APS Bank has reported a pre-tax profit of €6 million for the year ended December 31, 2009.
The bank said that thanks to its ability to remain focused and capitalise on any arising opportunity, it saw a 2.4 per cent increase in operating income. The bank registered an increase of €55 million in its assets, now totalling €723 million, mainly supported by a rise in customer deposits of €48 million.
Announcing the results at a press conference last week, APS Bank chairman Emanuel Delia said that regardless of the uncertainties brought about by the global financial meltdown and the demanding local market environment, the bank has pursued its vision relentlessly and attained satisfactory financial results.
APS Consult Ltd, the bank's capacity building and consultancy arm, performed well during 2009 offering an array of services to both local and foreign clients. The demand for its advisory services is expected to increase as clients strive to restructure and recapitalise during these challenging times.
The other subsidiary, APS Funds SICAV plc attained good returns and a second fund with a strong ethical leaning is being considered.
Operating expenses increased by 13.4 per cent over the previous year. Overall, this upward movement mirrored the heavy investments made in the bank's infrastructure, including the optimisation of internal processes, product offerings, technology enhancements and the opening of new offices.
Last year, the refurbishment of the Floriana mini-branch was completed to serve as a proof-of-concept, exhibiting a modern way of banking. The restructured Gozo branch is to be officially opened in September.
Following the migration of most of the back-office operations to the new APS centre in Swatar, the state-of-the-art premises will be officially inaugurated in October to coincide with the bank's centenary celebrations.
Prof. Delia said the bank is well positioned to be one of the leading drivers of ethical, social and economic development in the banking sector.
"The next three years will see the bank grow further by basing its operations on its sound business model, by building on the same principles, and stepping up endeavours in a wider regional context," Prof. Delia said.