Lombard Bank strengthened its financial position in the previous financial year, closing its books with €7.8 million in pre-tax profit. 

The figures were announced during the bank's annual general meeting, held earlier today. 

A statement by the bank highlighted its solid capital and liquidity ratios well above the regulatory minimum, and attributed these to the bank's prudence. 

"In 2016 the Bank will continue with its prudent approach to lending and assess new proposals that are in strict conformity with the interpretation of banking regulations," it said in a statement. 

Bank chairman Michael C Bonello gave attending shareholders an overview of the financial climate. These included historically low interest rates, ever increasing regulations that dictate a one-size-fits-all rules and competitive market conditions, he said. 

On Wednesday the Malta Financial Services Authority placed Nemea Bank into administration, after a joint MFSA-European Central Bank inspection brought "serious irregularities" to the fore. 

 

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.