Lombard Bank announces 13.94 million in pre tax profits

Lombard Bank Malta announced a Group profit before taxation of €13.94 million, a year-on-year increase of 7.8%. This level of profits was achieved against a background of adverse economic conditions that continued to characterisemost of 2010.

All sectors of the Bank’s activities showed positive trends and contributed to this increase. Earlier this year MaltaPost, the main subsidiary of the Lombard Bank Group, had announced a profit after tax of €2.11 million. Postal sales revenues benefited from growth in mail activity as well as from philatelic sales.