APS posts Lm3.2m pre-tax profits

APS Bank, owned by the Church in Malta, has registered a profit before tax of Lm3.2 million for the year ended December 31, 2006.

Bank chairman Lino Delia said: "APS Bank's results, largely achieved following a considerable increase in lending activity as well as sensible investment decisions, will, over the next three years, enable the bank to embark on many commercial projects and community initiatives.

"Indeed, projects will include the introduction of internet banking, collective investment schemes, portfolio management services, specialised advisory services, infrastructural and refurbishment works, and an enhancement of existing branch and ATM operational network."

Prof. Delia said the bank continued to serve as a financial catalyst to its major shareholder, enabling the latter to sustain some of its numerous operational activities.

In the year under review, APS Bank managed to secure international membership status of the European Federation of Ethical and Alternative Banks (FEBEA), allowing the bank to participate in projects inspired by solidarity-based economic activity.

Prof. Delia referred to the positive impact made by the bank's consulting arm, APS Consult Limited, which offers specialised advisory services to parties active in areas of the economy that are undergoing substantial restructuring.

"Through this additional commercial activity, the bank is further increasing its presence within the entire spectrum of the local community."