Lombard Bank group reported a pre-tax profit of €13.77 million in 2018, an increase of 55.3 per cent over the previous year. 

Profit attributable to equity holders of the bank was €8.45 million, or 64.7 per cent above that in the previous year.

The bank cost efficiency ratio improved to 47.4 per cent (Group: 77.8 per cent) from 51.4 per cent (Group: 79.6 per cent) in 2017.

Net loans and advances to customers increased by 19.3 per cent to €511.12 million while customer deposits rose by 7.5 per cent, reaching €788.04 million, an increase of €54.89 million over the previous year.

Group total assets rose to €950.07 million (€882.75 million in 2017).

Group profit after tax increased by 56.7 per cent to €8.94 million as the group experienced positive trends in most of its business lines especially in its lending activity.

The bank said that pressure from low-interest rates persisted as did increased costs from higher regulatory and compliance requirements.

Nonetheless, net interest income, at €17.51 million, rose by 13.5 per cent, mostly as a result of increased customer lending, transaction banking and prudent treasury management. 

The directors resolved to recommend the payment of a final gross dividend of 5 cents (net dividend of 3.25 cents) per nominal €0.25 share. This will be paid on April 17 to shareholders appearing on the bank’s Register of Shareholders as at March 12.