On 11 March 2026, the Board of Directors of the Bank approved the Annual Report and Audited Financial Statements for the financial year ended 31 December 2025. Key highlights are detailed below.
New Ownership and Leadership
MeDirect Bank announced the successful completion of the acquisition of MDB Group Limited by Banka CREDITAS a.s. (“Banka CREDITAS”) in September 2025, following regulatory approval granted by the European Central Bank in August 2025.
Banka CREDITAS is part of the privately-owned CREDITAS Group, a diversified investment group active in financial services, real estate and energy. As a fellow challenger bank, Banka CREDITAS brings a strategically aligned and financially strong controlling/shareholder to the Group.
Banka CREDITAS a.s. has also invested €40 million of new capital invested to date, with a firm commitment of additional investment in 2026. This provides the Group with the financial resources to accelerate its existing growth strategy across its core markets.
Jean-Claude Maher was appointed Group Chief Executive Officer, succeeding Arnaud Denis effective 31 January 2025. Mr Maher brings over 30 years of banking experience, including senior roles at Deutsche Bank AG across corporate, transaction, and private banking.
Jean-Claude Maher, Group Chief Executive Officer at MeDirect, said, “Through the acquisition by Banka CREDITAS, MeDirect has gained a financially strong and strategically aligned controlling shareholder, one with the same challenger bank DNA and a shared commitment to customer centricity and innovation.”
Client Franchise and business growth
The Group delivered solid growth across its core markets of Malta and Belgium during 2025:
In Belgium, the investing client base grew 34% to 50,000; overall client growth of 12.5%.
In Malta, the corporate banking franchise expanded to over 650 business clients, supported by a comprehensive suite of tailored lending and banking solutions.
In The Netherlands, the Board resolved to discontinue Retail & Wealth activities following a strategic review. Approximately 60% of the more than 3,700 clients invited, migrated to the Group’s Malta platform. Dutch NHG and Buy-to-Let businesses are unaffected.
MeDirect’s cutting-edge digital platform
Throughout 2025, MeDirect continued to invest meaningfully in its digital banking platform, executing a focused programme of enhancements across its Wealth Management and e-Banking businesses. These investments were designed to deliver tangible benefits for clients, strengthen the Bank’s operational foundations, and support long-term growth.
The programme was shaped by four clear priorities:
Broadening the product offering – expanding capabilities across both banking and wealth verticals to better serve the evolving needs of retail and corporate clients, and to deepen existing client relationships.
Modernising core technology – accelerating the internalisation of key infrastructure, including the migration of mutual fund execution to internal service, the rollout of a new pricing engine, and the enhancement of the Bank’s proprietary Payments Hub. These steps reduce the cost of service delivery, strengthen data ownership, and improve security and fraud prevention.
Strengthening governance and resilience – reinforcing the Bank’s risk, compliance, and data governance capabilities in response to a more demanding regulatory environment and an evolving geopolitical landscape.
Advancing platform security – continually advancing the Bank’s security architecture and fraud prevention capabilities to protect clients and the platform.
Financial performance
The Group recorded a reported loss before tax of €6.1 million (2024: €5.0 million), reflecting three deliberate, non-recurring factors:
Substantially completed exit from the Institutional Credit Lending (ICL) asset class, with the net portfolio reduced by 90% to €21.5 million. This removed the Group’s historically highest-margin but non-core portfolio.
Leverage ratio constraints ahead of the September 2025 acquisition completion, which moderated balance sheet growth and revenue generation for much of the year.
Restructuring, reorganisation, and post-acquisition balance sheet review one-off charges of €4.0 million, fully absorbed in 2025.
Excluding one-off items, the Group delivered an underlying net operating profit of €0.8 million:
Operating income decreased by €8.9 million, the key driver of which was the accelerated exit from the ICL asset class, which accounted for approximately €10.3 million of the year-on-year decline
On an underlying basis and excluding the ICL wind-down, operating income grew €1.2 million (1.3%) year-on-year, driven by growth in mortgage lending, Maltese business banking, and wealth management fees (up 10.3% to €7.9 million).
The operating costs increase of €4.7 million was primarily driven by €4.2 million of incremental, non-discretionary regulatory charges (Depositor Compensation Schemes and supervisory fees); excluding these levies, the cost base was broadly flat.
Expected credit losses (“ECLs”) amounted to a €2.9 million net charge (2024: €19.3 million net charge), predominantly attributable to the unwinding of credit provisions held against the ICL portfolio.
Balance sheet position, Capital and Liquidity
Total assets grew 5.2% to €5.34 billion at 31 December 2025. Net loans and advances to customers increased 3.3% to €3.0 billion; excluding the ICL run-down, underlying lending balances grew 10.4%. Notable developments include:
Dutch government-guaranteed NHG mortgages remain the Group’s largest single asset class, representing 38% of total assets
Dutch Buy-to-Let mortgage portfolio reached €248.3 million (+43%).
Volume of Belgian residential mortgage receivables surpassed €500 million (+48%).
Maltese mortgage portfolio grew 17%; business lending portfolio grew 35.6%.
Customer deposits increased 6.7% to €4.1 billion.
The NPL ratio improved materially from 2.2% to 0.9%, reflecting the completion of the Group’s de-risking strategy.
All capital and liquidity ratios of MDB Group exceeded applicable regulatory minimums:
Liquidity Coverage Ratio (LCR) stood at 196% (2024: 183%), and the Net Stable Funding Ratio (NSFR) at 133% (2024: 122%), both reflecting the Group’s prudent approach to liquidity risk management and its sound structural funding profile.
MeDirect’s Tier 1 capital ratio was 20.8% as at 31 December 2025 (2024: 16.4%), with a total capital ratio of 23.5% (2024: 19.8%). requirements, Pillar 2 recommendations, and internal management buffer thresholds.
The leverage ratio increased to 4.8% at year-end 2025 (2024: 4.4%), reflecting both additional capital invested by the shareholder and the Group’s continued balance sheet discipline.
ESG and social responsibility
MeDirect continued to embed Environmental, Social and Governance (“ESG”) principles across its operations and to foster ESG awareness throughout the organisation. MeDirect received a Gold Medal from EcoVadis in 2025, placing the Group in the top 5% of companies rated globally. The Group completed a Double Materiality Assessment, identifying key topics to underpin its ESG strategy. MeDirect became a signatory to the Malta Diversity and Inclusion Charter and employs staff from over 30 nationalities. Offices in Malta and Belgium hold LEED and CWaPE environmental certifications, respectively.
Outlook
With the support of Banka CREDITAS and a committed team across Malta and Belgium, the Board enters 2026 with confidence. The 2025 reported loss was a deliberate outcome of front-loaded restructuring, balance sheet de-risking, and absorption of non-recurring charges. The Group is firmly positioned for a return to sustainable profitability.
Strategic priorities for 2026 and beyond include: growing client franchises in Malta and Belgium, deepening digital banking and wealth management offerings, strengthening the Malta corporate banking franchise, and generating stable returns for all stakeholders.
Maher concluded, “In 2025, MeDirect successfully navigated a period of significant transition, emerging stronger, better capitalised and more strategically focused. Looking ahead, the Group’s strategic priorities are to grow its business in Malta and Belgium, to deepen client relationships through an increasingly seamless and comprehensive digital offering, to extend the reach of its wealth management platform, to broaden and strengthen its business banking franchise in Malta, and to generate stable and consistent returns for the benefit of all stakeholders. With the support of Banka CREDITAS and a talented and committed team across Malta and Belgium, MeDirect enters 2026 with confidence in the Group’s strategy, in its platform and in its people.”
MeDirect Bank (Malta) plc, company registration number C34125, is licensed to undertake the business of banking in terms of the Banking Act (Cap. 371) and investment services under the Investment Services Act (Cap. 370). MeDirect Bank (Malta) plc is regulated by the Malta Financial Services Authority as a Credit Institution under the Banking Act 1994.
B’kapital ġdid, innovazzjoni u pjattaforma b’saħħitha, MeDirect isaħħaħ l-isfida tiegħu lill-banking tradizzjonali
Fit‑11 ta’ Marzu 2026, il-Bord tad-Diretturi tal-Bank approva r-Rapport Annwali u l-Istqarrijiet Finanzjarji Awditjati għas-sena finanzjarja li ntemmet fil‑31 ta’ Diċembru 2025. Il-punti ewlenin huma dettaljati hawn taħt, kif ġej.
Sidien u Tmexxija Ġdida
MeDirect Bank ħabbar it-tlestija b’suċċess tal-akkwist ta’ MDB Group Limited minn Banka CREDITAS a.s. (“Banka CREDITAS”) f’Settembru 2025, wara l-approvazzjoni regolatorja mogħtija mill-Bank Ċentrali Ewropew f’Awwissu 2025.
Banka CREDITAS huwa parti mill-CREDITAS Group, grupp ta’ investiment privat diversifikat li jopera fis-servizzi finanzjarji, fil-proprjetà immobbli u fl-enerġija. Bħal MeDirect, Banka CREDITAS huwa bank ‘challenger’ ieħor, li qed iġib miegħu kontrollur u sid li jaqbel mal-istrateġija tal-Bank Malti.
Banka CREDITAS a.s. investiet ukoll €40 miljun f’kapital ġdid sal-lum, b’impenn sod għal aktar investiment fl‑2026. Dan jipprovdi lill-Grupp ir-riżorsi finanzjarji meħtieġa biex iħaffef l-istrateġija eżistenti tiegħu ta’ tkabbir fis-swieq ewlenin tiegħu.
Jean‑Claude Maher inħatar Kap Eżekuttiv tal-Grupp, suċċessur ta’ Arnaud Denis, b’effett minn 31 ta’ Jannar 2025. Is-Sur Maher għandu aktar minn 30 sena esperjenza fil-banking, inklużi rwoli mportanti ma’ Deutsche Bank AG f’oqsma korporattivi, ta’ tranżazzjonijiet u ta’ private banking.
Jean‑Claude Maher, Kap Eżekuttiv tal-Grupp f’MeDirect, qal, “Permezz tal-akkwist minn Banka CREDITAS, MeDirect issa għandu azzjonist kontrollanti b’saħħtu finanzjarjament u allinjat mal-istrateġija tiegħu – wieħed li għandu l-istess mentalita’ ta’ bank ‘challenger’ bank u l-istess impenn lejn il-klijent u l-innovazzjoni.”
Tkabbir fin-Numru ta’ Klijenti u tan-Negozju
Il-Grupp irreġistra tkabbir sod fis-swieq ewlenin tiegħu f’Malta u l-Belġju matul l‑2025.
Fil-Belġju, in-numru tal-klijenti li jinvestu żdiedet bi 34% għal 50,000, filwaqt li t-tkabbir ġenerali tal-klijenti żdied bi 12.5%.
F’Malta, il-franchise tal-corporate banking kibret għal aktar minn 650 klijent tan-negozju, appoġġjata minn firxa sħiħa ta’ soluzzjonijiet ta’ self u bbankjar.
Fl-Olanda, il-Bord iddeċieda li jtemm l-attivitajiet tar-Retail & Wealth wara reviżjoni strateġika. Madwar 60% ta’ aktar minn 3,700 klijent aċċettaw li jibdew jużaw il-pjattaforma Maltija tal-Grupp. In-negozji Olandiżi NHG u tal-Buy‑to‑Let baqgħu mhux affettwati.
Il-Pjattaforma Diġitali Avvanzata ta’ MeDirect
Matul l‑2025, MeDirect kompla jinvesti b’mod sinjifikanti fil-pjattaforma diġitali tiegħu, billi wettaq programm immirat ta’ titjib fis-servizzi tal-Wealth Management u l-eBanking. Dawn l-investimenti kienu maħsuba biex jagħtu benefiċċji konkreti lill-klijenti, isaħħu l-pedamenti operattivi tal-Bank u jappoġġjaw it-tkabbir fit-tul.
Il-programm kien imfassal fuq erba’ prijoritajiet ċari.
L-ewwel kienet li tkabbar il-firxa tal-prodotti — billi jissaħħu l-kapaċitajiet kemm fl-ibbankjar kif ukoll fil-wealth management, sabiex jiġu indirizzati aħjar il-bżonnijiet li qed jevolvu tal-klijenti retail u korporattivi, u biex jissaħħu r-relazzjonijiet mal-klijenti eżistenti.
It-tieni kienet li timodernizza t-teknoloġija bażika — b’aċċelerazzjoni tal-infrastruttura kruċjali għal waħda interna, inkluża l-migrazzjoni tal-eżekuzzjoni tal-mutual funds għal servizz intern, it-tnedija ta’ sistema ġdida tal-ipprezzar, u t-titjib tal-Payments Hub tal-Bank. Dawn il-passi jnaqqsu l-ispiża tas-servizz, isaħħu l-kontroll fuq id-dejta, u jtejbu s-sigurtà u l-prevenzjoni tal-frodi.
It-tielet kienet li jissaħħu l-kapaċitajiet tal-governanza tar-riskju, tal-konformità u tad-dejta tal-Bank, bħala risposta għal ambjent regolatorju aktar impenjattiv u xenarju ġeopolitiku li qed jinbidel.
Ir-raba’ kienet it-tisħiħ tas-sigurtà tal-pjattaforma, b’avvanz kontinwu fl-arkitettura tas-sigurtà u fil-prevenzjoni tal-frodi biex jipproteġi lill-klijenti u lill-pjattaforma.
Prestazzjoni Finanzjarja
Il-Grupp irreġistra telf qabel it-taxxa ta’ €6.1 miljun (2024: €5.0 miljun), li jirrifletti tliet fatturi intenzjonati u li ma jirreptux.
L-ewwel kien il-ħruġ prattikament komplet mill-portafoll Institutional Credit Lending (ICL), li naqas b’ 90% għal €21.5 miljun, u b’hekk dan neħħa l-portafoll li storikament kellu l-ogħla marġni għall-Grupp, iżda li ma kienx parti mill-attivitajiet ewlenin tiegħu.
It-tieni kienet il-pressjoni fuq ir-ratio ta’ leverage qabel it-tlestija tal-akkwist f’Settembru 2025, li naqqset it-tkabbir tal-kontabilità u d-dħul matul bosta xhur tas-sena.
It-tielet kienu spejjeż ta’ ristrutturar, riorganizzazzjoni u reviżjoni tal-kontabilità wara l-akkwist, b’impatt ta’ €4.0 miljun li ġew assorbiti kollha fl‑2025.
Esklużi dawn l-oġġetti, il-Grupp irreġistra qligħ operattiv nett sottostanti ta’ €0.8 miljun.
Id-dħul operattiv naqas b’€8.9 miljun, l-aktar minħabba l-ħruġ mgħaġġel mill-portafoll ICL, li waħdu kkontribwixxa madwar €10.3 miljun għat-tnaqqis annwali.
Eskluż l-ICL, id-dħul operattiv sottostanti żdied b’€1.2 miljun (1.3%) sena fuq sena, imqanqal minn tkabbir fis-self ipotekarju, is-self tan-negozju Malti u l-miżati tal-wealth management (li telgħu b’10.3% għal €7.9 miljun).
L-ispejjeż operattivi żdiedu b’€4.7 miljun, l-aktar minħabba €4.2 miljun f’ħlasijiet regolatorji mhux diskrezzjonali (skemi ta’ kumpens tad-depożitanti u tariffi ta’ superviżjoni). Esklużi dawn, il-bażi tal-ispejjeż baqgħet stabbli.
L-Expected Credit Losses (“ECLs”) ammontaw għal ħlas nett ta’ €2.9 miljun (2024: ħlas nett ta’ €19.3 miljun), attribwibbli l-aktar għall-ħelsien ta’ provvisti relatati mal-portafoll ICL.
Pożizzjoni tal-Kontabilità, Kapital u Likwidità
L-assi totali telgħu b’5.2% għal €5.34 biljun sal‑31 ta’ Diċembru 2025. Self u avvanzamenti netti lill-klijenti telgħu bi 3.3% għal €3.0 biljun; esklużi l-ICL, il-bilanċi tas-self sottostanti telgħu b’10.4%.
Il-mortgages Olandiżi NHG garantiti mill-gvern jibqgħu l-akbar klassi ta’ assi tal-Grupp, li jirrappreżentaw 38% tal-assi kollha.
Il-portafoll Buy‑to‑Let Olandiż laħaq €248.3 miljun (+43%). Il-portafoll ta’ mortgages residenzjali Belġjani qabżu l-€500 miljun (+48%).
Il-portafoll ta’ mortgages Maltin żdied bi17%, filwaqt li s-self tan-negozju Malti żdied b’35.6%.
Id-depożiti tal-klijenti żdiedu b’6.7% għal €4.1 biljun.
Ir-rata tal-NPL niżlet b’mod sinjifikanti minn 2.2% għal 0.9%, kif diġa ssemma aktar ‘il fuq u hija riflessjoni tal-kompletezza tal-istrateġija ta’ tnaqqis tar-riskju tal-Grupp.
Il-proporzjonijiet kollha tal-kapital u tal-likwidità qabżu r-rekwiżiti regolatorji.
Ir-Ratio tal-Kopertura tal-Likwidità (LCR) kien 196% (2024: 183%), u r-Ratio tan-Negozjar ta’ Finanzjament Stabbli (NSFR) kien 133% (2024: 122%), li jitfgħu dawl fuq l-approċċ prudenti tal-Grupp lejn il-ġestjoni tal-likwidità u l-profil sod tal-finanzjament strutturali tiegħu.
Ir-ratio tal-kapital Tier 1 ta’ MeDirect kien 20.8% sal‑31 ta’ Diċembru 2025 (2024: 16.4%), b’rata totali ta’ kapital ta’ 23.5% (2024: 19.8%).
Ir-ratio tal-leverage tela’ għal 4.8% (2024: 4.4%), jirrifletti kemm il-kapital miżjud mill-azzjonist kif ukoll id-dixxiplina kontinwa fil-bilanċ kontabbli.
ESG u Responsabbiltà Soċjali
MeDirect kompla jintegra l-prinċipji Ambjentali, Soċjali u ta’ Governanza (ESG) fl-operazzjonijiet tiegħu u jippromwovi kuxjenza ESG fl-organizzazzjoni kollha. Fl‑2025, MeDirect irċieva Gold Medal mingħand EcoVadis, u daħal fost l-aqwa 5% tal-kumpaniji globali vvalutati.
Il-Grupp temm Double Materiality Assessment biex jidentifika l-prijoritajiet għall-istrateġija ESG tiegħu. MeDirect sar firmatarju tal-Malta Diversity and Inclusion Charter u jimpjega nies minn aktar minn 30 nazzjonalità. L-uffiċini f’Malta u l-Belġju għandhom ċertifikazzjonijiet LEED u CWaPE rispettivament.
Ħarsa ’l Quddiem
Bl-appoġġ ta’ Banka CREDITAS u tim impenjat f’Malta u l-Belġju, il-Bord jidħol fl‑2026 b’fiduċja. It-telf irrappurtat fl‑2025 kien riżultat intenzjonat ta’ ristrutturar minn qabel, tnaqqis tar-riskju tal-kontabilità u assorbiment ta’ spejjeż mhux rikorrenti. Il-Grupp jinsab f’pożizzjoni soda biex jerġa’ lura għal profittabilità sostenibbli.
Il-prijoritajiet strateġiċi għall‑2026 u lil hinn jinkludu tkabbir tal-franchise tal-klijenti f’Malta u l-Belġju, tissaħħaħ l-offerta diġitali u tal-wealth management, tissaħħaħ il-franchise tal-corporate banking f’Malta u jiġu ġġenerati redditi stabbli għall-partijiet interessati kollha.
Maher ikkonkluda, “Fl‑2025, MeDirect tmexxi b’suċċess perjodu ta’ tranżizzjoni sinjifikanti, u ħareġ aktar b’saħħtu, aktar kapitalizzat u aktar iffukat strateġikament. Hekk kif inħarsu ’l quddiem, il-prijoritajiet strateġiċi tal-Grupp huma li jkabbar in-negozju tiegħu f’Malta u l-Belġju, japprofondixxi r-relazzjonijiet mal-klijenti permezz ta’ offerta diġitali dejjem aktar bla xkiel u komprensiva, li jespandi l-pjattaforma tal‑wealth management, li jkabbar u jsaħħaħ il-franchise tal‑business banking f’Malta, u li jiġġenera dħul stabbli u konsistenti għall-benefiċċju tal-partijiet kollha interessati. Bl-appoġġ ta’ Banka CREDITAS u ta’ tim mimli talent u impenjat f’Malta u l-Belġju, MeDirect jidħol fl‑2026 b’fiduċja fl-istrateġija, fil-pjattaforma u fl-impjegati tiegħu.”
MeDirect Bank (Malta) plc, b’numru ta’ reġistrazzjoni C34125, huwa liċenzjat biex jeżerċita n-negozju bankarju skont il-Banking Act (Kap. 371) u s-servizzi ta’ investiment skont l-Investment Services Act (Kap. 370). MeDirect Bank (Malta) plc huwa rregolat mill-Malta Financial Services Authority bħala Istituzzjoni ta’ Kreditu skont il-Banking Act 1994.
