APS Bank saw its pre-tax profit jump by 35% in 2010 to reach €8.1 million compared to €6.0 million in the previous year, bank chairman Emanuel P Delia said today.

Total assets increased by €63.2 million to€786.6 million.

This expansion was mainly supported by a rise of €60.4 million in customer deposits, reflecting, Prof Delia said, the unfaltering trust the bank enjoys with the Maltese community.

"We delivered an improved performance against a backdrop of a slowly recovering economy in the Maltese Islands and a tougher competition in the financial services sector."

The subsidiary APS Consult Limited, the bank's consultancy arm, continued to support the creation and strengthening of social networking in the Maltese Islands in part through cooperation with entities coming from the EU and operating in other parts of the world. During 2010, the first fund launched by APS Funds SICAV plc, the other Bank's subsidiary, grew by 48.1% to €20.4 million.  

In 2010, the bank inaugurated the APS Centre in Birkirkara and new offices at Victoria, Gozo. Recently, the Bank's branch network was extended with the addition of two new mini-branches in Sliema and Qormi and a new outlet in Rabat. Professor Delia explained that the Bank has already noted encouraging results in these localities.

Sign up to our free newsletters

Get the best updates straight to your inbox:
Please select at least one mailing list.

You can unsubscribe at any time by clicking the link in the footer of our emails. We use Mailchimp as our marketing platform. By subscribing, you acknowledge that your information will be transferred to Mailchimp for processing.