In 2011 APS Bank delivered an improved performance against a backdrop of a slow recovering economy and a wider array of competition in the financial services sector, the Bank said yesterday.

During the Bank’s AGM, the annual report and financial statements were presented and APS chairman Emanuel P. Delia observed that this year’s results show that a unit’s social commitment is not inconsistent with profitability. Indeed, the group’s profits before tax reached €8.4 million, making this another record year in terms of earnings.

The results obtained during 2011 indicate that the total assets rose to €814.3 million from €786.6 million with lending increasing by €50.7 million. On the other hand, deposits have fallen slightly, decreasing by €11.9 million, but the Bank availed itself of other sources of funds.

The subsidiary APS Consult Limited, the Bank’s consultancy arm, has further developed its role as a facilitator for economic and social restructuring, bringing agents of change together to meet the objectives of efficiency, competitiveness and sustainability in various sectors of the economy. In addition, APS Funds SICAV plc made the necessary preparations to launch the first ethical fund in 2012, while it saw its APS Income Fund grow by 21.6 per cent.

Following the increase in its capital base over the three year period 2011-2013, the Bank will be expanding its branch network in the near future.