Church-owned APS Bank last month announced their results for the year ended December 31, 2003.

Bank chairman Professor E.P. Delia said the bank had another successful year, "reaching its major objectives in a highly competitive environment".

He reported a pre-tax profit of Lm1.32 million; an increase in loans and advances to Lm62 million (2002: Lm50 million); deposits of Lm175 million (Lm147 million); and paid-up share capital reaching Lm5 million (Lm4 million), representing a switch of Lm0.5 million from reserves and a further injection of another Lm0.5 million to finance the bank's expansion programme.

The bank increased its staff complement, setting up an Investment Services Unit, further enhancing the Business Systems Unit and opening a branch in Mosta.

Professor Delia said the bank adopted a new corporate image last year, including new staff uniforms and a logo reflecting the bank's propensity to be actively present within the community.

This was also enhanced by its support schemes promoting youth development, entrepreneurship, environmental education, voluntary work, and research and development.

"The bank's branch network will be strengthened further later on this year with the opening of another branch at Paola aimed at providing better service to an increasing customer base originating from this part of the island," he said.

APS intends to continue investing in its staff and technology. Two of the bank's directors, Lawrence Zammit and Francis Stivala, have made way for Joseph C. Caruana and Frederick F. Micallef. The other directors are Carmel Curmi, Arthur Galea Salomone, Joseph M. Kenely and Joseph Pace Ross.