APS Bank Group has registered a record pre-tax profit of €15.6 million for 2015, an increase of 22 per cent over the previous year. The bank said such a performance is the result of improvements in the main sources of bank income as well as a stronger contribution from the APS Funds Sicav. Deposits and credit activity also continued to grow, by six per cent and 11 per cent respectively.
With total assets in excess of €1.1 billion and equity of €117.8 million, the group is poised for further growth in line with the targets set out in the 2016-2018 business programme.
Once again, both of the APS funds managed to register further significant growth in 2015. “This was achieved despite volatile international markets, reflecting an uncertain global outlook. Terrorist attacks, a slowdown in China, and a rout in the commodity markets exacerbated a difficult scenario,” the bank said.
In 2015, accumulator shares in APS Income Fund registered an increase in value of 14.59 per cent. From its launch until the end of March 2016, the fund registered an annualised return of 8.66 per cent. As such, it scored among the best performing local funds that invest mainly in Maltese securities.
The second fund, namely the APS Regular Income Ethical Fund, offers a unique possibility of generating returns while adhering to ethical values. In 2015, the accumulator shares of this fund registered an increase in value of 2.58 per cent. From its launch until the end of March 2016, this second fund registered an annualised return of 6.59 per cent.
Over 3,600 investors have invested €100 million in the two funds.
APS Bank chairman Lino Delia said during the recent AGM of shareholders: “The group’s strong capital base will allow us to keep on meeting the ever-increasing regulatory requirements for capital and liquidity while placing us on a sure footing as we respond positively to new business opportunities. At the same time, we continue supporting actively cultural initiatives which contribute to personal development and social cohesion.”
CEO Marcel Cassar commented: “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 – these are the bedrock elements for our next phase of growth. An exciting future lies ahead for APS Bank.”