APS Bank registers €8.4 million pre-tax profit

APS Bank delivered an improved performance against a backdrop of a slow recovering economy and a wider array of competition in the financial services sector in 2011.

Chairman Emanuel Delia said APS's results, which include a pre-tax profit of €8.4 million, had made 2011 another record year in earnings, and that the bank's commitment was not inconsistent with profitability.

Total assets rose to €814.3 million from €786.6 million, with lending increasing by €50.7 million. On the other hand, deposits fell slightly, decreasing by €11.9 million, but the bank availed itself of other sources of funds.

The subsidiary APS Consult Limited, the bank's consultancy arm, has further developed its role as a facilitator for economic and social restructuring, bringing agents of change together to meet the objectives of efficiency, competitiveness and sustainability in various sectors of the economy.

APS Funds SICAV plc made the necessary preparations to launch the first ethical fund in 2012, while it saw its APS Income Fund grow by 21.6%.

Delia said that following the increase in its capital base over 2011-2013, the bank will be expanding its branch network in the near future.