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Lombard Bank profits grow

Pre-tax profit of €6.1m in the first six months of 2018

The Lombard Bank Group said on Thursday that it made a profit before tax of  €6.1m in the first six months of 2018, compared to €4.7m in the same period last year.

Activity remained strong and profitable in all significant business lines of both the banking and the postal segments of the group.

Net interest income at bank level rose by 24% from €7.1m to €8.9m. The increase mainly reflected higher volumes of commercial credit activity during the past 12 months.

The bank said it also continued to manage its liquidity positions judiciously so as to limit the negative effects of low-to-negative interest rates in the money markets.

Loans and advances to customers rose by 11% during the first half of this year. Customer deposits increased by 3% with terms tending towards the shorter maturities. 

Employee compensation and benefits rose by 8% and are expected to continue to increase given the highly competitive labour market. 

The board of directors said it was satisfied that the performance achieved during the first six months of the year was in line with expectations, delivering improved operating profits while continuing to invest both in professional expertise and technology. 

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