\ue627\ue666\ue633\ue6f8\ue639 \u2011 \u2011 (5,946) (5,946)\ue619\ue63b\ue67c\ue602\ue662\ue66c\ue672\ue62d\ue662\ue675\ue66c\ue63b\ue66d\ue67c\ue602\ue750\ue631\ue65f\ue62d\ue675\ue65d\ue63b\ue751\ue746\ue675\ue63b\ue688\ue63b\ue675\ue676\ue62d\uea74 1,159 (261) (940) (42)Net impairment movement 2024 Stage 1 Stage 2 Stage 3 Total\u20ac000 \u20ac000 \u20ac000 \u20ac000\ue609\ue606\ue610\ue602\ue633\ue632\ue602\ue63b\ue62c\ue627\ue602\ue606\ue638\ue627\ue626\ue62d\ue63b\ue602\ue616\ue633\ue638\ue724\ue633\ue6a3\ue62d\ue633 (6,395) 9,768 14,414 17,787 \ue609\ue606\ue610\ue602\ue633\ue632\ue602\ue63b\ue62c\ue627\ue602\ue61a\ue638\ue627\ue621\ue639\ue63c\ue638\ue640\ue602\ue616\ue633\ue638\ue724\ue633\ue6a3\ue62d\ue633 (263) 80 (117) (300)\ue618\ue627\ue624\ue6a3\ue621\ue639\ue639\ue62d\ue629\ue624\ue621\uefa7\ue633\ue632\ue602\ue633\ue628\ue602\ue63b\ue62c\ue627\ue602\ue626\ue62d\ue639\ue624\ue633\ue63c\ue632\ue63b\ue602\ue63c\ue632\ue63e\ue62d\ue632\ue626\ue602\ue627\ue6a3\ue627\ue631\ue627\ue632\ue63b\ue602\ue63b\ue633\ue602\ue62d\ue632\ue63b\ue627\ue638\ue627\ue639\ue63b\ue602\ue62d\ue632\ue624\ue633\ue631\ue627 \u2011 \u2011 3,734 3,734 Total ECL (6,658) 9,848 18,031 21,221 \ue603\ue631\ue633\ue63c\ue632\ue63b\ue639\ue602\ue63e\ue638\ue62d\ue727\ue627\ue632\ue602\ue633\ue6f8 \u2011 \u2011 (1,319) (1,319)\ue618\ue627\ue624\ue633\ue63d\ue627\ue638\ue62d\ue627\ue639\ue602\ue633\ue628\ue602\ue621\ue631\ue633\ue63c\ue632\ue63b\ue639\ue602\ue636\ue638\ue627\ue63d\ue62d\ue633\ue63c\ue639\ue6a3\ue640\ue602\ue63e\ue638\ue62d\ue727\ue627\ue632\ue602\ue633\ue6f8 \u2011 \u2011 3,929 3,929 Net recoveries \u2011 \u2011 2,610 2,610 \ue619\ue63b\ue67c\ue602\ue662\ue66c\ue672\ue62d\ue662\ue675\ue66c\ue63b\ue66d\ue67c\ue602\ue750\ue631\ue65f\ue62d\ue675\ue65d\ue63b\ue751\ue746\ue675\ue63b\ue688\ue63b\ue675\ue676\ue62d\uea74(6,658) 9,848 20,641 23,831 The movement in allowance accounts for loans and advances to customers is as follows:The GroupECL Allowances ECL Allowances2025 2024\u20ac000 \u20ac000\ue606\ue62c\ue621\ue632\ue62b\ue627\ue602\ue62d\ue632\ue602\ue621\ue6a3\ue6a3\ue633\ue63e\ue621\ue632\ue624\ue627\ue639\ue602\ue628\ue633\ue638\ue602\ue63c\ue632\ue624\ue633\ue6a3\ue6a3\ue627\ue624\uefa7\ue623\ue62d\ue6a3\ue62d\ue63b\ue640\ue656At 1 January 87,289 103,546 \ue603\ue626\ue626\ue62d\uefa7\ue633\ue632\ue639 36,525 27,936 Reversals (38,511) (44,193)At 31 December 85,303 87,289g. ForbearanceA \u2018forborne loan\u2019 is a loan where the contractual payment terms have been renegotiated or otherwise modified because the Group concluded that with the original terms and conditions of the contract satisfactory repayment may not be possible. A loan that has been renegotiated due to a deterioration in the borrower\u2019s condition is usually considered to be credit-impaired unless there is evidence that the risk of not receiving contractual cash flows has reduced significantly and there are no other indicators of impairment. An expectation of forbearance may constitute evidence that an exposure is credit-impaired. A forborne loan is considered to no longer be in default when it no longer meets any of the default criteria for a consecutive period of twelve months. This is evidenced by an ICRS grade of 9 or better for a consecutive period of twelve months. Forbearance is considered a qualitative indicator of a significant increase in credit risk. Movement out of Stage 2 is only permissible once an exposure is no longer considered to be forborne. A loan will cease to be considered forborne when the facility is considered to be performing as evidenced by an ICRS grade of 6 or better for a minimum consecutive period of twenty four months, regular payments and timely payments of principal or interest have been made during at least half of the probation period and none of the exposures to the debtor is more than 30 days past due at the end of the probation period.Modification of financial assets\u2019 termsThe contractual terms of a loan may be modified for a number of reasons, including changing market conditions, customer retention and other factors not related to a current or potential credit deterioration of the customer. An existing loan whose terms have been modified, irrespective of the reason, may be derecognised and the renegotiated loan recognised as a new loan at fair value in accordance with the accounting policy set out in Note 1.4.2.When the terms of a financial asset are modified and the modification does not result in derecognition, the determination of whether the asset\u2019s credit risk has increased significantly also reflects comparison of:\u2022 its remaining lifetime PD at the reporting date based on the modified terms; with\u2022 the remaining lifetime PD estimated based on date of initial recognition and the original contractual terms.For financial assets modified as part of the Group\u2019s policy, the estimate of PD reflects whether the modification has improved or restored the Group\u2019s ability to collect interest and principal and the Group\u2019s previous experience of similar forbearance action. As part of this process, the Group evaluates the borrower\u2019s payment performance against the modified contractual terms and considers various behavioural indicators.During the current financial year there were no significant modifications of financial assets that resulted in the derecognition of the respective assets, whether arising from forbearance measures or other actions.The following table presents the extent of forborne assets out of the gross carrying amounts of the Bank\u2019s loans and advances to customers presented by portfolio and by stage.Of which Of which TotalForborne TotalForborne2025 2025 2024 2024\u20ac000 \u20ac000 \u20ac000 \u20ac000GrossPerformingStage 1: 7,394,232 - 6,423,559 - Retail 4,265,468 \u2011 3,666,376 \u2011 Business 3,128,764 \u2011 2,757,183 \u2011 UnderperformingStage 2: 576,806 203,022 373,766 164,808 Retail 134,142 2,655 47,010 3,424 Business 442,664 200,367 326,756 161,384 Non-performingStage 3: 136,381 65,422 186,943 76,964 Retail 34,449 9,494 35,876 8,541 Business 101,932 55,928 151,067 68,423 \ue624\ue66f\ue67c\ue62d\uea74\ue602\ue60e\ue675\ue66f\ue676\ue676\ue602\ue746\ue602\ue60d\ue66f\ue675\ue630\ue66f\ue675\ue66d\ue63b\ue602\ue63b\ue68a\ue672\ue66f\ue676\ue686\ue675\ue63b\ue676 8,107,419 268,444 6,984,268 241,772 ECL AllowancesPerformingStage 1: (13,939) - (14,738) - Retail (1,923) \u2011 (2,614) \u2011 Business (12,016) \u2011 (12,124) \u2011 UnderperformingStage 2: (10,827) (4,162) (10,426) (6,053)Retail (1,145) (2) (1,348) (19)Business (9,682) (4,160) (9,078) (6,034)Non-performingStage 3: (60,537) (24,357) (62,125) (29,383)Retail (12,079) (3,271) (17,657) (4,556)Business (48,458) (21,086) (44,468) (24,827)Total ECL allowances (85,303) (28,519) (87,289) (35,436)As at 31 December 2025, total forborne loans and advances (L&As) to customers represented 3.31% of total gross L&As to customers, compared with 3.46% as at 31 December 2024. The table below provides a breakdown of this ratio by IFRS 9 stage:2025 2024Stage 1 0.00% 0.00%Stage 2 35.20% 44.09%Stage 3 47.97% 41.17%Gross Forborne Exposures are analysed as follows:\ue618\ue66f\ue637\ue662\ue643\ue631\ue62d\uef9e\ue66f\ue66d\ue602\ue662\ue66d\ue602\ue618\ue66f\ue637\ue662\ue643\ue631\ue62d\uef9e\ue66f\ue66d\ue602\ue662\ue66d\ue602Terms \ue621\ue63b\ue643\ue66d\ue62d\ue66d\ue631\ue662\ue66d\ue65dTerms \ue621\ue63b\ue643\ue66d\ue62d\ue66d\ue631\ue662\ue66d\ue65d2025 2025 2024 2024Underperforming \u20ac000 \u20ac000 \u20ac000 \u20ac000Retail 2,655 \u2011 3,422 2 Business 197,233 3,134 159,409 1,975 199,888 3,134 162,831 1,977 Non-performing Retail 9,384 110 8,522 19 Business 46,121 9,807 57,781 10,642 55,505 9,917 66,303 10,661 'Modification in Terms\u2019 refers to changes made to the contractual conditions of an existing credit exposure when a borrower is experiencing, or is expected to experience, financial difficulties. Such changes represent a concession compared with the original terms and may include measures such as extending the loan maturity, adjusting the interest rate, or relaxing covenants. A modification is considered forbearance when these adjusted terms are necessary to enable the borrower to meet repayment obligations that could not be fulfilled under the original agreement.\u2018Refinancing\u2019 occurs when a borrower settles an existing credit exposure, such as a loan, overdraft, or credit card facility, using the proceeds of a new loan, which may be granted under different contractual terms, including a revised structure or interest rate.The movement in forebearance activity during the period is as follows:Loans & Advances 2025 2024\u20ac000 \u20ac0001 January 241,772 226,093 \ue603\ue626\ue626\ue62d\uefa7\ue633\ue632\ue639 87,712 89,594 \ue618\ue627\uefa7\ue638\ue627\ue626\ue602\ue628\ue638\ue633\ue631\ue602\ue628\ue633\ue638\ue623\ue633\ue638\ue632\ue627 (61,040) (73,915)31 December 268,444 241,772 Interest income recognised during the year ended 31 December 2025 in respect of forborne assets amounted to \u20ac13.0 million (2024: \u20ac12.0 million).h. CollateralCollateral and other credit enhancementsCredit risk mitigation is one of the key elements of the Group\u2019s credit policy. The Group employs a range of policies and practices to mitigate credit risk. These include the requirement to obtain collateral, depending on the nature of the proposal, as set out in the Bank\u2019s policies and procedures. The nature and level of collateral required depends on a number of factors, including, but not limited to the amount of the exposure, the type of facility provided, the term of the facility, the amount of the counterparty\u2019s contribution and an evaluation of the level of the credit risk or probability of default involved. The most common credit risk mitigation technique is accepting collateral for funds advanced. The Group has internal policies on the acceptability of specific classes of collateral or credit risk mitigation. The principal collateral types for loans and advances and other financial assets are:\u2022 Mortgages over residential properties;\u2022 Charges over business assets such as premises, inventory and accounts receivable;\u2022 Charges over financial instruments such as debt securities and equities; and\u2022 Margin agreement for derivatives, for which the Group has master netting agreements.Longer-term finance and lending to business entities are generally secured; revolving individual credit facilities are generally unsecured.Collateral held as security for financial assets other than loans and advances depends on the nature of the instrument. Debt securities, treasury and other eligible bills are generally unsecured, with the exception of asset-backed securities and similar instruments, which are secured by portfolios of financial instruments. Derivatives are also collateralised as highlighted above.The Group\u2019s policies regarding obtaining collateral have not significantly changed during the reporting period and there has been no significant change in the overall quality of the collateral held by the Group since the prior period.A portion of the Group\u2019s mortgage portfolio has sufficiently low \u2018loan to value\u2019 (LTV) ratios, which results in no ECL allowances being recognised in accordance with the Group\u2019s expected credit loss model. The carrying amount of such financial assets is \u20ac491.8 million as at 31 December 2025 (2024: \u20ac428.5 million).A portion of the Group\u2019s business portfolio has sufficiently low \u2018loan to value\u2019 (LTV) ratios, which results in no ECL allowances being recognised in accordance with the Group\u2019s expected credit loss model. The carrying amount of such financial assets is \u20ac382.7 million as at 31 December 2025 (2024: \u20ac358.4 million).Security values are monitored and reviewed on a regular basis and are also re-assessed at time of default if it is found that the value of the collateral item could have materially changed since the last valuation. Further information of how the Bank calculates the value of immovable property collateral is presented within Note 39.2.3 (c). For financial instruments utilised as collateral, haircuts are calculated according to the risk profile of each individual security and depend on a number of variables including price volatility and liquidity/marketability of the instrument.The table below shows the financial effects of the main types of collateral held in respect of the Group\u2019s customer loan exposures:CollateralGross on-balance sheet Prime bank Govt. \ue621\ue63b\ue676\ue662\ue637\ue63b\ue66d\uef9e\ue62d\uea74\ue602Commercial Personal Net maximum exposureguarantees Cashguaranteesproperty property guarantees OthersexposureThe Group \u20ac000 \u20ac000 \u20ac000 \u20ac000 \u20ac000 \u20ac000 \u20ac000 \u20ac000 \u20ac000At 31 December 2025L&As to customersRetail: 4,434,059 \u2011 27,122 1,289 3,880,557 133,914 \u2011 35,738 355,439Business: 3,636,717 1,527 79,046 327,931 222,403 1,777,554 7,357 276,535 944,3648,070,776 1,527 106,168 329,220 4,102,960 1,911,468 7,357 312,273 1,299,803CollateralGross on-balance sheet Prime bank Govt. \ue621\ue63b\ue676\ue662\ue637\ue63b\ue66d\uef9e\ue62d\uea74\ue602Commercial Personal Net maximum exposureguarantees Cashguaranteesproperty property guarantees OthersexposureThe Group \u20ac000 \u20ac000 \u20ac000 \u20ac000 \u20ac000 \u20ac000 \u20ac000 \u20ac000 \u20ac000At 31 December 2024L&As to customersRetail: 3,749,262 \u2011 30,660 722 3,273,227 113,415 \u2011 36,904 294,334 Business: 3,184,329 461 88,886 313,724 199,001 1,484,038 8,698 400,436 689,0856,933,591 461 119,546 314,446 3,472,228 1,597,453 8,698 437,340 983,419The off-balance sheet exposures are secured predominantly by the same types of collateral as those used for on-balance sheet exposures. This means that the Bank relies on consistent collateral types, such as properties, cash or government guarantees, to mitigate credit risk across its portfolio.The Group closely monitors collateral held for financial assets considered to be credit-impaired, as it becomes more likely that the Group will take possession of collateral to mitigate potential credit losses. Financial assets that are credit-impaired and related collateral held in order to mitigate potential losses are shown below: The GroupAs at 31 December 2025Fair value of collateral held post haircut Gross carrying ECL Net carrying as per ECL amountallowancesamountmodel\u20ac000 \u20ac000 \u20ac000 \u20ac000Credit\u2011impaired assetsRetail loans:\u2011 Personal Loans 5,078 (2,578) 2,500 2,665 \u2011 Home Loans 28,646 (8,781) 19,865 24,776 \ue666\ue602\ue616\ue627\ue638\ue639\ue633\ue632\ue621\ue6a3\ue602\ue613\ue63d\ue627\ue638\ue626\ue638\ue621\ue711\ue639 70 (67) 3 9 \u2011 Credit Cards 173 (172) 1 \u2011 \ue610\ue633\ue621\ue632\ue639\ue602\ue63b\ue633\ue602\ue623\ue63c\ue639\ue62d\ue632\ue627\ue639\ue639\ue602\ue627\ue632\uefa7\uefa7\ue627\ue639\ue656\u2011 Business Loans 73,064 (29,862) 43,202 40,332 \ue666\ue602\ue605\ue63c\ue639\ue62d\ue632\ue627\ue639\ue639\ue602\ue613\ue63d\ue627\ue638\ue626\ue638\ue621\ue711\ue639 28,399 (18,132) 10,267 10,781 Encroachments* 951 (945) 6 \u2011 Total credit-impaired assets 136,381 (60,537) 75,844 78,563 The GroupAs at 31 December 2024Fair value of collateral held post haircut Gross carrying ECL Net carrying as per ECL amountallowancesamountmodel\u20ac000 \u20ac000 \u20ac000 \u20ac000Credit\u2011impaired assetsRetail loans:\u2011 Personal Loans 5,226 (3,397) 1,829 2,261 \u2011 Home Loans 29,788 (13,414) 16,374 24,893 \ue666\ue602\ue616\ue627\ue638\ue639\ue633\ue632\ue621\ue6a3\ue602\ue613\ue63d\ue627\ue638\ue626\ue638\ue621\ue711\ue639 87 (77) 10 14 \u2011 Credit Cards 260 (258) 2 \u2011 \ue610\ue633\ue621\ue632\ue639\ue602\ue63b\ue633\ue602\ue623\ue63c\ue639\ue62d\ue632\ue627\ue639\ue639\ue602\ue627\ue632\uefa7\uefa7\ue627\ue639\ue656\u2011 Business Loans 123,925 (31,403) 92,522 93,939 \ue666\ue602\ue605\ue63c\ue639\ue62d\ue632\ue627\ue639\ue639\ue602\ue613\ue63d\ue627\ue638\ue626\ue638\ue621\ue711\ue639 21,758 (9,711) 12,047 14,152 Encroachments* 5,899 (3,865) 2,034 \u2011 Total credit-impaired assets 186,943 (62,125) 124,818 135,259 * Encroachments include exposures which form part of both loans to individuals and business entities. On specific exposures, the fair value of the collateral exceeds the carrying amount of the loan. The values of the collateral presented within this note are capped to the gross carrying amount of the exposures. Fair value of property collateral presented within the tables above refers to architect\u2019s valuations less applicable haircuts.Property collateral valuations extend from full valuations by external independent appraisers to desktop valuations according to the Bank\u2019s collateral policy. The frequency of collateral valuations ranges between 1 and 3 years depending on the type of property, exposure status (i.e. whether performing or non-performing) as well as exposure amount in line with the Bank\u2019s collateral policy. Lending and Commitments covered by real estateThe table below stratifies credit exposures, covered by real estate, to customers by ranges of loan-to-value (\u2018LTV\u2019). LTV is calculated as the ratio of the gross amount of loan to the value of the collateral. The gross amounts exclude any ECL allowances. The valuation of the collateral excludes any adjustments for obtaining and selling the collateral. The value of the collateral for these loans is based on the collateral value at origination updated based on changes in house price indices.2025 Gross Carrying Amount ECL AllowancesStage 1 Stage 2 Stage 3 Total Stage 1 Stage 2 Stage 3 Total \u20ac000 \u20ac000 \u20ac000 \u20ac000 \u20ac000 \u20ac000 \u20ac000 \u20ac000 Commercial Real EstateLess than 25% 166,949 31,437 4,982 203,368 (26) (1,001) (813) (1,840)25% to 50% 536,697 100,688 25,494 662,879 (640) (105) (5,922) (6,667)51% to 75% 757,383 106,114 8,251 871,748 (1,180) (597) (1,854) (3,631)76% to 90% 165,843 17,242 \u2011 183,085 (344) (197) \u2011 (541)91% to 100% \u2011 \u2011 \u2011 - \u2011 \u2011 \u2011 - 1,626,872 255,481 38,727 1,921,080 (2,190) (1,900) (8,589) (12,679)\ue621\ue63b\ue676\ue662\ue637\ue63b\ue66d\uef9e\ue62d\uea74\ue602\ue621\ue63b\ue62d\uea74\ue602\ue60b\ue676\ue67c\ue62d\ue67c\ue63bLess than 25% 486,285 47,861 12,775 546,921 (20) (12) (4,499) (4,531)25% to 50% 1,127,460 45,005 12,922 1,185,387 (46) (54) (5,770) (5,870)51% to 75% 1,327,327 33,750 8,613 1,369,690 (164) (360) (3,153) (3,677)76% to 90% 1,000,049 10,121 970 1,011,140 (140) (9) (44) (193)91% to 100% 28,252 1,255 \u2011 29,507 (7) (8) \u2011 (15)3,969,373 137,992 35,280 4,142,645 (377) (443) (13,466) (14,286)2024 Gross Carrying Amount ECL AllowancesStage 1 Stage 2 Stage 3 Total Stage 1 Stage 2 Stage 3 Total \u20ac000 \u20ac000 \u20ac000 \u20ac000 \u20ac000 \u20ac000 \u20ac000 \u20ac000 Commercial Real EstateLess than 25% 212,955 29,366 10,919 253,240 (100) (51) (2,745) (2,896)25% to 50% 409,862 76,824 26,713 513,399 (110) (229) (4,315) (4,654)51% to 75% 615,342 73,194 13,192 701,728 (745) (416) (1,798) (2,959)76% to 90% 117,169 8,786 155 126,110 (143) (146) (189) (478)91% to 100% 10,920 \u2011 \u2011 10,920 (8) \u2011 \u2011 (8)1,366,248 188,170 50,979 1,605,397 (1,106) (842) (9,047) (10,995)\ue621\ue63b\ue676\ue662\ue637\ue63b\ue66d\uef9e\ue62d\uea74\ue602\ue621\ue63b\ue62d\uea74\ue602\ue60b\ue676\ue67c\ue62d\ue67c\ue63bLess than 25% 449,170 16,963 12,318 478,451 (45) (84) (5,449) (5,578)25% to 50% 1,066,824 19,064 16,540 1,102,428 (42) (30) (9,193) (9,265)51% to 75% 1,070,205 13,494 9,485 1,093,184 (106) (270) (4,223) (4,599)76% to 90% 775,522 1,721 712 777,955 (286) (17) (382) (685)91% to 100% 28,994 \u2011 \u2011 28,994 (5) \u2011 \u2011 (5)3,390,715 51,242 39,055 3,481,012 (484) (401) (19,247) (20,132)The business portfolio is predominantly secured by commercial real estate, while the retail portfolio is primarily secured by residential real estate.i. Forward-looking informationThe assessment of SICR and the calculation of ECL allowances both incorporate forward-looking information. The Group performs historical analysis and identifies the key macro-economic variables (or macro-economic factors) impacting credit risk and expected credit losses for each portfolio. These variables and their associated impact on the PD and LGD vary by financial instrument. For the purposes of the Bank\u2019s PD models in relation to loan portfolios, quarterly Central Bank of Malta (\u2018CBM\u2019) forecasts are used for those macro-economic variables that are found to be relevant for the Bank\u2019s portfolios. On an annual basis, as part of the model recalibration exercise an assessment is carried out to ensure that the selected macro-economic variables are adequate and relevant. During the financial year ended 31 December 2025, the Group performed linear regression analysis on a wide range of macro-economic variables to assess their significance with respect to historical default rates and accordingly the range of macro-economic variables was regressed against the Bank\u2019s observed default rates with the target variable for the macro-economic regression being the historically observed defaults. The Group utilises linear regression model to construct the Credit Cycle Factor from the respective regression coefficients used as weights for the individual macro-economic variables applied within the final model. The regressions were performed for three distinct business segments: business loans, home loans and other retail loans (excluding home loans) for the year ended 31 December 2025. The selected variables are GDP year-over-year (YY) change, Unemployment Rate year-over-year (YY) difference and Income Growth year-over-year (YY) change. These variables depict the most appropriate combination in terms of the economic rationale and statistical significance. Additionally, the Group also included a dummy variable (\u2018COVID dummy\u2019) to capture the exogenous shock during the COVID period. The final form of the regression equations is presented in the tables overleaf. The estimation of macro-economic forecasts is required in order to modify the PDs through the application of forward-looking information as required by IFRS 9 Financial Instruments. In relation to the Bank\u2019s LGD models applied to loan portfolios, the Group developed an internal Housing Price Index ('HPI') using historical data for the purposes of projecting the future evolution of immovable collateral values and indexing the Bank\u2019s collateral values at reporting date to the expected disposal date on the basis of forecasted movements in HPI. The utilised technique aligns with Eurostat\u2019s recommended approach in measuring housing prices. Once the HPI is estimated, the forecast is performed using autoregressive integrated moving average time series model with exogenous variables. The regression includes quarterly time series of year-on-year growth rates for prices per square metre in relation to immovable property, as outlined in the HPI, for an extensive historical period covering a significant number of years.To construct the model, using the HPI as the target variable, the Group used three autoregressive terms of one, two and three lags, as well as GDP growth and Unemployment rates as the exogenous variables.The estimation of macro-economic forecasts is required in order to modify the LGDs through the application of forward-looking information as required by IFRS 9 Financial Instruments.As with any economic forecasts, the projections and likelihoods of occurrence are subject to a high degree of inherent uncertainty and therefore the actual outcomes may be significantly different to those projected. The Group considers the forecasts it selected in respect of the macro-economic variables referred to above to represent its best estimate of the possible outcomes. The Bank\u2019s calibrated ECL model includes three scenarios in respect of the derivation of PDs for the loan portfolios (baseline/optimistic/pessimistic), whereby the baseline scenario is mapped to the economic forecasts published quarterly by the Central Bank of Malta for the Unemployment rate, and bi-annually in the Budgetary Plan and the Update of Stability Program issued by the Ministry for Finance and Employment for the GDP growth rate.The upside and downside scenarios within the PD model are then derived as follows:\u2022 The Budgetary Plan and the Update of Stability Program publish upside and downside scenarios for real GDP growth (GDP fan chart) and the Group selects appropriate upper and lower boundaries in this respect based on expert judgement;\u2022 Okun\u2019s law is used to derive the upside and downside scenarios for the Unemployment rate. Okun\u2019s law prescribes a presumably stable economic relationship between the Unemployment rate and the GDP growth rate; and\u2022 Fisher transformation formula is utilised to estimate Income growth using the HICP scenario-specific inflation paths to project baseline, optimistic and pessimistic scenarios. Based on expert judgement, the Group assigns probability weights of 50% to the baseline scenario, and 25% for each of the optimistic and pessimistic scenarios.To estimate forward-looking information in respect of the PDs on the treasury portfolio, the Group selected four macroeconomic variables (GDP growth rate, Unemployment rate, Interest rates, Loans to private sector) to include as independent variables in the Cox model, with its regression results being used in the construction of the respective Credit Cycle Factor. The vector auto regression model is utilised to forecast future paths for each macro-economic factor using normally distributed random numbers, with the distribution used by the Group to determine the baseline, optimistic, and pessimistic scenarios. The three scenarios are based on the quantiles set to 75%, 50%, and 25% boundaries, which correspond to the probability of 25% for the optimistic, 50% for the baseline, and 25% for the pessimistic. In respect of the Bank\u2019s LGD models for the loan portfolios, the forecasts for the GDP growth rate and the Unemployment rate and the related scenarios are developed in the same manner as that utilised within the PD model, however with different probability weights being assigned to the three scenarios (baseline, optimistic, and pessimistic). Furthermore, the Group has also introduced an additional extreme pessimistic scenario whereby the respective forecasts are derived from the EIOPA stress test exercise. The assignment of probability weights for each scenario was based on expert judgement as follows: 60% for baseline, 5% for optimistic, 30% for pessimistic, and 5% for extreme pessimistic. As at 31 December 2025, the IFRS 9 ECL model was updated with the Central Bank of Malta (CBM) Quarter 3, 2025 baseline macro- economic projections for the period 2025 to 2027 for GDP growth, unemployment and income growth.The following table compares the three key forecasts as per CBM issue Quarter 4: 2024 to those issued by the CBM in Quarter 3: 2025. December 24 CBM Forecasts December 25 CBM Forecasts2024 2025 2026 2025 2026 2027Macro-variable % % % % % %GDPDownside 3.26% 1.72% 1.72% 1.27% 1.18% 1.18%Baseline (CBM forecast) 4.90% 3.90% 3.60% 3.90% 3.50% 3.30%Upside 8.56% 7.53% 7.53% 6.72% 7.01% 7.01%UnemploymentDownside 3.48% 3.57% 3.42% 3.25% 3.09% 3.06%Baseline (CBM forecast) 3.20% 3.20% 3.10% 2.80% 2.70% 2.70%Upside 2.58% 2.58% 2.43% 2.32% 2.10% 2.07%Income GrowthDownside 8.31% 5.66% 4.55%Baseline (CBM forecast) 8.44% 5.78% 4.65%Upside 8.58% 5.95% 4.83%The credit cycle coefficients together with their relative weights in the credit cycle utilised within the PD models for the loan portfolios are summarised in the table below:2025Retail Home Variable Business Weights(excl. Home Loans) WeightsLoans WeightsGDP Growth \u20110.0270 54.80%Income Growth \u20110.0430 40.00% \u20110.0560 72.60% \u20110.1000 76.00%Unemployment Rate 0.4990 17.50% 0.6040 12.50%COVID Dummy 0.5510 5.20% 0.7530 9.90% 1.4920 11.50%2024 Variable Business Weights Retail WeightsGDP Growth \u20110.0052 12.64% \u20110.0060 37.80%Unemployment Rate 0.2800 87.36% 0.0800 62.20%The table presents the final credit cycle specifications for Retail (distinguishing between home loans and other loans), and Business portfolios, with a focus on the three macroeconomic variables: GDP year-over-year (YY) change, Income Growth year-over-year (YY) change and Unemployment Rate year-over-year (YY) difference. The retail portfolio\u2019s credit cycle is influenced by income growth and unemployment rates, with income growth having a negative impact and unemployment rates having a positive impact. Different weights have been assigned to distinguish between home loans and other loans within the retail portfolio. For home loans the weights assigned are 76.00% for income growth, 12.50% for unemployment rates, and 11.5% for the COVID dummy, as at 31 December 2025. In respect of other loans weights of 72.60% for income growth, 17.50% for unemployment rate, and 9.9% for the COVID dummy, were assigned.The business portfolio\u2019s credit cycle is influenced by GDP and income growth both with a negative coefficient. GDP has a weight of 54.80%, whilst income growth has a weight of 40.00% and 5.2% is attributable to the COVID dummy as at 31 December 2025.Overall, the table illustrates that both the retail and business portfolios are influenced by macroeconomic conditions. The signs of the coefficients align with theoretical expectations, where economic growth (reflected by GDP) and income growth tend to improve credit conditions, while rising unemployment rates tend to worsen them. The differences in the weights indicate that income growth affects the retail portfolio to a greater degree, whilst the business portfolio is influenced more by GDP relative to income growth. This is because the business portfolio is typically more sensitive to changes in GDP growth, which directly reflects the overall economic activity and market demand for goods and services. When GDP rises, businesses generally experience increased sales, higher profits, and improved cash flow, thereby enhancing their ability to meet financial obligations and reducing credit risk. In contrast, income growth primarily influences individual consumers and households, making it a stronger driver for the retail portfolio, where loans are more closely tied to personal earnings and spending power. For businesses, the aggregate economic environment captured by GDP is a more comprehensive indicator of their financial health and prospects than individual income growth, explaining why the model assigns greater weight to GDP for the business portfolio. Other forward-looking considerations not incorporated within the above scenarios, such as the impact of any regulatory, legislative, or political changes, have also been considered, but are not deemed to have a material impact. This is reviewed and monitored for appropriateness on an annual basis.Sensitivity of ECL to future economic conditionsECL is sensitive to judgements and assumptions made regarding formulation of forward-looking scenarios and how such scenarios are incorporated into the calculations. A sensitivity analysis is performed on the ECL allowances for the credit portfolio, assuming the upside and downside forward-looking scenarios as the baseline and weighted at 100% instead of applying an unbiased set of probability weights.2025\u20ac000Gross performing exposures 7,934,395ECL variance \u2011 Upside 1,107 \u2011 Downside (1,068)Applying a baseline scenario would approximate the probability weighted scenario.The Group performed additional ECL runs to sensitise ECL allowances to changes in macro-economic variable inputs and their impact on projected PD curves. Shifts in macro-economic variables create a non-linear effect on the Bank\u2019s ECL model outcome and the sensitivity analysis highlighted below has been devised accordingly. Set out below are the changes to ECL allowances as at 31 December 2025 that would result from changes in parameters based on the outcome of the sensitivity analysis tests:Increase in ECL Macro-variable \ue622\ue65f\ue662\ue65b\ue602\ue662\ue66d\ue602\ue630\ue62d\ue676\ue662\ue676\ue602\ue672\ue66f\ue662\ue66d\ue67c\ue676\u20ac000Unemployment rate 1.50% (230)\ue60b\ue638\ue633\ue639\ue639\ue602\ue608\ue633\ue631\ue627\ue639\uefa7\ue624\ue602\ue616\ue638\ue633\ue626\ue63c\ue624\ue63b \u20112.50% (104)Income Growth \u20111.75% (147)j. Management adjustments to models for impairmentManagement adjustments to impairment models are applied in order to factor in certain conditions that are not fully incorporated into the impairment models, or to additional facts and circumstances at the period end. Management adjustments are reviewed and incorporated into future model development where applicable.Post-model adjustments due to long-outstanding non-performing exposures A total of \u20ac7.9 million (2024: \u20ac16.1 million) are reflected as post-model adjustments related to non-performing exposures, with a release of \u20ac8.2 million during the current year mainly attributable to account closures and write-offs. Specific long-outstanding/legacy non-performing exposures are considered as very high-risk exposures with a high degree of uncertainty associated with the realisation of their collateral. For this group of exposures time to sell is longer than normally expected resulting in additional costs to maintain the assets in a good and saleable condition, and it is highly probable that the debt is realised through court proceedings, with further legal costs being incurred. Taking all these factors into consideration, the Bank is of the view that an additional specific adjustment to the LGD model is necessary to reflect the estimated impact of the factors outlined above and to increase the ECL coverage for this group of exposures.k. Write-offsLoans and debt securities are written off in full when there is no realistic prospect of recovery. This is generally the case when the Group determines that the borrower does not have assets or sources of income that could generate sufficient cash flows to repay the amounts. However, financial assets that are written off could be subject to enforcement activities in order to comply with the Group\u2019s procedures for recovery of amounts due.The contractual amount outstanding on financial assets that were written off during the year ended 31 December 2025 and that is still subject to enforcement activity is \u20ac7.3 million (2024: \u20ac0.4 million).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCreditRiskExplanatory",
"language": "en",
"entity": "scheme:529900RWC8ZYB066JF16",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s7__6__144": {
"value": "39.3 LIQUIDITY RISKLiquidity risk is the risk that an entity will encounter difficulty in raising funds to meet commitments associated with financial instruments. Liquidity risk may result from an inability to sell a financial asset quickly at close to its fair value. The Group monitors and manages this risk by maintaining sufficient cash and, where possible, financial assets for which there is a liquid market and that are readily saleable to meet liquidity needs. The Group is exposed to daily calls on its available cash resources from overnight deposits, current and call deposits, maturing term deposits, loan drawdowns, guarantees and from margin and other calls on cash-settled derivatives. In order to ensure that maturing funds are always available to meet expected demand for cash, the Board sets parameters within which maturities of assets and liabilities may be mismatched. Unmatched positions potentially enhance profitability, but also increase the risk of losses. In addition, the Group manages its risk to a shortage of funds by monitoring forecast and actual cashflows, by monitoring the mechanisms available to raise funds to meet commitments associated with financial instruments and by holding financial assets which are expected to generate cash inflows that will be available to meet cash outflows on liabilities.The following table analyses Group financial liabilities into relevant maturity groupings, based on the remaining period at the reporting date to the contractual maturity date. The Bank's financial liabilities and relevant maturity groupings are not materially different from the Group's. The balances in this table will not agree directly to the balances in the statement of financial position as the table incorporates all cash flows, on an undiscounted basis, related to both principal as well as those associated with all future coupon payments. Furthermore, loan commitments do not meet the criteria for recognition in the statement of financial position. The amounts presented in respect of derivative liabilities held for risk management and derivatives designated as hedging instruments reflect gross or net settled amounts as appropriate.The below table is presented at Group level as there are no material differences between the Group and the Bank in respect of amounts disclosed.The GroupDue between Due within 3 and 12 Due between Due after Gross Nominal Carrying 3 monthsmonths1 and 5 years5 yearsoutflowamountAt 31 December 2025 \u20ac000 \u20ac000 \u20ac000 \u20ac000 \u20ac000 \u20ac000Derivative contracts held for risk management 2,220 2,312 \u2011 \u2011 4,532 4,532 Derivative contracts designated as hedging instruments \u2011 507 915 \u2011 1,422 36 Amounts owed to banks 100,035 8 \u2011 \u2011 100,043 99,894 Amounts owed to customers 13,661,825 49,110 25,826 4,293 13,741,054 13,740,565 Unsubordinated debt securities in issue \u2011 35,000 385,000 \u2011 420,000 351,659 Subordinated liabilities 1,953 22,574 209,699 515,607 749,833 540,143 Other financial liabilities 221,174 \u2011 \u2011 \u2011 221,174 250,64913,987,207 109,511 621,440 519,900 15,238,058 14,987,478Loan commitments 3,173,537 Financial Guarantees 631,613 At 31 December 2024Derivative contracts held for risk management 2,976 614 610 \u2011 4,200 4,200 Derivative contracts designated as hedging instruments \u2011 94 608 \u2011 702 \u2011 Amounts owed to banks 9,151 8 \u2011 \u2011 9,159 9,150 Amounts owed to customers 12,696,567 68,718 34,868 4,480 12,804,633 12,803,915 Unsubordinated debt securities in issue \u2011 35,000 420,000 \u2011 455,000 350,846 Subordinated liabilities 1,953 9,156 43,123 294,247 348,479 263,136 Other financial liabilities 211,130 \u2011 \u2011 \u2011 211,130 243,76112,921,777 113,590 499,209 298,727 13,833,303 13,675,008Loan commitments 2,936,765 Financial Guarantees 395,536 Assets available to meet these liabilities, and to cover outstanding commitments, include balances with Central Bank of Malta, treasury bills and cash, cheques in course of collection, loans to banks and to customers and marketable securities, together with undrawn credit lines. Although the tables below reflect a significant gap between financial liabilities and financial assets in the earlier time band presented, this imbalance is managed effectively in view of the nature of the Group\u2019s investments portfolio composed principally of highly liquid assets and of the stickiness profile of the deposit base. The Group also monitors the management of this gap through the utilisation of metrics and ratios referred to below.The following table analyses the assets and liabilities that are recognised in the statement of financial position into relevant maturity groupings, based on the remaining period at the reporting date to their contractual maturity date.The GroupBetween 3 Less than 3 months and 1 Between 1 and More than 5 No maturity monthsyear5 yearsyearsdate TotalAt 31 December 2025 \u20ac000 \u20ac000 \u20ac000 \u20ac000 \u20ac000 \u20ac000Assets Balances with Central Bank of Malta, cash and other related assets 800,663 44,757 \u2011 \u2011 75,804 921,224 Financial assets at fair value \ue63b\ue62c\ue638\ue633\ue63c\ue62b\ue62c\ue602\ue636\ue638\ue633\ue629\ue63b\ue602\ue633\ue638\ue602\ue6a3\ue633\ue639\ue639\ue602\ue666\ue602\ue608\ue627\ue623\ue63b\ue602\ue621\ue632\ue626\ue602\ue633\ue63b\ue62c\ue627\ue638\ue602\ue629\ue63f\ue627\ue626\ue602\ue602income instruments 1,386 \u2011 \u2011 6 \u2011 1,392 \ue602\ue666\ue602\ue609\ue637\ue63c\ue62d\ue63b\ue640\ue602\ue621\ue632\ue626\ue602\ue633\ue63b\ue62c\ue627\ue638\ue602\ue632\ue633\ue632\ue666\ue629\ue63f\ue627\ue626\ue602income instruments \u2011 \u2011 \u2011 \u2011 51,203 51,203 \u2011 Loans and advances \u2011 500 15,171 20,972 \u2011 36,643 \ue602\ue666\ue602\ue608\ue627\ue638\ue62d\ue63d\ue621\uefa7\ue63d\ue627\ue602\ue629\ue632\ue621\ue632\ue624\ue62d\ue621\ue6a3\ue602instruments 614 2,315 13 45 \u2011 2,987 Investments\ue602\ue666\ue602\ue608\ue627\ue623\ue63b\ue602\ue621\ue632\ue626\ue602\ue633\ue63b\ue62c\ue627\ue638\ue602\ue629\ue63f\ue627\ue626\ue602\ue62d\ue632\ue624\ue633\ue631\ue627\ue602 \ue629\ue632\ue621\ue632\ue624\ue62d\ue621\ue6a3\ue602\ue62d\ue632\ue639\ue63b\ue638\ue63c\ue631\ue627\ue632\ue63b\ue639 \u2011 FVOCI 132 234 63,102 7,318 \u2011 70,786 \ue602\ue602\ue602\ue666\ue602\ue603\ue631\ue633\ue638\uefa7\ue639\ue627\ue626\ue602\ue624\ue633\ue639\ue63b 117,425 631,073 2,881,071 3,151,640 \u2011 6,781,209 \ue602\ue666\ue602\ue609\ue637\ue63c\ue62d\ue63b\ue640\ue602\ue621\ue632\ue626\ue602\ue633\ue63b\ue62c\ue627\ue638\ue602\ue632\ue633\ue632\ue666\ue629\ue63f\ue627\ue626\ue602income instruments \u2011 FVOCI \u2011 \u2011 \u2011 \u2011 3,044 3,044 Loans and advances to banks 254,580 4,174 \u2011 \u2011 \u2011 258,754 Loans and advances to customers 699,134 148,117 683,212 6,455,010 \u2011 7,985,473 Other assets \u2011 \u2011 \u2011 \u2011 11,209 11,2091,873,934 831,170 3,642,569 9,634,991 141,260 16,123,924\ue615\ue662\ue62d\ue630\ue662\uea74\ue662\uef9e\ue63b\ue676\ue608\ue627\ue638\ue62d\ue63d\ue621\uefa7\ue63d\ue627\ue602\ue624\ue633\ue632\ue63b\ue638\ue621\ue624\ue63b\ue639\ue602\ue62c\ue627\ue6a3\ue626\ue602\ue628\ue633\ue638\ue602risk management 2,220 2,312 \u2011 \u2011 \u2011 4,532 \ue608\ue627\ue638\ue62d\ue63d\ue621\uefa7\ue63d\ue627\ue602\ue624\ue633\ue632\ue63b\ue638\ue621\ue624\ue63b\ue639\ue602designated as hedging instruments \u2011 \u2011 36 \u2011 \u2011 36 Amounts owed to banks 99,894 \u2011 \u2011 \u2011 \u2011 99,894 Amounts owed to customers 13,661,743 49,102 25,723 3,997 \u2011 13,740,565 \ue613\ue63b\ue62c\ue627\ue638\ue602\ue6a3\ue62d\ue621\ue623\ue62d\ue6a3\ue62d\uefa7\ue627\ue639 221,174 \u2011 \u2011 \u2011 \u2011 221,174Unsubordinated debt \ue639\ue627\ue624\ue63c\ue638\ue62d\uefa7\ue627\ue639\ue602\ue62d\ue632\ue602\ue62d\ue639\ue639\ue63c\ue627 \u2011 2,493 349,166 \u2011 \u2011 351,659 \ue619\ue63c\ue623\ue633\ue638\ue626\ue62d\ue632\ue621\ue63b\ue627\ue626\ue602\ue6a3\ue62d\ue621\ue623\ue62d\ue6a3\ue62d\uefa7\ue627\ue639 1,540 4,959 \u2011 533,644 \u2011 540,143 13,986,571 58,866 374,925 537,641 - 14,958,003The GroupBetween 3 Less than 3 months and 1 Between 1 More than 5 No maturity monthsyearand 5 yearsyearsdate TotalAt 31 December 2024 \u20ac000 \u20ac000 \u20ac000 \u20ac000 \u20ac000 \u20ac000Assets Balances with Central Bankof Malta, cash and otherrelated assets 1,019,197 \u2011 \u2011 \u2011 66,674 1,085,871 Financial assets at fair value \ue63b\ue62c\ue638\ue633\ue63c\ue62b\ue62c\ue602\ue636\ue638\ue633\ue629\ue63b\ue602\ue633\ue638\ue602\ue6a3\ue633\ue639\ue639\ue602\ue666\ue602\ue608\ue627\ue623\ue63b\ue602\ue621\ue632\ue626\ue602\ue633\ue63b\ue62c\ue627\ue638\ue602\ue629\ue63f\ue627\ue626\ue602\ue602income instruments 1,026 355 \u2011 39 \u2011 1,420 \ue602\ue666\ue602\ue609\ue637\ue63c\ue62d\ue63b\ue640\ue602\ue621\ue632\ue626\ue602\ue633\ue63b\ue62c\ue627\ue638\ue602\ue632\ue633\ue632\ue666\ue629\ue63f\ue627\ue626\ue602income instruments \u2011 \u2011 \u2011 \u2011 50,052 50,052 \u2011 Loans and advances \u2011 4,601 14,409 31,667 \u2011 50,677 \ue602\ue666\ue602\ue608\ue627\ue638\ue62d\ue63d\ue621\uefa7\ue63d\ue627\ue602\ue629\ue632\ue621\ue632\ue624\ue62d\ue621\ue6a3\ue602instruments 3,368 1 648 54 \u2011 4,071 Investments\ue602\ue666\ue602\ue608\ue627\ue623\ue63b\ue602\ue621\ue632\ue626\ue602\ue633\ue63b\ue62c\ue627\ue638\ue602\ue629\ue63f\ue627\ue626\ue602\ue62d\ue632\ue624\ue633\ue631\ue627\ue602 \ue629\ue632\ue621\ue632\ue624\ue62d\ue621\ue6a3\ue602\ue62d\ue632\ue639\ue63b\ue638\ue63c\ue631\ue627\ue632\ue63b\ue639 \u2011 FVOCI \u2011 \u2011 73,051 7,490 \u2011 80,541 \ue602\ue602\ue602\ue666\ue602\ue603\ue631\ue633\ue638\uefa7\ue639\ue627\ue626\ue602\ue624\ue633\ue639\ue63b 104,005 602,177 3,033,320 2,511,755 \u2011 6,251,257 \ue602\ue666\ue602\ue609\ue637\ue63c\ue62d\ue63b\ue640\ue602\ue621\ue632\ue626\ue602\ue633\ue63b\ue62c\ue627\ue638\ue602\ue632\ue633\ue632\ue666\ue629\ue63f\ue627\ue626\ue602income instruments \u2011 FVOCI \u2011 \u2011 \u2011 \u2011 4,898 4,898 Loans and advances to banks 324,219 4,328 \u2011 \u2011 \u2011 328,547 Loans and advances to customers 579,858 94,913 632,963 5,538,568 \u2011 6,846,302 Other assets \u2011 \u2011 \u2011 \u2011 14,425 14,4252,031,673 706,375 3,754,391 8,089,573 136,049 14,718,061\ue615\ue662\ue62d\ue630\ue662\uea74\ue662\uef9e\ue63b\ue676\ue608\ue627\ue638\ue62d\ue63d\ue621\uefa7\ue63d\ue627\ue602\ue624\ue633\ue632\ue63b\ue638\ue621\ue624\ue63b\ue639\ue602\ue62c\ue627\ue6a3\ue626\ue602\ue628\ue633\ue638\ue602risk management 2,976 614 610 \u2011 \u2011 4,200 Amounts owed to banks 9,150 \u2011 \u2011 \u2011 \u2011 9,150 Amounts owed to customers 12,696,314 68,671 34,750 4,180 \u2011 12,803,915 \ue613\ue63b\ue62c\ue627\ue638\ue602\ue6a3\ue62d\ue621\ue623\ue62d\ue6a3\ue62d\uefa7\ue627\ue639 211,130 \u2011 \u2011 \u2011 \u2011 211,130Unsubordinated debt \ue639\ue627\ue624\ue63c\ue638\ue62d\uefa7\ue627\ue639\ue602\ue62d\ue632\ue602\ue62d\ue639\ue639\ue63c\ue627 \u2011 2,493 348,353 \u2011 \u2011 350,846 \ue619\ue63c\ue623\ue633\ue638\ue626\ue62d\ue632\ue621\ue63b\ue627\ue626\ue602\ue6a3\ue62d\ue621\ue623\ue62d\ue6a3\ue62d\uefa7\ue627\ue639 1,540 900 \u2011 260,696 \u2011 263,136 12,921,110 72,678 383,713 264,876 - 13,642,377The BankBetween 3 Less than 3 months and 1 Between 1 and More than 5 No maturity monthsyear5 years years date TotalAt 31 December 2025 \u20ac000 \u20ac000 \u20ac000 \u20ac000 \u20ac000 \u20ac000AssetsBalances with Central Bankof Malta, cash and otherrelated assets 800,663 44,757 \u2011 \u2011 75,804 921,224 Financial assets at fair value \ue63b\ue62c\ue638\ue633\ue63c\ue62b\ue62c\ue602\ue636\ue638\ue633\ue629\ue63b\ue602\ue633\ue638\ue602\ue6a3\ue633\ue639\ue639\ue602\ue666\ue602\ue608\ue627\ue623\ue63b\ue602\ue621\ue632\ue626\ue602\ue633\ue63b\ue62c\ue627\ue638\ue602\ue629\ue63f\ue627\ue626\ue602income instruments \u2011 \u2011 \u2011 6 \u2011 6 \ue602\ue666\ue602\ue609\ue637\ue63c\ue62d\ue63b\ue640\ue602\ue621\ue632\ue626\ue602\ue633\ue63b\ue62c\ue627\ue638\ue602\ue632\ue633\ue632\ue666\ue629\ue63f\ue627\ue626\ue602income instruments \u2011 \u2011 \u2011 \u2011 51,198 51,198 \u2011 Loans and advances \u2011 500 15,171 20,972 \u2011 36,643 \ue602\ue666\ue602\ue608\ue627\ue638\ue62d\ue63d\ue621\uefa7\ue63d\ue627\ue602\ue629\ue632\ue621\ue632\ue624\ue62d\ue621\ue6a3\ue602instruments 614 2,315 13 45 \u2011 2,987 Investments\ue602\ue666\ue602\ue608\ue627\ue623\ue63b\ue602\ue621\ue632\ue626\ue602\ue633\ue63b\ue62c\ue627\ue638\ue602\ue629\ue63f\ue627\ue626\ue602\ue62d\ue632\ue624\ue633\ue631\ue627\ue602 \ue629\ue632\ue621\ue632\ue624\ue62d\ue621\ue6a3\ue602\ue62d\ue632\ue639\ue63b\ue638\ue63c\ue631\ue627\ue632\ue63b\ue639 \u2011 FVOCI 132 234 63,102 7,318 \u2011 70,786 \ue602\ue602\ue602\ue666\ue602\ue603\ue631\ue633\ue638\uefa7\ue639\ue627\ue626\ue602\ue624\ue633\ue639\ue63b 117,425 631,073 2,881,071 3,151,640 \u2011 6,781,209 \u2011 Equity and other non\u2011 \ue602\ue602\ue602\ue629\ue63f\ue627\ue626\ue602\ue62d\ue632\ue624\ue633\ue631\ue627\ue602\ue62d\ue632\ue639\ue63b\ue638\ue63c\ue631\ue627\ue632\ue63b\ue639 \u2011 FVOCI \u2011 \u2011 \u2011 \u2011 3,044 3,044 Loans and advances to banks 254,580 4,174 \u2011 \u2011 \u2011 258,754 Loans and advances to customers 699,134 148,117 683,212 6,455,010 \u2011 7,985,473 Other assets \u2011 \u2011 \u2011 \u2011 11,209 11,2091,872,548 831,170 3,642,569 9,634,991 141,255 16,122,533\ue615\ue662\ue62d\ue630\ue662\uea74\ue662\uef9e\ue63b\ue676\ue608\ue627\ue638\ue62d\ue63d\ue621\uefa7\ue63d\ue627\ue602\ue624\ue633\ue632\ue63b\ue638\ue621\ue624\ue63b\ue639\ue602\ue62c\ue627\ue6a3\ue626\ue602\ue628\ue633\ue638\ue602risk management 2,220 2,312 \u2011 \u2011 \u2011 4,532 \ue608\ue627\ue638\ue62d\ue63d\ue621\uefa7\ue63d\ue627\ue602\ue624\ue633\ue632\ue63b\ue638\ue621\ue624\ue63b\ue639\ue602\ue626\ue627\ue639\ue62d\ue62b\ue632\ue621\ue63b\ue627\ue626\ue602 as hedging instruments \u2011 \u2011 36 \u2011 \u2011 36 Amounts owed to banks 99,894 \u2011 \u2011 \u2011 \u2011 99,894 Amounts owed to customers 13,666,288 49,102 25,723 3,997 \u2011 13,745,110 \ue613\ue63b\ue62c\ue627\ue638\ue602\ue6a3\ue62d\ue621\ue623\ue62d\ue6a3\ue62d\uefa7\ue627\ue639 221,011 \u2011 \u2011 \u2011 \u2011 221,011Unsubordinated debt \ue639\ue627\ue624\ue63c\ue638\ue62d\uefa7\ue627\ue639\ue602\ue62d\ue632\ue602\ue62d\ue639\ue639\ue63c\ue627 \u2011 2,493 349,166 \u2011 \u2011 351,659 \ue619\ue63c\ue623\ue633\ue638\ue626\ue62d\ue632\ue621\ue63b\ue627\ue626\ue602\ue6a3\ue62d\ue621\ue623\ue62d\ue6a3\ue62d\uefa7\ue627\ue639 1,540 4,959 \u2011 533,644 \u2011 540,143 13,990,953 58,866 374,925 537,641 - 14,962,385The BankBetween 3 Less than 3 months and 1 Between 1 and More than 5 No maturity monthsyear5 years yearsdate TotalAt 31 December 2024 \u20ac000 \u20ac000 \u20ac000 \u20ac000 \u20ac000 \u20ac000AssetsBalances with Central Bankof Malta, cash and otherrelated assets 1,019,197 \u2011 \u2011 \u2011 66,674 1,085,871 Financial assets at fair value \ue63b\ue62c\ue638\ue633\ue63c\ue62b\ue62c\ue602\ue636\ue638\ue633\ue629\ue63b\ue602\ue633\ue638\ue602\ue6a3\ue633\ue639\ue639\ue602\ue666\ue602\ue608\ue627\ue623\ue63b\ue602\ue621\ue632\ue626\ue602\ue633\ue63b\ue62c\ue627\ue638\ue602\ue629\ue63f\ue627\ue626\ue602income instruments \u2011 \u2011 \u2011 39 \u2011 39 \ue602\ue666\ue602\ue609\ue637\ue63c\ue62d\ue63b\ue640\ue602\ue621\ue632\ue626\ue602\ue633\ue63b\ue62c\ue627\ue638\ue602\ue632\ue633\ue632\ue666\ue629\ue63f\ue627\ue626\ue602income instruments \u2011 \u2011 \u2011 \u2011 49,891 49,891 \u2011 Loans and advances \u2011 4,601 14,409 31,667 \u2011 50,677 \ue602\ue666\ue602\ue608\ue627\ue638\ue62d\ue63d\ue621\uefa7\ue63d\ue627\ue602\ue629\ue632\ue621\ue632\ue624\ue62d\ue621\ue6a3\ue602instruments 3,368 1 648 54 \u2011 4,071 Investments\ue602\ue666\ue602\ue608\ue627\ue623\ue63b\ue602\ue621\ue632\ue626\ue602\ue633\ue63b\ue62c\ue627\ue638\ue602\ue629\ue63f\ue627\ue626\ue602\ue62d\ue632\ue624\ue633\ue631\ue627\ue602\ue629\ue632\ue621\ue632\ue624\ue62d\ue621\ue6a3\ue602\ue62d\ue632\ue639\ue63b\ue638\ue63c\ue631\ue627\ue632\ue63b\ue639 \u2011 FVOCI \u2011 \u2011 73,051 7,490 \u2011 80,541 \ue602\ue602\ue602\ue666\ue602\ue603\ue631\ue633\ue638\uefa7\ue639\ue627\ue626\ue602\ue624\ue633\ue639\ue63b 104,005 602,177 3,033,320 2,511,755 \u2011 6,251,257 \ue602\ue666\ue602\ue609\ue637\ue63c\ue62d\ue63b\ue640\ue602\ue621\ue632\ue626\ue602\ue633\ue63b\ue62c\ue627\ue638\ue602\ue632\ue633\ue632\ue666\ue629\ue63f\ue627\ue626\ue602income instruments \u2011 FVOCI \u2011 \u2011 \u2011 \u2011 4,898 4,898 Loans and advances to banks 324,219 4,328 \u2011 \u2011 \u2011 328,547 Loans and advances to customers 579,858 94,913 632,963 5,538,568 \u2011 6,846,302 Other assets\u2011 \u2011 \u2011 \u2011 14,425 14,4252,030,647 706,020 3,754,391 8,089,573 135,888 14,716,519\ue615\ue662\ue62d\ue630\ue662\uea74\ue662\uef9e\ue63b\ue676\ue608\ue627\ue638\ue62d\ue63d\ue621\uefa7\ue63d\ue627\ue602\ue624\ue633\ue632\ue63b\ue638\ue621\ue624\ue63b\ue639\ue602\ue62c\ue627\ue6a3\ue626\ue602\ue628\ue633\ue638\ue602risk management 2,976 614 610 \u2011 \u2011 4,200 Amounts owed to banks 9,150 \u2011 \u2011 \u2011 \u2011 9,150 Amounts owed to customers 12,700,356 68,671 34,750 4,180 \u2011 12,807,957 \ue613\ue63b\ue62c\ue627\ue638\ue602\ue6a3\ue62d\ue621\ue623\ue62d\ue6a3\ue62d\uefa7\ue627\ue639210,695 \u2011 \u2011 \u2011 \u2011 210,695 Unsubordinated debt \ue639\ue627\ue624\ue63c\ue638\ue62d\uefa7\ue627\ue639\ue602\ue62d\ue632\ue602\ue62d\ue639\ue639\ue63c\ue627 \u2011 2,493 348,353 \u2011 \u2011 350,846 \ue619\ue63c\ue623\ue633\ue638\ue626\ue62d\ue632\ue621\ue63b\ue627\ue626\ue602\ue6a3\ue62d\ue621\ue623\ue62d\ue6a3\ue62d\uefa7\ue627\ue639 1,540 900 \u2011 260,696 \u2011 263,136 12,924,717 72,678 383,713 264,876 - 13,645,984As outlined previously, liquidity risk is the risk that the Group is unable to meet its current or future payment obligations asthey fall due, and/or to replace funding at a reasonable cost, when funds are withdrawn even when this occurs unexpectedly. Funding liquidity risk encompasses the inability to efficiently meet various cash flow and collateral needs without affecting the Group\u2019s daily operations and financial position. The Group\u2019s objective of effectively managing liquidity risk is to ensure that both foreseeable and unpredicted funding commitments can be met when due and at a reasonable cost. The Liquidity Coverage Ratio (LCR) and the Net Stable Funding Ratio (NSFR) are key regulatory metrics used by the Group for managing liquidity risk. The LCR measures the Group\u2019s ability to withstand short-term liquidity stress by requiring it to hold sufficient unencumbered high-quality liquid assets to cover net liquidity outflows over a 30-calendar-day stressed scenario, thereby promoting resilienceagainst acute liquidity shocks. The NSFR complements the LCR by assessing the Group\u2019s structural funding stability over a one-year horizon, ensuring that longer-term assets and off-balance-sheet exposures are funded with an appropriate level of stable funding sources and limiting excessive reliance on short-term funding. The European Banking Authority had issued guidelines aimed at harmonising liquidity risk disclosures in accordance with the Capital Requirements Regulation (CRR). Since the implementation of the regulatory LCR requirement, the Group has consistentlymaintained LCR levels well above the minimum regulatory requirement of 100%. As at 31 December 2025, the Group reported an LCR of 384.41% (31 December 2024: 368.78%). Additional disclosures on LCR are included within the Pillar 3 Disclosures Report published on the Group\u2019s website. The NSFR requirement emanates from the Basel III framework developed by the Basel Committee on Banking Supervision and is implemented within the EU through the CRR, with the requirement applying as a binding minimum requirement. As at the endof December 2025, the Group reported an NSFR of 196.45% (31 December 2024: 195.53%), remaining comfortably above the minimum regulatory requirement of 100%. These ratios are monitored on an ongoing basis as part of the Group\u2019s liquidity risk management framework. Throughout the periods presented within these financial statements, the Group remained fully compliant with the applicable minimum regulatoryliquidity requirements.Asset EncumbranceCarrying amount Fair value of Carrying amount of Fair value of of unencumbered unencumbered encumbered assetsencumbered assets assetsassets \u20ac000 \u20ac000 \u20ac000 \u20ac000The GroupAs at 31 December 2025Equity instruments \u2011 \u2011 54,247 54,247 \ue608\ue627\ue623\ue63b\ue602\ue639\ue627\ue624\ue63c\ue638\ue62d\uefa7\ue627\ue639 100,931 99,586 6,867,934 6,795,108 Loans and advances \u2011 \u2011 9,010,816 Other assets \u2011 \u2011 496,395 100,931 99,586 16,429,392 The GroupAs at 31 December 2024Equity instruments \u2011 \u2011 54,950 54,950 \ue608\ue627\ue623\ue63b\ue602\ue639\ue627\ue624\ue63c\ue638\ue62d\uefa7\ue627\ue639 40,153 38,452 6,357,842 6,284,671 Loans and advances \u2011 \u2011 8,179,950 Other assets \u2011 \u2011 466,204 40,153 38,452 15,058,946 The BankAs at 31 December 2025Equity instruments \u2011 \u2011 54,242 54,242 \ue608\ue627\ue623\ue63b\ue602\ue639\ue627\ue624\ue63c\ue638\ue62d\uefa7\ue627\ue639 100,931 99,586 6,866,549 6,793,557 Loans and advances \u2011 \u2011 9,010,816 Other assets \u2011 \u2011 448,113 100,931 99,586 16,379,720 The BankAs at 31 December 2024Equity instruments \u2011 \u2011 54,789 54,789\ue608\ue627\ue623\ue63b\ue602\ue639\ue627\ue624\ue63c\ue638\ue62d\uefa7\ue627\ue639 40,153 38,452 6,356,460 6,283,291 Loans and advances \u2011 \u2011 8,179,950 Other assets \u2011 \u2011 425,840 40,153 38,452 15,017,039 The fair value of Loans and advances and Other assets is not deemed to differ materially from their carrying amount at the respective reporting dates.The Group and the Bank undertake the following:i. Pledging of debt securities in favour of the Depositor Compensation Scheme.ii. Pledging of debt securities which are covered by the TBMA/ISMA Global Repurchase Master Agreement",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory",
"language": "en",
"entity": "scheme:529900RWC8ZYB066JF16",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s7__6__145": {
"value": "39.4 MARKET RISKMarket risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market prices. Market risk comprises three types of risk: interest rate risk, currency risk and other price risk. It arises in all areas of the Group\u2019s activities and is managed by a variety of different techniques as detailed below.The objective of the Group is to manage and control market risk exposures in order to optimise return on risk while maintaining a market profile consistent with the Bank\u2019s status as a leading Bank in providing financial products and services.The market risk appetite is articulated in the Treasury Management Policy. It is defined as the quantum and composition of market risk that the Bank tolerates and the manner in which the Bank manages this risk. Market risk is managed through limits set in the Treasury Management Policy. The Policy is reviewed by Treasury department in co-ordination with the Risk Management department and is approved by the Asset and Liability Management Committee (ALCO) and the Board of Directors.39.4.1 INTEREST RATE RISKInterest rate risk is the risk that the fair value or future cash flows of a financial instrument would fluctuate because of changes in market interest rates.The Group is exposed to fair value interest rate risk arising from financial assets and liabilities with fixed interest rates and to cash flow interest rate risk arising from financial assets and liabilities with floating interest rates. The Group is not directly exposed to interest rate risk on investment in equity instruments. The Group uses interest rate swaps to hedge the interest rate risk of certain financial instruments.The analysis of interest rate risk is performed through a comprehensive methodology which covers all interest sensitive assets and liabilities, as well as off-balance sheet items. This methodology effectively entails a wide analysis and enables the stressing of various movements in the yield curves. The tables below depict the movement of stressed yield curves and the changes in the Reported Equity and Net Interest Income to such movements. Further information related to the measurement of interest rate risk can be located within Pillar 3 Disclosures Report as included in the Bank\u2019s website.Bps \ue609\ue662\ue675\ue63b\ue631\uef9e\ue66f\ue66dParallel Shock Up 200 Up Parallel Shock Down 200 Down Short Rates Up 250 Up Short Rates Down 250 Down Steepener 250 Short Rates Down 100 Long Rates Up \ue60d\uea74\ue62d\ue682\ue63b\ue66d\ue63b\ue675 250 Short Rates Up100 Long Rates DownThe below table applies to both the Group and the Bank. Parallel Parallel Short Rates Short Rates Shock Up Shock Down Up Down Steepener \ue602\ue60d\uea74\ue62d\ue682\ue63b\ue66d\ue63b\ue675\ue602\u20ac millions \u20ac millions \u20ac millions \u20ac millions \u20ac millions \u20ac millions\ue622\ue63b\ue66d\ue676\ue662\uef9e\ue688\ue662\ue67c\ue68b\ue602\ue66f\ue63d\ue602\ue675\ue63b\ue672\ue66f\ue675\ue67c\ue63b\ue637\ue602\ue63b\ue674\ue686\ue662\ue67c\ue68b\ue602\ue67c\ue66f\ue602interest rate movements2025At 31 December 67 (61) 55 (58) (26) 39 Average for the year 17 (2) 44 (47) (39) 44 Most favourable for the year 67 53 55 (38) (26) 51 Least favourable for the year (28) (61) 36 (58) (52) 39 2024At 31 December 23 (10) 45 (48) (37) 44 Average for the year 52 (44) 48 (51) (26) 37 Most favourable for the year 69 (10) 52 (46) (20) 44 Least favourable for the year 23 (67) 44 (55) (37) 31 Parallel Parallel Shock UpShock Down\u20ac millions \u20ac millions\ue622\ue63b\ue66d\ue676\ue662\uef9e\ue688\ue662\ue67c\ue68b\ue602\ue66f\ue63d\ue602\ue672\ue675\ue66f\ue666\ue63b\ue631\ue67c\ue63b\ue637\ue602\ue66d\ue63b\ue67c\ue602interest income to interest rate movements2025At 31 December 37 (37)Average for the year 32 (32)Most favourable for the year 37 (23)Least favourable for the year 23 (37)2024At 31 December 36 (36)Average for the year 40 (41)Most favourable for the year 50 (36)Least favourable for the year 36 (50)Interest rate repricing gapThe table below summarises the Group\u2019s exposure to interest rate risk. Included in the table are Group assets and liabilities, including derivative financial instruments which are principally used to reduce exposure to interest rate risk, categorised by repricing date. The management of repricing gaps within specific time bands presented in the table below takes cognisance of the interest rate profile of the Bank\u2019s deposit base, with a significant portion of the deposit base currently not bearing any interest expense. The below table is presented at Group level as there are no material differences between the Group and the Bank in respect of amounts disclosed.The Group\u2019s assets and liabilities are set to reprice as follows:3 months or 1 year or less Up to less but over 1 but over 3 1 Monthmonthmonths Over 1 year Others Total\u20ac000 \u20ac000 \u20ac000 \u20ac000 \u20ac000 \u20ac000AssetsBalances with Central Bank of Malta, cash and other related assets 805,750 115,474 \u2011 \u2011 \u2011 921,224 Financial assets at fair \ue63d\ue621\ue6a3\ue63c\ue627\ue602\ue63b\ue62c\ue638\ue633\ue63c\ue62b\ue62c\ue602\ue636\ue638\ue633\ue629\ue63b\ue602\ue633\ue638\ue602\ue6a3\ue633\ue639\ue639\ue602\ue666\ue602\ue608\ue627\ue623\ue63b\ue602\ue621\ue632\ue626\ue602\ue633\ue63b\ue62c\ue627\ue638\ue602\ue629\ue63f\ue627\ue626\ue602\ue62d\ue632\ue624\ue633\ue631\ue627\ue602instruments \u2011 11 1 1,380 \u2011 1,392 \ue602\ue666\ue602\ue609\ue637\ue63c\ue62d\ue63b\ue640\ue602\ue621\ue632\ue626\ue602\ue633\ue63b\ue62c\ue627\ue638\ue602\ue632\ue633\ue632\ue666\ue629\ue63f\ue627\ue626\ue602income instruments \u2011 \u2011 \u2011 \u2011 51,203 51,203 \u2011 Loans and advances 36,643 \u2011 \u2011 \u2011 \u2011 36,643 Investments\ue602\ue666\ue602\ue608\ue627\ue623\ue63b\ue602\ue621\ue632\ue626\ue602\ue633\ue63b\ue62c\ue627\ue638\ue602\ue629\ue63f\ue627\ue626\ue602\ue62d\ue632\ue624\ue633\ue631\ue627\ue602\ue629\ue632\ue621\ue632\ue624\ue62d\ue621\ue6a3\ue602\ue62d\ue632\ue639\ue63b\ue638\ue63c\ue631\ue627\ue632\ue63b\ue639 \u2011 FVOCI \u2011 337 610 69,839 \u2011 70,786 \ue602\ue666\ue602\ue603\ue631\ue633\ue638\uefa7\ue639\ue627\ue626\ue602\ue624\ue633\ue639\ue63b 48,370 87,421 651,255 5,994,163 \u2011 6,781,209 \ue666\ue602\ue609\ue637\ue63c\ue62d\ue63b\ue640\ue602\ue621\ue632\ue626\ue602\ue633\ue63b\ue62c\ue627\ue638\ue602\ue632\ue633\ue632\ue666\ue629\ue63f\ue627\ue626\ue602income instruments \u2011 FVOCI \u2011 \u2011 \u2011 \u2011 3,044 3,044 Loans and advances to banks 63,533 \u2011 \u2011 \u2011 195,221 258,754 Loans and advances to customers 5,995,789 410,670 156,550 1,422,464 \u2011 7,985,473 Other assets \u2011 \u2011 \u2011 \u2011 11,209 11,209Total 2025 6,950,085 613,913 808,416 7,487,846 260,677 16,120,937Total 2024 6,668,136 619,996 785,213 6,387,717 252,929 14,713,991\ue615\ue662\ue62d\ue630\ue662\uea74\ue662\uef9e\ue63b\ue676Amounts owed to banks 14,096 65,162 \u2011 \u2011 20,636 99,894 Amounts owed to customers 13,661,402 11,938 43,117 10,745 13,363 13,740,565 \ue613\ue63b\ue62c\ue627\ue638\ue602\ue6a3\ue62d\ue621\ue623\ue62d\ue6a3\ue62d\uefa7\ue627\ue639 \u2011 \u2011 \u2011 \u2011 221,174 221,174\ue61b\ue632\ue639\ue63c\ue623\ue633\ue638\ue626\ue62d\ue632\ue621\ue63b\ue627\ue626\ue602\ue626\ue627\ue623\ue63b\ue602\ue639\ue627\ue624\ue63c\ue638\ue62d\uefa7\ue627\ue639\ue602in issue \u2011 \u2011 \u2011 351,659 \u2011 351,659 \ue619\ue63c\ue623\ue633\ue638\ue626\ue62d\ue632\ue621\ue63b\ue627\ue626\ue602\ue6a3\ue62d\ue621\ue623\ue62d\ue6a3\ue62d\uefa7\ue627\ue639 \u2011 \u2011 \u2011 540,143 \u2011 540,143 Total 2025 13,675,498 77,100 43,117 902,547 255,173 14,953,435 Total 2024 12,691,332 15,069 61,762 632,615 237,399 13,638,1773 months or 1 year or less Up to less but over 1 but over 3 1 Monthmonthmonths Over 1 year Others Total\u20ac000 \u20ac000 \u20ac000 \u20ac000 \u20ac000 \u20ac000 Interest rate swaps - 2025 (5,804) (25,384) (72,209) 103,396 \u2011 Interest rate swaps - 2024 (8,650) (22,649) (76,171) 107,470 \u2011 Gap - 2025(6,731,217) 511,429 693,090 6,688,695 - Gap \u2011 2024 (6,031,846) 582,278 647,280 5,862,572 \u2011 \ue602\ue607\ue686\ue66c\ue686\uea74\ue62d\uef9e\ue688\ue63b\ue602\ue60e\ue62d\ue672\ue602\ue74a\ue602\ue791\ue78f\ue791\ue794 (6,731,217) (6,219,788) (5,526,698) 1,161,997 - \ue602\ue606\ue63c\ue631\ue63c\ue6a3\ue621\uefa7\ue63d\ue627\ue602\ue60b\ue621\ue636\ue602\ue666\ue602\ue689\ue687\ue689\ue68b (6,031,846) (5,449,568) (4,802,288) 1,060,284 \u2011 39.4.2 CURRENCY RISKCurrency risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in foreign exchange rates. The Board of Directors sets limits on the level of exposure by currency and in total, which levels are monitored daily.The following table summarises the Group\u2019s exposure to foreign currency exchange rate risk at the reporting date. Included in the table are the Group\u2019s assets and liabilities at carrying amounts, analysed into relevant currency groupings.Other The Bank EUR USD GBP AUDCurrencies Total31 December 2025 \u20ac000 \u20ac000 \u20ac000 \u20ac000 \u20ac000 \u20ac000AssetsBalances with Central Bank of Malta, cash and other related assets 918,407 1,169 470 290 888 921,224 Financial assets at fair value \ue63b\ue62c\ue638\ue633\ue63c\ue62b\ue62c\ue602\ue636\ue638\ue633\ue629\ue63b\ue602\ue633\ue638\ue602\ue6a3\ue633\ue639\ue639\ue666\ue602\ue608\ue627\ue623\ue63b\ue602\ue621\ue632\ue626\ue602\ue633\ue63b\ue62c\ue627\ue638\ue602\ue629\ue63f\ue627\ue626\ue602\ue62d\ue632\ue624\ue633\ue631\ue627\ue602instruments income instruments 6 \u2011 \u2011 \u2011 \u2011 6 \ue666\ue602\ue609\ue637\ue63c\ue62d\ue63b\ue640\ue602\ue621\ue632\ue626\ue602\ue633\ue63b\ue62c\ue627\ue638\ue602\ue632\ue633\ue632\ue666\ue629\ue63f\ue627\ue626\ue602income instruments \u2011 31,634 \u2011 \u2011 \u2011 31,634 \u2011 Loans and advances 36,643 \u2011 \u2011 \u2011 \u2011 36,643 \ue666\ue602\ue608\ue627\ue638\ue62d\ue63d\ue621\uefa7\ue63d\ue627\ue602\ue629\ue632\ue621\ue632\ue624\ue62d\ue621\ue6a3\ue602\ue621\ue639\ue639\ue627\ue63b\ue639 58 \u2011 \u2011 \u2011 \u2011 58 Investments\ue602\ue666\ue602\ue608\ue627\ue623\ue63b\ue602\ue621\ue632\ue626\ue602\ue633\ue63b\ue62c\ue627\ue638\ue602\ue629\ue63f\ue627\ue626\ue602\ue62d\ue632\ue624\ue633\ue631\ue627\ue602\ue629\ue632\ue621\ue632\ue624\ue62d\ue621\ue6a3\ue602\ue62d\ue632\ue639\ue63b\ue638\ue63c\ue631\ue627\ue632\ue63b\ue639 \u2011 FVOCI 13,256 56,813 717 \u2011 \u2011 70,786 \ue602\ue666\ue602\ue603\ue631\ue633\ue638\uefa7\ue639\ue627\ue626\ue602\ue606\ue633\ue639\ue63b 6,758,026 \u2011 17,417 5,766 \u2011 6,781,209 Loans and advances to banks 61,947 51,238 30,110 24,613 90,846 258,754 Loans and advances to customers 7,958,324 5,104 22,045 \u2011 \u2011 7,985,473 Other assets 24,190 297 1 \u2011 339 24,827 15,770,857 146,255 70,760 30,669 92,073 16,110,614 \ue615\ue662\ue62d\ue630\ue662\uea74\ue662\uef9e\ue63b\ue676\ue608\ue627\ue638\ue62d\ue63d\ue621\uefa7\ue63d\ue627\ue602\ue629\ue632\ue621\ue632\ue624\ue62d\ue621\ue6a3\ue602\ue6a3\ue62d\ue621\ue623\ue62d\ue6a3\ue62d\uefa7\ue627\ue639 \u2011 36 \u2011 \u2011 \u2011 36 Amounts owed to banks 90,658 5,689 57 38 3,452 99,894Amounts owed to customers 13,256,038 204,218 110,375 32,460 142,019 13,745,110 \ue613\ue63b\ue62c\ue627\ue638\ue602\ue6a3\ue62d\ue621\ue623\ue62d\ue6a3\ue62d\uefa7\ue627\ue639 217,436 8,436 485 187 267 226,811 Provisions 17,551 2 1 \u2011 \u2011 17,554 \ue61b\ue632\ue639\ue63c\ue623\ue633\ue638\ue626\ue62d\ue632\ue621\ue63b\ue627\ue626\ue602\ue626\ue627\ue623\ue63b\ue602\ue639\ue627\ue624\ue63c\ue638\ue62d\uefa7\ue627\ue639\ue602in issue 351,659 \u2011 \u2011 \u2011 \u2011 351,659 \ue619\ue63c\ue623\ue633\ue638\ue626\ue62d\ue632\ue621\ue63b\ue627\ue626\ue602\ue6a3\ue62d\ue621\ue623\ue62d\ue6a3\ue62d\uefa7\ue627\ue639 540,143 \u2011 \u2011 \u2011 \u2011 540,143 14,473,485 218,381 110,918 32,685 145,738 14,981,207\ue612\ue627\ue63b\ue602\ue633\ue632\ue602\ue623\ue621\ue6a3\ue621\ue632\ue624\ue627\ue602\ue639\ue62c\ue627\ue627\ue63b\ue602\ue629\ue632\ue621\ue632\ue624\ue62d\ue621\ue6a3\ue602\ue636\ue633\ue639\ue62d\uefa7\ue633\ue632 (72,126) (40,158) (2,016) (53,665)\ue612\ue633\uefa7\ue633\ue632\ue621\ue6a3\ue602\ue621\ue631\ue633\ue63c\ue632\ue63b\ue602\ue633\ue628\ue602\ue626\ue627\ue638\ue62d\ue63d\ue621\uefa7\ue63d\ue627\ue602instruments 69,430 38,488 1,991 54,464 \ue612\ue627\ue63b\ue602\ue633\ue636\ue627\ue632\ue602\ue636\ue633\ue639\ue62d\uefa7\ue633\ue632\ue602 (2,696) (1,670) (25) 799 Other The Bank EUR USD GBP AUDCurrencies Total31 December 2024 \u20ac000 \u20ac000 \u20ac000 \u20ac000 \u20ac000 \u20ac000AssetsBalances with Central Bank of Malta, cash and other related assets 1,083,117 896 991 88 779 1,085,871 Financial assets at fair value \ue63b\ue62c\ue638\ue633\ue63c\ue62b\ue62c\ue602\ue636\ue638\ue633\ue629\ue63b\ue602\ue633\ue638\ue602\ue6a3\ue633\ue639\ue639\ue666\ue602\ue608\ue627\ue623\ue63b\ue602\ue621\ue632\ue626\ue602\ue633\ue63b\ue62c\ue627\ue638\ue602\ue629\ue63f\ue627\ue626\ue602\ue62d\ue632\ue624\ue633\ue631\ue627\ue602instruments 39 \u2011 \u2011 \u2011 \u2011 39 \ue666\ue602\ue609\ue637\ue63c\ue62d\ue63b\ue640\ue602\ue621\ue632\ue626\ue602\ue633\ue63b\ue62c\ue627\ue638\ue602\ue632\ue633\ue632\ue666\ue629\ue63f\ue627\ue626\ue602income instruments \u2011 31,123 \u2011 \u2011 \u2011 31,123 \u2011Loans and advances 50,677 \u2011 \u2011 \u2011 \u2011 50,677\ue666\ue602\ue608\ue627\ue638\ue62d\ue63d\ue621\uefa7\ue63d\ue627\ue602\ue629\ue632\ue621\ue632\ue624\ue62d\ue621\ue6a3\ue602\ue621\ue639\ue639\ue627\ue63b\ue639 94 \u2011 \u2011 \u2011 \u2011 94 Investments \u2011 FVOCI 13,467 64,445 2,629 \u2011 \u2011 80,541 \ue602\ue666\ue602\ue603\ue631\ue633\ue638\uefa7\ue639\ue627\ue626\ue602\ue624\ue633\ue639\ue63b 6,189,962 12,386 29,085 19,824 \u2011 6,251,257 Loans and advances to banks 52,960 84,359 53,864 7,448 129,916 328,547 Loans and advances to customers 6,819,355 9,761 17,186 \u2011 \u2011 6,846,302 Other assets 30,670 \u2011 \u2011 1 2 30,67314,240,341 202,970 103,755 27,361 130,697 14,705,124\ue615\ue662\ue62d\ue630\ue662\uea74\ue662\uef9e\ue63b\ue676Amounts owed to banks 6,604 946 344 17 1,239 9,150 Amounts owed to customers 12,334,027 203,427 117,868 27,143 125,492 12,807,957 \ue613\ue63b\ue62c\ue627\ue638\ue602\ue6a3\ue62d\ue621\ue623\ue62d\ue6a3\ue62d\uefa7\ue627\ue639 222,582 2,037 911 199 126 225,855 Provisions 18,386 2 \u2011 \u2011 \u2011 18,388 \ue61b\ue632\ue639\ue63c\ue623\ue633\ue638\ue626\ue62d\ue632\ue621\ue63b\ue627\ue626\ue602\ue626\ue627\ue623\ue63b\ue602\ue639\ue627\ue624\ue63c\ue638\ue62d\uefa7\ue627\ue639\ue602in issue 350,846 \u2011 \u2011 \u2011 \u2011 350,846 \ue619\ue63c\ue623\ue633\ue638\ue626\ue62d\ue632\ue621\ue63b\ue627\ue626\ue602\ue6a3\ue62d\ue621\ue623\ue62d\ue6a3\ue62d\uefa7\ue627\ue639 263,136 \u2011 \u2011 \u2011 \u2011 263,136 13,195,581 206,412 119,123 27,359 126,857 13,675,332 \ue612\ue627\ue63b\ue602\ue633\ue632\ue602\ue623\ue621\ue6a3\ue621\ue632\ue624\ue627\ue602\ue639\ue62c\ue627\ue627\ue63b\ue602\ue629\ue632\ue621\ue632\ue624\ue62d\ue621\ue6a3\ue602\ue636\ue633\ue639\ue62d\uefa7\ue633\ue632 (3,442) (15,368) 2 3,840 \ue612\ue633\uefa7\ue633\ue632\ue621\ue6a3\ue602\ue621\ue631\ue633\ue63c\ue632\ue63b\ue602\ue633\ue628\ue602\ue626\ue627\ue638\ue62d\ue63d\ue621\uefa7\ue63d\ue627\ue602instruments 3,805 14,994 \u2011 (3,793)\ue612\ue627\ue63b\ue602\ue633\ue636\ue627\ue632\ue602\ue636\ue633\ue639\ue62d\uefa7\ue633\ue632\ue602 363 (374) 2 47 Currency risk, commonly referred to as exchange-rate risk, arises from the change in price of one currency in relation to another where a possibility of losing money due to unfavourable moves in exchange rates can arise. The following table shows how a 1% change in the exchange rate of the main three foreign currencies, to which the Group is exposed, would impact the institution. The sensitivity analysis performed shows that the impact on the balance sheet is minimal. No currency other than the domestic currency exceeded the level of 5% aggregate amount of liabilities denominated in the respective currency as a proportion of the total liabilities. Thus, the euro is principally utilised in the Group\u2019s business and 96.6% of total liabilities are euro-denominated. In principle, the Group does not finance its assets in a currency which is different from that in which the assets are denominated, and funding in a foreign currency is deployed in assets denominated in that same currency. Any residual net exposures in a specific foreign currency are generally eliminated through the use of derivative financial instruments as reflected in the tables above.USD GBP AUD Total 2025 \u20ac000 \u20ac000 \u20ac000 \u20ac000+1% change in foreign exchange 27 17 \u2011 44 \u20111% change in foreign exchange (27) (17) \u2011 (44)USD GBP AUD Total 2024 \u20ac000 \u20ac000 \u20ac000 \u20ac000+1% change in foreign exchange (4) 4 \u2011 \u2011 \u20111% change in foreign exchange 4 (4) \u2011 \u201139.4.3 OTHER PRICE RISKOther price risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market prices (other than those arising from interest rate risk or currency risk), whether those changes are caused by factors specific to the individual financial instrument or its issuer, or factors affecting all similar financial instruments traded in the market.The Group is exposed to equity price risks arising from the holding of equity instruments classified either as FVOCI or at fair value through profit or loss, which are not considered significant in the context of the amounts presented in the statement of financial position. The carrying amounts of financial instruments at the reporting date which could potentially subject the Group to equity price risk are disclosed in the notes to the financial statements. Further disclosures as required by IFRSs as adopted by the EU were not deemed necessary in view of the extent of the Group\u2019s equity investments.This risk is monitored and managed by the Risk management function of the Bank, as disclosed in more detail above.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfMarketRiskExplanatory",
"language": "en",
"entity": "scheme:529900RWC8ZYB066JF16",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s7__6__147": {
"value": "39.5 TRANSFERRED FINANCIAL ASSETS THAT ARE NOT DERECOGNISED IN THEIR ENTIRETYThe Group and the Bank2025 2024\u20ac000 \u20ac000Debt securities measured at amortised cost 64,875 \u2011 64,895 - Amounts owed to banksThese transactions, which are outstanding as at the end of the reporting period, are covered by the TBMA/ISMA Global Repurchase Master Agreement (\u201cthe Agreement\u201d) and involve the sale of financial assets with a simultaneous agreement to repurchase them at a pre-determined price at a future date. The securities sold comprise investment securities measured at amortised cost. The counterparty\u2019s liability is included within amounts owed to banks. The Group and the Bank continue to recognise the transferred assets since all the risks and rewards of the assets will be substantially retained in a manner that does not result in the transferred assets being derecognised for accounting purposes.Each party to these transactions is subject to the events of default listed in the Agreement. In the event that any of the events of default is triggered, transactions are immediately terminated. Consequently, performance of the respective obligations of the parties with respect to the delivery of securities, the payment of the repurchase prices for securities and the repayment of any cash margin shall become due and payable.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRepurchaseAndReverseRepurchaseAgreementsExplanatory",
"language": "en",
"entity": "scheme:529900RWC8ZYB066JF16",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s7__6__148": {
"value": "39.6 FAIR VALUE OF FINANCIAL INSTRUMENTSFor financial reporting purposes, fair value measurements are categorised into Level 1, 2 or 3 based on the degree to which the inputs to the fair value measurements are observable and the significance of the inputs to the fair value measurement in its entirety, which are described as follows:\u2022 Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the entity can access at the measurement date.\u2022 Level 2 inputs are inputs, other than quoted prices included within Level 1, that are observable for the asset or liability, either directly or indirectly. This category includes instruments valued using: quoted market prices in active markets for similar instruments; quoted prices for identical or similar instruments in markets that are considered less than active; or other valuation techniques in which all significant inputs are directly or indirectly observable from market data.\u2022 Level 3 inputs are unobservable inputs for the asset or liability. This category includes all instruments for which the valuation technique includes inputs not based on observable data and the unobservable inputs have a significant effect on the instruments\u2019 valuation. This category includes instruments that are valued based on quoted prices for similar instruments for which significant unobservable adjustments or assumptions are required to reflect differences between the instruments.For assets and liabilities that are recognised in the financial statements at fair value on a recurring basis, the Group and the Bank determine when transfers are deemed to have occurred between Levels in the hierarchy at the end of each reporting period. 39.6.1 CONTROL FRAMEWORKFair values are subject to a control framework designed to ensure that they are either determined or validated by a function independent of the risk taker and that they are appropriately assessed and reviewed by competent personnel. To this end, the determination of fair values is a process which is performed by Financial Markets and Investments and reviewed by Finance. Finance establishes the accounting policies and, in conjunction with Financial Markets and Investments, it establishes the procedures governing fair valuation and is responsible for ensuring that fair value estimates are prepared in accordance with the requirements of all relevant accounting standards. The valuation techniques and procedures applied are subject to a process of due diligence, which process was duly approved by the Board and the Audit Committee and documented accordingly.For all financial instruments where fair values are determined by reference to externally quoted prices or observable pricing inputs to valuation techniques, independent price determination or validation is utilised, to the extent practicable. In inactive markets, direct observation of a traded price may not be possible. In these circumstances, the Bank sources alternative market information to validate the financial instrument\u2019s fair value, with greater weight given to information that is considered to be more relevant and reliable. The factors which are mainly considered are the following:\u2022 the extent to which prices may be expected to represent genuine traded or tradable prices;\u2022 the degree of similarity between financial instruments;\u2022 the degree of consistency between different sources;\u2022 the process followed by the pricing provider to derive the data;\u2022 the elapsed time between the date to which the market data relates and the end of the reporting period; and\u2022 the manner in which the data was sourced.In determining the fair values for financial instruments measured at fair value the credit risk adjustment for the counterparty, the Bank or both, as the case may be, is deemed to be immaterial and hence no adjustment to the fair value of financial instruments measured at fair value was effected.Fair value measurementThe Group Level 1 Level 2 Level 3 TotalAt 31 December 2025 \u20ac000 \u20ac000 \u20ac000 \u20ac000AssetsFinancial assets at fair value through profit or loss \u2011 debt and other fixed income instruments 1,386 \u2011 6 1,392 \u2011 equity and other non\u2011fixed income instruments 135 47,113 3,955 51,203 \u2011 loans and advances \u2011 36,643 \u2011 36,643 \u2011 derivative financial instruments* \u2011 2,987 \u2011 2,987 InvestmentsDebt and other fixed income instruments \u2011 FVOCI 726 70,060 \u2011 70,786 Equity and other non\u2011fixed income instruments \u2011 FVOCI 3,044 \u2011 \u2011 3,044 5,291 156,803 3,961 166,055 LiabilitiesDerivative contracts held for risk management \u2011 4,532 \u2011 4,532 Derivative contracts designated as hedging instruments** \u2011 36 \u2011 36 - 4,568 - 4,568 *Derivative financial instruments with a gross carrying amount of \u20ac4.8m are offset by \u20ac1.8 million, netted against Amounts owed to banks in the Statement of Financial Position. This offsetting is enforceable by master netting agreements. The resulting net amount of \u20ac3.0m is disclosed in table above.**Derivative contracts designated as hedging instruments with a gross carrying amount of \u20ac1.4m are offset by \u20ac1.4 million, netted against Loans and advances to banks in the Statement of Financial Position. This offsetting is enforceable by master netting agreements. The resulting net amount of \u20ac0.04m is disclosed in table above.Fair value measurementThe Group Level 1 Level 2 Level 3 TotalAt 31 December 2024 \u20ac000 \u20ac000 \u20ac000 \u20ac000Assets\ue60a\ue62d\ue632\ue621\ue632\ue624\ue62d\ue621\ue6a3\ue602\ue621\ue639\ue639\ue627\ue63b\ue639\ue602\ue621\ue63b\ue602\ue628\ue621\ue62d\ue638\ue602\ue63d\ue621\ue6a3\ue63c\ue627\ue602\ue63b\ue62c\ue638\ue633\ue63c\ue62b\ue62c\ue602\ue636\ue638\ue633\ue629\ue63b\ue602\ue633\ue638\ue602\ue6a3\ue633\ue639\ue639\ue602\ue666\ue602\ue626\ue627\ue623\ue63b\ue602\ue621\ue632\ue626\ue602\ue633\ue63b\ue62c\ue627\ue638\ue602\ue629\ue63f\ue627\ue626\ue602\ue62d\ue632\ue624\ue633\ue631\ue627\ue602\ue62d\ue632\ue639\ue63b\ue638\ue63c\ue631\ue627\ue632\ue63b\ue639 1,408 5 7 1,420 \ue602\ue666\ue602\ue627\ue637\ue63c\ue62d\ue63b\ue640\ue602\ue621\ue632\ue626\ue602\ue633\ue63b\ue62c\ue627\ue638\ue602\ue632\ue633\ue632\ue666\ue629\ue63f\ue627\ue626\ue602\ue62d\ue632\ue624\ue633\ue631\ue627\ue602\ue62d\ue632\ue639\ue63b\ue638\ue63c\ue631\ue627\ue632\ue63b\ue639 274 44,409 5,369 50,052 \u2011 loans and advances \u2011 50,677 \u2011 50,677 \ue602\ue666\ue602\ue626\ue627\ue638\ue62d\ue63d\ue621\uefa7\ue63d\ue627\ue602\ue629\ue632\ue621\ue632\ue624\ue62d\ue621\ue6a3\ue602\ue62d\ue632\ue639\ue63b\ue638\ue63c\ue631\ue627\ue632\ue63b\ue639\ue672 \u2011 4,071 \u2011 4,071 Investments\ue608\ue627\ue623\ue63b\ue602\ue621\ue632\ue626\ue602\ue633\ue63b\ue62c\ue627\ue638\ue602\ue629\ue63f\ue627\ue626\ue602\ue62d\ue632\ue624\ue633\ue631\ue627\ue602\ue62d\ue632\ue639\ue63b\ue638\ue63c\ue631\ue627\ue632\ue63b\ue639 \u2011 FVOCI 2,702 77,839 \u2011 80,541 \ue609\ue637\ue63c\ue62d\ue63b\ue640\ue602\ue621\ue632\ue626\ue602\ue633\ue63b\ue62c\ue627\ue638\ue602\ue632\ue633\ue632\ue666\ue629\ue63f\ue627\ue626\ue602\ue62d\ue632\ue624\ue633\ue631\ue627\ue602\ue62d\ue632\ue639\ue63b\ue638\ue63c\ue631\ue627\ue632\ue63b\ue639 \u2011 FVOCI 4,898 \u2011 \u2011 4,898 9,282 177,001 5,376 191,659 \ue615\ue662\ue62d\ue630\ue662\uea74\ue662\uef9e\ue63b\ue676\ue608\ue627\ue638\ue62d\ue63d\ue621\uefa7\ue63d\ue627\ue602\ue624\ue633\ue632\ue63b\ue638\ue621\ue624\ue63b\ue639\ue602\ue62c\ue627\ue6a3\ue626\ue602\ue628\ue633\ue638\ue602\ue638\ue62d\ue639\ue630\ue602\ue631\ue621\ue632\ue621\ue62b\ue627\ue631\ue627\ue632\ue63b \u2011 4,200 \u2011 4,200 - 4,200 - 4,200 *Derivative financial instruments with a gross carrying amount of \u20ac5.8m are offset by \u20ac1.7 million, netted against Amounts owed to banks in the Statement of Financial Position. This offsetting is enforceable by master netting agreements. The resulting net amount of \u20ac4.1m is disclosed in table above.**Derivative contracts designated as hedging instruments with a gross carrying amount of \u20ac0.6m are offset against Loans and advances to banks in the Statement of Financial Position. This offsetting is enforceable by master netting agreements. The net amount is therefore nil and is reflected in the table above.During the current year, there were no changes in levels within the fair value hierarchy for financial instruments measured at fair value through profit or loss and financial assets measured at fair value through other comprehensive income. The fair values of equity instruments categorised as level 2 within the fair value hierarchy are mainly based on quoted prices in an active market, whereas the fair value of loans and advances and debt instruments are principally derived from discontinued cash flow models with observable market interest rates and credit spreads, where applicable, being the main input.39.6.3 EQUITY INSTRUMENTS DESIGNATED AS AT FVOCIThe fair value of equity instruments designated at FVOCI and the dividend income recognised is detailed below.Dividend income Dividend income Fair value recognised Fair value recognised2025 2025 2024 2024\u20ac000 \u20ac000 \u20ac000 \u20ac000Local other issuers 2,305 12 3,425 33 Foreign other issuers \u2011 \u2011 506 \u2011 Local banks 34 1 33 1 Local public bodies 705 38 934 62 3,044 51 4,898 96 Other disclosures in respect of equity investments measured at fair value through comprehensive income, as required by IFRSs as adopted by the EU, were not deemed necessary taking cognisance of the immateriality of the carrying amount of the Group\u2019s such equity investments in the context of the amounts presented within the Group\u2019s statement of financial position.39.6.4 FINANCIAL ASSETS AND LIABILITIES NOT MEASURED AT FAIR VALUEThe following tables provide an analysis of the fair value of financial instruments that are not measured at fair value subsequent to initial recognition:Fair value measurement CarryingLevel 1 Level 2 Level 3 Total AmountAt 31 December 2025 \u20ac000 \u20ac000 \u20ac000 \u20ac000 \u20ac000Financial assetsInvestments \ue608\ue627\ue623\ue63b\ue602\ue621\ue632\ue626\ue602\ue633\ue63b\ue62c\ue627\ue638\ue602\ue629\ue63f\ue627\ue626\ue602\ue62d\ue632\ue624\ue633\ue631\ue627\ue602instruments\ue666\ue603\ue631\ue633\ue638\uefa7\ue639\ue627\ue6264,269,894 2,436,949 \u2011 6,706,843 6,781,209 \ue60d\ue662\ue66d\ue62d\ue66d\ue631\ue662\ue62d\uea74\ue602\uea74\ue662\ue62d\ue630\ue662\uea74\ue662\uef9e\ue63b\ue676\ue61b\ue632\ue639\ue63c\ue623\ue633\ue638\ue626\ue62d\ue632\ue621\ue63b\ue627\ue626\ue602\ue626\ue627\ue623\ue63b\ue602\ue639\ue627\ue624\ue63c\ue638\ue62d\uefa7\ue627\ue639\ue602370,195 \u2011 \u2011 370,195 351,659 in issue\ue619\ue63c\ue623\ue633\ue638\ue626\ue62d\ue632\ue621\ue63b\ue627\ue626\ue602\ue6a3\ue62d\ue621\ue623\ue62d\ue6a3\ue62d\uefa7\ue627\ue639 529,122 \u2011 \u2011 529,122 540,143 899,317 - - 899,317 891,802 Fair value measurement CarryingLevel 1 Level 2 Level 3 Total AmountAt 31 December 2024 \u20ac000 \u20ac000 \u20ac000 \u20ac000 \u20ac000Financial assetsInvestments \ue608\ue627\ue623\ue63b\ue602\ue621\ue632\ue626\ue602\ue633\ue63b\ue62c\ue627\ue638\ue602\ue629\ue63f\ue627\ue626\ue602\ue62d\ue632\ue624\ue633\ue631\ue627\ue602instruments\ue666\ue603\ue631\ue633\ue638\uefa7\ue639\ue627\ue626\ue602 3,761,542 2,414,844 \u2011 6,176,386 6,251,257 \ue60d\ue662\ue66d\ue62d\ue66d\ue631\ue662\ue62d\uea74\ue602\uea74\ue662\ue62d\ue630\ue662\uea74\ue662\uef9e\ue63b\ue676\ue61b\ue632\ue639\ue63c\ue623\ue633\ue638\ue626\ue62d\ue632\ue621\ue63b\ue627\ue626\ue602\ue626\ue627\ue623\ue63b\ue602\ue639\ue627\ue624\ue63c\ue638\ue62d\uefa7\ue627\ue639\ue602in issue 384,545 \u2011 \u2011 384,545 350,846 \ue619\ue63c\ue623\ue633\ue638\ue626\ue62d\ue632\ue621\ue63b\ue627\ue626\ue602\ue6a3\ue62d\ue621\ue623\ue62d\ue6a3\ue62d\uefa7\ue627\ue639 259,405 \u2011 \u2011 259,405 263,136 643,950 - - 643,950 613,982 The following are all other financial instruments that are not measured at fair value subsequent to initial recognition and that are not included in the table above:i. Loans and advances to customersLoans and advances to customers are the largest financial asset held by the Group and are reported net of expected credit loss allowance to reflect the estimated recoverable amounts. The carrying amount of loans and advances to customers is a reasonable approximation of fair value because these are re-priced to consider changes in both benchmark interest rates and credit spreads. Their fair value estimate is considered Level 2.ii. Loans and advances to banks and balances with Central BankThe majority of these assets reprice or mature in less than 1 year. Hence their fair value is not deemed to differ materially from their carrying amount at the respective reporting dates.iii. Other financial assetsThe fair value of other financial assets is not deemed to differ materially from their carrying amount at the respective reporting dates.iv. Amounts owed to banks and customersThese liabilities are carried at amortised cost. The majority of these liabilities reprice or mature in less than 1 year. Hence their fair value is not deemed to differ materially from their carrying amount at the respective reporting dates. Their fair value estimate is considered Level 2.v. Other financial liabilitiesThe fair value of other financial liabilities is not deemed to differ materially from their carrying amount at the respective reporting dates.39.6.5 RECONCILIATION OF LEVEL 3 FAIR VALUE MEASUREMENTSThe following table shows a reconciliation from the opening balances to the closing balances of the Group\u2019s financial assets measured at fair value categorised as Level 3 within the fair value hierarchy.FVTPL FVTPL FVOCI FVOCIEquity and Debt and other Equity and other Debt and other other non-\ue643\ue68a\ue63b\ue637\ue602\ue662\ue66d\ue631\ue66f\ue66c\ue63b\ue602\ue66d\ue66f\ue66d\ue74a\ue643\ue68a\ue63b\ue637\ue602\ue662\ue66d\ue631\ue66f\ue66c\ue63b\ue602\ue643\ue68a\ue63b\ue637\ue602\ue662\ue66d\ue631\ue66f\ue66c\ue63b\ue602\ue643\ue68a\ue63b\ue637\ue602\ue662\ue66d\ue631\ue66f\ue66c\ue63b\ue602instrumentsinstrumentsinstrumentsinstruments Total2025 \u20ac000 \u20ac000 \u20ac000 \u20ac000 \u20ac000Opening balance 7 5,369 \u2011 \u2011 5,376 Total gains or losses \ue666\ue602\ue62d\ue632\ue602\ue636\ue638\ue633\ue629\ue63b\ue602\ue633\ue638\ue602\ue6a3\ue633\ue639\ue639 (1) (1,414) \u2011 \u2011 (1,415)Closing balance6 3,955 - - 3,961 FVTPL FVTPL FVOCI FVOCIEquity and Debt and other Equity and other Debt and other other non-\ue643\ue68a\ue63b\ue637\ue602\ue662\ue66d\ue631\ue66f\ue66c\ue63b\ue602\ue66d\ue66f\ue66d\ue74a\ue643\ue68a\ue63b\ue637\ue602\ue662\ue66d\ue631\ue66f\ue66c\ue63b\ue602\ue643\ue68a\ue63b\ue637\ue602\ue662\ue66d\ue631\ue66f\ue66c\ue63b\ue602\ue643\ue68a\ue63b\ue637\ue602\ue662\ue66d\ue631\ue66f\ue66c\ue63b\ue602instrumentsinstrumentsinstrumentsinstruments Total2024 \u20ac000 \u20ac000 \u20ac000 \u20ac000 \u20ac000Opening balance 7 6,061 62,533 \u2011 68,601 Total gains or losses \ue666\ue602\ue62d\ue632\ue602\ue636\ue638\ue633\ue629\ue63b\ue602\ue633\ue638\ue602\ue6a3\ue633\ue639\ue639 \u2011 (692) \u2011 (692)\u2011 in other comprehensive income \u2011 \u2011 1,912 \u2011 1,912 Transfers \u2011 \u2011 (64,445) \u2011 (64,445)Closing balance7 5,369 - - 5,376 The main instruments classified within Level 3 comprise:\u2022 an externally managed fund with the reported net asset value of the fund representing its fair value at the end of the reporting period; and\u2022 shares in a global payments technology company valued using the intrinsic value of the conversion shares less a discount for liquidity and litigation risk.Taking cognisance of the insignificance of the carrying amount of the Group\u2019s Level 3 assets, disclosures in respect of significant unobservable inputs and other related disclosures are required by IFRS 13 Fair Value Measurement were not deemed necessary.",
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"f1__s7__6__150": {
"value": "39.7 CAPITAL RISK MANAGEMENT The Group adheres to the requirements laid down in the Capital Requirements Regulation (CRR) and the principles laid down in the Capital Requirements Directive (CRD). The Group\u2019s capital management approach ensures a sufficient level of capitalisation to manage risk exposures whilst supporting business growth and providing adequate returns to the shareholders. Under this approach, Risk capital management does not in any way substitute risk mitigation measures. The structure of limits and thresholds, as stipulated in the Bank\u2019s Risk Appetite Framework, should be able to prevent concentrations of risk from building up in such a way as to compromise a significant proportion of the Group\u2019s capital resources.The Group has implemented the necessary measures to ensure full compliance with the Pillar I capital requirements set by the CRR and its subsequent revisions. Furthermore, the Group and the Bank implemented the updated capital requirements introduced through the Capital Requirements Regulation 3 (CRR3), which came into force from 1 January 2025. The amendments to the regulation introduced enhancements to the credit and operational risk methodologies, updated CVA and market risk capital requirements, and included the gradual phasein of the output floor. In line with the CRR, both the Group and the Bank classify their capital base into Common Equity Tier 1 (CET1) capital and Tier 2 capital. CET1 capital represents the highest quality of capital and consists primarily of shareholders\u2019 equity and is adjusted with specific deductions and regulatory adjustments mandated by the CRR, such as relating to intangible assets, prudent valuation adjustments, the Depositor Compensation Scheme reserve and adjustment in respect of coverage on non-performing exposures. Tier 2 capital principally consists of subordinated debt.The Group and the Bank utilise the Standardised Approach for credit risk and operational risk, the Simplified Standardised Approach for foreign exchange risk, and the Simplified Approach for Credit Valuation Adjustment (CVA) risk in order to calculate the Pillar 1 minimum capital requirements.In addition to the Pillar 1 capital requirements, the Malta Financial Services Authority (MFSA\u2019s) Banking Rule BR/15 \u2013 \u2018Capital Buffers of Credit Institutions authorised under the Banking Act, 1994\u2019 \u2013 requires credit institutions to always comply with additional regulatory capital buffers. These are: the Capital Conservation Buffer (CCB), the Countercyclical Capital Buffer (CCyB), the Institution Specific CCyB, the Systemic Risk buffer, and the Other-Systemically Important Institutions (O-SII) Buffer. These buffers are aimed at strengthening the institution\u2019s resilience Automatic restrictions on capital distributions apply if the Group\u2019s and the Bank\u2019s CET1 capital fall below the level of its combined buffer.In addition to the regulatory requirements referred to above, the Group and the Bank are required to maintain a Pillar 2 Requirement (P2R) to be held in excess of the minimum own funds requirement and to be maintained at all times in accordance with Article 104a of the CRD. Furthermore, a Pillar 2 Guidance (P2G) made up entirely of CET1 capital is to be held over and above the Overall Capital Requirement (OCR), which comprises the Pillar 1 capital requirement, the P2R and the combined buffer requirements.Other material risks are also allocated capital as part of the Internal Capital Adequacy Assessment Process (ICAAP) embedded within the Pillar II framework. This process enables a more risksensitive assessment of the regulatory capital required to cover risks assumed in the course of business, including those not captured under Pillar I. The Board is set to submit the latest ICAAP capital document to the JST in March 2026, with 2025 as the reference year.Capital management is under the direct control of the Asset and Liability Committee (ALCO). During the financial period, ALCO has monitored the adequacy of the Group\u2019s capital and gave strategic direction on the most efficient use of capital.During 2025, the Bank issued two Tier 2 issuances of \u20ac150m and \u20ac125m, respectively. During the financial years ended 31 December 2025 and 31 December 2024, the Group and the Bank have met all externally imposed capital requirements at all times. The following table shows the components and basis of calculation of the Group\u2019s and the Bank\u2019s own funds.The Group The BankAt 31 December 2025 \u20ac000 \u20ac000Own fundsTier 1\u2011Paid up capital instruments 642,234 642,234\u2011Share premium 49,277 49,277\u2011Direct holdings of CET1 instruments (1,071) (1,071)\u2011Retained earnings* 603,198 601,571\u2011Accumulated other comprehensive income (46) (158)\u2011Other reserves 92,363 92,363\u2011Funds for general banking risk 2,466 2,466\u2011Deductions: Prudential Valuation fair valued assets and liabilities (423) (376) Other intangible assets (27,953) (27,953) Depositor Compensation Scheme (29,099) (29,099) Insufficient coverage for non\u2011performing exposure (21,369) (21,369)Total Tier 1 Capital 1,309,577 1,307,885*Retained earnings include the current period\u2019s profit which is subject to regulatory approval.Tier 2\u2011Capital instruments and subordinated loans 540,143 540,143\u2011Amortisation in accordance with Article 64 of the CRR III (10,364) (10,364)Total Tier 2 Capital 529,779 529,779Total Own Funds 1,839,356 1,837,664The Group The BankAt 31 December 2024 \u20ac000 \u20ac000Own fundsTier 1\u2011Paid up capital instruments 583,849 583,849\u2011Share premium 49,277 49,277\u2011Retained earnings* 611,453 610,200\u2011Accumulated other comprehensive income 607 495\u2011Other reserves 61,713 61,713\u2011Funds for general banking risk 6,727 6,727\u2011Deductions: Prudential Valuation fair valued assets and liabilities (390) (350) Other intangible assets (32,740) (32,740) Depositor Compensation Scheme (27,660) (27,660) Regulatory coverage on non\u2011performing exposures (18,376) (18,376)Total Tier 1 Capital 1,234,460 1,233,135*Retained earnings include the current period\u2019s profit which is subject to regulatory approval.Tier 2\u2011Capital instruments and subordinated loans 263,136 263,136Total Tier 2 Capital 263,136 263,136Total Own Funds 1,497,596 1,496,271Further information on the Group\u2019s capital adequacy ratios may be found in the Pillar 3 Disclosures Report \u2013 section 4.2, table CC1. The report will be available on the Bank\u2019s website.",
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"value": "40. TRUST ACTIVITIESThe Group acts as trustee and provides trust activities that result in the holding and placing of assets on behalf of third parties. Trust assets are not assets of the Group and therefore they are not included in its Statement of Financial Position.Income derived from trust assets is excluded from revenue. Fees arising from the rendering of trustee services are recognised in the Group\u2019s profit or loss.At 31 December 2025, the total assets held by the Group on behalf of its customers amounted to \u20ac5.2 million (2024: \u20ac7.5 million).",
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"value": "42. EVENTS SUBSEQUENT TO THE FINANCIAL REPORTING DATEThere are no events subsequent to the financial reporting date to report.",
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"value": "44. RE-PRESENTATION AND RECLASSIFICATION OF COMPARATIVE INFORMATIONDuring the current financial year, the Group and the Bank revised the presentation of the primary financial statements as well as the structure and content of the related notes in to enhance clarity, improve consistency across disclosures and align the presentation of information with the current year financial statements.As a result of these changes:\u2022 certain line items in the statement of financial position, statement of profit or loss and other comprehensive income, statement of changes in equity and statement of cash flows have been represented;\u2022 certain comparative amounts presented in the primary financial statements have been reclassified to conform with the current year presentation; and\u2022 the structure of certain notes has been revised, including the reorganisation, combination and, where relevant, disaggregation of disclosures, with comparative information updated accordingly.These changes relate solely to the presentation and classification of information and did not result in any changes to the recognition or measurement of assets, liabilities, income or expenses. Accordingly, the re-presentation and reclassifications had no impact on the Group\u2019s and the Bank\u2019s profit or loss, total comprehensive income, equity or cash flows for the comparative period.",
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