Lombard Bank group has reported a pre-tax profit of €13.77 million in 2018, an increase of 55.3% over the previous year. 

Profit attributable to equity holders of the bank was €8.45 million, or 64.7%
above that in the previous year.

The bank cost efficiency ratio improved to 47.4% (Group: 77.8%) from 51.4%
(Group: 79.6%) in 2017.

Net loans and advances to customers increased by 19.3% to €511.12 million while customer deposits rose by 7.5%, reaching €788.04 million, an increase of
€54.89 million over the previous year.

Group total assets rose to €950.07 million (€882.75 million in 2017).
 
Group profit after tax increased by 56.7% to €8.94 million as the group
experienced positive trends in most of its business lines especially in its lending
activity.

The bank said that pressure from low-interest rates persisted as did increased costs from higher regulatory and compliance requirements.

Nonetheless, net interest income, at €17.51 million, rose by 13.5% mostly as a result of increased customer lending, transaction banking and prudent treasury management. 

The directors resolved to recommend the payment of a final gross dividend of 5 cent (net dividend of 3.25 cent) per nominal €0.25 share. This will be paid on 17 April 2019 to shareholders appearing on the bank’s Register of Shareholders as at 12 March 2019, the last trading date being 8 March 2019.