Lombard Bank Malta has reported a 60% increase in pre-tax profits in the first half of the year.

The bank said in a company statement that it had a pre-tax profit of €7.76 million for the six months ended 30 June 2008. .

The results, for the first time, include MaltaPost, which became a subsidiary of the bank in September 2007.

The bank said profit after tax attributable to shareholders increased by 35.6% to reach €4.35 million when compared to €3.21 million in the corresponding period for 2007.

Net Interest Income reached €6.76 million, an increase of 9.8% mainly from growth in credit activity and effective Treasury management.

Total Operating Income reached €18.89 million which included €10.41 million from postal sales and service revenues.

Loans and advances to customers at €284.53 million were up 9.3% over 31 December 2007.

As at 30 June 2008 Customer Deposits stood at €404.22 million while Total Assets were €492.97 million.

The bank said that during the six months it comfortably met new requirements and challenges including SEPA, Basel II and the adoption of the euro.

“More importantly the bank weathered the turmoil that has hit global financial markets and remains well above the required regulatory level in terms of capital requirements. Prudent Treasury management remains a top priority of the bank.”

It said MaltaPost p.l.c. had provided the group with new horizons and further resilience, while the introduction of the single-largest shareholder, Marfin Popular Bank, stood to benefit Lombard Bank by way of new business opportunities as well as growth potential.