Lombard Bank Malta has announced profits before tax for the year ended December 31 of €13.94 million.

Shareholders were told today during the bank's annual general meeting that net profit after tax was €9 million, representing an increase of 12 per cent over the previous financial year.

Chairman Christian Lemmerich stated that such a performance had to be seen in the light of challenging and uncertain financial and economic conditions world-wide.

Shareholders' Funds increased by a further 11 per cent while total assets increased by four per cent to €567.8 million.

The financial statements presented highlighted robust financial fundamentals of the group with the bank's capital adequacy ratio now standing at 18 per cent.

The loan to deposit ratio stood at a prudent 71 per cent further evidencing a pragmatic approach to the bank's asset/liability management.

Shareholders also adopted a resolution declaring a final gross dividend of €0.11,5 per share representing a final gross payment of €4.151 million.

During the meeting the Chairman paid tribute to the late Joseph m Demajo who passed away earlier in the week and who had served as a director for over 10 years.