APS Bank group registers €9.9 million profit before tax

APS Bank registered pre-tax profits of €9.9 million, up from €8.4 million in 2011, in what was another year of record earnings, chairman Emanuel Delia told investors and shareholders at the bank's AGM.

Total assets rose to €910.2 million, up from €814.3 million in 2011, with both customers' deposits and loans registering increases.  Total deposits reached €743.1 million, representing a net gain of €55.5 million, while lending expanded by an additional €38.3 million, reaching €520.9 million. 

During 2012, the Bank's subsidiaries, APS Funds SICAV plc and APS Consult Limited, also contributed to the implementation of the bank's underlying philosophy of being "socially conscious while striving all the time to be efficient in the delivery of services."

It was an important year for APS Funds SICAV plc as it launched the first local retail investment product that sought to combine financial goals with concerns for social, environmental and ethical values - the APS Regular Income Ethical Fund. In addition, APS Consult successfully supported several projects undertaken by its clients.

The bank continued with projects that facilitated the identification of local talent in several artistic areas and also supported various educational and cultural activities. On the musical scene, the Bank held its 11^th Annual Concert in collaboration with the Malta Philharmonic Orchestra, entitled Tenebrae. The concert presented works scored by three nineteenth century Maltese composers for the Liturgy of Holy Week. 

In addition, the bank organised its second music competition for Maltese composers, which gave rise to nine new works, four of which selected to be performed during the next annual concerts. On the artistic front, the bank supported various initiatives including a photography competition as well as its second annual art exhibition. As part of its educational and cultural activities, the bank sponsored various publications including "Il-Parlament Malti - Kif Beda, X'inhu u X'Jagħmel", "L-Istorja tal-Koperattivi f'Malta", and a further occasional paper - "Introducing Ethical Investment in a Dynamic Society". Furthermore, the Bank sponsored the setting up of the Malta Migration Museum, with library and archives, a project led by the Migrants' Commission of the Archdiocese of Malta.

During the AGM, Mr Delia thanked the shareholders, whose trust in this institution has never wavered, the Board of Directors, whose counsel makes the Bank's objectives realisable and the Bank's staff members, who commit themselves to the Bank's objectives and the success recorded in 2012. Above all, Mr Delia thanked APS Bank's customers who seek the Bank's services as fund owners or as borrowers.

The Annual Report and Financial Statements for 2012 can be downloaded from the Bank's website www.apsbank.com.mt.