Lombard Bank has reported a pre-tax profit €6.24 million for  2014, 11.3% lower Lombard reports drop in profits than the €7.03 million achieved in 2013.

It said profit after tax of €3.36 million attributable to shareholders was €0.73
million (17.9%) lower compared to €4.09 million in 2013.

Net Loans and Advances to Customers were €318.74 million (€314.77 million in 2013).

Net Interest Income at €14.3 million declined by 5.1% from the 2013 level, resulting from the persisting low interest rate environment and keen competition in lending rates.

Customer deposits were up 16.2% to €570 million. "The constraints in
finding suitable lending opportunities and the consequent need to place excess funds on the money market at negligible, or even negative, interest rates, continued to exert pressure on the net interest margin," the bank said. Loans and Advances to Customers at €318.7 million were marginally higher than for the previous year. Over 50% of the lending portfolio was concentrated on property project finance

The Board is recommending a final gross dividend of 4 cent per share (2.6 cent net of tax).