APS reports €6 million pre-tax profit

APS Bank’s has registered a 2.4 per cent increase in operating income and a pre-tax profit of €6 million as at December 31.

The Bank registered an increase of €55 million in its assets, now totalling €723 million, which was mainly supported by a rise in customer deposits of €48 million.

The bank’s results were announced during the annual general meeting yesterday.

APS Chairman, Prof. Emanuel P. Delia said:

“Regardless of the uncertainties brought about by the global financial meltdown and the demanding local market environment, the bank has pursued its vision relentlessly and attained satisfactory financial results.

“A clear demonstration of trust that the Maltese community continues to have in the APS Bank.”

APS Consult Ltd., the Bank’s capacity building and consultancy arm, performed well during 2009 offering an array of services to both local and foreign clients.

Concurrently, the bank’s other subsidiary, APS Funds SICAV plc attained good returns and a second fund with a strong ethical leaning was being considered.

Prof. Delia explained that:

“A positive performance has never been measured solely in monetary terms. It should include broader aspects, such as sound governance, staff development and motivation, improving the workplace and the branch network, implementing innovative systems and delivering new products and services.”

He also emphasised the bank’s social commitment saying APS has been actively involved in the community as an essential part of its corporate responsibility, aiming to make a meaningful difference mainly in the educational, literary, cultural and sports-related fields.

Operating expenses increased by 13.4 per cent over the previous year.

Overall, this upward movement mirrored the heavy investments made in the bank’s infrastructure, including the optimisation of internal processes, product offerings, technology enhancements and the opening of new offices.

In 2009 the refurbishment of the Floriana mini-branch was completed. This mini-branch is intended to serve as a proof-of-concept exhibiting a modern way of banking.

Another development was the restructuring of the Gozo Branch planned to be officially opened in September. Moreover, following the migration of most of the back office operations to the new APS Centre in Swatar, this state-of-the-art premises will be officially inaugurated in October. These events will coincide with the bank’s centenary commemorations.

Prof. Delia said that “the next three years will see the bank grow further by basing its operations on its sound business model, by building on the same principles, and stepping up endeavours in a wider regional context”.