NEWS | Wednesday, 30 April 2008

APS Bank retains pre-tax profits

At its AGM for 2007, APS Bank last Thursday declared that it has managed to maintain its pre-tax profits of €7.45 (Lm3.2) million and to increase its total assets to €645 (Lm276.9) million as at 31 December 2007.
The bank’s advances portfolio has grown by a further €51.25 (Lm22) million, partially supported by a rise in customer deposits of €39.6 (Lm17) million.
Described by Chairman Emmanuel Delia as “a particularly interesting and extremely challenging financial year for the bank”, FY 2007 saw “the basic groundwork laid for the launching of APS Sicav p.l.c and consolidation of APS Consult Ltd, in particular developments in the sector of agriculture.”
The year under review was also marked by intensive preparations for the changeover to the Euro. “This created additional challenges and mainly involved the adaptation of our IT systems, the logistics of cash movements and training of our staff members, which work was concluded successfully,” Delia added.
Concluding his speech, Delia said: “The projects the bank has undertaken to improve its infrastructure and level of service, together with other planned initiatives and the strong overseas cooperation will all contribute towards extending the Bank’s effective contribution to society, more so when the full extent of their potential would have developed.”