The Lombard Bank Group has announced a profit before taxation of €13.94 million, a year-on-year increase of 7.8 per cent.

All sectors of the bank’s activities showed positive trends and contributed to this increase, the company said. Earlier this year Maltapost, the main subsidiary of the Lombard Bank Group, had announced a profit after tax of €2.11 million.

Christian Lemmerich, the bank’s chairman said: “The bank’s capital adequacy ratio now stands at 18 per cent – comfortably above the required eight per cent as per Basle II. Additionally we have maintained a strong and prudent loan to deposit ratio which now stands at 71 per cent – a level which is considered, in the banking industry, to be conservative. Especially in times of financial turmoil, as we have witnessed over the past few years, the strength and solidity which these two ratios represent are of considerable importance.”

Lombard’s board of directors proposed that the shareholders approve a gross dividend of €0.115 per share, an increase of 15 per cent, to be paid to shareholders on the company’s register as at March 29, 2011. Mr Lemmerich added: “Despite up- heavals in the markets, the bank continues to pay dividends at consistent levels and it is the bank’s intention to continue doing so.”