Lombard Bank Malta has announced a pre-tax profit of €11.94 million for the financial year ended 31 December 2010, an increase of 2.8 per cent over 2009.

The Lombard Bank Group result was up by 7.8 per cent to €13.94 million pre-tax. Group Profit after Tax of €9.04 million increased by 12.1 per cent on €8.06 million in the previous year.

The bank also gave the following performance figures:

Net Interest Income of €16.07 million increased by 10.1 per cent on €14.59 million in 2009. Postal sales and other revenues increased by 2.1 per cent to €19.81 million on €19.39 million in 2009.

Group Operating Income of €38.79 million increased by 6.4 per cent. Group Earnings per share reached 23.2 cents, over 20.8 cents in 2009.

Loans and Advances to customers at €333.73 million rose by 1.8 per cent. Customer Deposits at €472.70 million increased by 5.9 per cent.

Shareholders’ Funds increased by 11.5 per cent to €71.71 million.

Total Assets under management stood at €567.80 million, up 4.6 per cent. Group Post Tax Return on Equity remained stable at 12.5 per cent. Capital Adequacy Ratio at 31 December 2010 stood at 17.9 per cent.

The bank said that during the year, it remained selective in its lending activity. The loan to deposit ratio at year-end stood at 70.6 per cent.

"The board and management of the bank are satisfied that even during a period of adverse economic conditions the bank maintained an upward trend in performance," the bank said.

"The board is also satisfied that the main financial objectives were achieved and remains optimistic that the group is well placed to continue to attain sound business growth.