APS Bank registered a record pre-tax profit of €15.6 million, an increase of 22 per cent over the previous year.

Notwithstanding the challenging economic and financial environment, the performance is the result of improvements in the main sources of bank income as well as a stronger contribution from the APS Funds SICAV, the bank said. 

Deposits and credit activity also continued to grow, by six per cent and 11 per cent respectively, a "commendable" result for the bank in the tough market and regulatory climate which characterised 2015.

With total assets in excess of €1.1 billion and equity of €117.8 million, the group said it is poised for further growth in line with the targets set out in the 2016-2018 business programme.

The figures were unveiled during the bank's Annual General Meeting of shareholders.

Group Chief Executive Officer Marcel Cassar said: “We have delivered good 2015 results built on strong fundamentals. However, we are also sharpening and modernising our ideas as regards strategy, markets, support, governance, people and quality.”