APS Bank announced a record €18.4 million pre-tax profit in the financial year ended December 31, 2017, an increase of 16 per cent on 2016 as the bank registered strong growth and all-round record levels of activity.

“In a favourable business environment characterised by exceptionally low interest rates, increasingly onerous regulatory obligations, shifting international geopolitical situations and generally improving economic conditions across Europe, with Malta being one of the best performers, APS Bank’s results underscore the soundness of its business model and the transformation that the bank is experiencing,” according to a statement by APS.

Group operating income expanded by 22 per cent, from €34.9 million to €42.8m.

CEO Marcel Cassar said: “We are continuing with the transformation at various levels, organisational, network and processes, strengthening the governance, risk and compliance infrastructure and improving the quality and diversification of the income statement, which places us in a strong position to grow and gain further market share.”

Chairman Frederick Mifsud Bonnici said: “Our differentiated, customer focused, simple and low-risk business model will help us, I believe, to continue delivering to customers and shareholders and to support the communities in which we operate. With our solid foundations, a strong capital base and highly engaged and committed staff, we look forward to the future with optimism.”

APS Bank - Key numbers