APS Bank has reported a pre-tax profit of €5.80 million in the financial year which ended on December 31, while its total assets increased to €668.73 million.

APS Bank Chairman Emanuel P Delia said that these results were all the more significant as they were realised during a period of unprecedented global economic upheaval and financial market instability.

He said that the bank had remained focused on its core activities whilst capitalising on opportunities albeit, consistently, retaining prudent risk management practices.

2008 saw the re-opening of a completely reconstructed and enlarged branch in Gozo, as well as, the opening of new service delivery outlets in Qormi and Birkirkara.

APS Bank also saw important developments involving two of its subsidiaries. Whilst APS Consult Limited strengthened its capital base and expanded the areas of services it offered in various sectors, APS Funds SICAV plc successfully launched its first income fund.

Professor Delia said the bank continued its various community oriented initiatives in the cultural, educational and sport related fields.

During this year the bank will open its new centralised offices and a new branch in Swatar.