APS Bank registered a pre-tax profit of €5.8 million for the year ended December 31, 2008, the bank said on Friday.

Total assets increased to €668.73 million. The bank's advances portfolio has grown by a further €52.6 million.

APS Bank chairman Emanuel Delia said: "These results are all the more significant as they were realised during a period of unprecedented global economic upheaval and financial market instability."

Reviewing last year's bank performance, Delia said the bank remained focused on its core activities while capitalising on opportunities, albeit consistently retaining prudent risk management practices.

The bank's internet banking service continued to attract new users and a handful of new products and services were developed and launched. Delia said the groundwork had been laid to ensure the launch of a varied range of other products and services this year.

Last year saw the reopening 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: APS Consult Ltd 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.

Highlighting the bank's corporate social responsibility initiatives, Delia mentioned the organisation of Mro Nani's Messa del Naufrago at St John's Co-Cathedral and the continued financial assistance to selected Maltese students who wanted to pursue their studies overseas, including distance learning.

Over the years, APS Bank has been at the forefront of many ecologically driven initiatives with the latest being its annual seminar on 'Waste management and a viable economy'. The proceedings will be published shortly.

This year should see APS Bank open its new centralised offices and a new branch in Swatar.