APS posts Lm3.2 million pre-tax profit

APS Bank has registered a profit before tax of Lm3.2 million for the year ended December 31, 2006. Commenting on these results, Professor Emmanuel P. Delia, chairman of APS Bank, 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."

Professor Delia also said that the bank has 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," he explained, "APS Bank has managed to secure international membership status of the European Federation of Ethical and Alternative Banks (FEBEA) wherein it is now possible for the bank to participate in projects that are inspired by solidarity-based economic activity."

The chairman also referred to the positive impact made by its consulting arm, APS Consult Limited, a firm that offers specialised advisory services to parties who are active in those areas of the economy that are undergoing substantial restructuring.

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