Bank of Valletta has posted relatively good results for the first half of this year increasing its profits by up to 46% compared to the same period of last year. Its income on interest increased by up to 84% mostly with additional loans given that most Maltese loans haven’t changed their rates. BOV’s loan book increased by €240 million from December last year, an increase that kept up the pace from 2022. What’s strange about BOV is that its share price is still subdued compared to its asset-to-net-value (NAV) with its share price at €1.3 and its NAV at €2. This means that BOV’s stock is either going for a discount or has structural problems which institutional investors are wary of.