APS Bank posts €7.45m pre-tax profit

APS Bank has managed to maintain its pre-tax profits of €7.45 million and to increase its total assets to €645 million as at December 31, 2007.

Furthermore, the advances portfolio has grown by a further €51.25 million, partially supported by a rise in customer deposits of €39.60 million.

Speaking at the bank's annual general meeting yesterday, chairman Emanuel Delia described 2007 as "a particularly interesting and extremely challenging financial year for the bank".

He said the bank had seen the basic groundwork laid for the launching of APS Funds Sicav plc and the consolidation of APS Consult Ltd, in particular developments in the sector of agriculture.

The year under review was also marked by intensive preparations for the changeover to the euro. "This created additional challenges and mainly involved the adaptation of our IT systems, the logistics of cash movements and training of staff members, which work was concluded successfully," Mr Delia said.

The introduction of the euro posed threats but also gave rise to opportunities: "We are currently experiencing phenomena that are totally new in our 'domestic' market and we have to be on guard to anticipate and adjust to changing situations rapidly. On the other hand the initiatives we have taken over these last years, especially the membership in Febea (the European Federation of Ethical and Alternative Financial Institutions), offers the bank possibilities to actively participate in the setting up of an effective European network of social institutions," he said.

The launch of the bank's 365 Online internet banking service was met with remarkable success, he said.

Another two major projects, undertaken by the Operations Division, are the reconstruction and enlargement of the bank's Gozo branch and the completion of its operations centre in Swatar, which will also house another branch.

The provisions in the MiFID (Markets in Financial Instruments Directive) were implemented in the bank's existing framework with effect from November 1, 2007. The regulation laid out various new requirements for the European financial sector with the purpose of establishing a single European financial services market.